Carbfix, an Icelandic leader in carbon capture, has been awarded the Icelandic Innovation Award 2024 for its groundbreaking work in developing and commercializing a revolutionary technology that permanently binds carbon dioxide (CO₂) and hydrogen sulfide (H₂S) in rock formations.
At the Icelandic Innovation Congress on October 22, Dr. Kári Helgason, Head of Research and Innovation, and Dr. Ragna Björk Bragadóttir, Project Manager for grant projects, accepted the award from Áslaug Arna Sigurbjörnsdóttir, Minister of Higher Education, Science, and Innovation.
Dr. Helgason expressed his gratitude for the recognition, highlighting the collective effort behind Carbfix's success:
“This award is a testament to the dedication of all who have contributed to the development of our technology over the years. The potential for innovation in climate solutions is immense, and we continue to enhance the efficiency and cost-effectiveness of our processes, including the use of seawater in place of freshwater."
About Carbfix
Carbfix has developed a unique, scientifically validated method to convert CO₂ and H₂S into stone, offering a permanent solution to reduce greenhouse gas emissions. Since its founding, the company has safely stored nearly 100,000 tons of CO₂ underground, leveraging natural processes to mineralize carbon in suitable rock formations.
Originating within Reykjavik Energy, Carbfix's technology is the result of collaboration with researchers from the University of Iceland, CNRS Toulouse in France, and Columbia University in the U.S. In 2016, their work was published in Science, confirming the ability to accelerate natural carbon mineralization. To date, over 100 peer-reviewed studies have been published on Carbfix's technology, and the company collaborates with research institutions globally.
Carbfix has also made significant strides commercially, employing over 60 people and participating in projects across more than 20 countries. In 2022, it received the largest European grant ever awarded to an Icelandic company from the EU Innovation Fund, further validating its technology. The company's CO₂ sequestration solutions have been independently verified and certified, and Carbfix has received widespread international recognition, including features by National Geographic, 60 Minutes, and Netflix.
Jury's Statement
The world is facing climate-related hazards caused by human activity over the coming decades, and the fight against these changes is one of humanity's greatest challenges. According to the Paris Agreement of 2015 the goal is to limit global warming by 2050 to no more than 1.5°C above pre-industrial levels. This goal cannot be achieved without a significant reduction in greenhouse gas emissions. However, that alone will not suffice, and in addition to reducing emissions, large-scale and permanent carbon dioxide sequestration is needed. In a short time, Carbfix has secured itself a leading position in this field on a global scale. Its projects are highly ambitious and have the potential to reach a scale that could make a difference for the entire world. Climate issues are inherently global problems that do not respect borders, and to succeed in the fight against them, robust international cooperation is essential. Carbfix is collaborating with partners to develop research and development projects based on the company's technology worldwide.
Carbfix's technology has already proven its scientific and commercial value. The company has secured its intellectual property rights through patents and trademark registrations and is one of the first Icelandic companies to obtain patents for energy-related technologies. The scientific value has been demonstrated by the publication of more than a hundred peer-reviewed scientific papers in high-ranked international journals. The company has also proven its commercial value by generating significant revenue through the sale of permanent carbon dioxide storage, in addition to sequestering a large portion of the carbon dioxide and hydrogen sulfide emitted by the Hellisheiði Power Plant. Preparations are underway for large-scale injection in the Coda Terminal project, which is currently undergoing environmental assessment. For this project, the company has secured the largest European grant ever awarded to an Icelandic company, totaling approximately 17 billion ISK. The company places great emphasis on continued research and development and is currently involved in studies on the feasibility of using seawater instead of freshwater. The company has also garnered significant international media attention.
The jury's assessment is that Carbfix is a worthy recipient of the Icelandic Innovation Award 2024.
About the Icelandic Innovation Award
The Icelandic Innovation Award is presented by Business Iceland, the Icelandic Intellectual Property Office, the New Venture Business Fund, and the Icelandic Centre for Research (Rannís) to companies that excel in developing new products or services through research and innovation. The award recognizes companies that achieve market success and contribute to economic growth by bridging the gap between knowledge acquisition and value creation.
Selection criteria include the company's use of new technologies, market success, intellectual property protection, and long-term sustainability. The winner also serves as an inspiration for other innovators. The award trophy, a statue of the fertility god Freyr, was designed by sculptor Hallsteinn Sigurðsson.
