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Climeworks, ON Power and Carbfix Sign Groundbreaking Agreement to Scale CO2 Removal

By CIOReview | Monday, September 7, 2020

Climeworks’ signing of an agreement with ON Power and Carbfix is important as it helps paves the way for both mitigating and potentially reversing climate change in the future.

FREMONT, CA: Climeworks signs groundbreaking agreements with both Carbfix, carbon storage pioneers, and ON Power, the Icelandic geothermal energy provider, to lay the foundation for a new plant that will significantly accelerate carbon removal and storage in Iceland. The new plant can permanently remove 4000 tons of carbon dioxide from the air per year. The agreements set down an essential milestone in the battle against climate change. This marks the first time to use the technologies in combination with a project of this scale to eliminate carbon dioxide from the air.

As per the agreement with ON Power, Climeworks will build facilities within their Geothermal Park to capture CO2 from the air using Climeworks direct air capture technology (DAC). The geothermal Power and heat offered by ON Power secure a constant supply of renewable energy to Power the DAC technology. Agreement with Carbfix makes sure the secure storage of the CO2 through natural underground mineralization. The underground basaltic rock formations in Iceland offer the ideal conditions for this process, delivering a solution for CO2 storage.

The collaborative actions of these agreements are particularly essential as the scale-up of carbon removal is vital to reach the objectives of the Paris Climate Agreement, and the continued development of technologies could prove to be a game-changer in the battle against climate change.

This collaboration with ON and Carbfix marks a significant step forward in lowering the CO2 in the air. The site in Iceland provides ideal conditions, including the supply of renewable energy and a safe and natural storage space for air-captured carbon dioxide. All partners have pioneering solutions at their disposal and are experts in their field. The company is proud, together with its partners, to bring the permanent and safe removal of carbon dioxide from the atmosphere to the next level.