Press Releases

Companies collaborating on technology to help bring planet to net-zero faster

THE WOODLANDS, Texas. — May 4, 2021 —  TETRA Technologies, Inc. (“TETRA” or the “Company”) (NYSE:TTI) today announced that the Company has signed a memorandum of understanding (“MOU”) with CarbonFree, a global carbon capture company with patented technologies that capture CO₂ and mineralize emissions to make commercial, carbon-negative chemicals.

CarbonFree’s SkyCycle^TM is a second-generation carbon mineralization technology that uses calcium chloride as a key part of the conversion chemistry. TETRA is a global leader in the production and chemistry for many commercial applications of calcium chloride, so the Companies plan to use each other’s technical expertise, chemistry know-how, production, and supply chain networks to jointly advance the commercialization of SkyCycle^TM.

TETRA and CarbonFree have been collaborating since November 2020 and have been jointly sharing and leveraging both Companies’ technical resources and expertise as CarbonFree continues to advance their carbon capture mineralization pilot plant, processes, and technologies. During the one-year MOU period, both Companies will work towards a definitive agreement that might include investments by TETRA into CarbonFree, a joint venture, or other commercial arrangements that will leverage each Company’s strength to advance this market-leading technology.

Martin Keighley, CarbonFree’s chief executive officer commented, “We’re excited to formalize our relationship and continue collaborating with TETRA, who is a world-class player in the calcium chloride space. Having their in-depth expertise will help us accelerate our expansion of bringing SkyCycle^TM to industrial plants across the globe – which will mean getting to a net-zero planet faster.”

Brady Murphy, TETRA’s president and chief executive officer commented, “Because SkyCycle^TM produces a high quality, commercial mineral from CO₂ emissions, we believe there are many cost and commercial advantages to this technology. We are pleased to partner with CarbonFree and utilize our nearly 40 years of calcium chloride chemistry, technical expertise, and global footprint. We believe that by combining our efforts and expertise we can accelerate SkyCycle^TM for a rapidly-growing carbon capture market that requires innovative, scalable, and lower cost solutions. As announced earlier this year, this is one of several initiatives that TETRA is pursuing to leverage our global chemicals network, technology, and mineral resources to enable TETRA’s growth into low carbon energy markets.

Investors Select CarbonFree and its Innovative SkyCycle^TM Technology Among 110 Companies

We are delighted to be on the top 10 list, which underlines the urgency of bringing low cost, secure and scalable CCUS technologies like SkyCycle™ to market. From the fires in the west to the hurricanes in the east and weather extremes all around, we know that more and more global leaders are looking for answers. I’m proud of the company that we’ve created and thrilled about the potential for CarbonFree to be a part of the solution.

Martin Keighley, CEO of CarbonFree

At the 18^th Annual Energy Tech Venture Forum, CarbonFree was selected for special recognition among the 110 companies pitching via investor votes from the more than 90 major venture capital firms present. The forum, hosted by Rice University’s nationally-recognized Rice Alliance for Technology and Entrepreneurship, provides an opportunity for business leaders to learn about the latest emerging technologies, discover investment opportunities and network with entrepreneurs, researchers, investment professionals and business executives all across the energy industry. The 2020 event was the largest forum in the event’s 18-year history with more than 110 energy ventures—which have raised over $655 million combined— participating.

With an audience of 1,500 virtual attendees, CarbonFree introduced SkyCycle™, a patented industrial-chemical mineralization technology that captures carbon emissions on a megaton scale to make usable or safely storable products. CarbonFree plans to raise $10 million to develop SkyCycle™ and build the first commercial carbon capture plant within two years,. SkyCycle™ follows CarbonFree’s development of the world’s first industrial-scale carbon mineralization facility, SkyMine^®, which produces baking soda from cement plant flue gas.  SkyCycle™ is already backed by energy-savvy investors including Fortistar, Braemar Energy Ventures, BP Ventures, Husky Partners, Berg & Berg and Apollo Investments.

Mark Comora, President of Fortistar said, “We’re proud of CarbonFree’s rapid progress towards making its carbon capture process an industrial and commercial reality. Our investment in CarbonFree was driven by Fortistar’s mission to lead investments in lasting solutions to challenging problems and we’re delighted to do our part to bring CarbonFree’s paradigm-shifting technologies to the global market.”

Throughout the 3-day event, more than 93 investment groups participated in the forum or took office hours. The event kicked off with a keynote from Maynard Holt, CEO of Tudor, Pickering, Holt & Co. and closed with a special announcement on the launch of the new Rice Alliance Clean Energy Accelerator. A recording of the event is available on the Energy Tech Venture Forum website.