MOL invests in US carbon capture company Heirloom
MOL supports Heirloom’s air capture technology to promote ‘negative emissions’
The US start-up has completed a $150m financing round, with investments from several Japanese companies, including Mitsui & Co and Japan Airlines
MITSUI OSK Lines announced investment in a US company Heirloom Carbon Technologies, which works on carbon capture from the air.
Founded in 2020 in California, Heirloom develops direct air-capture technology that removes CO2 from the atmosphere using limestone as a raw material for carbon absorption.
“Through this investment, MOL will contribute to the improvement of DAC technology, a form of negative emissions, and strive to promote and expand negative emissions throughout society,” the Japanese shipping giant said.
MOL did not disclose the amount of its investment in Heirloom.
Heirloom recently also completed a $150m financing, along with several Japanese companies, including Mitsui & Co and Japan Airlines.
Heirloom’s project under development in the US state of Louisiana called ‘Cypress’ has received a grant of up to $600m from the US Department of Energy, aiming to remove about 1m tonnes of CO2 per year from the atmosphere.
With its Blue Action 2035 management plan, MOL has committed to strengthening its non-shipping business sectors through proactive investments, aiming to achieve net zero greenhouse gas emissions for the entire group by 2050.
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