According to the company’s website press release on December 15, 2022, Honeywell and Johnson Matthey (JM), announced they will work together to deploy low carbon hydrogen solutions. The companies will offer JM's innovative LCH™ technology, coupled with Honeywell's leading carbon capture technology to produce lower carbon intensity hydrogen (blue hydrogen) at scale. Ready to be deployed, this offering will provide project developers a new option for producing clean hydrogen.
The demand for hydrogen solutions is on the rise with public policies and funding mechanisms being put in place to encourage investment. An example is the U.S. Inflation Reduction Act (IRA), which commits billions in production tax incentives for clean hydrogen producers.
With the evolving legislative environment, an integrated solution was identified with low process carbon intensity as a key target. According to JM- Honeywell UOP calculations, the result is a solution which will enable direct process emissions to be less than 0.1 kgCO2/kgH2 by capturing carbon rates above 99%. This provides eligibility for production tax credits within the IRA, meaning projects can access the support they need to be deployed rapidly.
This relationship also builds on the collaboration recently announced at the European Refining Technology Conference in Berlin, where JM is integrating differentiated Honeywell UOP technologies into its CLEANPACE™ offering for decarbonising existing synthesis (syngas) gas plants. Honeywell's advanced solvent carbon dioxide (CO2) capture and hydrogen solutions allow for CO2 to be captured, transported, and stored at a lower cost through greater efficiency, while allowing for smaller equipment and lower capital operational expenses needed to run the plant compared to existing technologies3.
Alberto Giovanzana, Chief Commerical Officer of Catalyst Technologies at Johnson Matthey said: "By joining complementary technology elements, we will provide customers with a cost-effective approach that will enable meaningful reductions in emissions compared to conventional technology. As we mentioned in our Strategy Review earlier in the year, Catalyst Technologies aim to expand our offering through new strategic partnerships, integrating them with adjacent technologies. This is an exciting first step and we look forward to working with Honeywell on expanding our offering to include other sustainable technologies in the fuel and chemical spaces."
"Industries need to quicken their pace to reduce their emissions in order to meet their carbon reduction targets," said Barry Glickman, vice president and general manager, Honeywell Sustainable Technology Solutions. "This is accelerating the demand for clean hydrogen, which is expected to grow up to sevenfold by 2050. Collaborations like the one between Honeywell and Johnson Matthey across the clean hydrogen value chain are essential to accelerating the energy transition and helping to meet global emissions goals."
Today, 15 million tons per year of CO2 is being captured and used in storage/utilization applications through Honeywell's CO2 solutions process expertise. Honeywell currently has the capacity to capture 40 million tons per year through its installed projects worldwide.
About Honeywell
Honeywell (www.honeywell.com) delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
Honeywell is committed to achieving carbon neutrality in its operations and facilities by 2035. This commitment builds on the company's track record of sharply reducing the greenhouse gas intensity of its operations and facilities as well as its decades-long history of innovation to help its customers meet their environmental and social goals. About 60% of Honeywell's new product introduction research and development investment is directed toward products that improve environmental and social outcomes for customers.
For more information on Honeywell's carbon capture solutions, visit
https://pmt.honeywell.com/us/en/solutions/sustainability/carbon-capture.
For more information about Honeywell's sustainability initiatives, visit the website.
About Johnson Matthey
Johnson Matthey is a global leader in sustainable technologies, catalysing the net zero transition. With over 200 years of sustained commitment to innovation and technological breakthroughs, we improve the performance, function and safety of our customers' products. Our science has a global impact in areas such as low emission transport, energy, chemical processing and making the most efficient use of the planet's natural resources. Today, about 13,000 Johnson Matthey professionals collaborate with our network of customers and partners to make a real difference to the world around us. For more information visit www.matthey.com
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that address activities, events or developments that management intends, expects, projects, believes or anticipates will or may occur in the future. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to risks and uncertainties, including the impact of the COVID-19 pandemic and the Russia-Ukraine conflict, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal commitment, expectation, or prospect set forth in this release can or will be achieved. Any forward-looking plans described herein are not final and may be modified or abandoned at any time. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
- https://www.gov.uk/government/publications/uk-low-carbon-hydrogen-standard-emissions-reporting-and-sustainability-criteria
- On-steam availability percentage calculated by total hours in operation over total hours of reporting period. Calculation based on based on reliability data from the 2010 North American User Meeting feedback. 99.95% (1 shutdown/hr) achieved with a preventative maintenance project versus 99.8% (2-6 shutdowns/yr) without a preventive maintenance program.
- Information based on pilot-scale test campaigns at UT-Austin pilot plant and National Carbon Capture Center using flue gas from both coal and natural gas combined cycle sources.
- Includes capacity of deployed Honeywell technology (membranes and chemical & physical solvents) in installed projects enabling CO2 capture from gas streams, of which 15 million tons of the captured CO2 are being utilized for enhanced oil recovery annually.
