This decision was taken in response to the much slower than expected development of a CO2 market in the UK, especially for next-generation technologies. The significant delay to likely revenues from Carbon Capture and Storage (CCS) using this break-through technology and increased financial commitment needed to maintain the capability required for industrial scale new technology deployment are major contributing factors.
The C-Capture Board are keen to see this technology come to market and have instructed the company to find a buyer and/or new industrial partners who are in a position to accelerate commercialisation in their sectors.
Steps have been taken to reduce costs in the business, while the new route to commercialisation is completed.