The legislation reforms and extends a federal tax credit to boost carbon capture, known as Section 45Q.
The two-year budget package included the FUTURE Act, sponsored by Senators Heidi Heitkamp (D-N.D.), Shelley Moore Capito (R-W.Va.), Sheldon Whitehouse (D-R.I.), and John Barrasso (R-Wyo.).
In February 2018, Congress extended and expanded key financial incentives for investment in several advanced low-carbon technologies. There is strong bipartisan support to accelerate carbon capture deployment. The addition of carbon capture makes the hydrogen production process nearly emissions free, when clean electricity is used to power the carbon capture facility. This process produces “blue hydrogen” by reforming natural gas into hydrogen and carbon dioxide the carbon dioxide by-product will be captured, transported, and stored in deep geologic formations. Spurred by the NRG COSIA Carbon XPRIZE, researchers are exploring even more uses, such as transforming carbon emissions into algae biofuels and building materials.Īs many experts see hydrogen as a clean fuel of the future and expect it to play a major role in decarbonizing the industrial sector, a process such as natural gas reforming with carbon capture technology presents itself as the lowest cost option for producing clean hydrogen. companies are also investing in new technologies to re-use captured carbon emissions in innovative ways, including jet fuel and automobile seats. For models without carbon capture, emissions reduction costs rose 138 percent.įor nearly a half century, in a practice called enhanced oil recovery (EOR), carbon dioxide has been used to extract additional oil from developed oil fields in the United States. More than half of the models cited in the Intergovernmental Panel on Climate Change’s Fifth Assessment Report required carbon capture for a goal of staying within 2 degrees Celsius of warming from pre-industrial days. Accelerating deployment of carbon capture technology is essential to reduce emissions from these power plants, and from industrial plants like cement and steel manufacturing. It has the potential to scale rapidly and reduce overall global greenhouse gas emissions if it becomes the standard way to produce concrete.ĬarbiCrete joins a club of several concrete companies who already produce carbon negative concrete – Solidia and Snøhetta have already announced similar projects, while prominent producer Cemex announced in 2021 that is able to produce carbon neutral concrete.Even as nations diversify their energy portfolios, fossil fuels are expected to meet a majority of the world’s energy demand for several decades. Potentual business partners should expect lower prices from CarbiCrete’s process, as it is affordable compared to traditional concrete manufacturing.
The process removes 330 pounds of carbon dioxide for every ton of concrete produced. Relevant: Blue Planet Company’s Concrete Can Revolutionize The Building Industry This is done when CO 2 is permanently sequestered in the resulting concrete products. CO 2 is used to cure it while ensuring that GHG emission is limited to a minimum. It replaces the cement with industrial by-products. The team is also set to grow and the company is confident that with more and more minds working on the project, more ideas and solutions will emerge to reduce CO2 emissions in the concrete manufacturing process.ĬarbiCrete has come up with a new way of reducing precast concrete through a carbon-negative process. This round of financing will help CarbiCrete commercialization its efforts and start developing potential marekts. Other investors include New Climate Ventures, Something Good Ventures, Innovobot, Arc Energy Fund 9 and others.
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