Mitsui O.S.K. Lines partners with Heirloom Carbon Technologies in groundbreaking carbon capture venture

In a significant development within the carbon capture sector, Mitsui O.S.K. Lines’ subsidiary, MOL Switch LLC, has partnered with California-based Heirloom Carbon Technologies, marking the first collaboration of its kind for a Japanese entity. This partnership, formalised with a forward-looking investment agreement in July 2023, also includes involvement from Mitsubishi Corporation. Recently, Heirloom announced a substantial funding increase amounting to $150 million, primarily supported by major Japanese firms like Mitsui & Co., Ltd. and Japan Airlines Co., Ltd.

Heirloom Carbon Technologies is recognised as a pioneer in Direct Air Capture (DAC) technology in the United States. The firm has innovated a method to capture atmospheric carbon dioxide (CO2) using limestone, a more cost-effective alternative to traditional DAC processes. The ambitious “Cypress” project in Louisiana is poised to enhance these efforts, aiming to remove one million tons of CO2 annually. This project has attracted substantial financial backing from the U.S. Department of Energy, which committed up to $600 million.

The Direct Air Capture process employed by Heirloom involves extracting and processing limestone that absorbs CO2 from the atmosphere. Subsequently, this captured carbon can either be securely stored or repurposed, presenting a potentially impactful environmental solution. The strategic investment from MOL intends to bolster the implementation of DAC technology and further propagate initiatives leading to negative emissions, dovetailing with MOL Group’s overarching BLUE ACTION 2035 plan that targets zero net greenhouse gas emissions by 2050.

In the wider context of carbon capture and sequestration, this collaboration highlights a burgeoning opportunity for companies like Heirloom, which opened its first demonstration plant last year. The facility has the capacity to capture up to 1,000 tons of CO2 annually, with plans for a new location in Louisiana expected to capture 17,000 tons of CO2 per annum. However, this figure pales in comparison to the nearly 40 billion tons of carbon emissions released globally each year.

The cost of DAC remains a focal point within industry discussions. A representative from Heirloom cited that costs for removing a ton of CO2 currently range from $600 to $1,000. In ideal scenarios anticipated for the early part of the next decade, costs could range between $200 and $300 per ton, with aspirations of reaching around $100 per ton. Heirloom’s CEO, Shashank Samala, emphasised that the scaling of DAC technology is fundamentally tied to cost efficiency, asserting that “DAC is all about cost, cost, and cost — and that it will only scale to make a meaningful difference on climate change if it is affordable.”

Parallel to these advancements, a recent study published in Communications Earth & Environment highlights important considerations regarding carbon dioxide storage duration. The research indicates that effective carbon sequestration must ensure CO2 is stored for substantial periods, ideally lasting at least 1,000 years. Shorter storage durations could lead to additional warming, as the absorbed carbon may be re-released into the atmosphere before the emissions they aim to offset are naturally mitigated.

The integration of sustainable practices, marked by initiatives like those undertaken by MOL and Heirloom, places carbon capture technologies at the forefront of global decarbonization efforts. However, challenges such as the high energy demands and infrastructure requirements necessary for DAC processes pose significant hurdles.

As companies engage in this evolving sector, the future of carbon capture will rest not only on innovative technologies but also on addressing underlying economic and technical challenges. The partnership between MOL and Heirloom exemplifies the growing intersection of corporate investment and environmental technology, and its developments will be closely watched within the industry.

Source: Noah Wire Services