The Capitol SkyMine facility, which is next to the Capitol Aggregates cement plant, will capture 75,000 tons of CO2 and transform it into other products that can be sold to other industries.
The plant, which will have a total carbon impact of 300,000 tons per year, is expected to generate $48m in revenue and $28m in annual earnings.
Skyonic founder and CEO Joe Jones said: "The Capitol SkyMine facility is the first step in our vision to mitigate the effects of industrial pollution and close the carbon cycle.
"We are excited to mark this historic milestone with our innovative SkyMine® technology to capture pollutants and transform them into everyday products."
US Energy Secretary Ernest Moniz said: "Today’s announcement demonstrates the range and potential for carbon capture technologies.
"Through this partnership, the Department has shown its commitment to finding innovative uses for carbon that can have a positive impact on the economy while also reducing carbon emissions."
Skyonic has developed the SkyMine technology, which enables industrial facilities owners or fossil-fuel-fired power plants to capture about 90% of CO2 emissions from flue gas and convert them into solid products that can then be sold for a profit.
The company said the creation of the carbon-negative products will offset CO2 emissions by displacing products that are normally made via carbon-intensive practices.
Image: Skyonic’s $125m carbon capture and utilization facility in Texas is expected to generate $48m in revenue and $28m in annual earnings. Photo: Courtesy of Arvind Balaraman/FreeDigitalPhotos.net.
