Fluor , Iceland's Carbfix sign MoU on CCS
New York-listed Fluor Corporation has signed a memorandum of understanding (MoU) with Carbfix, a carbon dioxide (CO2) mineral storage operator, to collaborate on integrated carbon capture and storage (CCS) solutions, it said on July 7.
The partnership aims to address the challenges of climate change by decarbonising industries with high greenhouse gas emissions, such as steel, aluminum, and cement.
Fluor will contribute its proprietary Econamine FG PlusSM carbon capture technology and its engineering, procurement, and construction expertise. Carbfix, on the other hand, specialises in a technology that dissolves CO2 in water and injects it into porous basaltic rock formations, where natural processes convert the CO2 into stable carbonate minerals within two years.
The collaboration between Fluor and Carbfix will enable them to provide end-to-end CO2 reduction solutions for clients. Additionally, the MoU allows the companies to explore projects related to CO2 removal, including direct air capture and bioenergy carbon capture and storage.
Carbfix, based in Iceland, has been using its CO2-to-stone underground method for over a decade. The company currently captures and mineralises one-third of the CO2 emissions from Iceland's largest geothermal power plant and aims to increase this rate to 95% by 2025.