Google recently announced an agreement with Holocenean emerging startup in the field of direct air capture (DAC), to remove carbon dioxide from the atmosphere. What makes the announcement particularly interesting is the price agreed between the two companies: $100 per ton of CO2.
This price is in fact considered the target, for the sector, to aim for since it represents the point at which carbon removal technologies can be commercially viable. The agreement therefore has the potential to represent a turning point both for the sector, but above all for the fight against global warming. At the moment The average price in the industry is $600 per ton.
Holocene is a reality founded in 2022 by Anca Timoftea Stanford economics student, along with other co-founders from Climeworks, one of the first companies to venture into the field of carbon capture. The startup, despite its young age, has already attracted the interest (and investments) of important figures, including the United States Department of Energy (DOE),
l’Xprize Carbon Removal di Elon Musk and the climate investment company Breakthrough Energy di Bill Gates.
The technology developed by Holocene It is based on research conducted by theOak Ridge National Laboratorywhich has developed a new chemical process to filter CO2 from the air. Holocene claims that this method is more efficient than traditional methods because it can run two chemical cycles at the same time: one that absorbs CO2 from the air and another that produces a pure stream of carbon dioxide that can be stored (sequestered) underground.
In particular, the first cycle of the process adopted by Holocene involves the passage of air into water containing amino acids that attract CO2. Guanidine is then added to the mixture, which reacts with carbon dioxide, resulting in the formation of a solid crystal that can be separated from the aqueous phase. The latter is reused for the first cycle of the process, while the crystals are heated to produce a flow of pure CO2 in gaseous form which can be stored permanently underground. Both amino acids and guanidine are recovered so they can be reused.
For comparison, the process adopted by the aforementioned Climeworks It is based on the use of solid filters to extract CO2 from the air, which must be cyclically heated to release the captured gas before being used for a new absorption cycle. Climeworks announced in recent months that its next-generation DACs should allow the capture price to be brought down to $250-300 per ton.
Holocene currently only has a small pilot plantin Knoxville, Tennessee, which has the capacity to capture 10 tons of CO2 from the air each year. In the agreement reached with Google It is expected the capture of 100 thousand tons of CO2 by 2032 which will necessarily require a challenging path of expansion of operations for Holocene. Google, as part of the agreement, has already
advanced a substantial portion of the $10 million settlementin order to support the expansion of Holocene, which will now have to build a new demonstration plant that can capture 5,000 tons of CO2 per year and subsequently a commercial plant with the capacity to capture 500,000 tons of carbon dioxide per year.
Google itself indicates that capturing 100 thousand tons of CO2 from the air is equivalent to take about 20,000 petrol cars off the roads for a year. However, it is impossible not to remember how Google itself issued 14.3 million tons of CO2 in 2023 alone for its global operations. The fight against global warming and climate change is a complex problem that, as such, must be addressed on multiple fronts: technologies for capturing CO2 are only one piece of the strategy and inevitably we cannot avoid a commitment to reducing emissions.
Furthermore, the direct air capture sector is still in its infancy and needs a phase of growth and expansion to have a significant impact on the fight against carbon dioxide pollution. There are currently 27 plants in the world for direct air capture (some are under construction) with a total capacity of 10,000 tons.
From a certain point of view, the agreement between Google and Holocene is more of a way of set a significant precedent from a price perspectivewhich from now on could represent an important point of reference for the market and trigger an investment rush in the sector.
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Google Announces Landmark Deal with Holocene to Capture CO2 at $100 per Ton
In a significant development in the fight against global warming, Google has announced a market-shifting deal with Holocene, an emerging startup in the field of direct air capture (DAC), to remove carbon dioxide from the atmosphere. The agreement, which has the potential to represent a turning point for the sector and the fight against global warming, involves capturing 100,000 tons of CO2 by 2032 at a price of $100 per ton [[3]].
This price is particularly noteworthy as it represents the target for the sector to aim for, making carbon removal technologies commercially viable. The current average price in the industry is $600 per ton, making this deal a significant milestone.
About Holocene
Holocene is a startup founded in 2022 by Anca Timofte, a Stanford economics student, along with other co-founders from Climeworks, one of the first companies to venture into carbon capture. Despite its young age, Holocene has already attracted significant investments from important figures, including the United States Department of Energy (DOE), Elon Musk’s Xprize Carbon Removal, and Bill Gates’ climate investment company, Breakthrough Energy.
Holocene’s Technology
The technology developed by Holocene is based on research conducted by the Oak Ridge National Laboratory, which has developed a new chemical process to filter CO2 from the air. Holocene claims that this method is more efficient than traditional methods because it can run two chemical cycles at the same time: one that absorbs CO2 from the air and another that produces a pure stream of carbon dioxide that can be stored (sequestered) underground.
