Friday, August 22, 2008

Praxair seeks piece of DOE’s $340M clean energy funds

By Mass High Tech Staff

Industrial gas giant Praxair Inc. plans to propose its carbon capture technology, using new and existing coal-fired electricity-generating plants, as a potential recipient of part of the U.S. Department of Energy’s $340 million funds for distribution.

The DOE is looking for proposals that join government and industry resources in forming new technology that captures carbon dioxide and either puts it to good use or sequesters it.

Praxair’s project, developed in conjunction with Jamestown Oxy-Coal Alliance and others, would be the first of its kind in the U.S., the company reports.

The carbon capture technology developed by Praxair (NYSE: PX) works by using pure oxygen in the utility boiler, which captures 90 percent of the concentrated carbon dioxide stream produced. It also cuts down on nitrogen oxides, sulfur dioxides and mercury, Praxair officials said.

The demonstration project will take place in Jamestown, N.Y., at the Jamestown Board of Public Utilities, and involve to 50-megawatt circulating fluidized bed plant to be built. The alternate site for the project will be in Holland, Mich., for a 78-megawatt plant.

DOE funding applications are due by January 15, 2009.

Danbury, Conn.-based Praxair reported net income of $1.2 billion on $9.4 billion in total revenue in 2007.