IRVING, Texas--(BUSINESS WIRE)--Jul 6, 2023--
Fluor Corporation (NYSE: FLR) announced today its memorandum of understanding (MOU) with Carbfix, the world’s first carbon dioxide (CO 2 ) mineral storage operator, to pursue integrated carbon capture and storage (CCS) solutions. Together, the companies look to minimize the impacts of climate change by helping to decarbonize hard-to-abate industries with high greenhouse gas emissions, such as steel, aluminum and cement.
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(l-r) Fluor Business Incubation Executive Director, Jim Shih, and Carbfix CEO, Dr. Edda Sif Pind Aradóttir, pen a memorandum of understanding between the two companies to collaborate on carbon capture and storage solutions. (Photo: Business Wire)
The companies will leverage their respective expertise to partner with clients looking for end-to-end CO 2 reduction. Fluor will provide its proprietary Econamine FG Plus SM carbon capture technology and its breadth of engineering, procurement and construction experience. Carbfix’s transformative technology dissolves CO 2 in water and injects it into porous basaltic rock formations, where natural processes cause the CO 2 to form stable carbonate minerals within two years.
The MOU also enables the two companies to pursue CO 2 removal projects such as direct air capture and bioenergy carbon capture and storage.
“Fluor has been a leader in carbon capture for more than 35 years,” said Jason Kraynek, president of Fluor’s Production & Fuels business. “Our collaboration with Carbfix is the next step in offering technical expertise and integrated solutions across the CCS value chain to reduce emissions. Together, we can build on Carbfix’s demonstrated success of safely mineralizing carbon dioxide underground.”
“Achieving the world’s climate targets requires significant upscaling of carbon capture and storage,” said Edda Aradóttir, CEO of Carbfix. “Our proven method of subsurface mineralization of CO 2 accelerates natural processes to achieve safe, cost-effective and permanent storage. Our collaboration with Fluor is an important step for Carbfix as we work towards bringing our operations to the megaton scale.”
Carbfix has applied its method of turning CO 2 into stone underground for more than a decade in Iceland. The company currently captures and mineralizes one-third of the CO 2 emissions from Iceland’s largest geothermal power plant, with the goal of increasing this rate to 95% by 2025.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 40,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $13.7 billion in 2022 and is ranked 303 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 110 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.
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CONTACT: Brett Turner
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KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: MANUFACTURING OTHER NATURAL RESOURCES MINING/MINERALS OTHER ENERGY UTILITIES NATURAL RESOURCES OTHER MANUFACTURING COAL ALTERNATIVE ENERGY ENERGY ENGINEERING
SOURCE: Fluor Corporation
Copyright Business Wire 2023.
PUB: 07/06/2023 05:02 AM/DISC: 07/06/2023 05:01 AM
http://www.businesswire.com/news/home/20230706380105/en
