Caterpillar Acquires Carbon Capture Tech Company CarbonPoint
Leading construction and mining equipment, engine, turbine and locomotive manufacturer Caterpillar announced the acquisition of Rhode Island-based carbon capture technology company CarbonPoint Solutions.
Founded in 2011 as Enhanced Energy Group, CarbonPoint’s solutions aim to enable the cost effective reduction of CO2 released into the atmosphere with carbon capture technology. The company’s patented Semi-Closed Cycle (SCC) and CO2-TSA processes enable the concentration and capture CO2 for utilization or sequestration. The technology can be applied to engines and turbines at oil and gas sites, distributed power and industrial plants and waste-to-energy sites.
Paul Dunn, President and Founder of CarbonPoint Solutions, said:
“We are extremely pleased to join Caterpillar and look forward to rapid deployment of the Semi-Closed Cycle and carbon capture for Cat engines and Solar gas turbines.”
The acquisition follows the launch earlier this year by Caterpillar of a series of 2030 ESG commitments, with goals to improve the sustainability profile for all new products targeting reduced waste, improved design for rebuild/remanufacturing, lower emissions or improved efficiency.
Rod Shurman, Vice President of Caterpillar’s Oil & Gas and Marine Division, said:
“Combining CarbonPoint Solutions’ patented technology with Caterpillar Oil & Gas solutions enables us to further reduce greenhouse gas emissions while helping our customers meet their climate-related objectives.”