A software platform that will help companies efficiently implement carbon capture and utilization processes is part of a partnership between Aspen Technology and Aramco.
The modeling and optimization platform will help industries find practical and economical results for carbon capture and utilization (CCU), according to the partnership. It will help companies find a balance between emissions reductions and business operations and evaluate the risks of sustainability initiatives.
The platform will identify the most promising CCU paths by considering process designs, operations constraints, carbon emissions reductions, and financial concerns. The companies say the goal of the technology is to help organizations make evidence-based decisions when adopting carbon management strategies that optimize and accelerate sustainable operations.
The technology is being developed by Aramco, an energy and chemicals company, in collaboration with the Korea Advanced Institute of Science and Technology. The company, through its subsidiary Saudi Aramco Technologies has licensed the platform to software company Aspen Technology, which will also use it as part of its capabilities to optimize carbon emissions reduction.
CCU is a process that captures emissions and either reuses or stores them so that they will not re-enter the atmosphere. The emissions can be transformed into reusable materials or biomass or are usually stored deep underground.
Heavy and carbon-intensive industries have especially looked toward carbon capture methods to reduce emissions. Steel company ArcelorMittal, for example, recently unveiled a large CCU project in Belgium in which it plans to turn emissions from carbon-intense waste gases into biomass that will be used to produce ethanol.
The United States’ recent Inflation Reduction Act also includes carbon capture as a piece of its energy programs. Overall, the CCU industry is expected to grow at more than 27% a year and be valued at more than $9.4 billion by 2027, according to Research and Markets.
The Aspen Technology and Aramco system will optimize CCU configurations to determine the best ways to balance a company’s emissions reductions and financial results, according to the partnership. It will also evaluate the impact of uncertainty on energy costs, carbon fees, and raw material and production costs.
Overall, the system can develop short-term, intermediate, and long-range production plans that include integrating CCU into an operation’s sustainability plans.