NewCO2Fuels Ltd (NCF), a subsidiary of Greenearth Energy Limited, has signed agreements with two global conglomerates for a pilot plant and a collaborative R&D effort funded by the United States Department of Energy (DOE).
According to the media release by Greenearth Energy Ltd, a non-binding Memorandum of Understanding (MOU) has been signed to assist NCF and the partner company, which is a major steel manufacturer, to develop a demonstration and pilot plant in Belgium and explore the opportunity to utilise excess heat from the steel industry to produce fuel. The company’s management is hopeful that the pilot project will be initiated in 18 months.
“These strong collaborations with two globally recognised brands, to partner with NCF and the team, are key steps towards commercialisation of the technology. NCF is also in preliminary discussions with additional industry participants, all of significant scale and opportunity, though offering different routes to market. We are extremely pleased with these developments and look forward to sharing more about these and further opportunities as they develop,” said Samuel Marks, Greenearth Energy Managing Director.
“These partnerships come at a time when the Northern Hemisphere is looking for paths to address CO2 emissions and in doing so, requires long-term solutions that are financially viable. The attractiveness of NCF’s solution is that it aims to generate an additional revenue stream for the businesses, and reduce their CO2 emissions.”
NFC has also established a collaboration agreement with a separate Europe-based international conglomerate, which manufactures and distributes industrial scale and energy-intensive equipment. The agreement will allow NCF to apply for a joint project grant from the United States Department of Energy, which will present both companies with the opportunity to plan and test their products together in a formal setting. The objective for both NCF and that company is to integrate the two products upon successful testing.
“After the successful completion of the first stages of proving its technology, NCF is focusing on the next development stages. The efforts are directed to establishing the technology at manufacturing standards and developing the commercial product. Partnering with global industry players furnishes NCF with complementary engineering know-how and detailed industrial insights,” said David Banitt, CEO of NewCO2Fules Ltd.
“The intimate familiarity with the manufacturing processes, the various considerations of industrial systems’ integration and the correct engineering approaches are all vital ingredients for a healthy and efficient product development process. The introduction of these factors into the product design consideration at this stage is crucial for bringing a successful product to the market. We are very pleased with these two collaboration agreements and looking forward to healthy and fruitful relationships.”
NCF is an Israeli start-up company, which was established to develop and commercialise an innovative system to profitably produce fuels from CO2 and water using renewable high temperature heat from solar or excess heat from industry.