An Aberdeen carbon-capture firm is launching its first round of fundraising next week, with the aim of generating £1billion revenues over the next 10 years.
Chamber News December 1, 2022 by Morning Bulletin
CCU International is opening the fundraiser on Monday for £5million-£10million to commercialise its patented carbon-capture and utilisation (CCU) technology.
Energy Voice says the company plans to draw its revenues initially from projects in the UK and the US.
Chemical engineering specialist Professor Peter Styring, of Sheffield University, is the technology adviser at the firm.
He developed the multi-stage process to capture CO2 which is then pressurised and liquefied for use to create industrial products.
CCU International has an exclusivity agreement with Sheffield University, though it remains Aberdeen-based.
The company’s system is modular, able to deal with small to large volumes of CO2 – from 300kg to hundreds of tonnes per day – and can be easily transported and deployed within weeks.
CCU International is led by CEO Beena Sharma, who said: “Governments now recognise we can’t achieve net-zero without carbon capture and our system enables smaller-scale industrials and SMEs to decarbonise cost-effectively for the first time -as well as making it more efficient and affordable for all scales of emitters by creating a number of revenue streams as part of the process.”
- Meanwhile, Carbon dioxide specialist Carbon Capture Scotland (CCS) has announced a new initiative which it says could help remove up to 1million tonnes of CO2 from the atmosphere per year by 2030.
The Project Nexus carbon-removal drive could generate as much as 500 jobs across rural Scotland by deploying technology to capture biogenic CO2 emissions from processes such as whisky fermentation and transporting them to sequestration sites.
Overseen by brothers Richard and Ed Nimmons, CCS – formerly known as Dry Ice Scotland – has already piloted a variety of CO2 capture and processing technologies at its headquarters in Dumfries and Galloway. The site uses over 10,000 tonnes of CO2 per year to produce the solid material used for refrigeration.
Energy Voice says Cabinet Secretary Michael Matheson MSP met the brothers at the facility in Crocketford this week.
Constructed in 2021, the £4million project was a world first and has been a key component in maintaining dry ice supplies during the recent COVID vaccination rollout and CO2 shortages.
The company’s latest £120million investment will consist of a series of similar infrastructure and supply-chain projects to support “sustainable and commercial means” of CO2 removal.
Beginning in 2023, projects will be deployed throughout central and northern Scotland.