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Exxon Mobil, Global Thermostat Expand Joint Development Deal - Quick Facts

(RTTNews) - Oil giant Exxon Mobil Corp. (XOM) and Global Thermostat said Monday they have expanded their joint development agreement after twelve months of technical evaluation to determine the feasibility and potential scalability of Global Thermostat's technology that captures carbon dioxide or CO2 directly from the air. The original agreement between the two companies was signed in 2019.

The companies noted that the United Nations Framework Convention on Climate Change has said that CO2 capture, use and storage "is a key technology for the decarbonization of the energy sector in the long term." In addition, the International Energy Agency recognizes that CO2 removal is expected to play a "key role" in the energy transition.

Global Thermostat's CO2 capture uses proprietary amine-based adsorbents to remove CO2 from the air. These compounds act together like a filter to efficiently capture CO2, which can then be stored safely underground, used to make chemicals, consumer products or construction materials.

"Our work with Global Thermostat has shown promising signs in the development of direct air capture technologies that could be brought to scale. We look forward to seeing how new materials might accelerate this potential, while also continuing our research that captures CO2 from power generation facilities," said Vijay Swarup, vice president of research and development for ExxonMobil Research and Engineering Company.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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