- US-based company group has entered into 11 carbon dioxide
removal deals with eight companies, two biomass
supply option agreements, the establishment of an
esteemed Advisory Council, and the creation of four
knowledge collaborations to advance research and
understanding in carbon dioxide removal technologies
- More than 20 potential bioenergy with carbon capture and
storage (BECCS) sites under review in North America alone for potential BECCS
facilities with additional projects under consideration in six more
countries
- New independent research reveals 74 percent of Americans are
concerned about climate change, with only 37 percent believing the
government is doing enough to support the development of carbon
removal technologies
NEW YORK, Sept. 24, 2024 /PRNewswire/ -- Elimini, a new
US-based business with an ambition to be a leader in carbon
removals, has today been launched at Climate Week NYC. The company
is dedicated to permanently removing carbon from the atmosphere
while generating renewable, 24/7 power.
By advancing bioenergy with carbon capture and storage (BECCS)
in the United States and beyond,
the new company will help meet soaring demand for both 24/7
renewable energy and high-integrity carbon removals. Nearly all
realistic pathways to limit global warming to 1.5C and 2C require
developing and deploying carbon removal technology at gigaton scale
and tripling renewable energy capacity. Elimini will pair 24/7
renewable energy production with carbon capture technology through
BECCS – the only technology that currently supports the delivery of
both targets simultaneously.
The business has been launched as new research finds that 74
percent of Americans are concerned about climate change, with 56
percent believing the government should be doing more to support
the development of carbon removal technologies – and for those
already familiar with these technologies, that number jumps to 72
percent, suggesting that familiarity directly drives increased
favorability.
Elimini's purpose is to remove carbon for good. To achieve this,
it is convening engineers, environmentalists, communities,
investors, and innovators to scale the market for carbon removals,
with the aspiration of transforming our economies from carbon
emitters to carbon removers. As an independently operated, wholly
owned subsidiary within Drax Group, Elimini will also sell carbon
removals generated at Drax Power Station, which conducted the first
BECCS pilot of its kind in Europe
and with the right government support will convert that facility to
BECCS.
"Carbon removals are desperately needed to reverse the legacy
emissions warming our planet – and that industry represents more
than a $1 trillion opportunity once
it reaches gigaton scale," said Elimini Executive Chair
and Drax Group CEO Will
Gardiner. "Elimini will have the focus and agility
needed to become a leader in the maturing carbon market, rapidly
advancing high-quality carbon removals and renewable energy
production at global scale."
Today, Elimini announced the following:
Investment from first-mover climate leaders
including:
- Carbon Dioxide Removal (CDR) offtake agreements with
Ultrabulk, Holborn Trading, Karbon-X,
ClimateTrade, NValue, and the conversion of two
previous MOUs with C-Zero Markets to offtakes with
Elimini.
- Brokerage agreements with ClimateTrade, ClearBlue
Markets and Karbon-X.
An advisory council formed of experts from across the carbon
removals value chain: Established to help Elimini shape the
company's strategy and hold it true to its purpose and values.
Comprised of experts with diverse backgrounds who share our
commitment to removing carbon for good – including:
- David Hill, Vice Chairman of the
Board of Directors of the New York Independent System Operator and
Senior Research Scholar at Columbia
University's Center on Global Energy Policy. Previously, he
was Executive Vice President & General Counsel of NRG Energy
and served as the US Department of Energy General Counsel.
- Miranda Ballentine, former
Assistant Secretary of the Air Force (Installations, Environment,
and Energy) and Founding CEO of the Clean Energy Buyers
Association; currently serving as Senior Advisor at Green
Strategies, and as a Board Member and Independent Practitioner to
clean energy organizations.
- Melissa Lott, Professor, Climate
School, Columbia University.
- Freddie Davis, Director of the
Rural Training and Research Center at the Federation of Southern
Cooperatives.
- Rajiv S. Joshi, Founder of
Bridging Ventures and former Executive Director of the Global Call
to Action Against Poverty (GCAP), the world's largest civil society
alliance, launched by Nelson
Mandela, working to end poverty and inequality.
Knowledge collaborations: Elimini is partnering with
innovative institutions to push the boundaries of carbon capture
technology, including:
- University of Texas:
Supporting research on carbon capture, utilization, and storage
(CCUS).
- University of
Houston: Supporting the Center for Carbon
Management with its goal of researching and developing projects
that will advance all aspects of carbon management as it applies to
the energy industry.
