Mitsui O.S.K. Lines, Ltd. and Captura Corp., on Monday, March 24, have become the first company to sign a large-volume offtake agreement for the permanent removal of carbon dioxide (CO2) from the atmosphere using Captura’s Direct Ocean Capture (DOC, Note 1) technology. Under the agreement, MOL has purchased about 30,000 carbon removal credits, to be delivered by one of Captura’s first commercial DOC facilities before the end of 2030. The commercial agreement will support MOL’s 2050 net zero target.
In addition to the carbon credit purchase, MOL and Captura have signed a Memorandum of Understanding to enter a strategic partnership aimed at deploying commercial DOC plants. Captura’s business model is to license its technology to deployment partners who will build, own and operate large-scale DOC facilities around the world.
Furthermore, MOL Switch LLC (CEO: Tomoaki Ichida; Head Office: California, U.S.A.,Note 2), MOL’s corporate venture capital firm, has invested in Captura as part of its work to support the development of new technologies and business models to decarbonize the energy sector.
Captura’s DOC technology offers a highly scalable and efficient form of carbon removal by combining innovations in electrochemistry with the natural carbon removal capability of the world’s oceans. It works by extracting a measurable stream of CO2 from seawater, creating capacity for the ocean to absorb more CO2 from the atmosphere. The technology has already been demonstrated in three operational pilot plants, and early design work is now underway for Captura’s first commercial facility, expected to capture 30,000-50,000 tons of CO2 per year.
Source: Mitsui O.S.K. Lines
