HOUSTON, April 23, 2025 /PRNewswire/ -- HYCO1, Inc. and Malaysia LNG Sdn. Bhd. signed a Memorandum of Understanding (MOU) to collaborate on the potential utilization and conversion of 1 Million Tons Per Annum (MTPA) of Carbon Dioxide (CO₂). The signing was between Gregory Carr, CEO of HYCO1, Inc., and Mohamed Syazwan bin Abdullah @ Laga Jenggi, Managing Director & CEO, Malaysia LNG Group of Companies. The Carbon Capture and Utilization (CCU) Project will be located in Bintulu, Sarawak, Malaysia, the home of Malaysia LNG Sdn. Bhd. (MLNG; a subsidiary of PETRONAS), which is the CO₂ supplier for the project. Bintulu is one of the oil and gas regions of Malaysia and has been recognized as the emerging global low-carbon industrial hub.

Central to this initiative is HYCO1's breakthrough CUBE™ Technology, which uses CO₂ as a primary feedstock to displace higher cost natural gas to produce equivalent industrial-grade syngas in customizable ratios of hydrogen (H₂) and Carbon Monoxide (CO). Under the MOU, HYCO1 and MLNG will conduct a joint feasibility study to evaluate design alternatives to produce low-cost, low-carbon syngas that best meets demand from a wide range of potential downstream syngas users. By transforming CO₂ from an emissions waste gas into much-needed chemical and fuel products, this project sets a new standard for sustainability and innovation. By using lower-cost CO₂ feedgas to displace higher-cost natural gas, the HYCO1 CUBE™ process will disruptively produce lower CI, "blue", emissions free syngas for less than the cost of today's "gray" syngas made from using all natural gas. The MOU also states that MLNG plans to supply an initial of 1 MTPA of raw CO₂ to HYCO1 for a term of 20 years, beginning no later than 2030. The CCU plant is expected to be completed by 2029.

"This is very exciting for all stakeholders, including HYCO1, MLNG, and PETRONAS, and will benefit all Malaysians," Gregory Carr shared. "We approached PETRONAS and MLNG in the hopes of helping them solve their decarbonization needs, and we feel honored to collaborate with MLNG to meet their Net Zero Carbon Emissions (NZCE) by 2050. Our revolutionary process and catalyst are game changers in decarbonization because not only do we prevent CO₂ from being emitted into the atmosphere, but we transform it into highly valuable and usable downstream products," says Mr. Carr.

This landmark MOU marks the launch of work on what HYCO1 and MLNG expect to become one of the largest CO₂ utilization projects in history. Unlike traditional efforts focused solely on CO₂ capture and high-cost sequestration (Carbon Capture and Sequestration, CCS), this project pioneers a new approach by fully utilizing captured CO₂ emissions to profitably and competitively generate valuable products.

With this MOU, HYCO1 and MLNG are showing the world that profitably achieving net-zero emissions without a cost penalty is not only a realistic goal at large scale but also an opportunity to drive innovation and create economic value. By capturing and utilizing CO₂ from existing industrial processes, the collaboration will unlock a new generation of renewable products that deliver superior efficiency and profitability. This collaboration exemplifies how sustainability can simultaneously address environmental challenges and generate economic growth.

About HYCO1

HYCO1 is the only CO₂ utilization company in the world that cost-effectively captures industrial CO₂ emissions from the source and turns them into high-value, sustainable products at lower cost than today's gray processes and without the need for government incentives. HYCO1 reformers are designed to convert 100% of the CO₂ feed gas into valuable syngas.

HYCO1 CUBE™ Technology (Carbon Utilization. Best Efficiency.) converts and utilizes nearly 100% of CO₂ feed in a single reactor pass, resulting in low-cost, low-CI, high-grade syngas (H₂ and CO) at commercial scale. Such major energy transition milestones have never been achieved before. HYCO1 provides a new way for industrial companies to repurpose their CO₂ emissions from being a costly burden to new, profitable, and sustainable products. For more information, please visit www.hyco1.com.

Press Contact: Tim Lozano, Director of Marketing at HYCO1, Inc. marketing@hyco1.com

Commercial Contact: Curtis Carmack, SVP of Strategic Development at HYCO1, Inc., [email protected]

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