The document discusses Carbfix, a company that stores carbon dioxide permanently in basalt rock. It was founded in Iceland in 2007 as a research project between universities and Reykjavik Energy to develop carbon capture and storage. Carbfix conducted successful pilot projects from 2011-2014 that demonstrated 95% of injected CO2 mineralized into solid carbonates within two years. The company is now focused on commercializing the technology through licensing, direct air capture projects, and an Icelandic storage hub.
Team Ramen, HSBC'22 Nationals, 1st RoundAfnan Faruk
Team Ramen consists of 4 members: Sadman Sakib Pantho, Abdullah Azwad Rafeed, Syed Shadab Tajwar, and Afnan Faruk. The team is made up of 4 individuals with different names listed. This document provides the names of the 4 members that make up the team.
This document provides context for the case study "Food Angel: A Sustainable Solution to Food Waste in Hong Kong". It discusses the authors and copyright information for the case study. It also provides background on social entrepreneur Gigi Tung and how she founded the non-profit Food Angel to address food waste and hunger issues in Hong Kong by rescuing excess food and preparing meals for those in need.
Team Ramen, HSBC22 Internationals, 2nd RoundAfnan Faruk
The document lists the names of 4 students - Afnan Faruk, Sadman Sakib Syed Shadab Abdullah Azwad - who are affiliated with the Institute of Business Administration at the University of Dhaka.
HSBC'22 Internationals Case, Final RoundAfnan Faruk
PayMe was a popular mobile payment app in Hong Kong with over 2.6 million users. While successful in peer-to-peer payments, its expansion into payments from consumers to merchants proved difficult. PayMe's CEO and CMO were considering how to grow both the consumer and merchant side of the business to increase monetization. They faced challenges from competitors like Alipay and WeChat Pay and needed to present a strategy to PayMe's board.
Team Ramen, HSBC'22 Internationals, Final RoundAfnan Faruk
The document lists 4 names: Afnan Faruk, Institute of Business Administration, University of Dhaka, Sadman Sakib Syed Shadab Abdullah Azwad. It appears to be listing individuals and their affiliations but provides no other context.
Team Ramen, HSBC'22 Intra (IBA), Final RoundAfnan Faruk
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Team Ramen, HSBC'22 Nationals, 2nd RoundAfnan Faruk
Team Ramen consists of 4 members: Sadman Sakib Pantho, Abdullah Azwad Rafeed, Syed Shadab Tajwar, and Afnan Faruk. The team is made up of 4 individuals with different names listed. This document provides the names of the 4 members that make up the team.
GT Nexus is a cloud-based supply chain management software provider that is ranked 9th in the industry. It relies heavily on acquisitions for growth due to a lack of resources for organic expansion. The document proposes that GT Nexus leverage its cloud technology and existing partnerships to create "Service Batteries" tailored to specific industries like manufacturing, retail, construction, and healthcare. These customized solutions would add value for existing clients while allowing for targeted partnerships for sustainable growth. A two-phase action plan is outlined involving acquiring companies in profiled industries and then retaining clients by leveraging third parties to expand service offerings.
Team Ramen, HSBC'22 Nationals, 1st RoundAfnan Faruk
Team Ramen consists of 4 members: Sadman Sakib Pantho, Abdullah Azwad Rafeed, Syed Shadab Tajwar, and Afnan Faruk. The team is made up of 4 individuals with different names listed. This document provides the names of the 4 members that make up the team.
This document provides context for the case study "Food Angel: A Sustainable Solution to Food Waste in Hong Kong". It discusses the authors and copyright information for the case study. It also provides background on social entrepreneur Gigi Tung and how she founded the non-profit Food Angel to address food waste and hunger issues in Hong Kong by rescuing excess food and preparing meals for those in need.
Team Ramen, HSBC22 Internationals, 2nd RoundAfnan Faruk
The document lists the names of 4 students - Afnan Faruk, Sadman Sakib Syed Shadab Abdullah Azwad - who are affiliated with the Institute of Business Administration at the University of Dhaka.
HSBC'22 Internationals Case, Final RoundAfnan Faruk
PayMe was a popular mobile payment app in Hong Kong with over 2.6 million users. While successful in peer-to-peer payments, its expansion into payments from consumers to merchants proved difficult. PayMe's CEO and CMO were considering how to grow both the consumer and merchant side of the business to increase monetization. They faced challenges from competitors like Alipay and WeChat Pay and needed to present a strategy to PayMe's board.
Team Ramen, HSBC'22 Internationals, Final RoundAfnan Faruk
The document lists 4 names: Afnan Faruk, Institute of Business Administration, University of Dhaka, Sadman Sakib Syed Shadab Abdullah Azwad. It appears to be listing individuals and their affiliations but provides no other context.
Team Ramen, HSBC'22 Intra (IBA), Final RoundAfnan Faruk
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Team Ramen, HSBC'22 Nationals, 2nd RoundAfnan Faruk
Team Ramen consists of 4 members: Sadman Sakib Pantho, Abdullah Azwad Rafeed, Syed Shadab Tajwar, and Afnan Faruk. The team is made up of 4 individuals with different names listed. This document provides the names of the 4 members that make up the team.
GT Nexus is a cloud-based supply chain management software provider that is ranked 9th in the industry. It relies heavily on acquisitions for growth due to a lack of resources for organic expansion. The document proposes that GT Nexus leverage its cloud technology and existing partnerships to create "Service Batteries" tailored to specific industries like manufacturing, retail, construction, and healthcare. These customized solutions would add value for existing clients while allowing for targeted partnerships for sustainable growth. A two-phase action plan is outlined involving acquiring companies in profiled industries and then retaining clients by leveraging third parties to expand service offerings.
These are the slides presented for the Final round of Capitalizer 2019 organized by BUP Finance Society. We made the valuation and presented in front of the judge
- An e-commerce platform called Drawer is looking to expand its profitability by creating private label product lines.
- It is analyzing potential product categories to launch, considering factors like market size, competition, and costs.
- After analysis, it selects Kitchen and Dining as the primary category to launch, with plans to add Laundry/Cleaning and Bedding/Bath lines within the first year.
- The presentation outlines plans for brand name "Drawer Home", sourcing strategy through local partners, competitive pricing, and marketing primarily through the Drawer website and social media to achieve $526k in first year sales.
Team Medallion, Capitalizer'21, Final RoundAfnan Faruk
This document discusses various investment alternatives and their associated risks and returns. It analyzes the risk and return characteristics of different asset classes like cash, bonds, gold, oil, and equities. It also evaluates 10 sample funds based on their risk and return profiles, both with and without considering covariance. Various factors that determine the prospects of different alternatives are discussed, including concentration level, time horizon, growth opportunities, and market trends. Finally, the document analyzes 3 sample client profiles to recommend suitable funds based on their risk tolerance, time horizon, and other preferences.
Team Medallion, CFA Research Challenge'22, Final RoundAfnan Faruk
The document summarizes a research report on Renata Limited, a Bangladeshi pharmaceutical company. The report issues a "HOLD" recommendation for Renata stock, with a target price representing a 0.36% potential upside. While Renata has a sustainable business model and strong governance, its current stock price is not optimal for entry given high valuation multiples. The report cites Renata's attractive domestic market growth prospects balanced against increasing competition, its strategic shift toward chronic care drugs, and its global expansion plans as key considerations for the recommendation.
Team Medallion, Capitalizer'21, 1st RoundAfnan Faruk
Hargreeves Industries Ltd. is analyzing an investment in Sparrow's Tower, a vaccination center. Analysis shows the investment has high operating expenses and market risk. The return on equity would be lower than HIL's cost of equity even with high debt. A Monte Carlo simulation shows only a 46.1% certainty of a positive NPV. The debt cannot be paid off until the property is sold. For these reasons, the document recommends HIL not invest in Sparrow's Tower and instead focus on a more flexible capital structure and reducing fixed costs by exploring other opportunities.
Team Medallion, Optimity'21, Final RoundAfnan Faruk
Team Medallion's investment philosophy focuses on building a strong core portfolio that is protected from uncertainties, while also seeking out opportunities from market inefficiencies. They use a top-down and bottom-up approach to stock selection, first analyzing macro trends, industry dynamics, and individual company fundamentals. Their valuation models are tailored to each sector based on growth prospects and dividend payout ratios.
Team Medallion holds 66% of the tobacco market in Bangladesh and generates most of its revenue from local cigarette sales and tobacco exports. It focuses on the top 3 market segments which have higher prices and profit margins. While it has a strong market position currently, regulations are expected to get stricter due to health concerns. Domestic sales may plateau so the company is expanding export capacity to drive future growth. Efficiency gains and price increases can help offset rising costs from inflation. The valuation ranges from 605-661 BDT per share based on dividend discount and DCF models.
A Cargologik.com intro deck that we speak to, based on hundreds of conversations with industry experts and our target - the independent, small to the medium-sized freight forwarder and broker market. Cargologik is a freight forwarding collaboration and communication platform being used throughout the world today.
- "Green Harmony" is a social enterprise restaurant that provides job training and rehabilitation for at-risk groups through a work program. It recently revamped its restaurant concept to attract more customers and become financially sustainable.
- After reopening with an expanded menu and longer hours, the number of visitors grew significantly but revenue did not increase as much. Potential reasons for this include fewer items and lower average prices per receipt compared to the popular daily lunch deal.
- To boost revenue, management could focus on promoting popular dishes from the expanded menu and adding combo deals or promotions to increase average order value per customer.
Walmart announced a $16 billion investment in Flipkart Group, acquiring approximately 77% ownership. This positions Walmart for significant growth in India's fast growing eCommerce market. The transaction is expected to close later in the fiscal year, pending regulatory approval. While it will negatively impact Walmart's earnings per share in fiscal years 2019 and 2020, the company expects it to generate long-term value by strengthening its portfolio and executing on its international growth strategy in a critical high-growth market.
