Carbfix

Carbfix mission is to become a key instrument in tackling the climate crisis by permanently storing 1 billion tonnes of CO2 as rapidly as possible.

<div>Carbfix is an Icelandic carbon sequestration company that stores captured carbon dioxide (CO2) permanently underground. During the pilot phase of Carbfix, findings revealed that over 95% of the injected carbon dioxide mineralized within two years, in contrast to the previous understanding that it would take several hundred or thousands of years. Carbfix began as an academic-industrial research project in 2007 and was established as a subsidiary of Reykjavik Energy (OR), an Icelandic geothermal company, in 2019. Carbfix was spun out of OR in January 2020. As the technology requires vast amounts of water to dissolve carbon dioxide, in June 2021, Carbfix&rsquo;s technology was validated to be used with seawater&mdash;applicable in regions where fresh water is scarce. The use of seawater with Carbfix&rsquo;s technology is experimental, with a field pilot project scheduled in Iceland for 2022.</div>

Clear the air on carbon capture, reuse, and storage

Carbon Capture, Utilization & Storage (CCUS)

<div>
 
 Carbfix is an Icelandic carbon sequestration company that stores captured carbon dioxide (CO2) permanently underground. During the pilot phase of Carbfix, findings revealed that over 95% of the injected carbon dioxide mineralized within two years, in contrast to the previous understanding that it would take several hundred or thousands of years. Carbfix began as an academic-industrial research project in 2007 and was established as a subsidiary of Reykjavik Energy (OR), an Icelandic geothermal company, in 2019. Carbfix was spun out of OR in January 2020.
 
 As the technology requires vast amounts of water to dissolve carbon dioxide, in June 2021, Carbfix&rsquo;s technology was validated to be used with seawater&mdash;applicable in regions where fresh water is scarce. The use of seawater with Carbfix&rsquo;s technology is experimental, with a field pilot project scheduled in Iceland for 2022.
 
 
 Key customers and partnerships
 
 
 In August 2020, Climeworks, a Swiss company specializing in direct air capture (DAC) technology, along with ON Power, a Swiss geothermal energy provider, signed an agreement with Carbfix to scale up CO2 removal and storage. From September 2021, the new facility, located in Iceland, is expected to remove 4,000 tons of CO2 from the atmosphere per year. In 2017, Climeworks and Carbfix also partnered to operate a small-scale DAC and storage facility of 900 metric tons per year, also in Iceland. 
 
 
 In July 2021, Aker Carbon Capture, a Norwegian carbon capture company, signed a memorandum of understanding (MoU) with Carbfix to collaborate on cost-efficient carbon capture and storage solutions. Elkem, a Norwegian environmentally responsible manufacturer of materials, has also partnered with Carbfix to reduce emissions of its alloys plant in Grundartangi, Iceland. In 
 <a href="https://sp-edge.com/updates/21086">
 August 2023
 </a>
 , the company partnered with the University of Edinburgh (UoE) and the Scottish Universities Environmental Research Centre to evaluate CO2 mineralization in Iceland.
 
 
 Funding and financials
 
 
 In July 2022, Carbfix was awarded a grant of ISK 16 billion (USD 117 million) from the EU Innovation Fund for the deployment of its Code Terminal project (a CO2 transport and storage hub) to capture 3,000,000 tons of CO2 per annum by 2031.
 
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<div>
 
 Prometheus Fuels (Prometheus) is an air-to-fuel (A2F) startup that leverages direct air capture (DAC) to produce carbon-neutral fuel from ambient air. The company states that its technology can produce gasoline at price points that are competitive with fossil fuels.&nbsp;
 
 
 
 
 In June 2019, Prometheus partnered with Boom Supersonic (a company building the world&rsquo;s fastest supersonic airliner) to supply carbon-neutral fuel for the flight test program of one of its demonstrator aircraft scheduled for 2021. In July 2021, the company entered into a purchase agreement with American Airlines to supply 10 million gallons of carbon-neutral jet fuel. The company also announced plans to launch carbon-neutral gasoline by 2022.
 
 
 
 
 Prometheus follows a next-generation electro chemical-based approach to convert carbon dioxide (CO2) into carbon-neutral fuel using renewable energy and carbon nanotubes. Industrial fans suck ambient air and blow it across a waterfall that absorbs CO2 and additional water. The electricity &ldquo;charges&rdquo; and &ldquo;energizes&rdquo; captured carbon with hydrogen molecules from water to create long-chain alcohols. Alcohols are then harvested using a special type of membrane called the Maxwell Core. Its pores are carbon nanotubes, which allow alcohol through while rejecting water. A final catalyst step combines the alcohols and recovers water. The company claims that it is the only one in the world that can separate alcohol from water economically. This step can be customized to produce gasoline, diesel, or jet fuel.&nbsp;&nbsp;
 
 
 
 
 The company was one of two selected for investment by Y Combinator in March 2019, after requesting proposals that address carbon removal. In September 2021, Prometheus raised an undisclosed amount in a Series B funding round led by Maersk, Metaplanet, and BMW i Ventures. Previously, in June 2020, BMW i Ventures invested USD 12.5 million in Prometheus.
 
