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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Costain Group PLC    COST   GB00B64NSP76

COSTAIN GROUP PLC

(COST)
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Costain Group PLC : CCS Projects Financed Through Government Programme

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01/08/2013 | 05:30am EDT
CCS Projects Financed Through Government Programme

8 January 2013

Costain has secured financial support from the Department of Environment and Climate Change (DECC) through a £20million programme for finding novel solutions to reduce the cost of Carbon Capture and Storage (CCS).

As part of the climate change agenda, the UK Government held a CCS Innovation competition looking for new ideas to further harness the potential of carbon capture technologies.

Secretary of State for Energy and Climate Change, Edward Davey, recently said: "Carbon Capture and Storage is a huge opportunity for our world class research industry. Through the projects we have selected, pioneering companies and universities will be able to create new jobs and expand their markets." 

Costain has been selected to develop two innovative technologies which aim to reduce the cost of low-carbon electricity generation through reducing the cost associated with carbon capture, and will work in cooperation with renowned UK universities.

In collaboration with the University of Edinburgh, Costain will investigate a novel concept for the design and construction of cheaper absorber columns to be used for post-combustion carbon capture in coal and gas power plants.

An improved oxyfuel capture technology will also be developed together with the University of Edinburgh and the University of Leeds, which will study innovative carbon dioxide separation and compression technology.

Currently Costain is also developing unique next generation Carbon Capture technology together with the Energy Technologies Institute, which is expected to improve efficiencies and reduce capital cost for power generation in Integrated Gasification Combined Cycle power plants, while achieving a very high carbon capture rate of 95%.

Bryony Livesey, Research and Technology Manager said: "I am delighted that Costain has secured these two projects from DECC's Innovation competition. We look forward to working with our partners at the Universities of Edinburgh and Leeds to develop new technologies which can play a key role in reducing the costs of carbon capture and storage in the UK."

Ends

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