DACH (Germany, Austria, Switzerland) is an economic powerhouse in Europe, representing 13% of the population but 20% of professional developers. It leads Europe in R&D spending and patents filed. The region houses 3 of Europe's top 10 tech hubs. Covid-19 accelerated trends like remote work and e-commerce, benefiting "covid-ready" startups in the region. The DACH ecosystem is large and growing, with numerous pre-seed funds and accelerators emerging and global funding flowing in later stages. Top sectors include B2B software, healthcare, mobility and fintech. The outlook includes continued early stage growth, a digital health boom in Germany, fierce founder competition, and increasing valu
The fast moving consumer goods (FMCG) sector in India is the 4th largest sector in the Indian economy. Food products account for 43% of the FMCG market, which is estimated to grow to US$74 billion by 2018. FMCG companies are increasingly using digital media like social media for marketing due to benefits like access to a large audience of digital natives, higher user engagement, and ability to get immediate feedback from consumers. Digital ad spending by FMCG companies has grown rapidly from 30-50% in 2014 compared to traditional media. Successful digital campaigns by companies like HUL, Nestle, and Revlon have demonstrated the impact of digital strategies. Mobile is also an important medium for reaching consumers in rural areas
A Case Study - WestJet Airlines: Information Technology Governance and Corpor...Dimas Ramadhani
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
Stanford marketing in semiconductors for publication_saSander Arts
Marketing and semiconductors. Many people consider it 'B2B'...also, many people think it is technology that 'sells' the product. At Atmel, we have amazing technology. It does, however, require more to be part of a movement and be truly focused on people while selling and marketing. This case study, presented at Stanford University shows the vision, the strategy, the execution and the ROI of people to people marketing in semiconductors.
Accel partners India - sample startup pitch deckPrayank Swaroop
This is a sample deck for helping startups to pitch to Accel or for that matter any other investor you are talking to. The idea is to have the key points in your presentation and a general structure for discussion.
Som case study - dont bother me i cant copeRajendra Inani
The document analyzes two production lines, Line A and Line B, that are currently producing below desired levels. For Line A, hiring two additional workers and running two hours of overtime daily is recommended to increase production from 315 to 420 units per day. For Line B, hiring one additional worker and running one hour of overtime is recommended to increase production from 140 to 210 units per day. Both solutions maintain over 85% efficiency while meeting production goals with minimal additional costs.
F88 Investment JSC is a rapidly growing financial services firm in Vietnam that provides lending and insurance products. It has over 520 branches nationwide and growing loan and insurance premiums of around 80% and 120% respectively each year. The company aims to serve Vietnam's large unbanked population and sees opportunities in title lending and insurance. It has a strong leadership team and corporate culture focused on its mission of expanding access to financial services in Vietnam.
Dr. Per Christer Lund, Counsellor Science and Technology Norwegian Embassy in Tokyo, gave a briefing on CCS in Norway at the Global CCS Institute Japan study meeting in Tokyo on October 29, 2012
Sebastian Teir is the program manager for the Carbon Capture and Storage Program (CCSP) in Finland, which aims to develop CCS technologies and conduct essential pilot projects by 2015. The CCSP focuses on solutions for power plants, industry, bioenergy with CCS, and novel concepts. Long-term technologies under development include chemical looping combustion and mineral carbonation. CCS could significantly reduce CO2 emissions from power generation and carbon-intensive industry like refining and steel production within 10-20 years.
These are the slides presented for the Final round of Capitalizer 2019 organized by BUP Finance Society. We made the valuation and presented in front of the judge
- An e-commerce platform called Drawer is looking to expand its profitability by creating private label product lines.
- It is analyzing potential product categories to launch, considering factors like market size, competition, and costs.
- After analysis, it selects Kitchen and Dining as the primary category to launch, with plans to add Laundry/Cleaning and Bedding/Bath lines within the first year.
- The presentation outlines plans for brand name "Drawer Home", sourcing strategy through local partners, competitive pricing, and marketing primarily through the Drawer website and social media to achieve $526k in first year sales.
Team Medallion, Capitalizer'21, Final RoundAfnan Faruk
This document discusses various investment alternatives and their associated risks and returns. It analyzes the risk and return characteristics of different asset classes like cash, bonds, gold, oil, and equities. It also evaluates 10 sample funds based on their risk and return profiles, both with and without considering covariance. Various factors that determine the prospects of different alternatives are discussed, including concentration level, time horizon, growth opportunities, and market trends. Finally, the document analyzes 3 sample client profiles to recommend suitable funds based on their risk tolerance, time horizon, and other preferences.
Team Medallion, CFA Research Challenge'22, Final RoundAfnan Faruk
The document summarizes a research report on Renata Limited, a Bangladeshi pharmaceutical company. The report issues a "HOLD" recommendation for Renata stock, with a target price representing a 0.36% potential upside. While Renata has a sustainable business model and strong governance, its current stock price is not optimal for entry given high valuation multiples. The report cites Renata's attractive domestic market growth prospects balanced against increasing competition, its strategic shift toward chronic care drugs, and its global expansion plans as key considerations for the recommendation.
Team Medallion, Capitalizer'21, 1st RoundAfnan Faruk
Hargreeves Industries Ltd. is analyzing an investment in Sparrow's Tower, a vaccination center. Analysis shows the investment has high operating expenses and market risk. The return on equity would be lower than HIL's cost of equity even with high debt. A Monte Carlo simulation shows only a 46.1% certainty of a positive NPV. The debt cannot be paid off until the property is sold. For these reasons, the document recommends HIL not invest in Sparrow's Tower and instead focus on a more flexible capital structure and reducing fixed costs by exploring other opportunities.
Team Medallion, Optimity'21, Final RoundAfnan Faruk
Team Medallion's investment philosophy focuses on building a strong core portfolio that is protected from uncertainties, while also seeking out opportunities from market inefficiencies. They use a top-down and bottom-up approach to stock selection, first analyzing macro trends, industry dynamics, and individual company fundamentals. Their valuation models are tailored to each sector based on growth prospects and dividend payout ratios.
Team Medallion holds 66% of the tobacco market in Bangladesh and generates most of its revenue from local cigarette sales and tobacco exports. It focuses on the top 3 market segments which have higher prices and profit margins. While it has a strong market position currently, regulations are expected to get stricter due to health concerns. Domestic sales may plateau so the company is expanding export capacity to drive future growth. Efficiency gains and price increases can help offset rising costs from inflation. The valuation ranges from 605-661 BDT per share based on dividend discount and DCF models.
A Cargologik.com intro deck that we speak to, based on hundreds of conversations with industry experts and our target - the independent, small to the medium-sized freight forwarder and broker market. Cargologik is a freight forwarding collaboration and communication platform being used throughout the world today.
- "Green Harmony" is a social enterprise restaurant that provides job training and rehabilitation for at-risk groups through a work program. It recently revamped its restaurant concept to attract more customers and become financially sustainable.
- After reopening with an expanded menu and longer hours, the number of visitors grew significantly but revenue did not increase as much. Potential reasons for this include fewer items and lower average prices per receipt compared to the popular daily lunch deal.
- To boost revenue, management could focus on promoting popular dishes from the expanded menu and adding combo deals or promotions to increase average order value per customer.
Walmart announced a $16 billion investment in Flipkart Group, acquiring approximately 77% ownership. This positions Walmart for significant growth in India's fast growing eCommerce market. The transaction is expected to close later in the fiscal year, pending regulatory approval. While it will negatively impact Walmart's earnings per share in fiscal years 2019 and 2020, the company expects it to generate long-term value by strengthening its portfolio and executing on its international growth strategy in a critical high-growth market.
DACH (Germany, Austria, Switzerland) is an economic powerhouse in Europe, representing 13% of the population but 20% of professional developers. It leads Europe in R&D spending and patents filed. The region houses 3 of Europe's top 10 tech hubs. Covid-19 accelerated trends like remote work and e-commerce, benefiting "covid-ready" startups in the region. The DACH ecosystem is large and growing, with numerous pre-seed funds and accelerators emerging and global funding flowing in later stages. Top sectors include B2B software, healthcare, mobility and fintech. The outlook includes continued early stage growth, a digital health boom in Germany, fierce founder competition, and increasing valu
The fast moving consumer goods (FMCG) sector in India is the 4th largest sector in the Indian economy. Food products account for 43% of the FMCG market, which is estimated to grow to US$74 billion by 2018. FMCG companies are increasingly using digital media like social media for marketing due to benefits like access to a large audience of digital natives, higher user engagement, and ability to get immediate feedback from consumers. Digital ad spending by FMCG companies has grown rapidly from 30-50% in 2014 compared to traditional media. Successful digital campaigns by companies like HUL, Nestle, and Revlon have demonstrated the impact of digital strategies. Mobile is also an important medium for reaching consumers in rural areas
A Case Study - WestJet Airlines: Information Technology Governance and Corpor...Dimas Ramadhani
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
Stanford marketing in semiconductors for publication_saSander Arts
Marketing and semiconductors. Many people consider it 'B2B'...also, many people think it is technology that 'sells' the product. At Atmel, we have amazing technology. It does, however, require more to be part of a movement and be truly focused on people while selling and marketing. This case study, presented at Stanford University shows the vision, the strategy, the execution and the ROI of people to people marketing in semiconductors.
Accel partners India - sample startup pitch deckPrayank Swaroop
This is a sample deck for helping startups to pitch to Accel or for that matter any other investor you are talking to. The idea is to have the key points in your presentation and a general structure for discussion.
Som case study - dont bother me i cant copeRajendra Inani
The document analyzes two production lines, Line A and Line B, that are currently producing below desired levels. For Line A, hiring two additional workers and running two hours of overtime daily is recommended to increase production from 315 to 420 units per day. For Line B, hiring one additional worker and running one hour of overtime is recommended to increase production from 140 to 210 units per day. Both solutions maintain over 85% efficiency while meeting production goals with minimal additional costs.
