ENG Partners With a Leading University on the Development of Carbon Capture Technology

Rhea-AI Summary

ENG (NASDAQ:ENG) announced a collaboration with a leading technology university to develop a prototype CO2 sequestration reactor. This reactor aims to capture carbon dioxide produced during energy generation and industrial processes. ENG will leverage its expertise in carbon capture for the reactor's design and construction, having already initiated the design phase. CEO Mark A. Hess emphasized the project's significance in combating climate change and its potential for revenue growth. This announcement follows ENG's recent expansion to include on-site construction services.

Positive

• Partnership with a leading university enhances ENG's expertise in carbon capture technology.
• Potential for new revenue streams from carbon capture and sequestration projects.
• ENG has commenced the design phase of the reactor, indicating project progress.

Negative

• None.

HOUSTON, TX / ACCESSWIRE / November 1, 2021 / ENG (NASDAQ:ENG), a leading provider of innovative, project delivery solutions for the energy industry, today announced it is partnering with a leading technology university to build a prototype CO2 sequestration reactor. When completed, the reactor will be capable of capturing the carbon dioxide (CO2) formed during power generation and other industrial processes and storing it so that it is not released into the atmosphere.

While the university will retain its intellectual property and other rights to the technology, ENG will apply its carbon capture and engineering expertise to the design and building of the reactor and has already begun the first phase of the project - the design drawings for the reactor.

"We are thrilled to be working on such an important assignment," said ENG chief executive Mark A. Hess. "Not only is the advance of carbon capture technology crucial to the battle against global climate change, but this project also allows ENG to apply its considerable expertise in this realm and potentially provide us with yet another source of near and long-term revenue growth."

Today's announcement follows the company's disclosure on October 26 that ENG had added on-site construction to its suite of client services.

About ENG

ENG (NASDAQ:ENG) is a leading provider of complete project solutions for renewable and traditional energy throughout the United States and internationally. ENG operates through two business segments: Commercial and Government Services. The Commercial segment provides engineering, design, fabrication, construction and integration of automated control systems as a complete packaged solution for our clients. The Government Services segment provides engineering, design, installation, operations, and maintenance of various government, public sector, and international facilities, specializing in turnkey automation and instrumentation systems for the U.S. Defense industry worldwide. Further information about the Company and its businesses is available at www.ENGlobal.com.

Safe Harbor for Forward-Looking Statements

The statements above regarding the Company's expectations, including those relating to its future results, operations and certain other matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties. For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ENG's filings with the Securities and Exchange Commission, including the Company's most recent reports on Form 10-K and 10-Q, and other SEC filings.

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CONTACT:

Market Makers - Investor Relations
Jimmy Caplan
512-329-9505
Email: jimmycaplan@me.com

Market Makers - Media Relations
Rick Eisenberg
212-496-6828
Email: eiscom@msn.com

SOURCE: ENGlobal

View source version on accesswire.com:
https://www.accesswire.com/670453/ENG-Partners-With-a-Leading-University-on-the-Development-of-Carbon-Capture-Technology

FAQ

What is ENG's recent partnership about?

ENG partnered with a leading technology university to develop a prototype CO2 sequestration reactor aimed at capturing carbon dioxide emissions.

How will the CO2 sequestration reactor benefit ENG?

The reactor project allows ENG to leverage its expertise in carbon capture technology and potentially generate new revenue streams.

When was ENG's partnership with the university announced?

The partnership was announced on November 1, 2021.

What segment of the industry is ENG involved in?

ENG provides project delivery solutions for both renewable and traditional energy industries.