Aqualung Carbon Capture successfully completes $10m equity round with strategic investors

Aqualung Carbon Capture AS (Aqualung), a leader in membrane carbon dioxide (CO₂) capture and separation technology, is pleased to announce the completion of a new equity investment from key strategic partners including Delek Innovation (subsidiary of Delek US), Global Ship Lease, Golar LNG, MKS Pamp and Standard Lithium. Representatives from Golar LNG and Standard Lithium are also set to join the Aqualung Board of Directors.

Aqualung will utilize the funds to grow the team across Europe and the US, deliver its first commercial pilot with Standard Lithium and initiate commercialization projects with key industrial suppliers in order to achieve its objective of providing large scale commercial units before 2025. The technology has achieved proof of concept at two cement installations and is embarking on the next step to industrialize its coating process and deliver a containerized commercial unit.

Aqualung will initiate this scale up in collaboration with Standard Lithium at a CO₂ capture Pilot Plant (see news release September 14, 2021), which will demonstrate the efficacy of our technology on low CO₂ concentration levels. This Pilot will unlock a significant number of hard-to-abate emitters and also set us up to optimize our solution for higher CO₂ concentration markets including cement, steel, waste management, refining & petrochemicals, and transportation sectors. The cost, weight, low complexity, and small footprint advantage has garnered strong interest from the LNG / maritime sector as confirmed by our strategic investors.

Henrik Utvik, President / CTO of Aqualung, said: “The successful equity raise establishes the key technology partnerships and the resources necessary to take our ground-breaking concept to the next level. This considerably strengthens Aqualung’s unique approach of developing a complete well-to-wake solution for industrial CO₂ emitters.”

Aqualung is delighted and humbled to have the two leading investors Golar LNG and Standard Lithium join the Aqualung Board. Standard Lithium has been an outstanding partner and supporter of Aqualung. Aqualung is excited to be a part of Standard Lithium’s extraction project in Arkansas and looks forward to a bright future of CO2 utilization and sequestration projects together. Golar and Aqualung share a strong foundation of technical expertise and support from NTNU, and together are ready to play a decisive role in decarbonizing the LNG supply chain.

Dr. Andy Robinson, President and COO of Standard Lithium commented, “we began working with Aqualung in 2021, and we are confident in its underlying technology and excited to invest in the company’s drive to commercialization. One of our goals is minimizing all CO2 emissions, and we look forward to scaling up our existing pilot project with Aqualung in support of this ambition. In addition, I am delighted to join Aqualung’s board of directors and actively participate in the company’s future.”

Andrew Robbins, CEO of Aqualung, said: “We are extremely proud of the partners we have assembled. Aqualung will lean on the entrepreneurial, engineering and scale up experience of our investor group to commercialize and roll out this technology at a pace no one thought was possible. Aqualung endeavours to help emitters turn their sustainability ambitions into reality, accelerating their progress towards 2050 carbon reduction pledges by creating deliverable projects in 2025.”

Affordable carbon capture, utilization and storage (CCUS) projects have a critical role to play in creating a reliable, sustainable and energy independent future. It is one of a host of technology-driven solutions that will be required to tackle global climate change at the pace and scale that is needed.

For more information please contact Andrew Robbins at [email protected].

Source:

Aqualung, press release, 2022-05-12.