Carbonbit Technologies has signed a Memorandum of Understanding with the Azerbaijan Investment Company at Cop29.
The signing is an agreement to work together on further development of Carbonbit Technologies’ Direct Air Capture and Point Source Capture technology – a low-cost application designed to remove carbon dioxide from the atmosphere and from flue gas, helping reach the target of net zero by 2050.
Currently at the prototype stage and with a patent pending, there are plans for ongoing development and investment to bring this exciting new technology to market.
Dylan Jordan, Chief Innovation Officer at Carbonbit Technologies, co-founder and nuclear scientist, said: “We are very pleased to have signed a Memorandum of Understanding with the Azerbaijan Investment Company at the UN Climate Change Conference.
“It is a significant step forward in collaborative efforts to bring our technology to market and have a positive impact on climate change, whilst also aiming to develop highly skilled jobs in manufacturing, robotics and artificial intelligence.
“Partnering with investors to support the development of this technology is vital. We anticipate attracting significant investment to progress from the build phase to the growth phase, aiming to capture atmospheric carbon at less than $100 per tCO2.
“Direct Air Capture and Point Source Capture technologies present excellent investment opportunities on the road to net zero.”
The UN Climate Change Conference took place in Baku in Azerbaijan and included representatives from the UK government, Carbonbit Technologies and the British Chamber of Commerce.
The British Chamber of Commerce, including the regional East Lancashire Chamber of Commerce and its sustainability arm, RedCat, have supported the development of Carbonbit Technologies’ new sorbent technology alongside the prototype build partner, the Advanced Manufacturing Research Centre, also based in Lancashire.
The development of the technology is supported by a diverse range of academic and technology partners, as well as key stakeholder organisations, including Innovate UK and the Science and Technology Facilities Council. The manufacturing supply chain across Lancashire and the UK are expected to play a crucial role in its development.
To find out more about investment opportunities in Carbonbit Technologies’ Direct Air Capture and Point Source Capture technology, please contact lorraine.hargreaves@carbonbit.com