Aspen Technology and Saudi Aramco Partner to Bring New Carbon Capture & Utilization Software Innovation to Market
Aspen Technology, Inc. (NASDAQ:AZPN), a global leader in industrial software, today announced a partnership with Aramco (Tadawul:2222), one of the world's leading integrated energy and chemicals companies, that positions AspenTech to introduce a unique, integrated modelling and optimization solution that will enable capital intensive industries to achieve practical and economic solutions for Carbon Capture and Utilization (CCU).
The new solution is based on technology developed by Aramco collaboratively with the Korea Advanced Institute of Science & Technology (KAIST). Aramco, through its subsidiary Saudi Aramco Technologies Company (SATC) has licensed the technology to AspenTech as part of its broader capabilities to optimize carbon emissions reduction. It will aim to address the identification of the most promising carbon capture and utilization paths by simultaneously considering economics, process design and operations constraints and CO2 reduction. The goal of this innovation is to enable businesses to make evidence-based decisions in support of adopting carbon management strategies that optimize and accelerate sustainable operations.
Dr. Aqil Jamal, Carbon Management Chief Technologist at Aramco's Research & Development Center, said, "The advanced and reliable optimization algorithm developed by Aramco provides a visualized superstructure interface for users to intuitively develop case options and cost curves."
Dr. Bashir Dabbousi, Director of Technology Strategy and Planning at Aramco added, "Aramco and AspenTech will combine their strengths to bring together integrated modelling and optimization to help make informed decisions on carbon strategies and ultimately to help meet sustainability targets."
Dr. Vikas Dhole, General Manager, Sustainability at Aspen Technology said, "Our agreement with Aramco demonstrates the importance of technology innovators working together to address the biggest challenges in ensuring a sustainable future. The AspenTech solution, based on this partnership between AspenTech and Aramco, will aim to help companies rapidly evaluate potential opportunities and new innovative solutions that mitigate carbon footprints while ensuring profitability."
The objectives of the solution will be to allow companies to:
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