Climeworks has signed groundbreaking agreements with both Carbfix, carbon storage pioneers, and ON Power, the Icelandic geothermal energy provider, to lay the foundation for a new plant that will significantly scale-up carbon removal and storage in Iceland. The new plant will be able to permanently remove 4000 tons of carbon dioxide from the air per year.
The agreements set down an important milestone in the fight against climate change: They mark the first time the technologies have been combined for a project of this scale to remove carbon dioxide from the air.
Module of the next generation of Climeworks technology
Under the agreement with ON Power, Climeworks will build facilities within their Geothermal Park to capture CO₂ from the air. This will be done using Climeworks’ direct air capture technology (DAC). The geothermal power and heat provided by ON Power secures a constant supply of renewable energy to power the DAC technology.
Climeworks’ agreement with Carbfix ensures the safe storage of the CO₂ through natural underground mineralization. The underground basaltic rock formations in Iceland provide the ideal conditions for this process, providing a permanent solution for CO₂ storage.
The collaborative efforts of these agreements are particularly important as the scale-up of carbon removal is essential to achieve the climate goals of the Paris Agreement, and the continued development of these technologies could prove to be a game-changer in the fight against climate change.