Japanese trading house Marubeni has acquired a 50% in a joint venture established by Ozona, a Texas-based carbon capture developer, to sequester carbon emissions across North America, Nikkei reported. The initial investment, valued at 1 billion yen (approximately $6.95 million), allows Marubeni to position the venture as an equity affiliate.
The project’s first phase involves capturing carbon dioxide at a natural gas processing plant in Texas, with an aim to store 200,000 tonnes of CO2 annually by 2026. The total project cost is estimated at 15 billion yen. Marubeni and Ozona will sell carbon credits generated from the operation.
Looking ahead, Marubeni aims to expand the project to capture and store 10 million tonnes of carbon annually by 2030, which could represent up to 10% of the North American market. The trading house is also exploring additional projects in Canada, as demand for carbon capture technologies continues to rise amid global efforts to combat climate change.
The global carbon capture market is projected to grow significantly, reaching $16.5 billion by 2031. While Japanese companies have been slower to enter the market, Marubeni’s venture could help it gain a foothold in this emerging industry.
