#Australia #carbon capture #Perth #Deep C Store #CStore1

Deep C Store and Its Groundbreaking Initiative in Carbon Capture

Deep C Store, a pioneering carbon capture storage firm based in Western Australia, has recently announced a significant funding round totaling approximately $3.5 million from Incubate Fund, a venture capital firm located in Tokyo. This investment is aimed at furthering their ambitious project, CStore1, which promises to be the world’s first cross-border floating carbon capture and storage (CCS) solution.

The Urgent Need for CCS

As global awareness of climate change escalates, carbon capture and storage technology has begun to gain traction. The International Energy Agency (IEA) estimates that approximately 5.1 billion tons of CO₂ per year must be captured worldwide, with Japan alone requiring about 170 million tons annually to meet its decarbonization targets. However, Japan currently has no operational CCS facilities, and globally, only about 49 million tons of CO₂ are captured each year. This stark reality has pushed many nations to urgently invest in and plan for CCS projects. The Japanese government took a significant step in this direction by implementing the CCS Business Act in February 2024, aiming to facilitate CCS initiatives.

Deep C Store’s Unique Approach

In response to the strong demand for decarbonization, major companies in Japan have typically focused on utilizing existing oil fields and gas fields as CO₂ storage sites. In contrast, Deep C Store is taking a distinct approach by developing new large-scale storage sites using offshore aquifers, where competition remains minimal. As a result, the Australian government has awarded the company two large-scale CO₂ storage leases, positioning Deep C Store to contribute significantly to the decarbonization efforts of Japan and the Asia-Pacific region with its innovative CStore1 solution.

What is CStore1?

CStore1 is an innovative CCS solution that aims to transport approximately three million tons of liquid CO₂ annually from industrial emitters in Japan and the Asia-Pacific region to designated large-scale CO₂ storage basins, about 200-250 kilometers offshore from the northwestern coast of Australia. The CO₂ will then be injected and permanently stored in these basins using a floating hub facility. Some of the strengths of CStore1 include:

• - Multi-user capability, allowing for CO₂ reception from various sources
• - Minimal pipeline distance required for transport
• - Reduced residual value risk through the reuse of ships and floating facilities
• - Expandability for global deployments

Deep C Store collaborates with leading energy and shipping companies, including J-POWER, to pioneer cross-border CCS in the Asia-Pacific region, thereby contributing to creating a sustainable decarbonized society.

Investor Insights

Makoto Honma, the representative partner of Incubate Fund, commented positively on the investment: "CCS is an effective strategy for industries unable to reduce CO₂ emissions through conventional means. For Japan's industry to achieve carbon neutrality, international cooperation that transcends both technology and capital is essential. I hold great expectations that Deep C Store will collaborate with major corporations in Japan and Australia to create a strong supply chain and infrastructure technology that leads the world."

Founder’s Vision

Daein Cha, the CEO of Deep C Store, expressed his excitement about the investment from Incubate Fund, stating, "We are thrilled to have the support of Japan's leading venture capital firm. This investment reflects our shared vision of realizing the world’s first offshore floating CCS hub, CStore1, and expanding its reach to aid in the decarbonization of the Asia-Pacific region. I believe this fundraising will play a pivotal role in propelling our ambitious project forward."

About the Founder

Daein Cha, born and raised in Hyogo Prefecture, Japan, began his career in the energy sector at Tokyo Gas. He obtained his MBA from the University of Virginia, USA, during his tenure at the company. After a stint in liquefied natural gas (LNG) procurement and upstream gas field development, he relocated to Australia in 2010. Subsequently, he worked at Chevron, managing multi-billion dollar upstream gas projects. In 2016, he founded Transborders Energy to advance a novel FLNG (Floating LNG) development model. In 2021, he established Deep C Store, focusing on the implementation of CStore1, leveraging the large-scale CO₂ storage sites awarded by the Australian government.

Contact Information

For inquiries regarding Deep C Store, please contact:
Daein Cha (CEO)
Email: [email protected]

Company Overview

Deep C Store

• - Location: Level 8, 167 St Georges Terrace, Perth WA 6000, Australia
• - Established: August 2021
• - Business Focus: Independent CO₂ capture and storage company from Australia
• - Website: Deep C Store