Honeywell has entered into a technology licensing agreement with the Carbon Management Project Group at the University of Texas at Austin
Innovative, advanced solvent technologies help industries such as power, steel, and cement capture CO2 from flue gas emissions from factory combustion
DES PRANS, Illinois, United States, December 27, 2021 – Honeywell (NASDAQ: HON) announced a technology licensing agreement with the University of Texas at Austin in United States to capture carbon dioxide emissions from power plants and heavy industry at a lower cost.
Honeywell will leverage the University of Texas at Austin's proprietary advanced solvent technology to develop innovative solutions for industries such as power, steel, cement and more to reduce carbon emissions from the combustion of flue gas in new or existing plant equipment. The solution will help industries meet regulatory requirements and achieve their sustainability goals.
The technology licensing agreement with the University of Texas at Austin expands Honeywell's leading portfolio of carbon capture technologies. Currently, 15 million tonnes of CO2 are captured, stored or utilized annually through Honeywell's CO2 Solutions process technology. With a network of implemented projects around the world, Honeywell currently has a carbon capture capacity of 40 million metric tons per year.
The University of Texas at Austin's patented carbon capture solution uses advanced solvent technology to deliver the advantages of small size, high efficiency, and low cost to achieve the economic viability of the project within the current CO2 policy framework in North America and Europe. For a typical coal-fired power plant with an installed capacity of 650 MW, the application of this advanced solvent technology can capture about 3.4 million tonnes of CO2 per year, which is equivalent to reducing the annual emissions of nearly 735,000 vehicles.
This point-source CO2 removal technology can be used to retrofit existing plant equipment or be integrated into greenfield projects. The process absorbs the carbon dioxide through an amine solvent and then transports it to the detachment column to separate the carbon dioxide from the solvent. The separated carbon dioxide is compressed and geologically sequestered, or used for other purposes. This technology could create significant opportunities to reduce emissions for thousands of power plants and factories around the world.
"As the world actively seeks technological solutions to curb greenhouse gas emissions, we believe that carbon capture technology is an important means of reducing emissions today for more difficult-to-replace carbon-intensive industries such as steel mills and coal-fired power plants." "Through our collaboration with the University of Texas at Austin, our advanced solvent carbon capture system will capture carbon dioxide after combustion at a lower cost," said Ben Owens, vice president and general manager, Sustainable Technology Solutions at Honeywell. ”
The University of Texas at Austin is one of the leaders in carbon capture technology research, having been working in the field for more than 20 years through its Texas Carbon Management Program (TxCMP). Gary Rochelle, a professor in the Department of Chemical Engineering at the University of Texas at Austin, and his team have developed a highly efficient second-generation amine solution absorption system after years of research and analysis. The performance optimization provided by this solution can bring the economic viability of carbon capture projects to industries that are difficult to reduce carbon intensity, such as steel mills, cement plants, chemical plants, and power plants using coal, natural gas, and bioenergy.
"We are thrilled that this carbon capture technology is the result of decades of research that can significantly reduce carbon emissions." "The licensing agreement with Honeywell will allow us to advance the commercialization of this technology and make an important contribution to achieving zero emissions, addressing the challenge of global warming, and reducing pollutants in surrounding communities," said Gary Rochelle, head of the Texas Carbon Management Program. ”
According to the International Energy Agency, 40 million tonnes of carbon dioxide were captured, sequestered/utilised globally through carbon capture, utilization, and storage (CCUS) projects in 2020. To meet the Sustainable Development Scenario (SDS) used by the International Energy Agency (IEA) to map global climate and energy goals on schedule, CCUS projects need to increase their capacity by more than 20 times to achieve 840 million mt/year of CO2 capture capacity by 2030 to meet the Sustainable Development Scenario goal of limiting global temperature rise to 1.65 degrees Celsius.
This innovative carbon capture technology is part of Honeywell's long tradition of innovation to help customers achieve their environmental and social goals. Today, about 50% of Honeywell's new product development is focused on improving the environmental performance and social impact of our customers. At the same time, Honeywell has committed to achieving carbon neutrality across all operations and facilities by 2035. The company has repeatedly set and exceeded ambitious sustainability goals, significantly reducing its greenhouse gas emissions intensity.
Honeywell's commitment to carbon neutrality and low-carbon technologies are in line with China's "carbon peaking" and "carbon neutrality" goals. Honeywell is uniquely positioned to shape a sustainable future with its Chinese partners by continuously developing products and technologies that meet the energy and environmental needs of Chinese customers.
In August 2021, the Low Carbon Center of the Institute of Sustainable Development of Honeywell (China) Co., Ltd. was officially established. Powered by Honeywell's innovative products and technologies, the center focuses on researching low-carbon technology development and market demand, promoting the development and implementation of low-carbon solutions in the Chinese market, and helping customers achieve sustainable development, focusing on six technical areas: new energy, recycling of renewable resources and materials, technologies to improve hydrocarbon conversion efficiency and reduce energy consumption, carbon capture, utilization and storage, non-carbon dioxide greenhouse gas emission reduction technology and green hydrogen application.
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