Exxon Mobil Corporation has entered into a partnership with mosaic materials in a bid to explore new material technology that is expected to scrap carbon from emission sources. In fact, Mosaic materials are working on a revolutionary technology that uses porous materials to scrap carbon from air or flue gas.
This new technology is able to remove carbon from most mixtures. In this process, Mosaic materials uses moderate temperature and pressure substitution technique leading to a reduced cost and increased energy efficiency.
This agreement will amplify the use of this new technology to a large scale for industrial purposes. This deal will speed up the development of this new technology enabling ExxonMobil to lower its emissions. The new technology is also expected to boost investor confidence.
Markedly, ExxonMobil, who are well known when it comes to carbon scraping and storage, have an interest in about one-fifth of the world’s carbon scraping. Currently, ExxonMobil has been able to scrap carbon to the tune of 7 million tons each year. With this new deal, the capacity that can be scrapped will increase significantly.
Early this past May, ExxonMobil announced a plan to invest close to $100 million to research and develop new low-emission technologies in the next decade to come. This new research is expected to bring on board national labs such as National Energy Technology laboratory and National Renewable Energy Laboratory.