Project Air to Receive EUR 97 Million

Project Air to Receive EUR 97 Million Project Air to receive EUR 97 million under agreement with Innovation Fund Representatives from Perstorp, Uniper and CINEA (European Climate, Infrastructure and Environment Executive Agency) convened to formally sign the agreement providing project support from the Innovation Fund. The agreement stipulates that Project Air will receive EUR 97 million in support to enable its groundbreaking technology, which provides a critical opportunity for Europe's chemical industry to achieve carbon neutrality. Project Air is a first-of-its-kind combination of a carbon capture and utilisation (CCU) process designed to convert CO2, residual streams, renewable hydrogen and biomethane into large-scale sustainable methanol production. The project is expected to result in a relative reduction of 123% in greenhouse gas (GHG) emissions compared to conventional methanol synthesis. It will have broad-reaching impacts across numerous industrial value chains and contribute to ending Europe's dependence on imported fossil fuels. [caption id="attachment_148639" align="aligncenter"] Project Air to receive EUR 97 million under agreement with Innovation Fund.
(Photo source: Perstorp)[/caption] CINEA Deputy Director Paloma Aba Garrote said, "CINEA is honoured to welcome Project Air to the family of Innovation Fund projects, a portfolio encompassing 52 projects currently being implemented in 16 countries. CINEA has a long history of financing infrastructure and innovation projects supporting the European Green Deal's objective of carbon neutrality. I am convinced that projects such as Project Air will contribute significantly to our goals of reducing greenhouse gas emissions and reducing the EU's dependence on imported fossil fuels. I look forward to the implementation of this project to support the chemical industry in the EU achieve carbon neutrality." Perstorp Group CEO Jan Secher said, "Today marks an important milestone, not only for Project Air but for the chemical industry, as we now demonstrate that it is possible to break our industry's dependence on fossil fuels. I hope that more companies will follow our leadership with similar technologies that enable circular production processes using their streams and captured carbon," and added "We are pleased and grateful that the EU and the Innovation Fund recognise the importance of the chemical industry and its sustainable transformation with this support, which will enable the sustainable transition of thousands of end products and value chains." Uniper Operations Director David Bryson said, "Europe is experiencing an unprecedented energy crunch, focusing almost every day on securing energy supply. Recognising that we have a common future will be crucial in fighting climate change. To achieve climate neutrality, we must replace fossil sources with sustainable alternatives, and in this regard, Project Air is game-changing for the chemical industry's transition. I am proud that Uniper is part of the project and very grateful to the EU Commission and CINEA for recognising Project Air's potential."   Source