The finance and business alliance agreement accelerates technology to achieve net zero emissions in the steel industry
Rancho Cordova, CA and Tokyo /PRNewswire/ - Metal One Corporation (Metal One) and Clean Energy Systems (CES) today announced an agreement to deploy CES' proprietary carbon capture technology to accelerate decarbonization of the global steel industry. Metal One has made an initial funding to CES, and the parties will immediately work to promote the use of green steel across all industries, helping major corporations that have pledged to achieve net zero carbon emissions.
Concurrently, Metal One and CES will work to decarbonize traditional steel manufacturing plants by utilizing existing onsite captive fuel sources with full carbon capture. "We have developed and operated our pressurized oxy-combustion technologies for thousands of hours at commercial scale," said Keith Pronske, President and CEO of CES. "Our technology fits perfectly for using problematic fuels to decarbonize critical industries such as steel at commercial scale today. By partnering with Metal One with their global presence, we'll be able to access the global steel market exponentially faster than we could achieve on our own."
"We are very pleased to make this agreement with CES. Through this alliance Metal One wants to contribute to decarbonization of the global steel industry" said Takeo Nukui, Executive Officer of the Global Marketing & Energy Project Business Division of Metal One.
Global steelmaking emits more than three billion tons of carbon dioxide each year, representing approximately eight percent of global carbon emissions. It is the industrial material with the greatest impact on carbon emissions. By collaborating on carbon reduction in the steelmaking industry, Metal One and CES will work to reduce carbon emissions at the source, and will promote and develop green steel for use in a variety of industries, including construction, ship building, and renewable and conventional energy facilities.
As part of the agreement, Metal One is providing development funding to CES, and the parties will co-locate resources to efficiently target the global steel market.
About Metal One
Metal One is a fully integrated steel trading and distribution company created through the merger of Mitsubishi Corporation's and Sojitz Corporation's steel product business divisions. Metal One is well-known in the industry for its range of products, application know-how, industry-leading distribution network (wholly owned and third party) and strong customer service. Metal One has a leading position in the steel trading, processing and distribution industries in Asia, the U.S. and other global markets.
About Clean Energy Systems
Clean Energy Systems is a global leader in the development and deployment of carbon removal and carbon reducing energy systems. The company has successfully transitioned proven, reliable rocket engine combustion principles into a flexible and economically attractive power generation system for the benefit of our planet. CES' proprietary oxy-combustion technologies enable cleaner and more efficient co-generation of power, steam, water, and captured CO2 and offers the world a new perspective on the way we assess the value of natural resources.
Please visit www.cleanenergysystems.com for more information.