F88 Investment JSC is a rapidly growing financial services firm in Vietnam that provides lending and insurance products. It has over 520 branches nationwide and growing loan and insurance premiums of around 80% and 120% respectively each year. The company aims to serve Vietnam's large unbanked population and sees opportunities in title lending and insurance. It has a strong leadership team and corporate culture focused on its mission of expanding access to financial services in Vietnam.
Dr. Per Christer Lund, Counsellor Science and Technology Norwegian Embassy in Tokyo, gave a briefing on CCS in Norway at the Global CCS Institute Japan study meeting in Tokyo on October 29, 2012
Sebastian Teir is the program manager for the Carbon Capture and Storage Program (CCSP) in Finland, which aims to develop CCS technologies and conduct essential pilot projects by 2015. The CCSP focuses on solutions for power plants, industry, bioenergy with CCS, and novel concepts. Long-term technologies under development include chemical looping combustion and mineral carbonation. CCS could significantly reduce CO2 emissions from power generation and carbon-intensive industry like refining and steel production within 10-20 years.
Carbon capture and storage aims to prevent CO2 emissions from large stationary sources like power plants from entering the atmosphere. It involves capturing about 90% of CO2 emissions, compressing and transporting it, then permanently storing it underground. CO2 can be stored in deep saline formations or depleted oil and gas fields, where it becomes trapped between rock grains and in the pores of reservoir rocks. Several CCS projects have already stored millions of tons of CO2 underground for decades. While CCS could help slow the rise of atmospheric CO2, it is still a relatively new technology that requires further development and legal/regulatory frameworks to become widely implemented.
The document summarizes the Baltic Sea Action Group's Carbon Action project which aims to promote regenerative agriculture in Finland. The project establishes carbon action farms and verification systems to measure soil carbon sequestration. Regenerative farming techniques like minimal tilling, organic amendments, and cover crops can store more carbon in soils, reduce emissions, and support biodiversity. The project communicates these practices to farmers, companies, decision makers and scientists through an online platform and course to advance carbon removal and climate change mitigation through healthy agricultural soils.
This document presents information on carbon capture and storage (CCS). It defines CCS as a process to separate CO2 from large industrial sources, transport it, and store it long-term to isolate it from the atmosphere. It discusses why CCS is needed to address rising CO2 levels and potential climate change. It also outlines the key components of CCS - carbon capture techniques, storage options like depleted oil/gas fields and saline aquifers, and costs. Finally, it briefly describes some existing CCS projects around the world.
Carbon sequestration is the process involved in carbon capture and the long-term storage of atmospheric carbon dioxide (CO
2)[1] and may refer specifically to:
"The process of removing carbon from the atmosphere and depositing it in a reservoir."[4] When carried out deliberately, this may also be referred to as carbon dioxide removal, which is a form of geoengineering.
Carbon capture and storage, where carbon dioxide is removed from flue gases (e.g., at power stations) before being stored in underground reservoirs.
Natural biogeochemical cycling of carbon between the atmosphere and reservoirs, such as by chemical weathering of rocks.
What is carbon-negative technology and its remarkable impact on the environment?mohammedmostafa86
New and promising environmental methods and techniques, primarily negative carbon technology, are working towards a better future for the environment and solving its major problems, including climate change.
Answer the question What is carbon-negative technology and its remarkable impact on the environment?
New and promising environmental methods and techniques, primarily negative carbon technology, are working towards a better future for the environment and solving its major problems, including climate change.
Webinar Series: Carbon Sequestration Leadership Forum Part 1. CCUS in the Uni...Global CCS Institute
The Carbon Sequestration Leadership Forum (CSLF) is a Ministerial-level international climate change initiative that is focused on the development of improved cost-effective technologies for carbon capture and storage (CCS). As part of our commitment to raising awareness of CCS policies and technology, CSLF, with support from the Global CCS Institute, is running a series of webinars showcasing academics and researchers that are working on some of the most interesting CCS projects and developments from around the globe.
This first webinar comes to you from Abu Dhabi – the site of the Mid-Year CSLF Meeting and home of the Al Reyadah Carbon Capture, Utilization & Storage (CCUS) Project. The United Arab Emirates (UAE) is one of the world’s major oil exporters, with some of the highest levels of CO2 emissions per capita. These factors alone make this a very interesting region for the deployment of CCUS both as an option for reducing CO2 emissions, but also linking these operations for the purposes of enhanced oil recovery (EOR) operations.
In the UAE, CCUS has attracted leading academic institutes and technology developers to work on developing advanced technologies for reducing CO2 emissions. On Wednesday, 26th April, we had the opportunity to join the Masdar Institute’s Associate Professor of Chemical Engineering, Mohammad Abu Zahra to learn about the current status and potential for CCUS in the UAE.
Mohammad presented an overview of the current large scale CCUS demonstration project in the UAE, followed by a presentation and discussion of the ongoing research and development activities at the Masdar Institute.
This webinar offered a rare opportunity to put your questions directly to this experienced researcher and learn more about the fascinating advances being made at the Masdar Institute.
Research Coordination Network on Carbon Capture, Utilization and Storage Funded by National Science Foundation in USA - A.-H. Alissa Park, Columbia University - UKCCSRC Strathclyde Biannual 8-9 September 2015
Webinar: The Global Status of CCS: 2014 - Overcoming challenges in EuropeGlobal CCS Institute
The Global CCS Institute was pleased to announce the release of our annual Global Status of CCS: 2014 report, and invite you to join the Institute’s Europe, Middle East and Africa Team for a webinar summarising the main themes of the report.
The Institute’s General Manager for the region, Andrew Purvis, presented a summary of the report, and was then joined by a number of our subject matter experts to discuss issues raised during the presentation by our global and regional audience.
Chairman: John Scowcroft, Executive Adviser/ UNFCCC Specialist
Presentation: Andrew Purvis, General Manager
Expert Panel:
Kirsty Anderson: Public Engagement
Silvia Vaghi: Policy and Regulation
Guido Magneschi: Capture
Chris Consoli: Storage
The report provides a detailed overview of the current status of CCS projects worldwide and provides a comprehensive overview of global and regional developments in CCS technologies and the policies, laws and regulations that must drive the demonstration and deployment of technologies to support global climate mitigation efforts.
Providing a number of key recommendations for decision makers, The Global Status of CCS: 2014 report is an important reference guide for industry, government, research bodies and the broader community.
From CO2 to Coal: Turning Back the ClockDon Basile
Over the much longer term, global warming could cause countless animal extinctions and even threaten the very existence of mankind itself. Thankfully, several leading solutions are being developed that could rewind the CO2 emissions clock. While scrubbing carbon dioxide from the air might seem impossible, it is very close to becoming a reality.
Brandon Lee's "STEAM" presentation of NSF & UVA CDE STEM Nanotechnology researchB Lee Lee
This was summer research that was completed through the National Science Foundation (NSF) grant provided to the Center of Diversity in Engineering (CDE) at the University of Virginia (UVA). The Research Experience for Teacher's (RET) placed me as a visiting research assistant, in the Civil & Environmental Engineering department's Virginia Environmentally Sustainable Technologies (VEST) Lab at UVA. I joined a collaborative effort to assist ongoing research under Dr. Andres Claren, professor and student, Shibo Wang.
I was able to develop practical lessons for students to implement current research in the field of Science Technology Engineering Arts and Math (STEAM). Creating a wikispace that will allow for ongoing collaboration, including resources and examples of class lessons.
Health, Safety and Environment Aspects of Carbon dioxide Sequestration | By: ...Cairn India Limited
This document summarizes a presentation on the health, safety, and environmental aspects of carbon dioxide sequestration. It discusses what carbon dioxide sequestration is, the risks associated with it, and how those risks can be monitored and mitigated. Specifically, it covers the properties of CO2, hazards of exposure to humans, potential leakage issues, monitoring technologies like intelligent pigs and SCADA systems, and historical accidents involving CO2 releases. Regulatory frameworks and conclusions on ensuring safe sequestration projects are also mentioned.
The document discusses six action groups that have been proposed by UTC's executive directorate and university board to address strategic issues facing UTC and build its future. The six themes identified for these groups are: 1) UTC's partnership environment and relations with other universities; 2) evolution of UTC's training offerings; 3) development of UTC's innovation mission; 4) increasing and diversifying UTC's financial resources; 5) developing UTC's research activities and PhD program; and 6) integrating digital technologies into UTC's strategic policies. The action groups will develop deliverables in 2016 to help reconcile UTC's values with market outputs without compromising values.
Severe concerns over the consequences of climate change may lead us to make a forced choice between energy and environment. Averting such a crisis will be difficult, because fossil energy resources are an essential part of the world’s energy supply and climate change is mainly driven by the build-up of carbon dioxide in the atmosphere.
Carbon capture and sequestration is a boon in a carbon constrained world and a study of this topic may help us understand more about this process and its importance in today's world. In this presentation, I have tried to highlight the important steps involved in the overall process of carbon capture and sequestration and it is supported by some graphs.
2013 iea - potential for CO2 storage in oil gas shale reservoirsSteve Wittrig
The document discusses potential implications of gas production from shales and coals for geological storage of CO2. It finds that exploiting gas from shales and coals increases permeability and injectivity, potentially enhancing CO2 storage capacity. However, large-scale demonstration is still needed to confirm CO2 storage capabilities and capacities. Overlap between potential shale gas areas and saline aquifer storage sites may be considerable geographically but less so in 3D, so both resources could be used with care. Injectivity issues like coal swelling upon CO2 injection require further research.
This presentation, on the future of CCS, was delivered by Jon Gibbins, Director, UKCCSRC and Ciara O'Connor, Network Manager, UKCCSRC on Day 2 of the CCPilot100+ Conference at the University of Leeds.
Environment, Health, and Safety - WOW ShowcaseB.A.S.
