HONEYWELL AND ENLINK MIDSTREAM WILL COLLABORATE TO DELIVER CARBON CAPTURE SOLUTION

Rhea-AI Summary

Honeywell (HON) and EnLink Midstream (ENLC) are collaborating to develop carbon capture solutions targeting industrial CO₂ emissions along the Louisiana Gulf Coast. The partnership will leverage Honeywell's advanced carbon capture technology and EnLink's pipeline infrastructure for efficient CO₂ transportation and sequestration. A feasibility study will assess retrofitting Honeywell's Louisiana facilities to integrate this solution. The initiative aligns with Honeywell's commitment to carbon neutrality by 2035, aiming to significantly reduce environmental impacts in a key industrial region.

Positive

• Collaboration between Honeywell and EnLink focuses on reducing industrial CO2 emissions, enhancing both companies' sustainability goals.
• Honeywell's advanced carbon capture technology promises cost-efficient CO2 capture and transport.
• A feasibility study for retrofitting Louisiana facilities may lead to operational improvements and lower capital expenses.

Negative

• None.

• Carbon capture solution targets industrial-scale carbon dioxide (CO₂) emitters along the Louisiana Gulf Coast
• Proven Honeywell carbon capture technology complements EnLink's extensive pipeline infrastructure and projected sequestration connections to provide full service, capital-efficient service offerings
• Honeywell will conduct a feasibility study for a potential retrofit of existing assets at its Louisiana facilities, including a carbon capture solution and EnLink's transportation and sequestration solution

HOUSTON, June 9, 2022 /PRNewswire/ -- Honeywell (NASDAQ: HON) and EnLink Midstream, LLC (NYSE: ENLC) today announced they will work together to deliver carbon capture solutions to industrial-scale carbon dioxide (CO₂) emitters within the U.S. Gulf Coast area.

The Honeywell and EnLink relationship will focus on the Mississippi River corridor from New Orleans to Baton Rouge, an area that has many large, concentrated sources of industrial CO₂ emissions. The companies will jointly market Honeywell's broad range of ready-now technologies in CO₂ capture, Honeywell's hydrogen purification technologies for lower-carbon hydrogen production, and EnLink's planned CO₂ pipeline transportation network. The offering will be cost-efficient and is expected to significantly reduce further environmental impacts compared to deploying the offering utilizing new pipeline construction.

With more than 50 years of experience in gas processing, Honeywell has extensive experience with proven carbon capture and hydrogen technologies. Honeywell's new advanced solvent CO₂ capture and hydrogen solutions allow for CO₂ to be captured, transported, and stored at a lower cost through greater efficiency, while allowing for smaller equipment and lower capital operational expenses needed to run the plant compared to existing technologies¹.

"EnLink has existing pipeline infrastructure and decades of experience operating these assets in the Gulf Coast region. When coupled with Honeywell's proven carbon capture and hydrogen technologies, we can provide customers with a cost-effective approach to CO₂ capture and transportation that will ultimately accelerate carbon reductions in a key industrial region," said EnLink Chairman and CEO Barry Davis.

"Collectively, as an industry we need to act," said Vimal Kapur, president and chief executive officer, Honeywell Performance Materials and Technologies. "By harnessing the unique strengths of Honeywell and EnLink and simplifying the process of carbon capture and hydrogen production, we envision an ecosystem that can accelerate industry-wide emissions reduction within this key region in North America."

Honeywell is committed to achieving carbon neutrality in its operations and facilities by 2035. The company recently strengthened that pledge to include a commitment to develop a science-based target with the Science Based Targets initiative (SBTi) that includes scope 3 emissions, and announced its participation in the U.S. Department of Energy's Better Climate Challenge. The company also supports the Paris Climate Agreement.

To help meet its sustainability goals, Honeywell plans to conduct a feasibility study to retrofit its existing assets at its facilities in Louisiana with carbon capture utilizing Honeywell's CO₂ Solutions and EnLink's transportation, and sequestration solution. After a positive result of the feasibility study and obtaining necessary approvals, Honeywell may undertake a retrofit of the facility. The Honeywell Advanced Materials manufacturing plant encompasses several hundred acres and produces a wide range of products, including the Solstice^® line of low-global warming refrigerants.

For more information on Honeywell hydrogen and carbon capture solutions, please visit https://pmt.honeywell.com/us/en/solutions/sustainability/carbon-capture.

For more information about Honeywell's sustainability initiatives, visit our Website.

Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help everything from aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

EnLink Midstream reliably operates a differentiated midstream platform that is built for long-term, sustainable value creation. EnLink's best-in-class services span the midstream value chain, providing natural gas, crude oil, condensate, NGL capabilities, and carbon capture, transportation, and sequestration. Our purposely built, integrated asset platforms are in premier production basins and core demand centers, including the Permian Basin, Oklahoma, North Texas, and the Gulf Coast. EnLink's strong financial foundation and commitment to execution excellence drive competitive returns and value for our employees, customers, and investors. Headquartered in Dallas, EnLink is publicly traded through EnLink Midstream, LLC (NYSE: ENLC). Visit www.EnLink.com to learn how EnLink connects energy to life.

This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this presentation are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, technological, and COVID-19 public health factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, and other developments, including the potential impact of the COVID-19 pandemic, and business decisions may differ from those envisaged by such forward-looking statements. Any forward-looking plans described herein are not final and may be modified or abandoned at any time. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.

1. Information based on pilot-scale test campaigns at UT-Austin pilot plant and National Carbon Capture Center using flue gas from both coal and natural gas combined cycle sources_.

Contacts:
Media contacts:	Investor contacts:
Mike Hockey	Sean Meakim
(832) 285 4933	(704) 627 6200
Mike.hockey@honeywell.com	sean.meakim@honeywell.com
Jill McMillian	Brian Brungardt
(214)-721-9271	214-721-9353
Jill.mcmillan@enlink.com	brian.brungardt@enlink.com

 

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SOURCE Honeywell

FAQ

What is the collaboration between Honeywell and EnLink Midstream about?

Honeywell and EnLink are working together to develop carbon capture solutions targeting industrial CO2 emissions along the Louisiana Gulf Coast.

When was the Honeywell and EnLink partnership announcement made?

The partnership was announced on June 9, 2022.

What is Honeywell's goal regarding carbon neutrality?

Honeywell aims to achieve carbon neutrality in its operations and facilities by 2035.

How will the carbon capture technology benefit the environment?

The collaboration aims to significantly reduce environmental impacts by utilizing existing pipeline infrastructure for CO2 transportation and sequestration.

What facilities will undergo feasibility studies for carbon capture?

Honeywell will conduct feasibility studies for retrofitting its existing Louisiana facilities to integrate carbon capture solutions.