SACRAMENTO, Calif., Feb. 24,
2022 /PRNewswire/ -- Infinium, a clean fuels
innovator, announced today that the company has entered into a
strategic alliance with US energy leader Denbury (NYSE: DEN) to
collaborate on developing ultra-low carbon fuels projects in the
state of Texas. Infinium
electrofuels facilities being developed in Brazoria County will convert renewable power
into green hydrogen and combine it with industrial-sourced carbon
dioxide (CO2) to produce ultra-low carbon fuels using Infinium
proprietary technology.
"The transportation industry is responsible for a significant
portion of global carbon emissions, and Infinium's ultra-low carbon
electrofuels solutions are a powerful tool to combatting climate
change," said Robert Schuetzle, CEO
of Infinium. "Infinium fuels are instant replacements for
traditional jet and diesel fuel that may be used directly in
planes, ships and truck fleets without changes in infrastructure or
engine design. We are thrilled to enter into this strategic
alliance with Denbury and to have the opportunity to reuse
industrial CO2 waste for clean fuel production."
Under the strategic alliance, Denbury will source and transport
CO2 to the Infinium facilities, which are planned to be sited near
Denbury's existing and planned CO2 pipeline infrastructure. Denbury
estimates that the pipeline infrastructure necessary to deliver CO2
to the Infinium facilities will be ready as early as 2025. The
facilities are anticipated to utilize 1.5 million tons of CO2 per
year that would otherwise be emitted into the atmosphere.
"Our agreement with Infinium is another exciting opportunity for
Denbury to partner with a company that is aligned with our strategy
to develop world-leading carbon solutions, and we welcome the
opportunity to potentially invest alongside Infinium in these
projects," said Chris Kendall,
Denbury's President and Chief Executive Officer. "This innovative
and highly scalable utilization of industrial-sourced CO2 will be
an important element in the spectrum of solutions that Denbury can
offer to industrial CO2 emitters. Infinium's ultra-low carbon
intensity electrofuels produced using industrial-sourced CO2 will
provide a powerful tool to reduce the carbon intensity of
transportation in our country and the world."
"Reducing the emissions profile of the Gulf Coast, and around
the world, is a tremendous opportunity and the right thing to do
for our economy and environment," added Schuetzle.
ABOUT INFINIUM
Infinium™ is a leading innovator
in the clean fuels space. The company's proprietary technology
converts carbon dioxide and hydrogen into ultra-low carbon
fuels—known as electrofuels—for use in today's planes, ships and
truck fleets. Infinium electrofuels can be used directly in
existing engine designs, enabling transportation providers to
reduce harmful emissions and meet their carbon reduction
goals. Investors include Amazon, NextEra Energy, Mitsubishi
Heavy Industries and AP Ventures. For more information, visit
www.infiniumco.com.
ABOUT DENBURY
Denbury is an independent energy company
with operations and assets focused on Carbon Capture, Use and
Storage (CCUS) and Enhanced Oil Recovery (EOR) in the Gulf Coast
and Rocky Mountain regions. For over two decades, the Company
has maintained a unique strategic focus on utilizing CO²
in its EOR operations and since 2013 has been active in CCUS
through the injection of captured industrial-sourced
CO². The Company currently injects over three
million tons of captured industrial-sourced CO²
annually, and its objective is to fully offset its Scope 1, 2, and
3 CO² emissions within this decade, primarily
through increasing the amount of captured industrial-sourced
CO² used in its operations. For more information about
Denbury, visit www.denbury.com.
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SOURCE Infinium