finance
UK Firms Form Venture for Europe's Largest Direct Air Capture Plant
Three British companies have created a joint venture called UnionDAC to build a direct air capture facility on Teesside. The plant is scheduled to begin operations in 2030 and reach an annual capture rate of 60,000 tons of carbon dioxide by 2032.
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Three UK clean energy technology companies have formed a joint venture to construct and operate Europe's largest direct air capture facility. Carbon capture developers Airhive and Mission Zero Technologies partnered with Progressive Energy, a low-carbon project developer, to create the venture named UnionDAC.
The companies plan to locate the plant on Teesside, south of Newcastle. The facility is expected to begin removing carbon dioxide from the air in 2030. Two years later, the project aims to capture 60,000 tons of CO2 annually.
Executives from the three firms stated that the UK possesses the necessary conditions to lead in direct air capture technology. They cited existing CO2 transport infrastructure under development on Teesside and favorable geological formations in the East Irish Sea and the North Sea. The project will utilize this infrastructure to store captured carbon dioxide underground.