The document discusses efforts by UC Berkeley's Environment, Health & Safety department (EH&S) to improve safety culture on campus. EH&S is utilizing strategies like new training, policies, and social media campaigns promoting their "Safety is Part of Science" logo. At an event called Caltopia, over 600 people 'liked' the new UC Berkeley Lab Safety Facebook page and helped spread the safety message. The document provides several examples of EH&S initiatives and accomplishments, such as coordinating cleanups after spills, reviewing construction plans, conducting hazardous waste disposal, and developing systemwide programs recognized with awards.
The document summarizes experiences from international carbon capture and storage projects. It outlines several major ongoing projects in Europe, the US, and elsewhere. It then discusses two European research projects on carbon storage that Uppsala University is involved in - MUSTANG, which included a deep injection experiment at the Heletz site in Israel, and PANACEA, which focuses on long-term effects of carbon storage and uses data from various natural analogs and injection sites. It also briefly describes two upcoming projects - TRUST, a continuation of MUSTANG, and CO2QUEST, which will study the effects of impurities in captured carbon streams.
Team Ramen, Bizmaestros'22, Final RoundAfnan Faruk
The document proposes launching a "DFG Club" campaign to promote the Surf Excel brand among 7-11 year old children. The campaign would establish DFG Clubs in schools that provide activities for children to explore and express themselves. It would also create an online platform for the clubs. The objectives are to give children an outlet beyond academics and build brand equity to increase regular Surf Excel usage. Key elements of the campaign include launching clubs in schools, holding reinforcement events, an explorers map and camp, and promotions through social media, YouTube and newspapers.
The document discusses consumer engagement marketing strategies for several Unilever brands in Bangladesh. It explains that consumer engagement marketing aims to actively involve consumers in co-creating marketing programs and developing long-term relationships with brands. Some key strategies discussed include establishing a clear brand voice, finding relevant engagement platforms aligned with brand purpose, and keeping consumer engagement at the core. Several Unilever brand engagement platforms are described, such as Clear Men's Football Tournament, Lux Superstar, and TRESemme Fashion Week, and how they aim to build brand equity and connect with target audiences. Current challenges for some brands like Surf Excel, Clear, Pepsodent, and Vaseline are also outlined.
This document outlines Team Ramen's marketing campaign plan for Ponds' Bright Beauty Serum Cream. The campaign has three phases:
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Over the last decade, Bangladesh has experienced tremendous growth across various development indices fueled by its 'Digital Bangladesh' approach. This led to exponential growth in internet connectivity and usage, with the number of internet users growing from 1.5 million in 2006 to over 54 million currently. Major drivers of internet adoption were the launch of high-speed 3G/4G networks and affordable mobile data plans. As a result, Bangladesh ranks highly for affordable internet access globally and among South Asian nations. While the digital boom provides brands new opportunities, maintaining consumer attention is challenging as attention spans have decreased to just a few seconds. Therefore, brands must find innovative ways to engage internet users within very short windows.
The document discusses changes in media consumption in Bangladesh over the past 3 years due to the COVID-19 pandemic and increasing digitization. TV viewership has slightly decreased while internet usage has skyrocketed. Younger urban audiences are moving away from local TV channels and toward foreign channels like those from India. Newspaper readership and circulation have also declined significantly. The document outlines the functional benefits and purposes of six Unilever brands - Pepsodent, Vaseline, Pond's, Rin, Horlicks, and Dove - and asks candidates to design a non-traditional marketing campaign for one of the brands using multiple touchpoints to drive marketing pillars like reach, salience, and persuasion.
Team Ramen, HSBC'22 Internationals, 1st RoundAfnan Faruk
The document lists 4 names: Afnan Faruk, Institute of Business Administration, University of Dhaka, Sadman Sakib Syed Shadab Abdullah Azwad. It appears to be listing individuals and their affiliations but provides no other context.
This document provides background context on WeChat Pay and small-to-medium enterprises (SMEs) in China. It discusses Allen Zhang's consideration of how WeChat Pay can better support SMEs through new product offerings. SMEs are important for China's economy but often struggle with funding access and business challenges. The COVID-19 pandemic further increased difficulties for SMEs. WeChat Pay seeks to use environmental, social and governance goals to help address SME needs through technical solutions.
Team Ramen, HSBC'22 Nationals, Final RoundAfnan Faruk
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document provides an overview of RedX Cargo, a logistics company owned by ShopUp that provides various shipping and delivery services. It discusses RedX's target market as large enterprises requiring logistical solutions from first to last mile delivery. The document proposes rebranding RedX Cargo and developing a communication strategy targeted at large enterprises. It includes an action plan to attract, convert, nurture and strengthen relationships with enterprise customers, as well as timelines, financial projections, and KPIs to evaluate the strategy.
Team Ramen provides conversational commerce solutions through its platform MyAlice. It focuses on e-commerce customer service, chatbots, ticketing systems and live chat. To address gaps in communication and awareness, it plans to refocus marketing on DTC businesses in Asia Pacific and MENA through community building, partnerships, thought leadership and a campaign highlighting women entrepreneurs. Key actions include redesigning the website funnel, educating through meetups and live sessions, capturing leads through an interactive website, testimonials and a referral program. Progress will be monitored based on metrics like user demographics and engagement.
Team Medallion, CFA Research Challenge'22 Presentation, Final RoundAfnan Faruk
1. Renata Limited is a Bangladeshi pharmaceutical and chemicals company with the target price of BDT 1323 per share as of June 30, 2022. Its closing price on January 31, 2022 was BDT 1332.
2. The document analyzes Renata's business segments, market position, growth opportunities, and corporate governance practices. It recommends a "HOLD" rating for the stock with 0.36% potential upside to the target price.
3. Key points include Renata's sustainable local revenue growth outpacing the market, opportunities in new product categories as its star product loses share, and strong governance contributing to lower stock beta.
VinFast is a Vietnamese automaker that is developing an electric vehicle strategy to enter the US market. They have established US headquarters in California and plan to open showrooms in 2022. VinFast aims to capture 1% of the large US automotive market by 2025. However, entering the competitive US market presents challenges for a new brand from Vietnam. Key priorities for VinFast's go-to-market strategy include developing brand awareness in the US, positioning their electric SUV models competitively, establishing distribution and service networks, designing an excellent customer experience, pursuing strategic partnerships, and implementing effective promotion.
Team Medallion, Creative Shock'21, 2nd CaseAfnan Faruk
The goal of the communication campaign is to portray Eskedar Coffee bar as a bridge for cultural exchange to encourage social integration. The target audience are consumers willing to discuss cultural exchange and social issues openly. The campaign will focus on sharing personal stories through the hashtag "#shadesofcoffee" to increase cultural awareness and emphasize the need for social integration by highlighting different shades of life experienced by refugees and minorities.
The document provides background information on Eskedar Coffee, a social business founded by a refugee in Lithuania that aims to help refugees integrate into society through coffee. It outlines the company's mission, products, services, audience and future plans. It then tasks the reader with developing an unconventional and low-cost communication campaign for Eskedar Coffee to raise awareness of the brand and social issue in the European market. The campaign must be presented in two parts: 1) a communication brief and 2) a 3-minute pitch video or script outlining the campaign idea.
A philanthropic investor has provided $660 million to build a land-based recirculating aquaculture system (RAS) facility to produce salmon sustainably. The facility will be built by the non-profit organization Oceans for the Future in the country of Metroland. Three potential districts were identified for the facility's location. The facility aims to produce 40,000 metric tons of salmon annually by 2025, generate $600 million in cumulative profit by 2030, and satisfy environmental, social, and governance (ESG) criteria.
Totowaka Inc. operates e-commerce platforms across 10 African countries and smaller platforms in Europe and the UAE. They are considering expanding into new markets or solely focusing on existing ones. The summary recommends expanding into new African markets to tap growing consumer spending, leverage their brand recognition on the continent, and stay ahead of increasing international competition in existing markets.
The document provides background information on the 2021 Cornell Emerging Markets Institute Case Competition. It discusses Totowaka Inc., an e-commerce platform operating in 10 African countries that faces financial inconsistencies and challenges to its business model. Participants are tasked with recommending Totowaka's next steps to maintain its leading position in the African e-commerce sector and prepare for competition from local and international players. The document outlines guidelines for submitting proposals and pitching solutions. It also provides context on Africa's growing population, economies, and e-commerce opportunities across different regions to help inform recommendations.
Totowaka Inc. is an e-commerce company operating in 10 African countries seeking to expand into new markets. They are deciding between solely focusing on existing markets or expanding into new ones. While existing markets face high competition and risk of market maturity, expanding carries risks of high costs and uncertainty in untested markets. They must also decide whether to expand inside or outside of Africa. Expanding inside Africa allows leveraging existing brand value and resources within a market accelerated by mobile internet and facilitated by the African Free Trade Agreement, while outside expansion faces saturated global markets and inconsistent regulations and consumer behaviors. Overall, Totowaka plans to expand inside Africa to sustain long term growth while balancing profitability and managing risks of expansion.
The document provides information about the 2021 Cornell Emerging Markets Institute Case Competition. It discusses the theme of building the future on ESG excellence and addresses challenges that emerging markets companies face from the COVID-19 pandemic. The case competition asks teams to advise Totowaka Inc, an e-commerce platform in Africa, on securing its financial future. Guidelines are provided for submitting proposals and pitching to finalist teams. Background on Totowaka and the African market is also given.
Team Ramen, Cornell'21, Intra Round (IBA)Afnan Faruk
The document provides an overview of IndiPharmaCo, a major Indian pharmaceutical company. It discusses issues with IndiPharmaCo's current supply chain model, including high dependence on China for raw materials and overreliance on exports to the US market. The document then presents alternatives and a proposed solution to address these issues in both the short and long term. In the short term, the solution focuses on prioritizing high-demand markets, leveraging existing suppliers, and optimizing logistics. In the long term, it recommends a decentralized approach through market-specific strategies, diversifying sourcing partners, and expanding into emerging markets through regional hubs. Detailed plans of action and contingencies to combat risks are also
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2. F-974-E Carbfix: Storing CO2 Forever
be sold in order to meet CO2 reduction targets. The price had recently surged from a low of
€15.43 ($18.35) in March 2020 during the early days of the Covid-19 pandemic to past €40
($47.50) by mid-March 2021.1
What was the best path forward to deliver on its goals of reducing carbon while building a viable
commercial entity?
