Air Liquide and Eni to cooperate for the decarbonization of hard-to-abate industries in Europe

Rhea-AI Summary

Air Liquide and Eni have formed a collaboration to explore decarbonization solutions in the Mediterranean, focusing on hard-to-abate industrial sectors. This partnership aims to facilitate CO₂ capture, transport, and storage, which are crucial for achieving European emission reduction goals. Air Liquide will leverage its proprietary Cryocap™ technology to capture up to 95% of CO₂ emissions, while Eni will identify suitable permanent CO₂ storage locations. Both companies are committed to reducing industrial carbon emissions and achieving carbon neutrality by 2050.

Positive

• Collaboration with Eni to develop large-scale Carbon Capture and Sequestration (CCS) solutions.
• Use of Cryocap™ technology, capable of capturing 95% of CO₂ emissions, enhancing competitive edge.
• Alignment with European decarbonization targets, potentially increasing market opportunities.

Negative

• None.

PARIS--(BUSINESS WIRE)-- Regulatory News:

Air Liquide (Paris:AI) and Eni have entered into a collaboration agreement aimed at assessing decarbonization solutions in the Mediterranean region of Europe, focused on hard-to-abate industrial sectors. The two companies join forces combining their well-established expertise and know-how to enable CO₂ capture, aggregation, transport and permanent storage.

Carbon Capture and Sequestration (CCS) represents one of the fundamental tools in the decarbonization process, especially for the most carbon-intensive industrial sectors, and will play a key role in achieving the important emission reduction targets set at European level as part of the Green Deal.

Within the framework of the agreement, Air Liquide and Eni will collaborate to identify clusters of hard-to-abate industries in this geographic area and will define the best possible configuration to develop a large-scale CCS program.

In particular, Air Liquide will develop competitive CO₂ abatement solutions, leveraging on its ongoing CCS initiatives in Northern Europe and on its innovative proprietary technology Cryocap™ able to capture up to 95% of CO₂ emissions from industrial facilities. Eni, leveraging on its experience in gas fields exploitation and management, will identify the most suitable permanent CO₂ storage locations in the Mediterranean sea.

Pascal Vinet, Senior Vice President, a member of Air Liquide Executive Committee, supervising Europe Industries, said : “We are pleased to cooperate with Eni in this important decarbonization initiative and leverage our expertise in CO₂ management to concretely contribute to the reduction of industrial carbon emissions in Europe. Supporting the decarbonization of the Industry is one of the strategic pillars of Air Liquide, which is committed to addressing the urgency of climate change and reach carbon neutrality by 2050.”

Luigi Ciarrocchi, Eni’s Director, CCUS, Forestry and Agro-Feedstock, said: “The goal of achieving carbon neutrality by 2050 is a pillar of Eni’s strategy. CCS is pivotal in the decarbonisation process, in particular for the most energy and carbon-intensive industrial sectors. By contributing to reduce emissions from hard to abate sectors, we aim to promote a process of environmental and at the same time economic and social sustainability, supporting the continuity of industrial activities, such as, but not limited to, cement and steel, that are central to Italy’s economy”.

About Air Liquide   A world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 75 countries with approximately 66,400 employees and serves more than 3.8 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide’s scientific territory and have been at the core of the company’s activities since its creation in 1902.   Air Liquide’s ambition is to be a leader in its industry, deliver long term performance and contribute to sustainability - with a strong commitment to climate change and energy transition at the heart of its strategy. The company’s customer-centric transformation strategy aims at profitable, regular and responsible growth over the long term. It relies on operational excellence, selective investments, open innovation and a network organisation implemented by the Group worldwide. Through the commitment and inventiveness of its people, Air Liquide leverages energy and environment transition, changes in healthcare and digitization, and delivers greater value to all its stakeholders.   Air Liquide’s revenue amounted to more than 23 billion euros in 2021. Air Liquide is listed on the Euronext Paris stock exchange (compartment A) and belongs to the CAC 40, CAC 40 ESG, EURO STOXX 50 and FTSE4Good indexes.   About Eni - www.eni.com

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220321005304/en/

AIR LIQUIDE CONTACTS

Corporate Communications

media@airliquide.com

Investor Relations

IRTeam@airliquide.com

Eni CORPORATE CONTACTS

Press Office: Tel. +39.0252031875 – +39.0659822030

Freephone Shareholders (from Italy): 800940924

Freephone Shareholders (from abroad): + 80011223456

Switchboard: +39-0659821

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investor.relations@eni.com

Source: Air Liquide

FAQ

What is the collaboration between Air Liquide and Eni about?

The collaboration focuses on assessing decarbonization solutions in the Mediterranean, particularly for hard-to-abate industrial sectors.

How does Air Liquide plan to reduce CO2 emissions?

Air Liquide will utilize its innovative Cryocap™ technology, which can capture up to 95% of CO2 emissions from industrial operations.

What are the goals of the Air Liquide and Eni partnership?

The partnership aims to develop large-scale Carbon Capture and Sequestration solutions and contribute to achieving carbon neutrality by 2050.

How does the collaboration affect the stock AIQUY?

The collaboration may enhance Air Liquide's market position and align with European emission reduction initiatives, which could positively influence investor sentiment.