Metal One Partners with Clean Energy Systems to Decarbonize the Global Steel Industry
The steel trading and distribution company Metal One, a Mitsubishi Corporation's and Sojitz Corporation merger, and California-based Clean Energy Systems (CES) announced on 17 January that they have inked an agreement to deploy CES’s carbon capture technology to expedite the decarbonization of the global steel industry.
Metal One has made a first payment to CES and the companies will promote green steel across industries and help corporations achieve Net Zero targets.
Both parties will work to decarbonize traditional steel manufacturing plants by utilizing existing onsite captive fuel sources with full carbon capture, CES said in a press statement.
"We have developed and operated our pressurized oxy-combustion technologies for thousands of hours at commercial scale," said Keith Pronske, President and CEO of CES. "Our technology fits perfectly for using problematic fuels to decarbonize critical industries such as steel at commercial scale today. By partnering with Metal One with their global presence, we'll be able to access the global steel market exponentially faster than we could achieve on our own."
"We are very pleased to sign this agreement with CES. Through this alliance, Metal One wants to contribute to the decarbonization of the global steel industry" said Takeo Nukui, Executive Officer of the Global Marketing & Energy Project Business Division of Metal One.
Steelmaking accounts for more than eight percent of global carbon emissions each year, emitting more than three billion CO2 tons every year.
Metal One and CES will work to reduce carbon emissions at the source and will promote and develop green steel for use in a variety of industries, including construction, ship building, and renewable and conventional energy facilities.
As part of the agreement, Metal One is providing development funding to CES, and the parties will co-locate resources to efficiently target the global steel market.