Business opportunities

Current membrane performance and cost profile illustrate substantial market opportunity within a large range of businesses.

Chemicals & Refineries

Chemical production plants are complex with multiple exhaust streams that add up to substantial emissions (>400,000tpa). A central problem is enabling capture from the whole plant without considerable retrofit of the refinery itself due to space constraints

Aqualung’s decentralized solution allows for capture at each of the individual streams without the need for rebuild. Large U.S. refinery companies such as Delek US, LSB, CE Chemicals, and Chevron have expressed interest

Cement and lime

Cement and lime plants share similar characteristics, but are different in scale. Both types of plants lack steam, making them particularly unsuitable for amine installations. Additionally, the companies are experts in dry chemicals, with large carbon capture plants outside their scope

Aqualung can provide highly attractive economics for this segment based on upscaling our current fiber performance. Significant customer due diligence has led to Aqualung being the preferred carbon capture solution for the cement & lime industry

Natural gas processing

Aqualung is the only membrane technology which can capture CO2from low-concentration sources such as natural gas. Smaller-scale (>1mtpa) gas turbines is one of the largest untapped markets for carbon capture –high barriers to entry due to the technological complexity

Aqualung is developing a unique technical solution to achieve attractive economics from natural gas. The solution will be tested at Standard Lithium with upscaling at the ExxonMobil Delhi site from 2026 and commercialization from 2027

Waste to energy

The challenges in the waste-to-energy sector are small plants with low potential to do major refurb due to needing a minimum distance to towns. Additionally, there is limited excess steam, and moderately acidic conditions that can be challenging for conventional tech

Aqualung’s advantages are well-placed to respond to these challenges, and we have attained substantial customer interest from large companies in this segment. A pilot plant has been deployed to Germany in 2Q 2024


The customer assets have extremely limited available space, as well as high cost of retrofitting due to the challenge of taking ships off-hire for longer than scheduled docking. Rivalling technology is unlikely to be technically viable due to ship movements

Aqualung will deploy a pre-fabricated product to this market which minimizes retrofit time & cost, and provides attractive and scalable carbon capture (from ETSI compliance and up to 90%)

Steel / coal

A high CO2concentration profile (12-19% CO2) makes steel and coal facilities ideal for CO2capture projects.  However, steel and coal facilities have been maximizing wasted heat for decades, leaving little excess heat available for traditional CO2capture technologies.  Aqualung’s solution can answer this problem while also providing a compact footprint for industrials site with multiple emission sources