San Angelo (Texas), November 21, 2024 – Carbon capture and removal project developers Return Carbon and Verified Carbon today announced “Project Concho”, a pioneering Direct Air Capture (DAC) hub to be built in Tom Green County, Texas. Project Concho will be the first DAC hub in the world to run entirely on wind power and will leverage advanced DAC technology as well as onsite geological carbon storage to capture and permanently remove CO₂ from the atmosphere. In its first phase, the facility aims to remove 50,000 tons annually before 2030, with expansion plans to reach 500,000 tons per year, in turn creating premium, verified carbon credits that hold significant value in carbon markets.
Project Concho will be powered by a new wind farm to be built and operated by Greenalia, a leading global renewable energy producer with presence in wind and solar in Europe and the United States. The technology underpinning Project Concho will be provided by Skytree, an industry-leading carbon removal company born out of the European Space Agency with DAC units in deployment across Europe, Canada, and the United States.
“Project Concho is a significant step forward in scaling up DAC,” said Martijn Verwoerd, Managing Director of Return Carbon. “This opportunity aligns perfectly with Return Carbon and Verified Carbon’s joint mission to mitigate climate change through the scalable commercialization of new technologies in impactful infrastructure projects. We’re thrilled to make West Texas a home for this groundbreaking DAC hub and create new opportunities for the region.”
Collaboration Sets Stage For Future Renewable Power-DAC Projects
Project Concho is the result of an unprecedented collaboration between a wind energy provider and a DAC developer: the DAC hub guarantees a reliable offtake of wind energy in return for access to low-cost power, one of the challenges associated with large-scale DAC projects. Project Concho’s energy optimization will be enabled through its flexible use of power, leveraging the agreement of Greenalia and Concho partners to develop a unique Power Purchase Agreement (PPA) structure that allows for price stability and full energy deliverability. This symbiotic arrangement sets the stage for future joint renewable power-DAC projects that enable greater scale, lower risk, and reduced costs.
“We are excited about the partnership with Project Concho and there is a vision and a framework for collaboration that our companies share,” said Alexandre Alonso, SVP of Business Development at Greenalia. “The flexibility offered by the DAC hub to optimize around energy price peaks is a game changer for renewable energy projects. It not only strengthens the business case for our wind farm under development in Texas but also contributes to adding innovative business models and alternatives for a greener energy landscape in the U.S.”
State-of-the-art DAC Technology
Project Concho will feature a connected array of Skytree Stratus DAC units. Skytree’s patented DAC technology continuously optimizes energy use and drives down energy consumption while ensuring optimal CO2 capture efficiency. In addition, its modular design and 24/7 uptime guarantee made it a logical choice for a large-scale project like Project Concho in which units will be added over time.
“Project Concho is a first-of-its-kind collaboration that opens the door to even more ambitious and transformative carbon removal projects,” said Elena Nikonova, VP North America at Skytree. “Deploying DAC at scale is necessary to drive down costs across the value chain and achieve greater impact and we are thrilled to provide the technology needed to bring Project Concho to life.”
Revenue and Environmental Benefits to Concho Valley
Through carbon sequestration, local landowners can take advantage of passive revenue streams while promoting sustainable land use. “Project Concho brings significant benefits to the Concho Valley, providing new economic opportunities for landowners beyond traditional activities,” said Coleman White, co-founder of Verified Carbon and Concho Valley landowner. “Projects like these allow us to maintain traditional land uses while benefiting from a new income source and supporting projects that sustain both our environment and local economy”.
(originally published at: https://returncarbon.nl/news/return-and-verified-announce-first-100-wind-powered-direct-air-capture-hub-designed-to-scale-to-500000-tons-annually)
