by Staff Writers
Austin TX (SPX) May 27, 2014
Skyonic has announced that it has secured an additional $12.5 million in funding from existing investor ConocoPhillips and new investor Enbridge Canada's largest energy infrastructure company. The funding will provide for the continued development of Skyonic's SkyCycle technology toward commercialization and support Skyonic's international growth.
While current industry estimates place the cost of carbon capture between $150 and $450 per ton, SkyCycle uses a thermolytic chemical reaction to capture carbon dioxide emissions at costs estimated to be between $16 and $25 per ton, significantly lower than industry averages.
The process converts the CO2 emissions into a wide variety of products, including hydrochloric acid and calcium carbonate, also known as limestone, which can be used to make glass, paper, cement, paint, PVC pipe and other products. This current funding joins the recently announced $500,000 CAD grant from the Climate Change and Emissions Management Corporation to bring the SkyCycle to pilot scale at the Capitol SkyMine San Antonio site by late 2015.
"Stationary emitters are facing a lot of uncertainty right now, with new, stricter EPA regulations expected to be proposed next month," said Joe Jones, founder and CEO of Skyonic.
"As emissions regulations continue to develop over the next several years, SkyCycle can help the industry to evolve with them. It offers both new and existing plants the flexibility to adjust to a changing environment at a cost that remains easily within reach for any stationary emitter."
"Skyonic's ability to efficiently capture CO2 and transform it into commercially viable products is an attractive opportunity that supports our commitment to sustainable development," said George Coyle, ConocoPhillips Technology Ventures Investments manager.
"Skyonic's innovative technology is a great fit for Enbridge," said Chuck Szmurlo, vice president of Alternative and Emerging Technology, Enbridge Inc. "With its potential to replace traditional amine stripping, Skyonic's advanced technology could play an important role in our gas processing business and supports Enbridge's commitment to a neutral environmental footprint."
The patented SkyCycle technology is a post-combustion technology able to capture upwards of 94 percent of emitted CO2 from a plant's flue gas stream, regardless of CO2 concentration, and can be easily scaled to work with plants of all sizes. Currently, SkyCycle is being tested at a demonstration scale at the Capitol Aggregates Cement Plant in San Antonio, Texas, where Skyonic is also building a commercial-scale plant utilizing its SkyMine technology.
Once operational in October 2014, the Capitol SkyMine plant will be the first of its kind in the United States and will account for the removal of 300,000 tons of CO2 through both direct capture and offsets.
The new funding adds Enbridge to Skyonic's investors, which already include ConocoPhillips, BP, Cenovus Energy, Energy Technology Ventures, Toyo-Thai Corporation Public Company Limited, Berg and Berg Enterprises, Northwater Capital Management, PVS Chemicals, BlueCap Partners, and Zachry Corporation
Powering The World in the 21st Century at Energy-Daily.com
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