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CARBON CAPTURE IS A BIG DEAL Partnering with investors to support the
Amid all the talk of billions of dollars in climate finance, one announcement coming out of the COP29 global gathering in Azerbaijan may have gone largely unnoticed.
However, for one pioneering Lancashire green tech company it represented a significant opportunity to take the next important steps in its growth journey.
While attending the summit, Carbonbit Technologies, based in Blackburn, signed a Memorandum of Understanding (MOU) with the Azerbaijan Investment Company in a potential “game-changing” £10m deal to develop its carbon capture technology.
The business, co-founded by chief executive Philip Hargreaves, who is from Lytham, is developing carbon capture utilisation and storage (CCUS) solutions.
Philip was part of an eight-strong Lancashire delegation that attended COP29 in Baku, spearheaded by the county’s low carbon innovation agency RedCAT.
He says that the signing of the MOU during
the conference was the culmination of more than two years’ work. The aim was to secure “significant investment” to take its technological solutions, which involve direct air capture and Carbon Capture Utilisation and Storage (CCUS), forward to the commercialisation phase.
development and investment to bring the new technology to market.
Philip says: “This is potentially huge for us. We have some game-changing technologies and this is potentially a game-changing relationship.
“As we move forward as a Lancashire business,
development of this technology is vital. We anticipate attracting significant investment to progress from the build phase to the growth phase
The agreement will see the two parties work together on the further development of Carbonbit’s technology – a low-cost application designed to remove carbon dioxide from the atmosphere and from flue gas, helping reach the target of net zero by 2050.
Currently at the prototype stage and with a patent pending, the aim is for ongoing
we want to develop a supply chain in and around the county as much as we can.”
Philip says the aim of the MOU is also to feed skills and experience into Azerbaijan with the aim of developing it as a central Asian hub for the technology.
Nuclear scientist Dylan Jordan, chief
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