Aqualung will use the funds to grow its team across Europe and the US, deliver its first commercial pilot with Standard Lithium and initiate commercialisation projects with key industrial suppliers in order to achieve its objective of providing large scale commercial units before 2025.
The Aqualung technology has achieved proof of concept at two cement installations and the company is embarking on the next step to industrialise its coating process and deliver a containerised commercial unit.
Aqualung will initiate this scale up in collaboration with Standard Lithium at a CO2 capture pilot plant, which will demonstrate the efficacy of the technology on low CO2 concentration levels.
“The successful equity raise establishes the key technology partnerships and the resources necessary to take our ground-breaking concept to the next level,” says Henrik Utvik, president and chief technology officer of Aqualung. “This considerably strengthens Aqualung’s unique approach of developing a complete well-to-wake solution for industrial CO2 emitters.”
Andrew Robbins, CEO of Aqualung, says: “We are extremely proud of the partners we have assembled. Aqualung will lean on the entrepreneurial, engineering and scale up experience of our investor group to commercialise and roll out this technology at a pace no one thought was possible.”
Representatives from Golar LNG and Standard Lithium will now join the Aqualung board of directors.
Dr Andy Robinson, president and COO of Standard Lithium, says: “We began working with Aqualung in 2021, and we are confident in its underlying technology and excited to invest in the company's drive to commercialisation.”