BKV Corporation today (23rd August) struck a deal with Verde CO2 CCS (Verde) for the effort that will build a strong pipeline of feasible projects that could be developed in the future.
gasworld understands BKV already has a CCUS business line, BKV dCarbon Ventures, that it will showcase under the partnership.
Chris Kalnin, CEO of BKV, said, “Leveraging Verde’s CCUS expertise is expect to help achieve our goal of being a leader in the safe production of low impact, sustainable energy.”
“We are excited to work with them to move CCUS projects forward and make a meaningful impact on the reduction of greenhouse gas emissions.”
Lauren Read, Vice-President of BKV dCarbon Ventures at BKV, added, “We believe that when these three pillars intersect, we can make CCUS both feasible and profitable.”
“We are passionate the CCUS can help reduce global emissions that impact climate change, and by enlisting Verde, we are on a path to demonstrate that low-impact, sustainable energy can be achieved.”
The CCUS opportunity in the US
The US is the global leader in CCUS, accounting for more than 60% of global carbon dioxide capture capacity and half of all planned capacity, underpinned by new policy incentives and a supportive investment environment, according to the IEA.
As written for gasworld by Stephen B. Harrison earlier this year, in the coming decades, CCS will play a central role in decarbonisation. The main source of CO2 emissions worldwide are thermal power stations fired by coal, gas, and fuel oil. As CO2 emissions taxes are increasingly being applied around the world, CCS will become an economically viable technology that will play a vital role in the future CO2-neutral energy and power generation system.
Experience has shown that 70-80% of the lifetime costs of a CCS scheme are related to CO2 capture. The balancing 20-30% is related to CO2 distribution to the sequestration site and the costs of developing the underground storage site and its ongoing monitoring. A major challenge facing these industrial sectors is therefore to achieve CO2 capture at minimal cost.