Fluor Inks MoU With Carbfix For Carbon Capture And Storage

Fluor Corporation FLR has signed a memorandum of understanding (MOU) with the carbon dioxide (CO2) mineral storage operator, Carbfix. The financial terms were not disclosed.

The parties will pursue integrated carbon capture and storage (CCS) solutions.

The companies will look to minimize the impacts of climate change by helping to decarbonize hard-to-abate industries with high greenhouse gas emissions, such as steel, aluminum and cement.

The MOU will enable the parties to pursue CO2 removal projects such as direct air capture and bioenergy carbon capture and storage.

Fluor will provide its proprietary Econamine FG Plus carbon capture technology and its engineering, procurement and construction experience.

Carbfix's transformative technology dissolves CO2 in water and injects it into porous basaltic rock formations, where natural processes cause the CO2 to form stable carbonate minerals within two years.

Price Action: FLR shares closed lower by 2.43% at $28.89 on Wednesday.