ESG Advises Testing of Industry-Changing Water Removal System Exceeds Expectations
HOUSTON, TX / ACCESSWIRE / February 12, 2024 / Camber Energy, Inc. (NYSE American:CEI) ("Camber" or the "Company"), a growth-oriented diversified energy company, shared today the announcement from ESG Clean Energy, LLC ("ESG") advising the results of recent testing of ESG's patented water removal system at its active power generation site in Holyoke, MA, were consistent with and/or exceeded ESG's modeled forecasts and confirms, according to ESG, capturing carbon dioxide can now be achieved at a low cost and in an energy-efficient manner utilizing ESG Clean Energy's industry-changing technology (the "ESG Clean Energy System").
Camber, through its subsidiary, has licensed the ESG Clean Energy System, which includes an intellectual property portfolio of nine patents, for exclusive use in all of Canada, and for multiple locations in the U.S.
James Doris, Camber's President & CEO, stated " The size of this opportunity has increased, especially in Canada, since we made our initial investment, and we are pleased ESG has reached this critical milestone so we can work collaboratively on the next phase of the commercialization strategy toward monetizing our license. In my view we have a distinct competitive advantage in Canada with not only the exclusive rights to ESG's revolutionary technology but also with our ability to leverage the relationships and expertise of our subsidiary, Simson-Maxwell Ltd., a respected participant in the power solutions' sector in Canada for over 80 years, to allow us to introduce the technology to the market in an expedient manner."
The global carbon Capture, Utilization, and Storage market size was estimated at USD 3.1 billion in 2022 and projected to grow to USD 12.9 billion by 2030 at a CAGR of 24.0% during the forecast period.
Canada's Carbon Tax
As part of the Canadian government's carbon tax program, as of April 1, 2023 the federal carbon charge increased to $65 per ton of carbon dioxide equivalent ("CO2e"), and is set to increase annually each April through to 2030 when the carbon tax rate will be $170 per ton of CO2e. The escalating carbon tax is forcing industrial CO2 emitters to explore ways to reduce their carbon footprint, and the ESG Clean Energy System is designed to be a pragmatic, cost-effective solution to assist not only with reducing a user's tax burden by capturing CO2 cost-effectively but also to provide the user an opportunity to generate revenue from other features of the system.
ESG's Recent Announcement
Regarding its patented water removal system, on February 12, 2024, ESG issued a press release which stated, in part: **** ESG Clean Energy Solves The Carbon Capture Puzzle for Power Generation Recent Testing of Industry-Changing Water Removal System Exceeds Expectations
WEST SPRINGFIELD, Mass. - (Feb. 12, 2024) - ESG Clean Energy, LLC (the "Company" or "ESG Clean Energy"), developers of power generation/carbon capture systems with a nearly Zero Carbon output, announced today that the results of recent testing of its patented water removal system at its active power generation site in Holyoke, MA, were consistent with and/or exceeded modeled forecasts and confirms, as anticipated by the Company, capturing carbon dioxide can now be achieved at a low cost and in an energy-efficient manner utilizing ESG Clean Energy's industry-changing technology.
" We have always believed that it is possible to remove carbon dioxide from fossil fuel generation emissions more efficiently and our belief has now been validated ," said Nick Scuderi, president of ESG Clean Energy, LLC.
Mr. Scuderi continued, " It has been a long-time coming but we finally reached this important milestone and are now positioned to take next steps to commercialize this element of our broad patent portfolio globally, including through our licensees and joint venture partners . We believe our system solves the issues of equipment cost and energy needed to make carbon capture economically viable. Our innovations enable the design to be scaled up for large power plants or scaled down for small, distributed power facilities, and eventually the transportation industry ."
ESG Clean Energy plans on implementing this technology across all its planned facilities and has licensed the technology to a subsidiary of Camber Energy (NYSE (Amex): CEI) for all of Canada and multiple locations in the United States.
ESG Clean Energy's System
ESG Clean Energy's system treats the exhaust stream to remove the water vapor before it is treated for capturing CO2. This patented system consists of an advanced ceramic membrane that has been incorporated into a unique mechanical cooling system. With this technology, capturing carbon dioxide becomes both low cost and energy efficient. It can be used on both large and small systems and can be retrofitted onto current operating power plants.
Dealing with Water Makes Other Carbon-Capture Systems Too Costly
Capturing carbon dioxide (CO2) from fossil fuel emissions has historically been an expensive and energy intensive process. Fossil fuel emissions consist of a mixture of gases such as nitrogen, oxygen, carbon dioxide, nitrogen oxides, carbon monoxide, and water vapor. Separating and capturing the carbon dioxide in a gas mixture like this can be difficult. However, there are materials that have been developed that will selectively attach or react with the CO2 while letting the other gases pass by - except for the water vapor.
Water gets in the exhaust steam because it is actually a byproduct of combustion. When fossil fuel burns it makes three things heat, carbon dioxide, and water. The problem is water molecules interfere with the carbon capture process. Several scientific studies have shown how water negatively affects CO2 capture.
About ESG Clean Energy, LLC
ESG Clean Energy, LLC (ESG) develops natural gas power generation/carbon capture systems with a nearly Zero Carbon Footprint. The patented technology is designed to generate large amounts of electricity and produce distilled water and CO 2 -based commodities, such as compressed CO2, ethanol, hydrogen, and Diesel exhaust fluid. ESG is working to secure additional projects around the world and has awarded exclusive rights to its patent portfolio to Viking Energy Group, a wholly owned subsidiary of Camber Energy, Inc., (CEI) for exclusive use in Canada and multiple locations in the U.S. More information about ESG Clean Energy and its technology can be found at www.ESGcleanEnergy.com . ****
About Camber Energy, Inc.
Camber Energy, Inc. is a growth-oriented diversified energy company. Through its wholly-owned subsidiary, Viking Energy Group, Inc., Camber: (i) provides custom energy & power solutions to commercial and industrial clients in North America; (ii) holds an exclusive license in Canada to a patented carbon-capture system; and (iii) has a majority interest in: (a) an entity with intellectual property rights to a fully developed, patented, ready-for-market proprietary Medical & Bio-Hazard Waste Treatment system using Ozone Technology; and (b) entities with the intellectual property rights to fully developed, patent pending, ready-for-market proprietary Electric Transmission and Distribution Open Conductor Detection Systems. For more information, please visit the company's website at www.camber.energy .
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SOURCE: Camber Energy, Inc. View the original press release on accesswire.com