TECO 2030 to cooperate with Chart Industries, Inc. on developing marine carbon capture and storage solutions
“When the new CO2 capture integration that we are collaborating with Chart Industries, Inc. and Sustainable Energy Solutions (SES) on is ready, it will enable ships to capture and store the CO2 that they would otherwise have emitted into the air, and which would thereby have contributed to climate change,” says Stian Aakre, CEO of TECO 2030 AS.
The agreement between the Norwegian company TECO 2030 and the American manufacturer Chart Industries, Inc. involves the joint development of onboard carbon capture solutions for ships using the Cryogenic Carbon CaptureTM (CCC) technology developed by SES, which was acquired by Chart Industries, Inc. in December 2020.
This innovative technology, which utilizes Chart Industries, Inc.’s expertise in cryogenic equipment and systems along with SES’s patented and proven technology, will separate the CO2 from the ships’ exhaust gases, resulting in a high purity liquid CO2 product. The liquid CO2 is then stored onboard in cryogenic storage tanks until the ship reaches port.
When it has been offloaded from the ship, the CO2 can then either be permanently stored in geological formations underground or be put to beneficial use in CO2-consuming industries, such as the agricultural, industrial, energy, or food and beverage sectors.
Will help ships comply with environmental legislation
When fully developed, the carbon capture solution will become available as a key element in the TECO 2030 Future Funnel, an exhaust gas cleaning system for ships developed by TECO 2030.
“At TECO 2030, our ambition is to help ships become more environmentally friendly as well as enable them to comply with emerging climate legislation,” says Aakre. “We believe carbon capture for ships will become one of several measures needed for the shipping industry to reach global decarbonisation goals.”
Carbon capture and storage (CCS) is the process of capturing emitted CO2 and transporting it to a storage site to prevent it from entering the atmosphere as a greenhouse gas. One of the challenges with carbon capture onboard ships is that the storing of CO2 is space consuming, and that space onboard ships is rather limited. Each tonne of fossil fuel consumed by ships leads to approximately three tonnes of CO2 emissions.
“We are excited to bring our carbon capture process expertise to the maritime industry with a partner like TECO 2030 that is dedicated to solving the emissions challenges facing ship-owners today,” says Jill Evanko, CEO and President of Chart Industries, Inc. “The solutions that are developed will help enable the shipping industry to reach the greenhouse gas emissions goals for 2030 and 2050 set forth by the International Maritime Organization.”
Green transition within the shipping industry
The International Maritime Organization (IMO) aims to reduce carbon intensity in international shipping by 40% by 2030, and to cut the total annual greenhouse gas emissions from international shipping by at least 50% by 2050 compared to 2008.
Ship-owners across the world will therefore have to do something to make their vessels more climate-friendly, and TECO 2030 will help them with that.
In addition to exhaust gas cleaning systems for ships, TECO 2030 is also developing hydrogen fuel cells for the maritime industry. These will enable ships to switch from fossil fuels to green hydrogen – which is hydrogen produced by renewable energy – and thereby become completely emissions-free.
For more information, please contact:
- TECO 2030: Stian Aakre, CEO of TECO 2030 AS. +47 907 08 440, stian.aakre@teco2030.no
- Chart Industries, Inc.: Wade Suki, Director of Investor Relations.
+1 832 524 7489, wade.suki@chartindustries.com
About Chart Industries, Inc.
Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the energy and industrial gas markets. The company’s unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart Industries. Inc. is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 capture amongst other applications. Chart Industries, Inc. is committed to excellence in environmental, social and corporate governance (ESG) issues both for its company as well as its customers. With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities. To learn more, visit www.chartindustries.com.
About TECO 2030
TECO 2030 (OSE: TECO) tackles one of the biggest environmental challenges of our time: How can we combine continued economic growth with reduced emissions? By developing hydrogen fuel cells, TECO 2030 enables ships and other heavy-duty applications to become emissions-free. The company also delivers other solutions to help the maritime industry reduce its environmental footprints, such as exhaust gas cleaning and carbon capture systems for ships.
Keywords
Contacts
For more information, please contact:
TECO 2030: Stian Aakre, CEO of TECO 2030 AS. +47 907 08 440, stian.aakre@teco2030.no
Chart Industries, Inc.: Wade Suki, Director of Investor Relations.
+1 832 524 7489, wade.suki@chartindustries.com
Iselin RønningsbakkHead of CommunicationsTECO 2030
Kommunikasjonsansvarlig ved TECO 2030
Images
Documents
Links
About TECO 2030 ASA
About TECO 2030
TECO 2030 (OSE: TECO) tackles one of the biggest environmental challenges of our time: How can we combine continued economic growth with reduced emissions? By developing hydrogen fuel cells, TECO 2030 enables ships and other heavy-duty applications to become emissions-free. The company also delivers other solutions to help the maritime industry reduce its environmental footprints, such as exhaust gas cleaning and carbon capture systems for ships.
Subscribe to releases from TECO 2030 ASA
Subscribe to all the latest releases from TECO 2030 ASA by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from TECO 2030 ASA
TECO 2030 raises NOK 43 million and partners up with Advait Infratech Limited (Advait) in India16.4.2024 08:45:00 CEST | Press release
(Norway and India, April 16th 2024) TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) and Advait Infratech Limited (BOM: 543230) invests and partners up for fuel cell expansion in India and SAARC countries. Simultaneously, Advait injects approx. NOK 43 million (USD 4 million) through a private placement in TECO 2030 ASA at a price of NOK 2.00 per share.
TECO 2030 Receives AIP for Containerized Fuel Cell Power Generator8.4.2024 07:00:00 CEST | Press release
(Lysaker, Norway, April 8th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) has, in connection to the HyEkoTank project, received an Approval in Principe (AIP) from the Norwegian classification society DNV for a containerized fuel cell power generator (FCPG) for use onboard oceangoing applications.
TECO 2030 Receives AIP from DNV for Onboard Compressed Hydrogen Fuel Systems19.3.2024 07:00:00 CET | Press release
(Lysaker, Norway, March 19th 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) is proud to announce that it has received an additional Approval in Principle (AiP) from DNV regarding compressed hydrogen fuel systems. This milestone achievement marks a significant step forward in the development of sustainable propulsion solutions for the maritime industry.
TECO 2030 and Umoe Mandal receives preliminary approval for high-speed vessel design29.2.2024 07:00:00 CET | Press release
(Lysaker, Norway, February 29th, 2024): TECO 2030 (OSE: TECO, OTC: TECFF, ISIN: NO0010887516) and Umoe Mandal successfully receives “approval of preliminary design” from the Norwegian Maritime Authority for a multimegawatt hydrogen fuel cell powered high-speed vessel design. The preliminary approval is a result of the application submitted earlier this month and is the first stage of the design and approval process for constructing a fuel cell powered vessel.
TECO 2030 and Yokogawa Take Partnership to the Next Stage with Delivery of One TECO Fuel Cell Stack28.2.2024 07:00:00 CET | Press release
(Lysaker, Norway, February 28th 2024): TECO 2030 (OSE: TECO, ISIN: NO0010887516) announces that for the next step in its partnership with Yokogawa, the global industrial automation company, it will be delivering a TECO fuel cell stack of 100kW to the Yokogawa global headquarters in Tokyo before the end of Q1 2024.
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom