Camber Energy Announces Major Milestone with Carbon-Capture Technology
- Successful testing of ESG Clean Energy's patented water removal system at an active power generation site in Holyoke, MA exceeded expectations.
- Camber Energy, Inc. licensed the ESG Clean Energy System for exclusive use in Canada and multiple U.S. locations.
- Global carbon Capture, Utilization, and Storage market size expected to grow from USD 3.1 billion in 2022 to USD 12.9 billion by 2030 at a CAGR of 24.0%.
- ESG Clean Energy's technology aims to reduce carbon footprint, generate revenue, and comply with Canada's escalating carbon tax program.
- ESG Clean Energy plans to implement the technology across all its facilities and has licensed it to Camber Energy for Canada and U.S. locations.
- None.
Insights
The recent advancements in carbon capture technology by ESG Clean Energy, notably their water removal system, signify a substantial leap forward in environmental technology. This system's ability to exceed its projected performance metrics is particularly noteworthy given the historically high costs and energy demands associated with carbon capture. By utilizing an advanced ceramic membrane and a unique mechanical cooling system, ESG Clean Energy's system addresses the key challenge of water vapor interference in the carbon capture process. This interference is a significant technical hurdle, as water vapor can impede the efficiency of CO2 separation from other gases in the exhaust stream.
From an environmental technology standpoint, the implications of this advancement are profound. The ability to scale the technology for both large power plants and smaller, distributed facilities could accelerate the adoption of carbon capture solutions across various sectors, potentially leading to a significant reduction in greenhouse gas emissions. Furthermore, the potential for retrofitting existing power plants with this technology could extend the operational life of these facilities while aligning them with stricter environmental regulations.
The financial implications of ESG Clean Energy's system for Camber Energy and its stakeholders are multifaceted. First, the exclusive licensing agreement for use in Canada and multiple U.S. locations positions Camber Energy advantageously in the carbon capture market. With Canada's escalating carbon tax, which is set to reach $170 per ton of CO2e by 2030, the demand for cost-effective carbon capture solutions is expected to surge, potentially creating a lucrative revenue stream for Camber. The ability of the ESG system to not only reduce tax burdens but also to generate revenue through other features presents a dual financial benefit.
Considering the projected growth of the global carbon Capture, Utilization and Storage market at a CAGR of 24.0% through 2030, Camber Energy's early adoption and commercialization of this technology could result in a significant competitive edge. It is essential to monitor how Camber Energy leverages its subsidiary's longstanding presence in the Canadian power solutions sector to effectively introduce and scale this technology in the market.
The market for carbon capture technologies is rapidly evolving, driven by the increasing urgency to address climate change and the implementation of government policies such as carbon taxes. ESG Clean Energy's recent testing success represents a pivotal development in this sector, potentially reshaping market dynamics. The ability to capture CO2 in a cost-effective and energy-efficient manner could lower barriers to entry and catalyze market growth.
For investors and companies within the energy sector, the commercialization of such technologies is a critical factor to watch. It could influence not only the profitability of companies like Camber Energy but also the broader energy market's transition towards sustainable practices. The versatility of the ESG Clean Energy System, capable of being adapted for different scales and possibly the transportation industry in the future, suggests a broad market potential that extends beyond traditional power generation.
ESG Advises Testing of Industry-Changing Water Removal System Exceeds Expectations
HOUSTON, TX / ACCESSWIRE / February 12, 2024 / Camber Energy, Inc. (NYSE American:CEI) ("Camber" or the "Company"), a growth-oriented diversified energy company, shared today the announcement from ESG Clean Energy, LLC ("ESG") advising the results of recent testing of ESG's patented water removal system at its active power generation site in Holyoke, MA, were consistent with and/or exceeded ESG's modeled forecasts and confirms, according to ESG, capturing carbon dioxide can now be achieved at a low cost and in an energy-efficient manner utilizing ESG Clean Energy's industry-changing technology (the "ESG Clean Energy System").
Camber, through its subsidiary, has licensed the ESG Clean Energy System, which includes an intellectual property portfolio of nine patents, for exclusive use in all of Canada, and for multiple locations in the U.S.
James Doris, Camber's President & CEO, stated "The size of this opportunity has increased, especially in Canada, since we made our initial investment, and we are pleased ESG has reached this critical milestone so we can work collaboratively on the next phase of the commercialization strategy toward monetizing our license. In my view we have a distinct competitive advantage in Canada with not only the exclusive rights to ESG's revolutionary technology but also with our ability to leverage the relationships and expertise of our subsidiary, Simson-Maxwell Ltd., a respected participant in the power solutions' sector in Canada for over 80 years, to allow us to introduce the technology to the market in an expedient manner."
The global carbon Capture, Utilization, and Storage market size was estimated at USD 3.1 billion in 2022 and projected to grow to USD 12.9 billion by 2030 at a CAGR of
Canada's Carbon Tax
As part of the Canadian government's carbon tax program, as of April 1, 2023 the federal carbon charge increased to
ESG's Recent Announcement
Regarding its patented water removal system, on February 12, 2024, ESG issued a press release which stated, in part:
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ESG Clean Energy Solves The Carbon Capture Puzzle for Power Generation
Recent Testing of Industry-Changing Water Removal System Exceeds Expectations
WEST SPRINGFIELD, Mass. - (Feb. 12, 2024) - ESG Clean Energy, LLC (the "Company" or "ESG Clean Energy"), developers of power generation/carbon capture systems with a nearly Zero Carbon output, announced today that the results of recent testing of its patented water removal system at its active power generation site in Holyoke, MA, were consistent with and/or exceeded modeled forecasts and confirms, as anticipated by the Company, capturing carbon dioxide can now be achieved at a low cost and in an energy-efficient manner utilizing ESG Clean Energy's industry-changing technology.
"We have always believed that it is possible to remove carbon dioxide from fossil fuel generation emissions more efficiently and our belief has now been validated," said Nick Scuderi, president of ESG Clean Energy, LLC.
Mr. Scuderi continued, "It has been a long-time coming but we finally reached this important milestone and are now positioned to take next steps to commercialize this element of our broad patent portfolio globally, including through our licensees and joint venture partners. We believe our system solves the issues of equipment cost and energy needed to make carbon capture economically viable. Our innovations enable the design to be scaled up for large power plants or scaled down for small, distributed power facilities, and eventually the transportation industry."
ESG Clean Energy plans on implementing this technology across all its planned facilities and has licensed the technology to a subsidiary of Camber Energy (NYSE (Amex): CEI) for all of Canada and multiple locations in the United States.
ESG Clean Energy's System
ESG Clean Energy's system treats the exhaust stream to remove the water vapor before it is treated for capturing CO2. This patented system consists of an advanced ceramic membrane that has been incorporated into a unique mechanical cooling system. With this technology, capturing carbon dioxide becomes both low cost and energy efficient. It can be used on both large and small systems and can be retrofitted onto current operating power plants.
Dealing with Water Makes Other Carbon-Capture Systems Too Costly
Capturing carbon dioxide (CO2) from fossil fuel emissions has historically been an expensive and energy intensive process. Fossil fuel emissions consist of a mixture of gases such as nitrogen, oxygen, carbon dioxide, nitrogen oxides, carbon monoxide, and water vapor. Separating and capturing the carbon dioxide in a gas mixture like this can be difficult. However, there are materials that have been developed that will selectively attach or react with the CO2 while letting the other gases pass by - except for the water vapor.
Water gets in the exhaust steam because it is actually a byproduct of combustion. When fossil fuel burns it makes three things heat, carbon dioxide, and water. The problem is water molecules interfere with the carbon capture process. Several scientific studies have shown how water negatively affects CO2 capture.
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About ESG Clean Energy, LLC
ESG Clean Energy, LLC (ESG) develops natural gas power generation/carbon capture systems with a nearly Zero Carbon Footprint. The patented technology is designed to generate large amounts of electricity and produce distilled water and CO2-based commodities, such as compressed CO2, ethanol, hydrogen, and Diesel exhaust fluid. ESG is working to secure additional projects around the world and has awarded exclusive rights to its patent portfolio to Viking Energy Group, a wholly owned subsidiary of Camber Energy, Inc., (CEI) for exclusive use in Canada and multiple locations in the U.S. More information about ESG Clean Energy and its technology can be found at www.ESGcleanEnergy.com.
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About Camber Energy, Inc.
Camber Energy, Inc. is a growth-oriented diversified energy company. Through its wholly-owned subsidiary, Viking Energy Group, Inc., Camber: (i) provides custom energy & power solutions to commercial and industrial clients in North America; (ii) holds an exclusive license in Canada to a patented carbon-capture system; and (iii) has a majority interest in: (a) an entity with intellectual property rights to a fully developed, patented, ready-for-market proprietary Medical & Bio-Hazard Waste Treatment system using Ozone Technology; and (b) entities with the intellectual property rights to fully developed, patent pending, ready-for-market proprietary Electric Transmission and Distribution Open Conductor Detection Systems. For more information, please visit the company's website at www.camber.energy.
Forward-Looking Statements
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Any statements that are not historical facts contained in this press release are "forward-looking statements", which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the oil and gas industry, the COVID-19 pandemic, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in Camber's filings with the Securities and Exchange Commission. We intend that all forward-looking statements be subject to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
Camber cautions that the foregoing list of important factors is not complete, any forward-looking statement speaks only as of the date on which such statement is made, and Camber does not undertake to update any forward-looking statements that it may make, whether as a result of new information, future events or otherwise, except as required by applicable law. All subsequent written and oral forward-looking statements attributable to Camber or any person acting its behalf are expressly qualified in their entirety by the cautionary statements referenced above.
Contact Information
Investors and Media:
Tel. 281.404.4387
SOURCE: Camber Energy, Inc.
View the original press release on accesswire.com
FAQ
What was the outcome of recent testing of ESG Clean Energy's water removal system at its power generation site in Holyoke, MA?
What market size growth projections are expected for the global carbon Capture, Utilization, and Storage market?
What is the significance of Canada's carbon tax program for industrial CO2 emitters?
How does ESG Clean Energy's system treat the exhaust stream for carbon capture?
What challenges have historically made capturing carbon dioxide from fossil fuel emissions expensive?
