Carbon Dioxide Capture and Storage (DAC) made affordable at less than $50 per tonne, as claimed by Prometheus.

In a significant breakthrough for the climate tech industry, Prometheus Fuels, a California-based company, has announced a groundbreaking development in direct air capture (DAC) technology. According to Rob McGinnis, the founder and CEO of Prometheus Fuels, this innovation marks a new business model rather than an incremental improvement.

The new technology bypasses traditional gas purification, compression, absorption, and desorption processes, significantly reducing the associated costly infrastructure. This could potentially make DAC a more affordable solution for capturing carbon dioxide (CO2).

McGinnis further explains that the combination of ultra-low-cost DAC with modular, off-grid electrochemical fuel production allows access to remote, off-grid solar energy, the cheapest source of energy on the planet. This new approach makes carbon neutral power available anywhere in the world as a new low-cost source of 24/7, firm, dispatchable power.

However, it's important to note that most current DAC systems cost between $200 and $600 per tonne of CO2 captured, which is too costly to produce synthetic fuels that compete with fossil fuel prices. The development by Prometheus Fuels aims to change this, with claims of capturing CO2 directly from ambient air at a cost of under $50 per tonne.

Other players in the DAC field include Swiss direct air capture specialist Climeworks, which launched a live demonstration of its DAC testing unit in Riyadh, and the UK-based climate tech company Mission Zero Technologies, which opened a DAC plant in Norfolk, in the east of England. With more than 100 players targeting the DAC opportunity today, the race is on to bring down costs and make DAC a viable solution for combating climate change.

Notably, 1PointFive, a subsidiary of Occidental Petroleum, has announced the development of a new Direct Air Capture system aiming to achieve costs below 50 USD per ton of CO2. They are currently building the world's largest Direct Air Capture plant with a capacity of 500,000 tons of CO2 per year.

While more research and development are needed, these advancements in DAC technology hold promise for a future where carbon neutral fuel production becomes a reality, potentially paving the way for a more sustainable energy landscape.