The Carbfix Idea
The Carbfix idea dated back to 2005 when Iceland’s then-President Olafur Grimsson contacted
Sigurdur “Siggi” Reynir Gislason, a geochemistry professor at the University of Iceland to advance
Carbon Capture & Storage (CCS) as an avenue to meet Iceland’s commitment to reduce CO2
emissions under the Kyoto protocol.2
The initiative evolved to Carbfix, a joint research program
established in 2007 between Sigurdur at the University of Iceland; Dr. Einar Gunnlaugsson from
Reykjavik Energy; Dr. Wally Broecker from the Earth Institute at Columbia University (U.S.); and
Dr. Eric Oelkers from the CNRS, National Scientific Research group (Toulouse, France).3
The
original goal of the project was to study the feasibility of permanently storing CO2 in basalt rock,
essentially burying CO2 gas and eliminating it on a permanent basis. Upon kicking off the project,
the team along with over 15 PhD and MSc students, as well as several geoscientists, engineers
and tradespeople from Reykjavik Energy, carried out experiments between the lab and Reykjavik
Energy’s in-progress Hellisheidi plant. The funding for the early stages of the project largely came
from Reykjavik Energy.
Reykjavik Energy (“Orkuveita Reykjavíkur” in Icelandic) dated back to 1909 and had grown to
become one of the country’s main electricity generators and distributors, and water utilities. It
operated two geothermal plants, one hydropower station, supplied hot and cold-water services
across 22 municipalities and ran the open fiber network in the country’s most densely populated
areas. The company was led by CEO Bjarni Bjarnason and was owned by three municipalities:
Reykjavik (93.5%), Akranes (5.5%) and Borgarbyggd (1%). The organization’s vision was to
“enhance the quality of life, guided by the principles of social responsibility,” promoting three main
values – foresight, efficiency and integrity – across all of its subsidiaries.4
See Exhibit 1 for more
information about Reykjavik Energy.
Carbfix Technology to Permanently Store CO2
The Carbfix storage technology was based on feeding CO2 gas into the bottom of a small tower.
Cold water was fed at the top creating a type of “soda stream” effect. The dissolved CO2 was
then pumped down a reservoir well – covered by a boring dome – to a minimum of 500 meters
and a maximum of 2,000 meters depending on the site. The CO2 reacted with basaltic rock,
creating carbonates and filling the porous parts of the basalt thus transforming within two years
to the solid crystalline mineral, calcite. The process essentially locked away the CO2 forever.
1 EUA Futures, Ice Futures Europe, https://www.theice.com/products/197/EUA-
Futures/data?marketId=5693906&span=3. Accessed March 10, 2021
2 Sigurdur R. Gislason, “Acceptance of the 2018 C.C. Patterson Award to Sigurdur R. Gislason,” Geochimica et
Cosmochimica Acta, 246, 2019, pp. 591-593, https://notendur.hi.is/sigrg/. Accessed January 23, 2021.
3 Idem.
4 Reykjavik Energy website, https://www.or.is/en/about-or/operations/values/. Accessed January 23, 2021.
2 IESE Business School-University of Navarra
For the exclusive use of T. Afrin, 2022.
This document is authorized for use only by Tasneema Afrin in 2022.
3. Carbfix: Storing CO2 Forever F-974-E
Basalt is one of the most common rocks in the world and comes from volcanic activity. It is
considered to be highly reactive and porous, making it ideal for storing CO2. See Exhibit 2 for a
diagram of the Carbfix storage system.
The mixing of CO2 and basalt was a naturally occurring process in the world – however, instead
of taking hundreds to thousands of years for this to occur, Carbfix’s scientists proved the process
could work within two years. When performed correctly, the process was deemed as being
stable and safe and permanently eliminated CO2 from the earth’s atmosphere. The only possible
downside was that in certain circumstances where CO2 was pumped into a well at large volumes,
there was an increased risk of higher seismicity and induced low-magnitude earthquakes.
Carbfix’s Evolution
Carbfix had been through several stages since its “preparation phase” from 2007 to 2011, when
scientists used lab experimentation, design, field studies, modeling and monitoring to ensure
the technology and equipment worked for the intended purpose of permanently storing CO2.
The team also used the preparation phase to attain the required licensing from local and national
bodies. Ten permits were issued for field studies.5
Pilot Phase: Carbfix1. The team entered the first pilot phase from 2011 to 2014, giving birth to
the “Carbfix1” site at Reykjavik Energy’s subsidiary ON Power at the Hellisheidi plant. During the
first three months of 2012, the project injected 175 tons of pure CO2 at 500 meters of depth and
later in the year, injected another 73 tons of a mix of CO2 and hydrogen sulfide (H2S).6
The
rationale for including H2S in the tests was to see if the CO2 storage method could also be applied
to H2S. Public pressure had been mounting since many residents close to the geothermal power
plants had complained of the foul smell and health impacts of excessive H2S. Furthermore,
scientists had found increased H2S in nearby lakes.7
As such, the name “Sulfix” emerged and was
included under the broader Carbfix1 initiative.
The team monitored the injections closely and by 2014, were able to conclude that 95% of the
injected CO2 and H2S had mineralized (and thus become permanently stored) in less than two
years.8
The findings were published in the academic-reviewed journal Science, with the playful
heading “Inject, baby, inject!”9
The biggest surprise to the team was that the mineralization
happened within two years, since the team of scientists using computer modeling had originally
thought it would take over a decade to solidify.10
Edda Sif reflected on moving from the “lab” to
the “field”:
Once we started injecting, it was very exciting since we had all put our hearts, blood and tears
into the project. We were temporarily delayed at several points in time because some of our
5 “Our Story,” Carbfix, https://www.Carbfix.com/our-story. Accessed January 23, 2021.
6 Idem.
7 S. Olafsdottir, S.M. Gardarsson, H. O. Andradottir, “Natural Near Field Sinks of Hydrogen Sulfide from Two Geothermal
Power Plants in Iceland,” Atmospheric Environment, Vol. 96, October 2014, 236-244,
https://www.sciencedirect.com/science/article/abs/pii/S135223101400569X. Accessed January 30, 2021.
8 “Our Story,” Carbfix, https://www.Carbfix.com/our-story. Accessed January 23, 2021.
9 Juerg M. Matter et al., “Rapid Carbon Mineralization for Permanent Disposal of Anthropogenic Carbon Dioxide
Emissions,” Science, June 10, 2016, Vol. 352, Issue 6291, pp. 1312-1314,
https://science.sciencemag.org/content/352/6291/1312. Accessed January 30, 2021.
10 Eli Kintisch, “Underground Injections Turn Carbon Dioxide to Stone,” June 10, 2016, Science,
https://www.sciencemag.org/news/2016/06/underground-injections-turn-carbon-dioxide-stone. Accessed January 30, 2021.
IESE Business School-University of Navarra 3
For the exclusive use of T. Afrin, 2022.
This document is authorized for use only by Tasneema Afrin in 2022.
4. F-974-E Carbfix: Storing CO2 Forever
equipment was damaged, but we were able to get the project back on track. We were all so
incredibly happy that we could mineralize CO2 so quickly. Then, we focused on scaling up.11
Industrialization Phase: Carbfix2. The second main phase kicked off in 2014 when the
organization decided that it would apply the learning at its own Hellisheidi geothermal plant.
Sandra Ósk Snæbjörnsdóttir, head of storage at Carbfix, commented:
Hydrogen sulfide continued as a big problem and if it wasn’t addressed in some way then
Reykjavik Energy would have had challenges with the public. Luckily, the scientists working
on Carbfix and Sulfix said “we have a solution!” and that really gave a push to industrialize.12
Dubbed “Carbfix2,” Reykjavik Energy built a full-scale carbon capture plant connected to two of
Hellisheidi’s six geothermal high-pressure turbines. See Exhibit 3 for pictures of the site. At the
end of 2014, Carbfix2 was able to inject 2,400 tons of CO2 and 1,300 tons of H2S, accounting for
10% and 22% of the plant’s emissions respectively.13
The team made several adjustments
throughout the early stages, including a change in the water flow. By the end of 2017, injections
had grown to 10,200 tons of CO2 and 4,900 tons of H2S, representing 34% and 68% of the plant’s
emissions respectively.14
The team had estimated the complete cost of capture and storage to
be $24.80/ton15
, which was lower than the average European Union Emission Trading Scheme
(EU ETS) Futures price on the ICE Exchange (approximately €40/ton or $47.50/ton in March
202116
).
Continued Innovation. The team continued to look for novel ways to apply its storage technology
and in 2017, began collaborating with the Swiss clean-tech company, Climeworks, a specialist in
capturing CO2 directly from ambient air. Climeworks installed a small direct air capture (DAC)
facility at the Hellisheidi plant as part of Carbfix2 to capture about 50 tons/year.17
The pilot for
direct air capture combined with Carbfix’s storage method was seen as being a crucial innovation
since the direct air capture facilities did not need to be installed at the site of a carbon emitter,
but rather anywhere basalt rock existed.
In October 2018, Carbfix received €3.2 million ($3.7 million) from a total grant of €16 million
($18.5 million) for the GECO (“Geothermal Emission COntrol”) project intended to apply the
Carbfix technology to four sites in Europe with distinct features: an Icelandic basalt reservoir; an
Italian gneiss reservoir; a Turkish volcano-clastic reservoir; and a German sedimentary reservoir.18
The funding for the GECO project was for five years and as of 2021 was half way spent.
