Third Joint Development Agreement Continues Collaboration to Develop and Scale Global Thermostat's Direct Air Capture Solutions
NEW YORK, May 5, 2022 /PRNewswire-PRWeb/ -- Global Thermostat, one of the leaders in direct air capture of carbon dioxide (CO2), today announced it renewed and extended its joint research agreement with ExxonMobil Technology and Engineering Company ("ExxonMobil") to scale Global Thermostat's Direct Air Capture (DAC) technology. Global Thermostat is committed to developing the most efficient, lowest cost DAC solutions to help address climate change and build a more prosperous, sustainable, circular carbon economy.
"We believe our continued relationship with ExxonMobil provides an opportunity to expand and collaborate with other leading organizations to accelerate the development of DAC technology for full-scale deployment. Continued support from ExxonMobil and its world-class engineering team will further speed our path to our goal of removing billions of tons of CO2 from the atmosphere," said Edgar Bronfman, Jr., Executive Chairman of Global Thermostat.
In a new report released on April 4, 2022, the UN's Intergovernmental Panel on Climate Change (IPCC) concluded carbon dioxide removal was essential to avoiding irreversible and catastrophic damage to the planet. The report stated that in addition to rapid and deep reductions in greenhouse emissions, CO2 removal is "an essential element of scenarios that limit warming to 1.5℃ or likely below 2℃ by 2100."
CO2 removal is not intended to be a replacement for greenhouse gas emissions reductions, rather it will supplement the effort. Initially, technology like Global Thermostat's can help reduce net CO2 emissions, which is critical to prevent warming from escalating above critical temperature levels. DAC technology can also aid industries where zero-emission alternatives have not yet been developed. Finally, and in line with Global Thermostat's focus, cost-effective CO2 removal will help reduce historical emissions, potentially bringing atmospheric CO2 levels to below pre-industrial levels.
"ExxonMobil plans to play a leading role in the global energy transition and continues to invest in research and deployment of multiple carbon capture technologies," said Vijay Swarup, senior technology director for ExxonMobil. "Our continued collaboration with Global Thermostat is based on continued technical progress demonstrating that this technology can provide an effective, scalable, low-cost pathway to carbon removal."
Mr. Bronfman concluded, "Together with ExxonMobil and additional partners, we are confident that our Direct Air Capture solutions can help transform the world's economy in ways that not only protect the environment but provide a myriad of economically beneficial uses for the CO2 that we remove from the atmosphere, while creating clean-economy jobs."
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About Global Thermostat
Founded in 2010, Global Thermostat is working to commercialize its unique, multi-patented portfolio of solutions for capturing and removing CO2 directly from the atmosphere to address climate change and power the growing circular carbon economy. Its goal is to develop the most efficient, lowest cost solution to resolve the climate threat through Direct Air Capture. Follow Global Thermostat on Twitter, Facebook, and LinkedIn.
Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, scaling and expanding current research, the impacts of new technologies, the need for different technologies in different future scenarios, and the creation of industrial processes to apply carbon capture, could vary depending on the outcome of further research and testing; the development and competitiveness of alternative technologies; the ability to scale pilot projects on a cost-effective basis; political and regulatory developments; and other factors discussed in this release and under the heading "Factors Affecting Future Results" on the Investors page of ExxonMobil's website at exxonmobil.com.
Media Contact
Jeffrey Weir, Global Thermostat, 1 6467986217, [email protected]
SOURCE Global Thermostat
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