ExxonMobil, Mitsubishi Heavy Industries Form Carbon Capture Technology Alliance

• ExxonMobil adds Mitsubishi Heavy Industries’ carbon capture technology to its integrated CCS offering
• Companies bring complementary capabilities to facilitate industry decarbonization projects
• Agreement will advance next-generation carbon capture technologies

IRVING, Texas, November 30, 2022 – ExxonMobil and Mitsubishi Heavy Industries (MHI) have joined forces to deploy MHI’s leading CO2 capture technology as part of ExxonMobil’s end-to-end carbon capture and storage (CCS) solution for industrial customers.

The joint effort combines ExxonMobil’s and MHI’s years of expertise in the industry and strengthens the companies’ ability to provide customers with solutions that will help advance the energy transition. By working together, the companies will provide industrial customers with the confidence that their CCS projects will be designed, built and executed effectively.

The companies have agreed to leverage their combined operating and engineering experience and core science capabilities with the support from The Kansai Electric Power Co., Inc. (KEPCO) to advance carbon capture technologies that could reduce the cost of CO2 capture for heavy-emitting industrial customers. The joint effort will build upon KM CDR Process® and Advanced KM CDR Process®, developed by MHI and KEPCO, the only liquid amine carbon capture technology commercially demonstrated at greater than 1 million metric tons per year.

“We’re excited to offer our large industrial customers the only complete carbon capture, transportation and storage solution in the market,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions. “Adding Mitsubishi Heavy Industries’ leading carbon capture technology to ExxonMobil’s transportation and storage capabilities enables this compelling offering.”

ExxonMobil has more than 30 years of experience capturing and transporting CO2 and safely injecting it into geological formations. Mitsubishi Heavy Industries is the world’s largest licensor of post-combustion CO2 capture technology and has been developing it for more than three decades. The company’s record includes 14 commercial CO2 capture plants already delivered worldwide.

“Carbon capture and storage technology and innovation are critical to our path to net zero,” said Kenji Terasawa, president and CEO, Mitsubishi Heavy Industries Engineering, Ltd. “As an expert in advanced engineering, MHI is committed to leading the way in achieving decarbonization goals through strategic collaboration and investments in new technologies. We look forward to partnering with ExxonMobil to continue advancing carbon capture technologies to provide essential carbon neutrality solutions for various industries.”

ExxonMobil and MHI have worked together to build world-scale petrochemical plants over the past two decades in Baytown, Corpus Christi and Singapore. This CCS partnership continues the companies’ commitment to developing solutions for the energy transition on their paths to net zero.

MHI Group declared “MISSION NET ZERO” last year and is committed to building an innovative solutions ecosystem to realize a carbon-neutral future and achieve its net zero ambitions within its own operations by 2040. This includes strengthening its decarbonization technology offerings, such as developing a CCUS (Carbon Capture, Utilization and Storage) value chain and advancing hydrogen solutions.

ExxonMobil Low Carbon Solutions is working to bring lower-emission technologies to market, making them accessible to hard-to-decarbonize industries, including its recent agreement with a leading global manufacturer of nitrogen and hydrogen products in Louisiana. It is focusing its carbon capture and storage efforts on point-source emissions, the process of capturing CO2 from industrial activity that would otherwise be released into the atmosphere. Once captured, the CO2 is injected into deep, underground geologic formations for safe, secure and permanent storage.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world. To learn more, visit exxonmobil.com and the Energy Factor. Follow us on Twitter and LinkedIn.

Cautionary Statement: Statements of future events, investments, or partnerships in this release are forward-looking statements. Actual future results, including project plans, partner participation, timing, capacities, and costs could vary depending on the ability to execute operational objectives on a timely and successful basis; implementation of government frameworks and permitting for carbon capture and storage and other lower-emission technologies; timely completion of construction projects; commercial and consumer interest in lower-emissions opportunities; changes in plans or objectives prior to final funding decisions or project startups; unforeseen technical or operational difficulties; and other market factors. Any forward-looking statement speaks only as of the date of this press release and the companies named herein disclaim any obligation to update any forward-looking statement.