Zurich-based carbon capture firm Climeworks AG will partner with Carbfix and ON Power in a direct air carbon capture and storage (DACCS) project in Iceland, powered by geothermal energy.
A plant capable of removing 4,000 tonnes of carbon dioxide (CO2) from the air annually will be built within the ON Geothermal Park. It will use Climeworks’ direct air capture (DAC) technology, baseload renewable energy from ON Power’s geothermal plant, and Carbfix’s carbon storage method, which involves natural underground mineralisation. This process will be happening in the underground basaltic rock formations in Iceland.
The companies said this is the first time these technologies have been combined for a project of this scale.
“The ON Geothermal Park is a venue for companies utilizing the resources of the Hellisheidi Power Plant in a responsible and sustainable manner to create value and promote innovation in the field of geothermal operations. This agreement takes us a big step closer to realizing that vision,” said ON Power CEO Berglind Ran Olafsdottir.