Skyonic Corporation has secured an additional US$12.5 million in funding from existing investor ConocoPhillips and new investor Enbridge, Canada’s largest energy infrastructure company. The carbon capture technology company, based in Austin, Texas, will use the money to continue to develop its SkyCycleTM technology and to support its international growth.
SkyCycleTM uses a thermolytic chemical reaction to capture carbon dioxide emissions at a significantly lower rate than industry averages (between US$16 and US$25 per tonne, rather than US$150 – 450 per tonne). The process converts the CO2 emissions into a wide variety of products, including hydrochloric acid and calcium carbonate, which can be used to make glass, paper, cement, paint, PVC pipe and other products.
This current funding joins the recently announced US$500 000 CAD grant from the Climate Change and Emissions Management Corporation to bring the SkyCycleTM to pilot scale at the Capitol SkyMine plant at Capitol Aggregates’ San Antonio site by late 2015.
“Stationary emitters are facing a lot of uncertainty right now, with new, stricter EPA regulations expected to be proposed next month,” said Joe Jones, founder and CEO of Skyonic. “As emissions regulations continue to develop over the next several years, SkyCycleTM can help the industry to evolve with them. It offers both new and existing plants the flexibility to adjust to a changing environment at a cost that remains easily within reach for any stationary emitter.”
“Skyonic’s innovative technology is a great fit for Enbridge,” said Chuck Szmurlo, vice president of Alternative and Emerging Technology, Enbridge Inc. “With its potential to replace traditional amine stripping, Skyonic’s advanced technology could play an important role in our gas processing business and supports Enbridge’s commitment to a neutral environmental footprint.”
The patented SkyCycleTM technology is a post-combustion technology able to capture upwards of 94 percent of emitted CO2 from a plant’s flue gas stream, regardless of CO2 concentration, and can be easily scaled to work with plants of all sizes. Currently, SkyCycleTM is being tested at a demonstration scale at the Capitol Aggregates Cement Plant in San Antonio, Texas, where Skyonic is also building a commercial-scale plant utilising its SkyMine® technology. Once operational in October 2014, the Capitol SkyMine plant will be the first of its kind in the US and will account for the removal of 300 000 t of CO2 through both direct capture and offsets.
Other Skyonic investors include ConocoPhillips, BP, Cenovus Energy, Energy Technology Ventures, Toyo-Thai Corporation Public Company Limited, Berg & Berg Enterprises, Northwater Capital Management, PVS Chemicals, BlueCap Partners, and Zachry Corporation.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/the-americas/23052014/skyonic_secures_more_funding_for_carbon_capture_technology_243/