The process involves the passage of air into water containing amino acids that attract CO2. Guanidine is then added to the mixture, which reacts with carbon dioxide, resulting in the formation of a solid crystal that can be separated from the aqueous phase. The latter is reused for the first cycle of the process, while the crystals are heated to produce a flow of pure CO2 in gaseous form, which can be stored permanently underground. Both amino acids and guanidine are recovered so they can be reused.
Comparison with Climeworks
For comparison, Climeworks, another prominent player in the DAC sector, uses solid filters to extract CO2 from the air, which must be cyclically heated to release the captured gas before being used for a new absorption cycle. Climeworks has announced that its next-generation DACs should allow the capture price to be brought down to $250-300 per ton.
The Agreement with Google
Currently, Holocene has a small pilot plant in Knoxville, Tennessee, which has the capacity to capture 10 tons of CO2 from the air each year. As part of the agreement with Google, Holocene is expected to capture 100,000 tons of CO2 by 2032, which will require a significant expansion of operations. Google has already advanced a substantial portion of the $10 million settlement to support the expansion of Holocene, which will now have to build a new demonstration plant that can capture 5,000 tons of CO2 per year and subsequently a commercial plant with the capacity to capture 500,000 tons of carbon dioxide per year [[2]].
Impact and Significance
Google itself indicates that capturing 100,000 tons of CO2 from the air is equivalent to taking about 20,000 petrol cars off the roads for a year. While this is a significant achievement, it is crucial to remember that Google itself issued 14.3 million tons of CO2 in 2023 alone for its global operations. The fight against global warming and climate change is a complex problem that must be addressed on multiple fronts: technologies for capturing CO2 are only one piece of the strategy, and we cannot avoid a commitment to reducing emissions.
The direct air capture sector is still in its infancy and needs a phase of growth and expansion. As the sector continues to evolve, it is crucial to support startups like Holocene and encourage innovation to combat climate change.
References:
[1] https://www
What are the potential environmental impacts of Google’s $100 per ton direct air capture agreement with Holocene?
Breaking Down the Cost Barrier: Google’s $100 per Ton Direct Air Capture Agreement with Holocene
Recently, Google announced a groundbreaking agreement with Holocene, a startup in the field of direct air capture (DAC), to remove carbon dioxide from the atmosphere at a cost of $100 per ton of CO2. This price point is a significant milestone, as it represents the target at which carbon removal technologies can become commercially viable. The agreement has the potential to be a turning point for the sector and the fight against global warming.
What is Direct Air Capture?
Direct air capture is a form of carbon dioxide removal that takes CO2 from ambient, or still, air [[2]]. DAC technologies extract CO2 directly from the atmosphere at any location, unlike carbon capture, which is generally carried out at the point of emission[[[1]]. This technology is crucial in the fight against climate change, as it can help reduce the amount of CO2 in the atmosphere, which is a key contributor to global warming.
Holocene’s Innovative Technology
Holocene, founded in 2022 by Anca Timofte, a Stanford economics student, along with other co-founders from Climeworks, has developed a new chemical process to filter CO2 from the air. This method is based on research conducted by the Oak Ridge National Laboratory and claims to be more efficient than traditional methods. The process involves two chemical cycles: one that absorbs CO2 from the air and another that produces a pure stream of carbon dioxide that can be stored underground. The technology is more efficient than traditional methods because it can run two chemical cycles at the same time [[3]].
The Agreement and Its Implications
The agreement between Google and Holocene is significant, as it represents a major step forward in the development of direct air capture technology. Google has already advanced a substantial portion of the $10 million settlement to support the expansion of Holocene, which will now have to build a new demonstration plant that can capture 5,000 tons of CO2 per year and subsequently a commercial plant with the capacity to capture 500,000 tons of carbon dioxide per year. The goal is to capture 100,000 tons of CO2 by 2032, which is equivalent to taking about 20,000 petrol cars off the roads for a year.
The Bigger Picture
While the agreement is a significant milestone, it is essential to remember that the direct air capture sector is still in its infancy and needs a phase of growth and expansion to have a significant impact on the fight against carbon dioxide. The fight against global warming and climate change is a complex problem that must be addressed on multiple fronts. Technologies for capturing CO2 are only one piece of the strategy, and a commitment to reducing emissions is inevitable.
The Industry Context
Currently, the average price in the industry is $600 per ton of CO2. Climeworks, another company in the field of carbon capture, has announced that its next-generation DACs should allow the capture price to be brought down to $250-300 per ton. The agreement between Google and Holocene sets a new benchmark for the industry, and it will be interesting to see how other companies respond to this new challenge.
the agreement between Google and Holocene is a significant step forward in the development of direct air capture technology. The $100 per ton price point is a milestone that has the potential to make carbon removal technologies commercially viable, and it will be essential to monitor the progress of this agreement and its implications for the industry and the fight against climate change.