- Stephen F. Austin State
University: Supporting the Arthur Temple College of Forestry and
Agriculture, contributing funds to an endowment that provides
scholarships for forestry students.
- Mission Innovation: Sponsorship of the SMART CDR
Competition, a first-of-its-kind global competition for university
and college students from around the world.
Biomass supply partners:
- Manulife Investment Management and Molpus
Woodlands have signed options to provide sustainably sourced
woody biomass to fuel Elimini's BECCS operations in the US
Southeast.
The Forest Landowners Assistance Program:
- Elimini will launch a new program for local, family-owned, or
underserved landowners to receive assistance with managing their
forests and providing feedstocks for BECCS facilities that will
meet Elimini's high sustainability standards.
The selection of its Owner's Engineer to support the
development of its first BECCS facility in the US:
- Elimini has selected engineering firm Sargent &
Lundy as the owner's engineer to support with the development
of a BECCS project in the United
States. Full scale development is underway at our most
advanced site for our first greenfield BECCS project. Once fully
operational, the 300-megawatt generation project will produce two
terawatt hours of renewable energy while capturing 3Mt of CO2
annually – the equivalent of the average annual emissions of 100
commercial airliners.
"Elimini is entering the market at a critical time for our
planet and the global economy, when unprecedented demand for power
threatens to extend the world's dependence on coal and other fossil
fuels," said Elimini President Laurie
Fitzmaurice. "By advancing BECCS and other carbon
removal technologies in the United
States and beyond, we will provide organizations and
governments with realistic alternatives to power their communities
and businesses while staying on track to achieve their climate
commitments."
David Hill, Vice
Chairman of the Board of Directors of the New York Independent
System Operator and Senior Research Scholar at Columbia University's Center on Global Energy
Policy said, "Elimini's stated purpose is to remove carbon for
good. As a member of the Advisory Council, I look forward to
working with the company as it seeks to address some very
interesting and exciting opportunities."
"Solving climate change will require many technologies,
including a critical set of net-zero and net-negative power plants
that are needed to supply the global economy with reliable,
affordable, and clean electricity," said Dr. Melissa Lott, Professor, Climate School,
Columbia University. "It is
exciting to see Elimini step fully into this space at this critical
time in global efforts to deploy technologies at the speed and
scale that is needed to reduce emissions and protect the health of
our communities."
Walid Rechache, Co-Founder and CEO at Holborn Trading
said, "We are excited and proud to support Elimini on their carbon
removal initiative. Holborn Trading is invested because we believe
in securing a sustainable future. By supporting innovative
solutions like decarbonization technologies and projects including
carbon dioxide removal, we're not just offsetting emissions – we're
actively restoring the balance of our planet's atmosphere, ensuring
a healthier environment for generations to come."
To learn more about Elimini, visit www.elimini.com.
NOTES TO EDITORS
See this supplemental post for additional information
including:
- Notes to editors with background information on the
company and its leadership, founding company and decarbonization
partner Drax, and the carbon removals industry.
- An annex with details on the CDR deals, partnerships,
and proprietary data announced as part of the launch.
Find additional press and brand resources here.
About Elimini:
Elimini exists to remove carbon for
good. The company has an ambition to be the world's leading carbon
removal company and to transform the carbon removals market through
the deployment bioenergy with carbon capture and storage
(BECCS) technology at scale. By working with partners across its
value chain, Elimini aims to permanently remove carbon from
the atmosphere at megaton scale while generating 24/7 renewable,
reliable power. For more information, visit www.elimini.com.
About Drax:
Drax Group's (Drax) purpose is to enable a
zero carbon, lower cost energy future and in 2019 announced a
world-leading ambition to be carbon negative by 2030 using
bioenergy with carbon capture and storage (BECCS) technology.
Drax's c.3,500 employees operate across three principal areas of
activity – electricity generation, electricity sales to business
customers and compressed wood pellet production and supply to third
parties. For more information visit www.drax.com.
Cautionary Statement: This communication contains
both historical and forward-looking statements. All statements
other than statements of historical fact are, or may be deemed to
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include expectations related to targets, goals or objectives such
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achievement thereof, may be deemed "forward-looking statements".
These statements are not historical facts or statements of current
conditions, but instead are based on management's current
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including, among others, global socio-demographic and economic
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SOURCE Drax Group