11 Edda Sif Aradóttir. Interview by case writers. January 15, 2021.
12 Sandra Ósk Snæbjörnsdóttir. Interview by case writers. January 15, 2021.
13 Bergur Sigfússon et al., “Reducing Emissions Of Carbon Dioxide And Hydrogen Sulphide at Hellisheidi Power Plant in
2014-2017 and the Role of Carbfix in the 15th International Symposium on District Heating and Cooling Hellisheidi Power
Plant in 2014-2017 and the Role of Carbfix in Achieving the 2040 Iceland Climate Goals,” Energy Procedia, 2018, pp. 135-145.
14 Idem.
15“Our Story,” Carbfix, https://www.Carbfix.com/our-story. Accessed January 23, 2021.
16 EUA Futures, ICE Exchange, https://www.theice.com/products/197/EUA-Futures/data?marketId=5693906&span=1.
Accessed January 31, 2021.
17 Maurice Smith, “Climeworks Captures CO2 from Air, Turns It to Rock in World First,” JWN Energy, October 20, 2017,
https://www.jwnenergy.com/article/2017/10/20/climeworks-captures-co2-air-turns-it-rock-world-fi/. Accessed January 31, 2021.
18 Alexander Richter, “Carbfix Project in Iceland Wins EUR 16m EU Geothermal Emissions Control Funding,” Think
Geoenergy, October 1, 2018, https://www.thinkgeoenergy.com/Carbfix-project-in-iceland-wins-eur-16m-eu-geothermal-
emissions-control-funding/. Accessed January 31, 2021.
4 IESE Business School-University of Navarra
For the exclusive use of T. Afrin, 2022.
This document is authorized for use only by Tasneema Afrin in 2022.
5. Carbfix: Storing CO2 Forever F-974-E
The other research and development activity that had begun in the early stages of Carbfix was
related to using seawater for carbonation, given that much of the world’s basalt rocks were
under the seabed. Within the lab, the Carbfix team had successfully dissolved CO2 in seawater
and were scheduled to start a field demonstration site within 2021. Bergur Sigfússon, Carbfix’s
Head of CO2 Capture and Injection, talked about the importance of seawater:
In everything we do, we have to be able to complete the formal research and be able to state
with scientific accuracy what we’re doing will work. We have the scientific grounding our
solution will work with seawater, but we’re at the stage where we need to test it. By way of
comparison, with seawater, we’re roughly at the stage where we were with the Carbfix
injection site in 2011.19
Kári Helgason, Carbfix’s head of research and innovation, talked about seawater and innovation
more broadly:
An innovation like using seawater instead of fresh water would be a major breakthrough. The
company is innovation-driven and we pioneer everything from first principles. We need to
continually push ourselves to go outside our comfort zone and inject CO2 into different rock
formations. We need to innovate all the time.20
As of early 2021, the company had two patents pending for abating CO2 and H2S in a geological
reservoir21
and had at least two more in process.
Carbfix as a Subsidiary. In January 2020, Carbfix became its own legal entity as a wholly owned
subsidiary of Reykjavik Energy with the goals of furthering the reach of the technology to reduce
CO2 while ensuring that Carbfix activities would not interfere with the core activities of the
parent company. In a press release from late 2019, Reykjavik Energy representatives wrote:
Carbfix has received global attention in recent months and years, especially with respect to
applicability to reducing emissions from various power and industrial processes. However,
investing in climate projects comes with a potential risk. Therefore, one of the goals of
establishing the new subsidiary around Carbfix is to limit the financial risk of Reykjavik Energy
in relation to new Carbfix projects while still continuing Carbfix development and scale-up in
Iceland and abroad.22
Since the outset of the project, scientists involved with Carbfix had published over 80 academic
papers and won prestigious awards such as the Keeling Award (2020), Ruggero Bertani European
Geothermal Innovation Award (2020) and Energy Globe Award (2019) among other Icelandic
and European accolades. The company had been featured in numerous publications such as the
BBC, NBC, Newsweek and The Economist, and featured in documentaries such as David
Attenborough’s “Climate Change-The Facts,” the Leonardo DiCaprio-narrated film, “Ice on Fire,”
and Zac Efron’s “Down to Earth” series, among many other smaller documentaries and news
programs.
19 Bergur Sigfússon. Interview by case writers. January 15, 2021.
20 Kári Helgason. Interview by case writers. December 23, 2020.
21 “A Method of Abating Carbon Dioxide and Hydrogen Sulphide,”
https://patents.google.com/patent/WO2020234464A1/en?q=Carbfix&assignee=iceland&oq=Carbfix+iceland. Accessed
January 31, 2021.
22 “Carbfix as a Subsidiary,” Carbfix Website, November 27, 2019, https://www.Carbfix.com/Carbfix-as-a-subsidiary.
Accessed January 31, 2021.
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6. F-974-E Carbfix: Storing CO2 Forever
The subsidiary had five full-time employees and regularly consulted with 12 additional Reykjavik
Energy employees for engineering, project management, finance, communications, marketing,
legal and strategic management support.
Carbon Capture & Storage (CCS) Industry
The Carbon Capture & Storage (CCS) industry encompassed three major activities: capturing,
transporting and storing CO2. The economic size of the industry was $5 billion in 2019; growth
prospects were projected at more than 10% CAGR over the next 5 years.23
Traditionally, the CCS industry had been associated with oil and gas as a mitigant to reduce
carbon emissions. The Global CCS Institute – comprising oil and gas, industrial organizations,
major governments and cleantech companies (including Carbfix) – regularly published reports
on the importance of growing the industry stating: “One of the big factors driving CCS growth is
recognition that achieving net-zero greenhouse gas emissions is increasingly urgent.”24
The
institute made a distinction between two types of facilities based on capacity: large-scale
facilities (over 400,000 tons of CO2 per year) and pilot and demonstration facilities.25
The Global
CCS Institute talked about the importance of scale: like most industries, CCS benefits from
economies of scale. Larger scale compression, dehydration, pipeline and storage drive significant
reductions in costs per ton of CO2.26
In traditional CCS deployments, there were three main capture methods: post-combustion (CO2
separatedaftertheemissions),pre-combustion(gasifyingfueltoseparateCO2)andoxy-fuel(burning
fuel in pure oxygen).27
For transporting, the gas was typically compressed into fluid and then moved
via pipelines, ships, trains or trucks.28
For storage, the liquid was then injected into rock formations,
which were usually former oil and gas reservoirs, saline formations and coal beds.29
Some scientists believed one of drawbacks of traditional large-scale CCS was that CO2 leakage
from the site was difficult to measure, especially over long periods of time without adequate
monitoring.30
And, while the Intergovernmental Panel on Climate Change (IPCC) argued that CCS
would be a necessary part of the solution to lower global temperatures, IPCC scientists talked
about limitations:
There is uncertainty in the future deployment of CCS, given the limited pace of current
deployment, the evolution of CCS technology that would be associated with deployment, and
the current lack of incentives for large-scale implementation of CCS. Given the importance of
CCS in most mitigation pathways and its current slow pace of improvement, the large-scale
23 Carbon Capture and Storage, https://www.polarismarketresearch.com/industry-analysis/carbon-capture-and-storage-
market. Accessed October 18, 2020.
24 “Global Status of CCS 2020,” Global CCS Institute, p. 11, https://www.globalccsinstitute.com/resources/global-status-
report/. Accessed January 23, 2021.
25 Idem.
26 “Global Status of CCS 2020,” Global CCS Institute, p. 21, https://www.globalccsinstitute.com/resources/global-status-
report/. Accessed January 23, 2021.
27 Vincent Gonzales, Alan Krupnick, and Lauren Dunlap, “Carbon Capture and Storage 101,” Resources for the Future,
May 6, 2020, https://www.rff.org/publications/explainers/carbon-capture-and-storage-101/. Accessed February 6, 2021.
28 Idem.
29 Idem.
30 Adriano Vinca, Johannes Emmerling, Massimo Tavoni, “Bearing the Cost of Stored Carbon Leakage,” Frontiers in Energy
Research, May 15, 2018, https://www.frontiersin.org/articles/10.3389/fenrg.2018.00040/full. Accessed February 6, 2021.
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7. Carbfix: Storing CO2 Forever F-974-E
deployment of CCS as an option depends on the further development of the technology in
the near term.31
An important aspect in the industry was the regulatory and carbon trading environments available
in each jurisdiction. In Europe, the market for emissions trading was the European Union Emissions
Trading System (EU ETS), covering all EU countries as well as Norway, Liechtenstein and Iceland.32
Operating under the “cap and trade” principle, CO2 emitters were given a cap as to their total
emissions, which was decreased over time to ensure a decline in overall emissions. If an emitter
were under the cap, they could sell their carbon credits and if they were over the cap, they had to
buy carbon credits.33
The government of Iceland was in the process of passing a law which would
extend the granting of ETS carbon credits to old oil reservoirs. The EU ETS Futures price had
experienced a low of €15.43 (ISK 2,200) per unit and a high of €33.29 (ISK 5,050) on the ICE Futures
market.34
See Exhibit 4 for historical EU ETS Futures prices in Iceland.
Main Players in the CCS Industry
The traditional CCS players were oil and gas majors (Shell, Chevron, Exxon Mobil, BP, Total,
ADNOC and China National Petroleum Corporation) and other companies involved in the oil and
gas industry (Fluor, Carbon Engineering, Dakota Gasification, Aker, Linde among others). The
International Association of Oil & Gas Producers (IOGP) had logged over 90 large-scale CCS
projects around the world that were operating or planned: Europe (24 projects), Americas (25),
Asia-Pacific (14), Middle East and Africa (5).35
Most CCS projects had multiple industry
collaborators. See Exhibit 5 for a map of the projects.
While Carbfix did not necessarily view many of the projects as “competition,” the team
referenced projects in the North Atlantic such as: Northern Lights (Norway), Acorn (UK) and
Porthos (Netherlands).