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Prometheus Fuels

<div>
 
 UK-based Storegga Geotechnologies (Storegga) provides carbon capture and storage (CCS) solutions for energy-intensive sectors such as petrochemicals, agriculture, and airlines. In July 2020, Storegga acquired Pale Blue Dot Energy (PBDE), through which the company became the lead developer of the Acorn CCS Project (the UK&rsquo;s first large-scale carbon capture project). In August 2022, Storegga launched a new entity 
 <a href="https://sp-edge.com/updates/11990">
 &ldquo;Storegga Americas&rdquo;
 </a>
 to explore clean fuel opportunities and to scale up its operations across the US, Canada, Latin America, and the Caribbean.
 
 
 
 
 Key customers and partnerships&nbsp;
 
 
 
 
 In June 2021, Storegga partnered with Carbon Engineering, a Canadian direct air capture (DAC) startup, to initiate engineering and designing a new facility in North East Scotland, which could remove between 500,000 and one million metric tons of CO2 from the atmosphere annually. The project was backed by a UK government grant of GBP 249,000 received in May 2021. In July 2021, Acorn CCS signed a memorandum of understanding (MoU) with SEGAL and FUKA gas terminals to capture carbon dioxide (CO2) from its operations. The two gas terminals will become the first customers for Acorn CCS. In August 2021, Storegga signed an MoU with Virgin Atlantic to secure the airline as an early customer.&nbsp;
 
 
 
 
 In March 2022, Storegga 
 <a href="https://sp-edge.com/updates/9378">
 partnered
 </a>
 with Mitsui to commercialize its proprietary DAC technology. In June 2022, the company signed an MoU with 
 <a href="https://sp-edge.com/updates/11230">
 Aker Carbon Capture
 </a>
 to deploy CCS projects in the UK. Other partners include Sval Energi, Talos Energy, Freeport LNG and 
 <a href="https://sp-edge.com/updates/10230">
 ScottishPower
 </a>
 . In August 2023, Storegga together with Sval Energi, a Norwegian energy provider, and Neptune Energy, a UK-based oil and gas explorer, 
 <a href="https://sp-edge.com/updates/21191">
 secured
 </a>
 their 
 <a href="https://sp-edge.com/updates/16698">
 previously applied
 </a>
 CO2 storage license to develop the Trudvang CCS project in the Norwegian North Sea.
 
 
 
 
 Funding and financials
 
 
 
 
 Storegga&rsquo;s 
 <a href="https://sp-edge.com/updates/10468">
 most recent
 </a>
 funding round was in May 2022, when it raised GBP 51.3 million (USD 63.9 million) in its third funding round, led by Snam. In March 2021, Storegga raised an undisclosed amount from a funding round led by GIC, Mitsui &amp; Co, and Macquarie Group to deploy a DAC facility in the UK.&nbsp;
 
 
 
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Storegga Geotechnologies

<div>
 
 Global Thermostat specializes in direct air capture (DAC). As of August 2019, Global Thermostat estimates its cost of capture (does not disclose whether the cost is gross or net) is around USD 100 per ton of carbon dioxide and expects this can be reduced further to USD 50 per ton.
 
 
 
 
 As of August 2021, Global Thermostat had two pilot facilities in California and Alabama, each with the capacity to remove 3,000&ndash;4,000 metric tons of carbon dioxide per year. Since 2019, Global Thermostat has been in a partnership with ExxonMobil to scale commercially.&nbsp;
 
 
 
 
 In April 2023, Global Thermostat unveiled one of the world&rsquo;s largest DAC units that permanently captures CO2 from the atmosphere. The unit had been under trial since the end of 2022, capturing 1,000 tons of CO2 per annum at the company&rsquo;s US headquarters in Commerce City, Colorado. The DAC unit launched was a commercial-scale demonstration, with the company taking on pre-orders for DAC systems.&nbsp;
 
 
 
 
 Most recently in May 2023, the company received an undisclosed investment from Sumitomo Corporation, via its US-based venture arm Presidio Ventures. The two companies had also signed a letter of intent (LoI) to identify and develop CCS projects globally.&nbsp;
 
 
 
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Global Thermostat

<div>
 
 Remora’s devices capture carbon emissions directly from truck tailpipes. They can be fitted onto tailpipes of existing trucks to capture carbon dioxide (CO2) for 600–1,200 miles before an offload. Remora’s solution was initially funded by the Environmental Protection Agency (EPA) and tested at the agency’s National Vehicle and Fuel Emissions Lab. 
 
 
 The company’s technology has a capture efficiency of 80% and can offload the captured CO2 while refueling—to be sold to concrete producers and other end users. The proceeds from the sale of CO2 are expected to be shared across fleet owners and customers once commercialized. The technology is expected to be piloted from October 2021, with some of the large trucking companies.
 
 
 In March 2021, the company raised an undisclosed amount in a funding round led by FullCircle and Y Combinator. 
 
 
 Key competitors: None comparable 
 (Remora is the only startup that captures carbon from truck tailpipes)
 
 
 
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Remora

Recycles captured CO2 emissions to produce sustainable fuels and other products

Solutions that permanently store captured CO2 underground.

Carbfix

EDGE Insights

Next-gen climate and energy (Q3 2023): Innovation and commercialization intensify as funding recovers

Next-gen climate and energy (Q2 2023): Fusion and climate risk analytics promises

Recent Updates

Carbfix injects CO2 dissolved in seawater

Climeworks and Carbfix partner with Puro.earth for CDR certification

Carbfix collaborates with Scottish Universities for carbon storage research

Carbfix signs MoU with Fluor for CCS

Climeworks and Carbfix methodologies verified by DNV

Carbfix receives EU grant to build its Code Terminal

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