ExxonMobil And Mosaic Unite For Carbon Capture Technology
Zacks Investment Research | Aug 26, 2019 10:50PM ET
Exxon Mobil Corporation (NYSE:XOM) recently entered into an agreement with Mosaic Materials in order to explore the advancement of a technology that can enable the companies to remove carbon dioxide from sources of emissions. Markedly, chemical and engineering firm Mosaic Materials is developing a breakthrough technology that utilizes porous solids to segregate carbon dioxide from flue gas or air.
This technology can separate carbon dioxide from almost all kinds of gas mixtures. For this purpose, Mosaic employs moderate pressure and temperature substitution, which results in increased energy efficiency and cost reduction.
The agreement is expected to amplify the technology’s usage at a large scale in industrial activities. The latest deal is expected to speed up the pace of developing the technology and enable ExxonMobil to significantly reduce emissions from its operations. This will further boost confidence of environmentally-minded investors.
Notably, ExxonMobil — which is a huge name when it comes to carbon capture and storing activities — has working interest in roughly one-fifth of the world’s capacity of carbon capture. Currently, the energy mammoth is able to capture around 7 million tons of carbon dioxide per annum. With the latest deal, this capacity is expected to further improve.
Markedly, in early May, the company announced its intention of investing up to $100 million in research and development of lower-emission technologies over the next 10 years. The agreement includes national labs like National Renewable Energy Laboratory and National Energy Technology Laboratory.
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