Northern Lights. The Northern Lights project was part of the Norwegian government’s larger
initiative to develop a large-scale CCS system by 2024 and involved the collaboration between
Equinor (Norwegian government-owned oil and gas company), Shell and Total.36
The project
involved capturing CO2 from two plants (waste and cement), transporting the CO2 in liquid by
ship and permanently storing it in the North Sea.37
Phase 1 of the project was aimed at
commencing in 2022 and eventually storing up to 1.5 million tons of CO2.38
The overall cost of
31 “Global Warming of 1.5 ºC,” Intergovernmental Panel on Climate Change (IPCC), 2018,
https://www.ipcc.ch/sr15/chapter/chapter-2/. Accessed January 30, 2021.
32 EU ETS, European Union, https://ec.europa.eu/clima/policies/ets_en. Accessed March 7, 2021.
33 EU ETS, European Union, https://ec.europa.eu/clima/policies/ets_en. Accessed March 7, 2021.
34 ICE Futures Europe, EUA Futures, https://www.theice.com/products/197/EUA-
Futures/data?marketId=5693906&span=3. Accessed March 7, 2021.
35 “Global CCUS Projects,” International Association of Oil & Gas Producers (IOGP), May 2020,
https://www.iogp.org/bookstore/product/map-of-global-ccs-projects/. Accessed February 6, 2021.
36 Northern Lights Website, About the Project, https://northernlightsccs.com/en/about. Accessed February 6, 2021.
37 Idem.
38 Idem.
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8. F-974-E Carbfix: Storing CO2 Forever
the project including all phases was estimated at 25.1 billion kroner ($3 billion)39
and the initial
investment was 6.9 billion kroner ($810 million).40
Acorn. The Acorn project was led by Pale Blue Dot Energy with funding from the governments of
the UK and Scotland, as well as oil and gas companies Chrysaor, Shell and Total.41
The project was
based at the St. Fergus gas terminal in Scotland and it intended to utilize the existing gas pipelines
to transport CO2 to a storage facility 2.5 kilometers undersea about 100 kilometers from St.
Fergus.42
Phase 1 of the project was planned for 2023 to store 300,000 tons per year of existing
CO2. Further expansion included transporting CO2 from several sites to grow to 2 million tons per
year.43
The cost of the first phase was estimated at £276 million ($380 million).44
Porthos. The Porthos project was a collaboration between Dutch government-owned companies
Port of Rotterdam Authority, Gasunie and EBN.45
The three companies planned on supplying
their CO2 and shipping them from the Port of Rotterdam 20 kilometers offshore where the CO2
would be injected 3 kilometers under the sea into an empty gas sandstone reservoir.46
The site
was planned for 2024 to store 2.5 million tons of CO2 per year.47
The cost of the overall project
was estimated to be between €400 and €500 million ($480 to $600 million), with €102 million
($123 million) so far coming from the European Commission.48
In addition to major CCS projects, there were many innovations emerging in each one of the
aspects of capturing, transportation and storage of CO2. Several ideas began in university labs and,
for smaller projects, many were reliant on university, governmental agencies or corporate
sponsors. As such, the business models of smaller projects and enterprises were still in flux.
39 CCS Norway, https://ccsnorway.com/costs/. Accessed February 6, 2021.
40 “Historic investment decision for transport and storage of CO2,” Equinor, May 15, 2020,
https://www.equinor.com/en/news/2020-05-northern-lights.html. Accessed February 6, 2021.
41 Acorn Website, https://theacornproject.uk/about/. Accessed February 6, 2021.
42 Idem.
43 Idem.
44 Angeli Mehta, “Can UK Acorn Carbon Capture Project Grow Into Solution To Industry Emissions?, Reuters Events,
February 25, 2019, https://www.reutersevents.com/sustainability/can-uk-acorn-carbon-capture-project-grow-solution-
industry-emissions. Accessed February 6, 2021.
45 Porthos, https://www.porthosco2.nl/en/project/. Accessed February 6, 2021.
46 Idem.
47 Idem.
48 “102 Million Euros in Funding On The Horizon for Porthos Carbon Storage Project,” Port of Rotterdam, October 2,
2020, https://www.portofrotterdam.com/en/news-and-press-releases/102-million-euros-in-funding-on-the-horizon-for-
porthos-project. Accessed February 6, 2021.
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9. Carbfix: Storing CO2 Forever F-974-E
Options to Commercialize Carbfix
The Carbfix team was considering three main options in their path to commercialization:
1. Licensing the technology to other countries for onsite deployments near CO2 emitters
2. Accelerating the direct air CO2 capture and storage system
3. Developing a storage hub in Iceland where CO2 could be imported and stored
All of the options needed to consider the market price of EU ETS carbon credits in relation to the
cost (refer back to Exhibit 4).
Option 1: Licensing and Consulting to Onsite Storage
The first option involved pursuing partners in basalt-rich areas close to CO2 emitters for onsite
storage. The Carbfix team estimated that 4 trillion tons of CO2 could be stored in Europe and
7.5 trillion tons in the U.S.49
There were likely at least 1 million sites in the world for small
deployments. See Exhibit 6 for a global map of the storage opportunities.
Average site capacity could range from 10,000 to millions of tons of CO2 per year with the
average well size likely being around 30,000 tons each. Suitable sites required being
approximately 10 kilometers from the emission source with the ability to create a well into the
basalt rock and a water supply. The main pieces of equipment in the standard set-up were pipes,
a scrubbing tower, pumps and compressors. All pieces of equipment could be procured around
the world as the equipment was used in common infrastructure projects and could be adapted;
for example, an alternative third-party capture process could be installed instead of the
scrubbing tower.
The capital cost of setting up an onsite CO2 storage facility was approximately $25 to $35 per ton
of CO2 or $1.25 million to $1.75 million with the annual operating costs estimated at 20% to 30%
of the site’s revenues for water, electricity, annual maintenance on the equipment and salaries for
monitoring. Electricity requirements were approximately 15 kilowatt/hour (kWh) per ton.50
With
a purer source of CO2 reduced, the capital and operating expenses could be reduced by up to 25%.
Most sites had a useful life of 40 years, with equipment replacement every 10 years. The Carbfix
team had talked about different pricing models, including one-time consultation fees per project
and then ongoing licensing fees for the system and monitoring software on a per ton basis.
In order to find suitable partners, the Carbfix team narrowed down the focus by basalt
availability and countries where CO2 incentives existed such as Sweden, Norway, the U.S. and
Canada. There were several favorable areas in the U.S. that had emitter, basalt and tax
incentives. Since Carbfix had received a lot of international press, many companies had
contacted Carbfix, but the company was starting to do more proactive prospecting based on the
above factors. After initial contact, Carbfix engaged in a feasibility study for the site where they
would evaluate the partner, CO2 emissions, geology, engineering and public support and map
out a rough plan for the site. If the parties were interested in continuing, Carbfix typically
recommended a pilot program whereby the partner would look after the procurement of the
equipment and hiring of a project team. The time commitment from the Carbfix team onsite
49“Where Does It Work?,” Carbfix, https://www.Carbfix.com/Carbfix-atlas. Accessed February 6, 2021.
50 All costs associated with Carbfix options are for illustrative purposes only.
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10. F-974-E Carbfix: Storing CO2 Forever
development was estimated to be between 250 and 500 hours spread over six months to two
years. As of early 2021, there were approximately 20 potentially serious partners and another
20 to 30 that had expressed some level of interest.
Edda Sif weighed the pros and cons of the onsite option:
The pros are that it’s the lowest cost, provided the site does not have to transport CO2 for
long distances and is in a favorable area with basalt. Most are fairly straightforward projects
with equipment that is readily available. The major con is that everyone wants to reduce their
emissions but no one wants to pay for it. The dialogue with the site owner or operator takes
time because they’ll need to invest. Furthermore, you usually have to do a lot of permitting
and you need public support, which changes region to region. In order to make a big impact
on CO2 reduction with this option, you need to have hundreds of sites up and running.
There’s no shortage of opportunity for suitable sites. However, each one does take time to
have that dialogue and we’re a small team and can’t do them all at once. We know the
conditions in Iceland but don’t always know the specific territory. So, it might take each site
a couple of years to get to the most efficient operation.51
Option 2: Accelerating Direct Air Capture and Storage System
The second option involved building out more sites with direct air capture technology such as
Climework’s system and Carbfix’s storage capability. The combined system could be
theoretically placed at any site where there was suitable basalt rock since the direct air capture
system essentially pulled CO2 directly from the air. The system worked whereby the air was first
drawn into a collector with a fan and the CO2 was captured on a filter inside the collector. The
temperature was increased to between 80 and 100°C, effectively releasing the CO2 and
collecting the concentrated CO2.52
The size of each site was notably smaller than the onsite
storage option; direct air capture sites were estimated to be between 3,000 and 5,000 tons of
CO2 per year. See Exhibit 7 for a diagram of the Direct Air system.
The capital costs of the direct air capture method far exceeded the onsite method as they were
estimated at $600 per ton or $1.8 to $3.0 million for a typical site, particularly because the
capture equipment – CO2 collectors requiring heat – was more expensive than traditional
capture sites. Operating costs were estimated at about 30% to 40% of the site’s revenues for
water, electricity, annual maintenance on the equipment and salaries for monitoring. Electricity
requirements were about 400 kWh per ton. Higher operating cost were due to the high amount
of energy required to run the CO2 collectors. Since the system was intended to use renewable
energy only, the cost varied greatly around the world. Sites had a useful life of 40 years, with the
need to replace equipment every 10 years.
