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Climeworks, a provider of Direct Air Capture (DAC), and Gulf Coast Sequestration (GCS), a developer of carbon sequestration technologies, have announced a new alliance and signed an agreement to permanently remove one million tonnes of carbon dioxide from the atmosphere yearly by 2030.
In this new agreement, GCS will provide Climeworks with geologic pore space suitable for its carbon-storage DAC technology, thereby establishing a carbon storage hub along the Louisiana Gulf Coast.
DAC technology, identified by the IEA as a crucial carbon removal alternative in the transition to a net-zero energy system, harvests CO2 directly from the atmosphere for use as a raw material or permanent removal when paired with storage.
Co-CEO of Climeworks, Jan Wurzbacher, stated:
"Direct air capture (DAC) is a significant method for eliminating historic and inevitable CO2 from the atmosphere. Climeworks is thrilled to collaborate with GCS on the creation of a U.S. hub to expand the DAC sector in support of a more economically and environmentally sustainable future in Louisiana.
GCS is seeking to become the first operational carbon storage hub on the Gulf Coast, first focusing on the industrial corridor between southwest Louisiana and Texas. With a start date of 2024, the Louisiana hub is anticipated to remove up to 10 million tonnes of CO2 from the environment yearly.
The proprietor of GCS and Gray Stream, president of the Stream Companies, stated:
"Carbon capture and sequestration (CCS) is a key part of today's energy transition because it provides a direct path to rapid decarbonization. Direct air capture (DAC) offers the tempting possibility of reaching net-zero or even negative carbon emissions. Together, GCS and Climeworks are perfectly positioned to make this promise a reality in the industrial corridor along the Gulf Coast."
The parties stated that they intend to increase the storage hub's capacity to millions of tonnes in the next years.
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