Inpex invests in green formic acid firm
Japanese petrochemicals firm Inpex has made an unspecified investment in OCOchem, a US-based start-up that has developed technology to produce green formic acid and potassium formate from CO2 and water “cleanly and at low cost”, using electrochemical methods powered by renewable energy.
Inpex added that it will support OCOchem’s business development with the aim of linking its technologies to its own activities. The company is promoting CO2 reduction in upstream projects, while development of hydrogen projects and carbon recycling.
Formic acid is widely used for deicing, fertiliser and chemical feedstock applications. In recent years, it has attracted attention as a transport medium for hydrogen and CO2, due to being liquid at room temperature and pressure, which facilitates storage and transportation.