Looking to raise up to £10m, the company is also seeking to hire many more staff
NEWS ByPeter A Walker Content Editor
07:50, 1 DEC 2022 UPDATED 07:52, 1 DEC 2022
(Image: CCU International)
Scottish climate technology spin-out CCU International is set for its first funding round, aimed at helping commercialise its carbon capture and utilisation (CCU) system.
From next Monday, the Aberdeen-based business will be seeking between £5m and £10m to buy equipment and lessen overhead costs to help target the global market for CCU – estimated to be growing towards a value of $12bn in the next decade.
The company is therefore projecting revenue of at least £1bn over the next 10 years, focusing first on the UK and US markets.
It has only three staff at the moment, but is looking to hire more than 100 over that time span.
The business is being advised by Hutcheon Mearns during the fundraising process.
Its patented system has differentiating technology in the multi-stage process developed over six years by technology advisor Professor Peter Styring at the University of Sheffield, where he is professor of chemical engineering and chemistry.
The process captures mixed gas emissions directly from flue stacks and passes them through a multiple-step process, involving pressurisation through a unique silica gel. During the different process steps, the pressure is specifically calibrated to ensure different gases are emitted from the silica gel, until only CO2 remains.
The system is modular, able to deal with small to large volumes of input gases and CO2 concentrations and can be customised to each client’s requirements. The captured CO2 is pressurised and liquefied for use in industry and can be used to create different industrial products.
The CCU International system claims superiority over existing techniques that mainly rely on capturing and storing CO2, have been developed for large emitters, are expensive and can take years to implement.
Designed to have a small footprint, its modules can be easily transported and deployed within weeks. They can capture from 300kg to hundreds of tonnes of CO2 per day.
“Capturing and utilising CO2 is a better strategy for emitters than buying carbon credits because it’s measurable and verifiable,” explained chief executive Beena Sharma. “By enabling the creation of carbon credits and reducing the risk of emissions fines, it also turns a cost into a revenue stream.
“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.”
As well as raising money, CCU International is looking to agree partnerships and collaborations with players in several sectors including oil and gas, petrochemical, shipping and ports, steel, cement and anaerobic digestion industries.