The company said that Carbondox technology represents a measurable and significant breakthrough in combating climate change and economically reducing carbon dioxide emissions from fossil fuel burning power plants.
The test program investigates the implementation and optimization of a corona-catalyst and bicarbonate mechanisms in an aqueous medium for the purpose of CO2 capture from flue gases emitted by coal-fired combustors, post-Flue Gas Desulfurization (FGD) equipment.
The company said that CO2 emissions from the burning of fossil fuels are the major cause of climate change. The general consensus among experts is that CO2 emissions must be reduced by 50% or more from current levels by 2050, to prevent disastrous environmental impacts.
The company added that the present challenge is to find the best mix of technologies and strategies that will achieve the necessary reduction in greenhouse gases while at the same time maximizing economic growth during the transition to a more carbon-neutral world economy.
According to International Energy Agency (IEA), CO2 emissions reduction is a huge new untapped market and it estimates the current total US CO2 emissions at 6 billion tons and the European Union CO2 emissions at over 5 billion tons. It is estimated that $30bn will be invested in R&D effort and the cost to the US economy alone for avoiding this will be over $1 trillion in the next 40 years.
Based upon a $20 per ton carbon price, the estimate for the total carbon dioxide capture market is over $90bn. The IEA estimates that it may be necessary to spend as much as $200 per ton to achieve the CO2 reduction goals thus increasing the market size tenfold.
