Business
HONEYWELL COLLABORATES WITH THE UNIVERSITY OF TEXAS AT AUSTIN FOR INNOVATIVE CARBON CAPTURE AND STORAGE TECHNOLOGY
Honeywell establishes licensing agreement with Texas Carbon Management Program Group at The University of Texas at Austin New Advanced Solvent technology will
About this update from Honeywell International Inc.
[{"type":"text","content":"Honeywell establishes licensing agreement with Texas Carbon Management Program Group at The University of Texas at Austin\n New Advanced Solvent technology will capture carbon dioxide generated from combustion flue gases from power, steel, cement and other industrial plants\n\n\nDES PLAINES, Ill., Dec. 15, 2021 /PRNewswire/ -- Honeywell (Nasdaq: HON) announced today an agreement with The University of Texas at Austin that will enable the lower-cost capture of carbon dioxide emissions from power plants and heavy industry1. \nHoneywell will leverage UT Austin's proprietary advanced solvent technology to create a new offering targeted at power, steel, cement and other industrial plants to lower emissions generated from combustion flue gases in new or existing units. The solution provides these sectors with an additional tool to help meet regulatory requirements and sustainability goals. \nHoneywell has committed to achieve carbon neutrality in its operations and facilities by 2035. This new carbon capture technology builds on the company's track record of sharply reducing the greenhouse gas intensity of its operations and facilities as well as its decades-long history of innovation to help its customers meet their environmental and social goals. About half of Honeywell's new product introduction research and development investment is directed toward products that improve environmental and social outcomes for customers. \nThe licensing arrangement with UT Austin expands Honeywell's leading carbon capture technology portfolio. Today, 15 million tons per year of CO2 is being captured and used in storage/utilization applications through Honeywell's CO2 Solutions process expertise. Honeywell currently has the capacity to capture 40 million tons per year through its installed projects worldwide2. \nUT Austin's patented solution utilizes an advanced solvent, which enables carbon dioxide to be captured at a lower cost through greater efficiency using smaller equipment, creating viable project economics today under current CO2 policy frameworks in North America and Europe. 1,3 For a typical power plant (650 MW capacity), applying advanced solvent carbon-capture technology would enable the capture of about 3.4 million tons of CO2 annually, equivalent to removing nearly 735,000 cars from the road each year.4 \nThis point source CO2 removal te...