Fluor Corporation (NYSE: FLR) has recently announced that Chevron New Energies has signed a license agreement with Fluor to use its technology to reduce carbon dioxide (CO2) emissions at Chevron’s Eastridge Cogeneration facility in Kern County, California. The agreement was recognized in the fourth quarter.
This partnership is expected to have a significant impact on reducing the Eastridge facility’s carbon emissions by approximately 95% when installed. As part of the licensing agreement, Fluor will develop a process design package, supply proprietary equipment, and provide technical support services throughout various stages of the project.
Fluor’s carbon capture solution is a significant step in the ongoing efforts to reduce carbon emissions and combat climate change. This project marks another important milestone for Fluor as it continues to make a positive impact in environmental sustainability efforts.
Jim Breuer, Group President of Fluor Corporation’s Energy Solutions business segment, stated, “We are pleased to help Chevron achieve their CO2 reduction goals through the use of our carbon capture technology.” He added that this project is part of the increasing global activity in carbon capture technology and is another important project for Fluor as it continues to make a positive impact in environmental sustainability efforts.