An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Aspen Technology and Saudi Aramco Partner to Bring New Carbon Capture & Utilization Software Innovation to Market
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Aspen Technology, Inc. (NASDAQ:AZPN) has announced a partnership with Aramco to develop an integrated modeling and optimization solution aimed at enhancing Carbon Capture and Utilization (CCU) strategies in capital-intensive industries. This collaboration builds on technology from Aramco, allowing businesses to evaluate economic and sustainability objectives effectively. The new solution aims to optimize CCU configurations, assess energy cost impacts, and develop strategic production plans, ultimately facilitating evidence-based decisions to reduce carbon footprints while maintaining profitability.
Positive
Partnership with Aramco aims to enhance sustainability initiatives in capital-intensive industries.
Introduction of an integrated modeling solution for improved carbon capture and economic evaluation.
Focus on optimizing CCU configurations to balance emissions and profitability.
Negative
None.
Partnership aims to Enable Industry to Make Rapid Evaluation of Sustainability Options
BEDFORD, Mass.--(BUSINESS WIRE)--
Aspen Technology, Inc. (NASDAQ:AZPN), a global leader in industrial software, today announced a partnership with Aramco (Tadawul:2222), one of the world’s leading integrated energy and chemicals companies, that positions AspenTech to introduce a unique, integrated modelling and optimization solution that will enable capital intensive industries to achieve practical and economic solutions for Carbon Capture and Utilization (CCU).
The new solution is based on technology developed by Aramco collaboratively with the Korea Advanced Institute of Science & Technology (KAIST). Aramco, through its subsidiary Saudi Aramco Technologies Company (SATC) has licensed the technology to AspenTech as part of its broader capabilities to optimize carbon emissions reduction. It will aim to address the identification of the most promising carbon capture and utilization paths by simultaneously considering economics, process design and operations constraints and CO2 reduction. The goal of this innovation is to enable businesses to make evidence-based decisions in support of adopting carbon management strategies that optimize and accelerate sustainable operations.
Dr. Aqil Jamal, Carbon Management Chief Technologist at Aramco’s Research & Development Center, said, “The advanced and reliable optimization algorithm developed by Aramco provides a visualized superstructure interface for users to intuitively develop case options and cost curves.”
Dr. Bashir Dabbousi, Director of Technology Strategy and Planning at Aramco added, “Aramco and AspenTech will combine their strengths to bring together integrated modelling and optimization to help make informed decisions on carbon strategies and ultimately to help meet sustainability targets.”
Dr. Vikas Dhole, General Manager, Sustainability at Aspen Technology said, “Our agreement with Aramco demonstrates the importance of technology innovators working together to address the biggest challenges in ensuring a sustainable future. The AspenTech solution, based on this partnership between AspenTech and Aramco, will aim to help companies rapidly evaluate potential opportunities and new innovative solutions that mitigate carbon footprints while ensuring profitability.”
The objectives of the solution will be to allow companies to:
Optimize CCU configurations to determine the optimum balance between emissions and profitability objectives
Evaluate the impact of uncertainty in energy costs, carbon fees, and raw material and product costs
Develop short, intermediate, and long-range production and strategic plans that include consideration for optimum CCU options to simultaneously address profitability and sustainability objectives
About Aramco Aramco is a global integrated energy and chemicals company. We are driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. Find out more at www.aramco.com
About Saudi Aramco Technologies Company Saudi Aramco Technologies Company is a wholly owned subsidiary of Saudi Aramco, a leading global integrated energy and chemicals company driven by the core belief that energy is an opportunity. Saudi Aramco Technologies serves as the research arm of Saudi Aramco, specializing in developing and providing downstream technology solutions in the refining and petrochemical area.
About Aspen Technology Aspen Technology (NASDAQ:AZPN) is a global software leader helping industries at the forefront of the world’s dual challenge meet the increasing demand for resources from a rapidly growing population in a profitable and sustainable manner. AspenTech solutions address complex environments where it is critical to optimize the asset design, operation and maintenance lifecycle. Through our unique combination of deep domain expertise and innovation, customers in capital-intensive industries can run their assets safer, greener, longer and faster to improve their operational excellence. To learn more, visit AspenTech.com.
Aspen Technology's partnership with Aramco focuses on developing an integrated modeling and optimization solution for Carbon Capture and Utilization (CCU).
How will the AspenTech and Aramco collaboration impact carbon management?
The collaboration aims to provide businesses with tools to make evidence-based decisions for effective carbon management while optimizing profitability.
What technology is being utilized in Aspen Technology's new solution?
The solution leverages technology developed by Aramco in collaboration with the Korea Advanced Institute of Science & Technology (KAIST).
When was the Aspen Technology and Aramco partnership announced?
The partnership was announced on December 13, 2022.
What are the objectives of the new CCU solution by Aspen Technology?
Objectives include optimizing CCU configurations, evaluating energy cost impacts, and developing strategic production plans for sustainability.
