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Companies team up to deliver ambitious carbon capture project

Climeworks, ON Power and Carbfix are collaborating on the development of a new plant in Iceland that will be able to remove up to 4,000 tons of carbon dioxide from the air each year.

Under its agreement with Icelandic geothermal energy provider ON Power, Climeworks will build facilities within its Geothermal Park to capture CO2 from the air. This will be done using Climeworks’ direct air capture technology (DAC). The geothermal power and heat provided by ON Power secures a constant supply of renewable energy to power the DAC technology.

Climeworks’ agreement with energy storage specialist Carbfix will ensure the safe storage of the CO2 through natural underground mineralization. The underground basaltic rock formations in Iceland provide ideal conditions for this process, providing a permanent solution for CO2 storage.

According to the project partners, the collaborative efforts of these agreements are ‘particularly important as the scale-up of carbon removal is essential to reach the goals of the Paris Climate Agreement, and the continued development of these technologies could prove to be a game-changer in the fight against climate change’.

Jan Wurzbacher, co-founder and co-CEO of Climeworks, commented on the initiative: ‘This collaboration with ON and Carbfix marks a big step forward in reducing the CO2 in our air. The site in Iceland provides ideal conditions: the supply of renewable energy and a safe and natural storage space for our air-captured carbon dioxide.

‘All partners have developed pioneering solutions and are experts in their field. We are proud, together with our partners, to bring the permanent and safe removal of carbon dioxide from the atmosphere to the next level.’

Lesley Bankes-Hughes

Lesley Bankes-Hughes