French chemicals firm Air Liquide SA and Dow Inc of the United States have renewed a deal to reduce carbon emissions and increase operational efficiency, Air Liquide announced on Thursday.
Under the long-term agreement, Air Liquide will supply industrial gases and invest nearly €40 million ($43 million) in the modernization of its existing production assets - two air separation units and a partial oxidation plant, to which it will add a new CO2 recycling solution.
According to the company, this enables a circular use of the CO2 produced, leading to approximately 15% increase in energy efficiency and reducing the emissions by around 15,000 tons per year.
The modernization of the assets is expected to be completed in 2024.
Air Liquide for more than 20 years has been supplying industrial gases to Dow in the German city of Stade.
Currently, Air Liquide shares are trading at €170.36 down 0.09% in Paris and Dow closed at $54.09, up 0.09% on the New York Stock exchange on Wednesday.