Malaysian energy and maritime firm MISC Group has signed a deal with three other firms seeking to develop the use of carbon capture in the shipping industry.
MISC has signed a memorandum of understanding with Mitsui & Co, Samsung Heavy Industries and Andritz AG exploring opportunities for carbon capture and storage solutions in the maritime value chain, it said in a statement on its website this week.
The partnership will work on identifying storage hubs, the development of floating solutions and carbon capture parts and equipment.
"Carbon capture and storage technologies as well as related infrastructure, are pivotal measures to support and accelerate the transition towards a low-carbon future," Rajalingnam Subramaniam, CEO of MISC, said in the statement.
"Strategic collaborations with global stakeholders have always been our approach, and we will continue forging partnerships in the development and commercialisation of the carbon capture and storage value chain.
"The MoUs reflect MISC's ambition to define our role in a future that is being shaped by the energy transition and we are pleased to explore opportunities in this new venture with our partners."
Onboard carbon capture systems remove a percentage of carbon emissions from vessels' exhausts, allowing them to reduce GHG emissions without switching fuels. The technology is gaining in popularity in the shipping industry, but will not be suitable for all segments because of the space requirements on board ships for the captured carbon.