HONEYWELL AND SAMSUNG E&A PLAN COLLABORATION TO HELP REDUCE POWER PLANT EMISSIONS

Rhea-AI Summary

Honeywell (Nasdaq: HON) has announced a collaborative effort with SAMSUNG E&A to jointly market solutions aimed at reducing carbon emissions in the power plant sector globally. The initiative aligns with Honeywell's focus on the energy transition megatrend. SAMSUNG E&A will leverage Honeywell's advanced solvent carbon capture (ASCC) technology to help power plants meet environmental goals.

This collaboration highlights the importance of cooperative approaches in reducing greenhouse gas emissions. Carbon capture, utilization, and storage (CCUS) technologies are seen as important in mitigating environmental impact during the transition from fossil fuels to lower-carbon energy sources. Honeywell estimates that between 2023 and 2030, its CCUS technologies will have a cumulative impact of mitigating 320 million metric tons of CO2e.

Positive

• Collaboration with SAMSUNG E&A expands Honeywell's market reach in the power plant sector
• Alignment with energy transition megatrend positions Honeywell for future growth
• Potential for significant environmental impact, with estimated 320 million metric tons of CO2e mitigation by 2030

Negative

• None.

Insights

Environmental Technology Expert

This collaboration between Honeywell and SAMSUNG E&A marks a significant step in addressing the hard-to-abate power plant sector's emissions. The joint marketing of Honeywell's advanced solvent carbon capture (ASCC) technology could accelerate the adoption of carbon capture, utilization and storage (CCUS) solutions globally.

The potential impact is substantial, with Honeywell estimating a cumulative mitigation of 320 million metric tons of CO2e between 2023 and 2030 using their CCUS technologies. This partnership could play a important role in helping power plants meet increasingly stringent environmental goals and contribute to the global energy transition.

However, it's important to note that while CCUS is a promising stopgap measure, it doesn't address the root cause of emissions. The long-term sustainability of this approach will depend on the parallel development of renewable energy sources and the overall reduction of fossil fuel dependence.

Market Research Analyst

This collaboration positions both Honeywell and SAMSUNG E&A strategically in the growing carbon capture market. With increasing global pressure to reduce emissions, the demand for CCUS technologies is expected to surge, particularly in regions with stringent environmental regulations.

For Honeywell, this partnership could expand its market reach, especially in regions where SAMSUNG E&A has a strong presence. It aligns with Honeywell's focus on the energy transition megatrend, potentially boosting its revenue streams in this sector.

Investors should monitor the adoption rate of this joint solution and any subsequent large-scale projects or contracts. The success of this collaboration could significantly impact both companies' positions in the green technology market, potentially leading to increased market share and revenue growth in the medium to long term.

 Agreement aims to provide customers a carbon capture solution for power plants from
two leading energy solution providers

CHARLOTTE, N.C., Sept. 17, 2024 /PRNewswire/ -- Honeywell (Nasdaq: HON) announced today a collaborative endeavor with SAMSUNG E&A to jointly market solutions aimed at the hard-to-abate power plant sector globally. The initiative seeks to reduce carbon emissions and contribute to the fight against climate change. It also supports Honeywell's alignment of its portfolio to three powerful megatrends, including the energy transition. 

SAMSUNG E&A, a total solutions provider for the global energy industry, will leverage Honeywell's industry-leading carbon capture technologies to help power plants reduce carbon emissions and meet environmental goals. Together, the companies will offer customers access to a carbon capture solution by jointly marketing Honeywell's advanced solvent carbon capture (ASCC) technology.

"As two carbon capture leaders, our collaboration highlights the importance of cooperative approaches in reducing greenhouse gas emissions," said Hong Namkoong, president and CEO of SAMSUNG E&A. "Deploying Honeywell's carbon capture technologies allows SAMSUNG E&A to offer viable, more sustainable solutions for global clients during this energy transition."

Carbon capture, utilization, and storage (CCUS) can significantly reduce carbon dioxide (CO₂) emissions, acting as a crucial stopgap during the expected transition from fossil fuels to lower-carbon energy sources. These technologies help to mitigate the environmental impact of various industries responsible for greenhouse gas emissions.

"Honeywell has long been a global leader in carbon capture technologies and our collaboration with SAMSUNG E&A only further highlights our commitment to reducing emissions and tackling climate challenges," said Ken West, president and CEO of Honeywell Energy and Sustainability Solutions. "With decades of experience and a broad portfolio of carbon capture solutions, we are ready to help businesses meet growing carbon mitigation expectations and increasingly stringent environment goals by abating emissions from existing sources."

Honeywell's CCUS technologies have been developed and deployed in numerous applications globally. Between 2023 and 2030, Honeywell estimates that the company's CCUS technologies will have a cumulative impact of mitigating 320 million metric tons of CO₂e.¹

For more information on Honeywell's CCUS technologies, visit https://uop.honeywell.com/en/energy-transition/carbon-capture.

About Honeywell

Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends – automation, the future of aviation and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Forge IoT platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation and Energy and Sustainability Solutions business segments that help make the world smarter, safer and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

About SAMSUNG E&A

SAMSUNG E&A is a total solutions provider, offers comprehensive solutions in areas ranging from project development, engineering, procurement, construction and commissioning to O&M, taking the lead in the global energy industry such as energy transition, oil-gas processing, refinery, petrochemical, environmental, industrial and bio. SAMSUNG E&A has delivered exceptional customer-oriented services, completing over 1,500 projects worldwide in regions such as the Middle East, Asia, Americas and Europe. For more news and information on SAMSUNG E&A, please visit https://www.samsungena.com/en/index.

¹ Methodology for estimating GHG mitigation impact is available at investor.honeywell.com (see "ESG/ESG Information/GHG Mitigation Impact of Honeywell Technologies"). This estimate is based on current and projected licenses of Honeywell UOP Separex, ASCC and Blue hydrogen technologies for capture of carbon dioxide from process gases and waste gas streams and expected plant start-up dates.

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SOURCE Honeywell

FAQ

What is the purpose of Honeywell's collaboration with SAMSUNG E&A?

The collaboration aims to jointly market solutions to reduce carbon emissions in the power plant sector globally, leveraging Honeywell's advanced solvent carbon capture (ASCC) technology.

How does this collaboration align with Honeywell's (HON) business strategy?

This initiative supports Honeywell's alignment with the energy transition megatrend, which is one of three powerful megatrends shaping the company's portfolio.

What is the estimated environmental impact of Honeywell's CCUS technologies between 2023 and 2030?

Honeywell estimates that its CCUS technologies will have a cumulative impact of mitigating 320 million metric tons of CO2e between 2023 and 2030.

Why is carbon capture technology important for the power plant sector?

Carbon capture technology is important for reducing CO2 emissions in the power plant sector, serving as a stopgap during the transition from fossil fuels to lower-carbon energy sources.