Decarbonisation Technology - August 2024 Issue

investor appetite, having raised $150 million in its Series C round two years ago with support from industry-leading companies such as Chevron, Cemex, and Marubeni. It was the largest ever funding round for a point-source carbon capture company. We can see this momentum being translated in CCUS projects deployed worldwide. Last year saw an exponential growth of global policies, projects, and collaborative activities focused on CCS, with the project pipeline reaching unprecedented capacity. The Global Status Report from the Global CCS Institute (GCCSI) highlights a 48% increase in capture capacity over the past 12 months (GCCSI, 2024). The CO 2 capture capacity of all CCS facilities under development has grown to 361 Mtpa (from 244 Mtpa in 2022). There were 26 new facilities starting operations and in construction in 2023, part of the 392 projects in the global CCS pipeline. The total breakdown is: 41 facilities in operation, 26 in construction, 121 in advanced development, and 204 in early development. Meanwhile, announced capture and storage capacity have increased by 35% and 70%, respectively, since 2023. This trend is expected to continue as governments around the world continue doubling down on their climate ambitions, with CCUS presenting the most advanced solution for industry to address both current and legacy emissions from existing facilities.

Large, costly, and complex CCUS projects will only chip away at global emissions. Deploying modular, standardised carbon capture solutions across many industrial sites will deliver more for climate mitigation and local economies. Providing support for dispersed sites and mini clusters will help local communities benefit swiftly from this new era of carbon capture. The CCUS supply chain offers significant opportunities to create well-paid, skilled jobs and economic growth, with first movers likely to reap the highest rewards. Modular carbon capture solutions Carbon capture technology has been around for decades, but only recently has serious progress and growth been made. Historically, the barriers of space, cost, and convenience meant that proof-of-concept designs never properly made it to commercial deployment, but recent innovations have changed the game. Today, leading technologies are proven, affordable, and scalable. This is crucial because even major industrial companies lack the funding, space, or time to implement bulky CCUS solutions across their operations. The solutions making a difference today are modular, often prefabricated, and point-source, meaning they can be installed to capture the industrial flue gases directly from the source. Modular CCUS represents the next frontier for the industry by significantly decreasing the size of the technology, standardising the

model, and making it significantly easier for industrial players to install in their facilities. Not only does this mean that companies can install the technology with minimal disruption to their operations, but they can also increase scale as budget and decarbonisation targets allow, thereby decreasing the upfront risk of investment and increasing deployment.

Figure 1 CycloneCC industrial unit