Mitsui O.S.K. Lines and Captura have signed a large-volume offtake agreement for the permanent removal of carbon dioxide from the atmosphere using Captura’s Direct Ocean Carbon Capture technology. Under the agreement, MOL has purchased about 30,000 carbon removal credits, to be delivered by one of Captura’s first commercial DOC facilities before the end of 2030.
In addition to the carbon credit purchase, MOL and Captura have signed a Memorandum of Understanding to enter a strategic partnership aimed at deploying commercial DOC plants. Captura’s business model is to license its technology to deployment partners who will build, own and operate large-scale DOC facilities around the world.
MOL Switch LLC, MOL’s corporate venture capital firm, has invested in Captura as part of its work to support the development of new technologies and business models to decarbonize the energy sector.
Captura’s DOC technology works by extracting a measurable stream of CO2 from seawater, creating capacity for the ocean to absorb more CO2 from the atmosphere. The technology has already been demonstrated in three operational pilot plants, and early design work is now underway for Captura’s first commercial facility, expected to capture 30,000-50,000 tons of CO2 per year.
