Carbon Engineering receives millions in investment from Airbus and Air Canada to help accelerate scalable, affordable decarbonization solutions
SQUAMISH, British Columbia, Nov. 17, 2022 (GLOBE NEWSWIRE) — Climate solutions company, Carbon Engineering (CE), has received millions in investments from Aviation industry leaders Airbus and Air Canada. These investments support the advancement of CE’s Direct Air Capture (DAC) technology that pulls carbon dioxide (CO2) directly out of the air at large, industrial scale.
This funding will contribute to CE’s ongoing technology development work at the CE Innovation Centre, the world’s largest dedicated DAC research and development facility. Located in Squamish, Canada, this centre is the site from which CE is continuously improving its technology so that greater efficiencies and cost reductions can be incorporated into commercial DAC facilities worldwide.
DAC delivers two of the most promising pathways to decarbonizing aviation: through carbon dioxide removal (CDR) as well as sustainable aviation fuel (SAF) made from atmospheric CO2. Funding part of CE’s technology development efforts is a collaborative approach by Airbus and Air Canada to help accelerate scalable, affordable decarbonization solutions.
This transaction follows Airbus’ purchase of 400,000 tonnes of CDR credits from CE’s U.S. development partner 1PointFive, and subsequent announcement of airline interest in CDR at the Farnborough Air Show. It is another example of concrete steps the aviation sector is taking to reach net zero, and highlights the industry’s confidence in DAC as a tool to support aviation decarbonization goals.
CE’s DAC process uses large fans to pull in air and then, through a series of processes, extracts the CO2 while returning the rest of the air to the environment. The captured atmospheric CO2 can be used to reduce aviation emissions by producing SAF that is drop-in compatible with today’s aircraft. The captured CO2 can also be safely and durably stored in geologic reservoirs to deliver CDR that can counterbalance residual emissions.
The transaction is also a key element of Airbus’ strategy to grow its contribution to the Canadian economy, including its support for the recently-launched Clean Technology Key Industrial Capability under the Industrial and Technological Benefits Policy.
Karine Guenan, VP ZEROe Ecosystem, Airbus said: “We are proud to be investing in Carbon Engineering, reaffirming our commitment to the use of direct air carbon capture as a two-fold solution for the decarbonization of the aviation industry.”
Michael Rousseau, President & Chief Executive Officer, Air Canada said: “We remain focused on seeking innovative, long-term, sustainable GHG emissions reduction solutions for aviation, and carbon capture is one we have outlined in our strategy to achieving net-zero GHG emissions by 2050. Last year, we became the first Canadian airline to sign an MOU with CE to explore carbon capture scalability and other initiatives for our industry. We are proud to invest in CE to further advance new, transformational technologies towards carbon removal commercially.”
The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry said: “Our government continues to support projects that create jobs today that will help to develop the green economy of the future. Airbus’ investment, which is made through Canada’s Industrial and Technological Benefits Policy, will support workers at Carbon Engineering and provide the aviation industry with affordable solutions to reduce its carbon footprint.”
Daniel Friedmann, CEO, CE said: “CE’s DAC technology provides a scalable, affordable solution to help decarbonize aviation. We are thankful to Airbus and Air Canada for taking action and continuing to lead the way by helping accelerate solutions for the industry and for the climate.”
About Carbon Engineering
Carbon Engineering (CE) is a climate solutions company. CE is focused on the global deployment of large-scale Direct Air Capture (DAC) technology that captures carbon dioxide out of the atmosphere so it can be permanently stored deep underground or used to produce clean, affordable transportation fuels. With its partners, CE is working to deploy large-scale, commercial DAC facilities in multiple markets around the globe. More at carbonengineering.com.
Comments are closed.