The primary goal of the partnership is to capture carbon dioxide from Elkem’s emissions and sequester it permanently by using Carbfix’s proven and safe method of transforming gas into stone deep underground in less than two years.

The first phase consists of drilling an observation well in the coming weeks and months to evaluate the possibility of CO2 mineralisation in the stratum surrounding Elkem. The project aims to develop from the research stage into full capture and sequestration of up to 450,000 tonnes of carbon dioxide from Elkem Iceland annually, which would have a significant impact on Iceland’s climate obligations.

Iceland’s emissions are divided as follows according to the Environment Agency of Iceland:

•  Societal emissions (ESR), just under 2.8 million tonnes

•  Land use, 7.8 million tonnes

•  EU Emissions Trading System (ETS), 1.9 million tonnes

Sequestrations from Elkem Iceland would have a substantial impact on Iceland’s obligations within ETS and would reduce Iceland’s emissions by nearly one quarter.

Carbfix has developed a method that sequesters CO2 in rock underground in less than two years. The company has been applying the technology since 2012. The method speeds up natural processes in reactive basalt, and thus provides safe and permanent sequestration at less expense than many other solutions.

“Carbfix and Elkem’s partnership has begun, and with it, a new chapter in the history of heavy industry in Iceland and silicon production around the world, where greenhouse gas emissions are concerned. We expect more companies and industries to follow, so that we can counteract the serious climate change that has already begun,” stated Carbfix CEO Edda Aradóttir.

“For over one hundred years, the Elkem conglomerate has been an innovator in technological development in the silicon industry and spearheaded the development of solutions in the environmental sphere. Elkem Iceland has set the goal of making its operations entirely carbon neutral no later than 2050. The partnership between Elkem and Carbfix is an important step towards that goal,” stated Álfheiður Ágústsdóttir, CEO at Elkem Iceland.

“The Grundartangi Development Association has focused on promoting acceptance of the Grundartangi area and bringing out its potential as a leader in sustainability and circular thinking. Therefore, we particularly celebrate this initiative today,” stated Ólafur Adolfsson, Director of the Board of the Grundartangi Development Association.

About Carbfix:

Carbfix is a pioneer in the development and deployment of CO2 storage through mineralization in basaltic rock formations. Since its first pilot project in Iceland in 2012, Carbfix has safely and permanently mineralized over 100 thousand tons of CO2.

The Carbfix method accelerates an entirely natural process by which CO2 rapidly reacts with elements in underground rock formations and transforms into stable carbonate minerals. In other words: Turns into stone. www.carbfix.com

About Elkem:

Elkem Iceland is a manufacturer of high-quality silicon metal, which is a key ingredient in the production of electrical steel. The company is part of a strong international entity, Elkem ASA, which is one of the world’s leading manufacturers of silicon products. Our vision is to ensure a solid future for our company with constant growth and innovation both in the service and products we provide for our customers. More information can be found at www.elkem.com

About the Grundartangi Development Association:

The purpose of the Grundartangi Development Association is to work towards the advancement of the operational, industrial, and harbour area at Grundartangi in West Iceland’s Hvalfjarðarsveit region. Through partnerships with municipalities, Associated Icelandic Ports, and the companies at Grundartangi, the Development Association has established a foundation for growth in employment opportunities, increased sustainability, and circular thinking. The association’s focus is on promoting the Grundartangi Eco-industrial Park to green industries in order to attract investors and new, green employment opportunities. More at https://www.grundartangi.is/