Japan’s NYK and Norwegian shipping company Knutsen Group have established a joint venture company for the commercial development of a liquefied CO2 marine transportation and storage business using the Knutsen-developed technology PCO2 which allows the transport of liquefied CO2 at ambient temperatures.
Each company will hold a 50% stake in the new venture, which has been named Knutsen NYK Carbon Carriers AS (KNCC).
KNCC will also build and operate low/mid-pressure vessels based on other technologies.
“Carbon capture, utilisation and storage (CCUS) is an effective and necessary concept for realising a carbon-neutral society.
"In this value chain, liquefied CO2 carriers play an essential role in transporting liquefied CO2 to the sites where it is stored and/or utilised,” said Svein Steimler, president and CEO of NYK Group Europe. The demand for liquefied CO2 carriers is expected to grow rapidly going forward.