The Icelandic carbon capture initiative Carbfix has signed a Memorandum of Understanding with a Norwegian firm working in the same industry, Aker Carbon Capture, on close collaboration in carbon capture and storage solutions.
Valborg Lundegaard, CEO of Aker Carbon Capture, says in a recent press release that the collaboration will make it possible to offer industrial emitters the whole value chain of capturing CO2 and permanently storing it by turning it into stone underground.
According to Edda Sif Pind Aradóttir, CEO of Carbfix, the partnership brings together two market-leading climate solutions that can significantly contribute to the drastic emission reductions that are urgently needed globally.
Geological formations that are suitable for the company’s method are among the most common rock types on Earth and can be found in every continent including vast formations in both Europe and North America. According to Carbfix, these formations unlock opportunities for permanent CO2 mineral storage on the gigaton-scale.
Carbfix was established as a subsidiary of the public energy provider Reykjavík Energy (OR) in 2019 and began operations as a separate entity in 2020. The company’s mission is to become a key instrument in tackling the climate crisis by permanently storing 1 billion tonnes of CO2 as rapidly as possible.