51 Edda Sif Aradóttir. Interview by case writers. January 15, 2021.
52 Climeworks, CO2 Removal, https://climeworks.com/co2-removal. Accessed February 6, 2021.
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11. Carbfix: Storing CO2 Forever F-974-E
The potential partners for the direct air capture option included industries such as aviation and
automotive, where there were no concentrated CO2 emissions at a particular site. As of early
2021, most of the prospects that were willing to pay the high cost per ton for the direct air
capture and storage method were research and test sites. As such, around the world, there were
very few operational sites using direct air capture since the technology was seen to be in its early
stages of development. Sandra weighed the pros and cons of direct air capture:
CO2 is very diluted in the atmosphere and it requires a lot of energy to capture the CO2. And
because it’s very energy intensive, it’s very expensive. The positive side is that you can put it
anywhere and line up and couple it with other CCS activities and wastewater. Almost all of
the climate scenarios require Direct Air Capture to remove CO2 from the atmosphere. Trees
can do this, but it takes a long time and a lot of space. More technological advances will be
needed and it will take time to scale up this option.53
Kári added:
People love direct air capture since it’s almost like magic! You’re able to pull CO2 right from
the air and because of that, it’s seen as the silver bullet to address climate change. The
problem is, right now, it’s way too expensive and takes too much energy. Renewable energy
will become a bottleneck as too many companies are banking on direct air capture. There is
a real risk of losing focus on the real problem, which is to reduce emissions in their value
chain. However, we’re still pursuing direct air capture because it is a necessary part of the
solution, and if there is willingness to pay for it, then we have the ability to make that option
available.54
Option 3: Developing a Storage Hub in Iceland
The third option involved importing CO2 to Iceland from countries located in the North Atlantic
such as Norway, Sweden, Denmark and the UK and storing the CO2 in Iceland. The team believed
it would make sense to start building a demonstration site in the first phase for 100,000 to
300,000 tons of CO2 and predicted that this could be accomplished by 2025. Based on learning
from the demonstration site, the team believed they could expand it by 2028 to get to a site
capable of storing 1 million tons of CO2 per year and as much as 3 million by 2030. Over the next
10 years, there was the possibility of rolling out several hubs, each between 1 and 5 million tons
of CO2 spread throughout the country. This also offered the possibility of an offshore hub,
depending on the development of using seawater within the system. See Exhibit 8 for a map of
the opportunities.
There were several suitable areas within Iceland the team had identified to build the hub since
the entire country sat atop porous basalt rock. The equipment needed to build the hub was
fundamentally the same as the onsite option – the difference was the quantity of wells. A hub
operating with 1 million ton capacity would have 20 to 40 wells. Since the hub concept brought
a number of economies of scale, the capital costs for the storage site ranged from $10 to $15
per ton so that a 1 million-ton site would cost approximately $10 to $15 million to build. Annual
operating costs were at about 5% to 15% of the site’s revenues for water, electricity,
maintenance and monitoring resources. In order to build out the hub concept, the company
53 Sandra Ósk Snæbjörnsdóttir. Interview by case writers. January 15, 2021.
54 Kári Helgason. Interview by case writers. December 23, 2020.
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12. F-974-E Carbfix: Storing CO2 Forever
would require land of approximately 10 square kilometers for a 1 million-ton site and a method
of transporting the CO2 through a combination of pipeline and ship.
For potential customers, the team had identified industrial CO2 emitters such as producers of
cement, chemicals, metals and other power plants that might be able to effectively capture their
CO2 and ship it to the hub. While capture costs of those emitters would vary, a rough estimate
was $50 per ton. Shipping costs were about $20 to $30 per ton from countries within
2,000 kilometers (e.g., Norway was about 1,500 km. and Southern UK was about
1,800 km. away from Iceland). Bergur commented on the hub concept:
The first question that might come to mind is “why would you want to do this?” since the CO2
needs to be transported more than 1,000 kilometers. It’s mainly because our geology is very
favorable; we have access to a great renewable energy source with geothermal and we know
we can store CO2 safely and cheaply in Iceland. We see that some sites in Norway have a
storage cost of over $50 per ton so even taking our storage costs of $10 per ton, there’s still
room with the transportation to make it viable.55
The other consideration with the hub was garnering political and public support. Since the
Icelandic and local governments had been involved in Carbfix and more broadly, the renewable
energy sector, the team felt there was the political willpower to support the hub concept.
Furthermore, CCS solutions coming online in Norway, the Netherlands and the UK had pushed
the conversation with policy makers. As for the public support, the team felt that the
communication from Reykjavik Energy and Carbfix throughout the years aimed to explain the
importance and innovation with the project. Kári commented on Icelanders’ reaction to
importing CO2:
I suppose one could look at it like we’re taking other people’s garbage. Also, the idea of
shipping CO2 is sometimes linked with oil and gas. However, in Iceland, people really
understand our whole renewables focus and know that we have the ability to solve a huge
problem. Furthermore, it could become a driving force for the economy and a means to
create jobs over time.56
Kristinn commented on the evolving regulatory structure and ETS carbon credits:
For all options, we always need to consider ETS carbon credits. However, with the
Government of Iceland extending the deduction of CO2 injected into injection sites such as
ours, this would allow any company in the EU to claim credits even if they inject the CO2 in
Iceland.
The importance of carbon credits cannot be underestimated. Even if we look around the
world at other companies, we see how big of a role they play. For example, the automotive
manufacturer Tesla derives a significant portion of their profitability by selling regulatory
credits.57
55 Bergur Sigfússon. Interview by case writers. January 15, 2021.
56 Kári Helgason. Interview by case writers. December 23, 2020.
57 Kristinn Ingi Lárusson. Interview by case writers. March 5, 2021.
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13. Carbfix: Storing CO2 Forever F-974-E
Edda Sif weighed the pros and cons:
The main pro is that we can reach scale and make the infrastructure very efficient. We can
focus our efforts on fewer projects with bigger impact from a human resource perspective.
One of the biggest cons is that the cost of transport can be high, but perhaps once more hubs
are developed, the storage cost would come down further making it more attractive to
transport. We feel we have a much cheaper way to store CO2 when we look at the other
major CCS projects occurring in Northern Europe.
The biggest risk to a project like this is seismicity and because Iceland has natural
earthquakes, we have to be careful not to trigger some of them earlier than expected. Some
people might also say “we don’t want to become the waste disposal site of the earth,” but as
I look at it, we only have one atmosphere and we have to select the best options to make the
greatest impact on climate change. We are creating value from our bedrock and creating new
jobs and a new industry which is climate friendly.58
Where to Focus?
Many questions circulated in Kristinn’s mind. Where should the team focus their efforts? Should
all three options be pursued simultaneously? What would a potential investor pitch look like?
Ultimately, he needed to weigh multiple considerations in what would be a path forward, given
Carbfix’s goal of creating a sustainable business while reducing CO2. There were approximately
34 billion tons of CO2 emissions in 202059
and the global concentration of CO2 in the atmosphere
had grown to a new record high of 409 parts per million (ppm), up from 325 ppm 50 years earlier
in 1970.60
As Edda reiterated, “we have enough basalt to deal with all fossil fuel available on Earth.”61
Kristinn wondered how he could form a plan to build on the opportunity:
Since joining this industry from banking and finance, my biggest surprise is I thought CCS
overall would be much further ahead. I believe we have a great solution to a massive problem
and we have an incredible advantage of already being recognized as a brand and a warrior
against the battle of CO2. The age-old question becomes, with limited time and resources,
where’s the best place to focus for maximum impact?62
58 Edda Sif Aradóttir. Interview by case writers. January 15, 2021.
59 “Global Carbon Project: Coronavirus Causes ‘Record Fall’ in Fossil-Fuel Emissions In 2020,” CarbonBrief, December 11,
2020, https://www.carbonbrief.org/global-carbon-project-coronavirus-causes-record-fall-in-fossil-fuel-emissions-in-2020.
Accessed February 6, 2021.
60 Rebecca Lindsey, “Climate Change: Atmospheric Carbon Dioxide,” August 14, 2020, https://www.climate.gov/news-
features/understanding-climate/climate-change-atmospheric-carbon-dioxide. Accessed February 7, 2021.
61 Ari Daniel, “In Iceland, Turning CO2 Into Rock Could Be A Big Breakthrough for Carbon Capture,” PRI, May 3, 2019,
https://www.pri.org/stories/2019-05-03/iceland-turning-co2-rock-could-be-big-breakthrough-carbon-capture. Accessed
October 18, 2020.
62 Kristinn Ingi Lárusson, Interview by case writers. November 20, 2020.
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15. Carbfix: Storing CO2 Forever F-974-E
Exhibit 2
Diagram of Carbfix Storage Solution
Source: Document provided by the company.
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16. F-974-E Carbfix: Storing CO2 Forever
Exhibit 3
Photos of Hellisheidi Geothermal Power Plant and Carbfix2
Hellisheidi Geothermal Power Plant. Photo by Arni Saeberg.
Source: Document provided by the company.
Carbfix2: Left: “Soda Stream” water tower, right top: Boring dome, Right bottom: Sandra Ósk Snæbjörnsdóttir,
Bergur Sigfússon, Edda Sif Pind Aradóttir, Kári Helgason, Kristinn Ingi Lárusson.
Source: Document provided by the company.
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17. Carbfix: Storing CO2 Forever F-974-E
Exhibit 4
Carbon Emission Allowances (EUA) Futures on the ICE Exchange
March 2021 Contract
Start of Graph: Mar 10, 2019 €22.88
End of Graph: Mar 8, 2021 €40.58
Source: EUA Futures, ICE Exchange, https://www.theice.com/products/197/EUA-
Futures/data?marketId=5693906&span=1. Accessed February 7, 2021.
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19. Carbfix: Storing CO2 Forever F-974-E
Exhibit 6
Global Storage Opportunities
Source: Document provided by the company.
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20. F-974-E Carbfix: Storing CO2 Forever
Exhibit 7
Direct Air Capture Diagram
Source: Document provided by the company.
Exhibit 8
North Atlantic Map of Opportunities for the Hub
Source: Document provided by the company.
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