HYCO1, Inc. and Malaysia LNG Sdn. Bhd. (MLNG) have signed a Memorandum of Understanding (MoU) to collaborate on the potential utilization and conversion of one million metric tons of carbon dioxide (CO2) per year.
The MoU was signed by Gregory Carr, CEO of HYCO1, Inc. Gregory Carr, and Managing Director and CEO of Malaysia LNG Group of Companies Mohamed Syazwan Abdullah.
The Carbon Capture and Utilization (CCU) project will be developed in Bintulu, Sarawak, where Malaysia LNG Sdn. Bhd. a subsidiary of PETRONAS is based.
Central to the project is HYCO1’s proprietary CUBE™ Technology, which uses CO2 as the main raw material to replace the more expensive natural gas in producing industrial-grade syngas. This syngas, made up of hydrogen (H2) and carbon monoxide (CO), can be tailored to meet a wide range of downstream industry needs.
Under the MoU, HYCO1 and MLNG will conduct a joint feasibility study to evaluate design alternatives for producing low-cost, low-carbon syngas tailored to diverse end-user requirements.
Carr stated that the HYCO1 CUBE™ process and catalyst are “game changers” in the field of decarbonization, as they not only prevent CO2 emissions but also convert the captured carbon into valuable chemical and fuel products.
According to the MoU, MLNG plans to supply one million metric tons of raw CO2 per year to HYCO1 for a term of 20 years, starting no later than 2030.
HYCO1 and MLNG anticipate that this will become one of the largest CO2 utilization projects in history.
Unlike conventional carbon capture and sequestration (CCS) efforts, this project fully utilizes captured emissions to create profitable and competitive end-products.
The partnership highlights how achieving net-zero emissions at scale can be both economically viable and environmentally sustainable.
By converting industrial CO2 waste into renewable chemical products, the collaboration aims to drive innovation, economic value, and long-term sustainability.
Shahriena Shukri is a journalist covering business and economic news in Malaysia, providing insights on market trends, corporate developments, and financial policies. More about Shahriena Shukri.
