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Honeywell And EnLink Midstream Will Collaborate To Deliver Carbon Capture Solution

Honeywell (NASDAQ:HON) and EnLink Midstream, LLC (NYSE:ENLC) today announced they will work together to deliver carbon capture solutions to industrial-scale carbon dioxide (CO2) emitters within the U.S. Gulf Coast

Benzinga · 06/09/2022 08:04

Honeywell (NASDAQ:HON) and EnLink Midstream, LLC (NYSE:ENLC) today announced they will work together to deliver carbon capture solutions to industrial-scale carbon dioxide (CO2) emitters within the U.S. Gulf Coast area.

The Honeywell and EnLink relationship will focus on the Mississippi River corridor from New Orleans to Baton Rouge, an area that has many large, concentrated sources of industrial CO2 emissions. The companies will jointly market Honeywell's broad range of ready-now technologies in CO2 capture, Honeywell's hydrogen purification technologies for lower-carbon hydrogen production, and EnLink's planned CO2 pipeline transportation network. The offering will be cost-efficient and is expected to significantly reduce further environmental impacts compared to deploying the offering utilizing new pipeline construction.

With more than 50 years of experience in gas processing, Honeywell has extensive experience with proven carbon capture and hydrogen technologies. Honeywell's new advanced solvent CO2 capture and hydrogen solutions allow for CO2 to be captured, transported, and stored at a lower cost through greater efficiency, while allowing for smaller equipment and lower capital operational expenses needed to run the plant compared to existing technologies1.

"EnLink has existing pipeline infrastructure and decades of experience operating these assets in the Gulf Coast region. When coupled with Honeywell's proven carbon capture and hydrogen technologies, we can provide customers with a cost-effective approach to CO2 capture and transportation that will ultimately accelerate carbon reductions in a key industrial region," said EnLink Chairman and CEO Barry Davis.

"Collectively, as an industry we need to act," said Vimal Kapur, president and chief executive officer, Honeywell Performance Materials and Technologies. "By harnessing the unique strengths of Honeywell and EnLink and simplifying the process of carbon capture and hydrogen production, we envision an ecosystem that can accelerate industry-wide emissions reduction within this key region in North America."

Honeywell is committed to achieving carbon neutrality in its operations and facilities by 2035. The company recently strengthened that pledge to include a commitment to develop a science-based target with the Science Based Targets initiative (SBTi) that includes scope 3 emissions, and announced its participation in the U.S. Department of Energy's Better Climate Challenge. The company also supports the Paris Climate Agreement.

To help meet its sustainability goals, Honeywell plans to conduct a feasibility study to retrofit its existing assets at its facilities in Louisiana with carbon capture utilizing Honeywell's CO2 Solutions and EnLink's transportation, and sequestration solution. After a positive result of the feasibility study and obtaining necessary approvals, Honeywell may undertake a retrofit of the facility. The Honeywell Advanced Materials manufacturing plant encompasses several hundred acres and produces a wide range of products, including the Solstice® line of low-global warming refrigerants.