15 Aug Global Thermostat Seeks Additional Partnerships to Scale up Technology
Global Thermostat seeks additional partnerships to scale up technology, CEO says
By Hana Askren
August 15, 2019
Global Thermostat, a New York City-based carbon capture technology company, is interested in further partnerships after its recent Exxon agreement, said CEO Graciela Chichilnisky.
The two companies announced an R&D and commercial partnership in June in which ExxonMobil [NYSE:XOM] will put “millions of dollars” and dedicated staff into scaling up Global Thermostat’s direct air carbon-capture technology, she said. It is interested in further partnerships with large engineering and power plant companies, as well as chemical companies that sell CO2, she said.
Global Thermostat was founded in 2010 and has raised USD 52.5m from investors including NRG [NYSE:NRG] and the Bronfman Family, she said. Global Thermostat’s technology uses waste heat of around 85 degrees Celsius, in combination with patented solvents, to capture CO2 from the air and concentrate it for re-use.
The company is already running several small commercial plants that are co-located with industrial plants, ranging in size from 800 to 4,000 tonnes of CO2 produced per year, she said. The cost to build one of these plants is between USD 2m to USD 3m, and the company generates revenue by selling the plant equipment to the customer and then leasing its patented solvent apparatus on a recurring basis, she said. Global Thermostat may also explore a licensing model, she added.
It is planning to continue the strategy of building these small plants in various sectors where there is a demand for CO2, including synthetic fuels, carbonated beverages, desalination, dry ice, bio fertilizers, polymers, and polyethelenes, at the same time as it pursues its large scale strategy, she said. It has not yet built any large scale plants, which would be many times the size of the smaller ones, she added.
The company is looking into various project financing strategies; for example, it is in discussions with the state of Rhode Island for a potential USD 100m to USD 150m credit facility, she said.
Climeworks is one competitor, the CEO said.