Through this partnership agreement, the two companies will work collaboratively to identify CCS opportunities, providing a more complete market offering for CCS solutions to address the challenge of climate change.
Getech will use its industry-leading geoscience gravity and magnetic database, its proprietary Globe earth model, and its geospatial analytics expertise to screen for attractive colocations of CO2 emitters and storage sites, to evaluate the suitability of the subsurface for carbon storage and to prepare the geoscience component of licence applications and site monitoring plans.
Cozairo will deploy its unique CCS project development and geologic sequestration expertise to develop local, capital-efficient CCS projects capable of delivering best-in-class returns to industrial partners across sectors.
Together, the companies will deliver end-to-end CCS solutions to non-oil and gas CO2 emitters seeking to reduce their carbon footprint. The focus will be on storing carbon near the emission point source, greatly reducing infrastructure and capital requirements, commercial complexity and the number of parties impacted by the development of CCS projects.
Richard Bennett, CEO of Getech, said: "Our companies possess complementary skills and capabilities in the area of CCS, with no overlaps. This makes our partnership the ideal solution for businesses looking to reduce their carbon footprint in a safe, efficient and cost-effective manner.
"The targets identified by the IEA and other bodies may seem ambitious, but this is a sector which has been ramping up activity to meet these future goals. The specific services Getech brings to market, combined with Cozairo's expertise, have a crucial role to play in enabling more carbon storage.
"The appetite from an increasing number of governments and policymakers worldwide and the resultant incentives have been instrumental in helping to level costs. The increase in emission costs is closing the gap with CCS implementation capital expenditure, making this solution much more commercially viable."
Tim Matthews, CEO of Cozairo, said: "We are excited to partner with Getech, which brings industry-leading capabilities in the identification, assessment and monitoring of geologic storage reservoirs to provide the very best in CO2 sequestration solutions to our clients. Access to proximal, cost-effective and permanent CO2 storage solutions is a key limiter to CCS project development across the globe. Cozairo's commitment to developing CCS projects that deliver low-cost, local storage solutions to our industrial partners is significantly enhanced by this collaboration."
CCS activity has seen significant advancement in recent years – in 2022 alone, 61 CCS projects were added, and the capacity of projects in development is up by 44%. However, the projection from the International Energy Agency (IEA) is that they still fall short of the 1.2 giga tons of CO2 capture that must be in place by 2030 to support a sustainable development scenario.
The Investment Reduction Act in the USA and the UK government's commitment of £20 billion over the next two decades for local CCS projects demonstrate how regulators create viable business models to enable more CCS projects. Further, the UK's recent elevation of two more CCS clusters to Track 2 status indicates additional support for the sector.
Cozairo's business activity currently centres primarily on North America, and Getech works with clients worldwide, with a particular focus on Europe, both regions which benefit from strong government support to commercialise CCS.
