Swiss companies at the forefront of carbon capturing

The International Maritime Organization is currently targeting a 50% cut in greenhouse gas emissions from the global fleet by 2050 compared to 2008 – this is driving significant demand for GHG mitigation solutions for the maritime transport sector.

Founded by Mario Michan in 2017, Daphne Technology is at the forefront of developing patented greenhouse gas reduction solutions for hard-to-abate sectors, including the deep-sea maritime industry. The newly formed partnership between Saudi Aramco Technologies Company, a wholly owned subsidiary of Aramco, and Lausanne-based startup Daphne Technology aims to advance Aramco’s mobile carbon capture (MCC) technology.

Mario Michan, Founder and CEO of Daphne Technology, commented: "We are thrilled to partner with Saudi Aramco Technologies Company and commercialise their innovative MCC technology for the maritime industry. It is a perfect fit with our strategy, which is to develop and integrate innovative technology to help our clients meet their decarbonisation goals. The MCC technology complements our proprietary methane slip reduction (SlipPure) and desulphurisation (SulPure) systems, creating decarbonisation packages for current and future infrastructure and assets."

So far, Aramco has demonstrated the MCC technology in passenger road transportation and, more recently, in a heavy-duty truck with up to 40% carbon capture. While marine vessels consume thousands of tons more fuel than trucks, the science behind carbon capture technology is similar. 

USD 20 million deal with JPMorgan Chase
Climeworks, a global leader in carbon dioxide removal (CDR) via direct air capture and storage (DAC+S), has signed a USD 20 million deal with JPMorgan Chase, making it one of the largest purchases of CDR services from a corporate buyer. The magnitude of the agreement demonstrates clear support for Climeworks’ high-quality, high-integrity approach to CDR with operational, measurable, additional, and permanent carbon removal services via DAC+S. The deal also heralds the new standard for voluntary carbon market offtake agreements for DAC: companies’ immediate actions play a crucial role in achieving net zero targets and represent an essential component of the financing mechanisms needed for new, larger projects.

This agreement will enable Climeworks to bring new and larger projects to life. A few corporate off-takers securing a portion (5-10%) of a future plant’s lifetime capacity in advance purchases of CDR services enables de-risking project development, securing additional financing, and acting as catalysts for other corporate buyers.

“To complement our operational emissions reduction efforts, we’re collaborating with companies like Climeworks to address our unabated emissions today and, crucially, to support the development of scalable solutions that the world needs to achieve net-zero emissions by 2050,” said Brian DiMarino.

(Press release/RAN)