Gulf Coast Sequestration and Climeworks Sign MOU to Develop First Direct Air Capture and Storage Hub on the Gulf Coast in Louisiana

November 21, 2022 10:00 AM Eastern Standard Time LAKE CHARLES, La.--(BUSINESS WIRE)--Gulf Coast Sequestration (GCS), a Louisiana-based company building the largest carbon sequestration hub in North America, and leading direct air capture (DAC) company Climeworks today announced the signing of a Memorandum of Understanding (MOU). Their partnership will aim to enable the permanent removal of one million tons of carbon dioxide from the air annually by 2030, with the capability to expand to multi-million ton capacity in future years.

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Climeworks and GCS are industry pioneers bringing cutting edge innovation to carbon dioxide (CO2) removal and secure, permanent storage. GCS matches Climeworks' pioneering DAC technology with comprehensively studied geologic pore space ideally suited for a world-class carbon storage project.

Climeworks and GCS have started dialogue with local stakeholders toward developing an informed community benefits plan that will engage interested parties in the region throughout the planning and development of the project.

'Congratulations to Climeworks and Gulf Coast Sequestration on announcing this innovative collaboration,' said Louisiana Governor John Bel Edwards. 'Louisiana is rapidly emerging as a leader in the global energy transition, and carbon capture and sequestration is a crucial part of our plan to get to net-zero carbon emissions by 2050. This significant agreement between a pioneering Louisiana company and a global leader in direct air capture technology is another step forward in diversifying and growing our economy.'

'Louisiana is leading the way on direct air capture innovation,' said Senator Bill Cassidy, M.D. 'This deal is a great step forward for our state and all those working to strengthen our economy, create jobs in Louisiana, and reduce global carbon emissions.'

'Direct air capture (DAC) is a key technology for removing unavoidable and historic CO2 from the air,' said Climeworks co-CEO Jan Wurzbacher. 'Climeworks is excited to work with GCS on the development of a U.S. hub to scale up the DAC industry in support of a more economically and environmentally sustainable future in Louisiana.'

'Carbon capture and sequestration (CCS) is a key component of today's energy transition, offering an immediate pathway to rapid decarbonization,' said Gray Stream, President of the Stream Companies, the owner of GCS. 'Direct air capture (DAC) presents the inspiring possibility of reaching net-zero or even negative carbon emissions. Together, GCS and Climeworks are uniquely positioned to bring this promise to reality in the Gulf Coast's industrial corridor.'

About GCS

Gulf Coast Sequestration (GCS) is the leading carbon sequestration solution in the United States, partnering with industrial customers to capture CO₂ and safely contain it underground.

Initially focused on the industrial corridor between southwest Louisiana and Texas, GCS expects to be the first operational carbon storage hub on the Gulf Coast. With an anticipated launch date in 2024, the hub will remove 10 million tons of CO₂ emissions annually from the atmosphere.

More information about GCS is online at www.gcscarbon.com.

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About Climeworks

Climeworks empowers people and companies to fight global warming by offering carbon dioxide removal as a service via direct air capture (DAC) technology.

Climeworks is a global leader in direct air capture, with the world's largest DAC facility and storage installation currently in operation, and a team of 300 Climeworkers determined to contribute to a net-zero future. Climeworks' growing customer base includes over 160 companies including Microsoft, Stripe, Shopify, and BCG, as well as more than 16,000 individual Climate Pioneers.

Founded by engineers Christoph Gebald and Jan Wurzbacher in 2009, Climeworks is on a journey to climate impact at scale. To do so, we strive to inspire 1 billion people to act and remove CO2 from the air.

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