Minister Barr: Canberra start-up signs $100 million MOU with Singapore company
- Written by ACT Government
Released 12/04/2016
I was pleased to witness Canberra start-up Mineral Carbonation International (MCi) sign a $100 million Memorandum of Understanding (MOU) with Singapore company ArmorShield Holdings, which has extensive networks and experience doing business in China.
MCi is a local company, who now enjoys global success. By developing technology that can store carbon dioxides in carbonates which are used in building materials for use in the construction industry, MCi is partnering with industry leaders around the world to reduce emissions from industry.
My time in Singapore is focussed on continuing to build momentum in our relationships with the Singapore Government and businesses so Canberra can make the most out of direct international flights.
The MOU is a platform for MCi to grow their business in China, with Armorshield Holdings able to provide advice and guidance on engaging with the Chinese market, and tops off a very big weekend for MCi, who just yesterday launched the world’s first carbon reactor at the Newcastle Institute for Energy Research (NIER).
This technology has the potential to store carbon dioxide in carbonates for use in the construction industry, and is a collaboration with Boral, who manufacture building and construction materials.
MCi is now seeking to build the next stage of their carbon reactor, which would process and convert approximately 100,000 tonnes of carbon dioxide a year.
The MOU with ArmorShield Holdings will allow MCi to progress discussions in China.
The signing took place at the Singapore office of Orica Ltd, which is a shareholder of MCi, and has also contributed over AUD$3.12M to the carbon reactor project, along with the Department of Industry, Innovation and Science and the NSW Department of Industry.
Marcus Dawe, CEO of MCi, has said the MOU signing represents their first move to secure a large partner in China to build and operate the world’s first large scale demonstration plant transforming CO2 into cements and other building products and producing carbon credits.
“As two entrepreneurs in Canberra in 2007, John Beever and I asked ourselves what could be done with CO2, as we could see an emerging problem with our reliance on coal and fossil fuels,” Mr Dawe said.
“Nine years later, over $10m expended in research and development and MCi now holds the best opportunity to commercialise technology for utilising CO2 in building products on a very large scale. China is our obvious first market with a strong will for environmental cleanup and a need for low emissions technology.”
MCi’s success is a very practical example of why Canberra is a true knowledge capital, as well as being a clever, connected and creative city.
Canberra’s success in research, innovation and entrepreneurship, demonstrated by MCi, is a clear business proposition to investors looking for opportunities in Australia’s capital city.
Our innovation programs continue to yield strong results, and a recent report by Australia’s Chief Economist has found that Canberra is the highest performing area in Australia in both innovation and entrepreneurship.
Not only do we have the highest rates of research and development expenditure on a population basis, Canberra also has the highest number of patent applications on a population basis, and we have the highest number of business entries and highest business survival rate on a population basis.
Our strong research and development capacity has transformed Canberra into a city with a vibrant technology development and start-up culture, which is strongly supported by the ACT Government through our investment in the industries of the future including defence and security, information and communications technology (ICT) and e-Government, space science, health and sport science and renewable energy.
MCi is part of the ACT Government’s CBR Innovation Network (CBRIN), which is an open collaboration of innovators, dedicated to developing a thriving innovation ecosystem in Canberra.
- Statement ends -
Section: Andrew Barr, MLA | Media Releases
