FARMINGDALE, N.Y., Jan. 26 /PRNewswire-FirstCall/ -- Cemtrex Inc. (OTC Bulletin Board: CTEI) announced that it has started its pilot test program to develop its carbon dioxide (CO2) capture technology, Carbondox, for application in coal-fired power plants.
"Carbondox technology represents a measurable and significant breakthrough in combating climate change and economically reducing carbon dioxide emissions from fossil fuel burning power plants," said Mr. Arun Govil, CEO & President of Cemtrex Inc. "Our test program investigates the implementation and optimization of a corona-catalyst and bicarbonate mechanisms in an aqueous medium for the purpose of CO2 capture from flue gases emitted by coal-fired combustors, post-Flue Gas Desulfurization (FGD) equipment."
According to McIlvaine Company the operators of coal-fired power plants are committing billions of dollars in expenditures to reduce the quantities of CO2 per kilowatt of power produced. These expenditures are accelerating at double-digit rates and CO2 capture represents a very sizable capital investment. Most of the large boiler companies are going to be major players in this growing market; however, because of the innovation potential there is a good opportunity for the smaller companies.
CO2 emissions from the burning of fossil fuels are the leading cause of climate change. The general consensus among experts is that to prevent disastrous environmental impacts, CO2 emissions must be reduced by 50% or more from current levels by 2050. In order to accomplish this goal, governments and industries must implement an unprecedented global program to change the way the world produces and uses energy and reduce CO2 emissions in the current energy generation and industrial processes. The present challenge is to find the best mix of technologies and strategies that would achieve the necessary reduction in greenhouse gases while at the same time maximizing economic growth during the transition to a more carbon-neutral world economy.
According to International Energy Agency (IEA), CO2 emissions reduction is a huge new untapped market and it estimates the current total US CO2 emissions at 6 billion tons and the European Union CO2 emissions at over 5 billion tons. It is estimated that $30 billion will be invested in R&D effort and the cost to the US economy alone for avoiding this will be over $1 trillion in the next 40 years. Based upon a $20 per ton carbon price, the estimate for the total carbon dioxide capture market is over $90 billion. The IEA estimates that it may be necessary to spend as much as $200 per ton to achieve the CO2 reduction goals thus increasing the market size tenfold.
Cemtrex Inc. is a worldwide market leader in manufacturing and selling the most advanced instruments for emission monitoring of particulate, opacity, mercury, sulfur dioxide, nitrogen oxides, etc. and filtration products for the industry. Cemtrex also markets Green DCV, an innovative energy efficiency solution for high-quality green building applications, through optimizing HVAC control systems. Cemtrex provides technologies and services for abatement of greenhouse gases and assists customers in developing carbon credit projects. The Company's products are sold to power plants, refineries, chemical plants, cement plants and other industries, including federal and state governmental agencies.
Safe Harbor Statement
This press release contains forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date.
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SOURCE Cemtrex Inc.