Technip Energies and LanzaTech in negotiations to get $200M for CO2 project
Investing.com | Editor Emilio Ghigini
Published Mar 25, 2024 06:18AM ET
HOUSTON - Technip (EPA:FTI) Energies and LanzaTech Global, Inc. (NASDAQ: LNZA) are in negotiations with the U.S. Department of Energy (DOE) for a potential award of up to $200 million. This funding, part of the Industrial Demonstrations Program (IDP), is intended to support the development of a novel technology for sustainable ethylene production from captured carbon dioxide (CO2), under the project name SECURE.
The SECURE project, an acronym for Sustainable Ethylene from CO2 Utilization with Renewable Energy, was announced as a joint effort by the two companies in July 2023. The initiative seeks to integrate the new technology directly into existing commercial ethylene crackers to capture CO2 emissions and convert them into sustainable ethylene – a compound with a significant market presence and global demand.
Technip Energies' CEO, Arnaud Pieton, expressed pride in being considered for the DOE award and emphasized the importance of testing and developing this technology at scale to benefit the chemical industry's emissions reduction efforts. Dr.
Jennifer Holmgren, CEO of LanzaTech, highlighted the project's alignment with climate leadership and its potential to create quality jobs while supporting a just energy transition.
U.S. Secretary of Energy Jennifer M. Granholm stated the investments in industrial decarbonization would position America as a competitive nation, reduce emissions from hard-to-decarbonize sectors, and maintain high-quality jobs.
If the award is finalized, the funds will be allocated to design, engineer, construct, and equip a commercial-scale integrated technology unit in the U.S. Technip Energies, which has a significant presence in the ethylene cracker market, anticipates that this solution could be replicated in facilities worldwide.
The project is expected to create 200 construction jobs and 40 permanent positions, with a focus on hiring from local communities, especially disadvantaged ones.
The SECURE project is one of 33 initiatives across more than 20 states selected for potential IDP funding, which totals up to $6 billion. This federal support aims to advance commercial-scale decarbonization solutions, bolster local economies, and reduce emissions that impact public health.
This article is based on a press release statement from LanzaTech Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.