Market insight and projections provided by Ricardo Energy & Environment have helped one of Japan’s biggest companies, Sumitomo, to set up a new business venture, which is due to be launched later this year.
Ricardo Energy & Environment’s experts in carbon capture and storage were commissioned by Sumitomo to assess the economic potential within the carbon dioxide removal market and to explore the technical barriers facing the deployment of carbon dioxide removal technologies in several industry sectors. Ricardo Energy & Environment’s consultants undertook research and conducted expert analysis to provide an overview of the latest carbon dioxide removal technologies, key market players and current trends in the commercial carbon dioxide removal market.
The findings, which showed that there was an increased demand for carbon dioxide removal technologies and highlighted further opportunities for growth, were presented to Sumitomo in a report.
Following the report, Sumitomo Corporation decided to partner with the Sumitomo Chemical Co., Ltd. and Renaissance Energy Research Corporation to form a joint venture. The new company will use the latest carbon dioxide permselective membrane technology along with market insight provided by Ricardo Energy & Environment to construct a fully-fledged business operation dedicated to carbon capture.
A representative of Sumitomo Corporation said:
“The research conducted by Ricardo Energy & Environment was very informative and provided us with an excellent insight into the carbon dioxide removal technologies market. The report also allowed us to estimate the market size and to understand the business opportunities within the field.”
Ricardo Energy & Environment’s leading expert in carbon capture and storage, Naser Odeh, said:
“I am pleased to see that the report produced by us led to very tangible results for Sumitomo. Carbon capture from power plants and industrial facilities has a major role to play in reducing carbon dioxide emissions worldwide. Membrane technologies offer a great opportunity for reducing the high energy requirements associated with carbon dioxide removal from these sources”
To read the official press release from Sumitomo please click here.