Press release

DNV awards KNCCs “Approval in Principle” for PCO2® tank system for Liquified CO2 transport at ambient temperatures.

DNV has awarded Knutsen NYK Carbon Carriers AS (KNCC) with an Approval in Principle (AiP) for our PCO2® containment system for the transportation of liquefied CO2 at ambient temperatures. The award represents an important milestone in the technical and commercial development of KNCC enabling the company to provide a cost-effective, scalable and flexible offering across the CCS value chain.

For KNCC, the Approval in Principle forms a key element in our plans for building and operating CO2 carriers. Receiving a validation of our core technical concept by DNV, representing word class expertise in marine transportation of CO2, further strengthens our market position and growth opportunities.

KNCC is NYK’s and Knutsen’s gateway to CO2 shipping and represents a vital part in both shareholders’ business strategy to ensure that the Paris global climate objectives are met. The capturing and storing of CO2 will play a vital role in reaching these objectives and KNCC is well positioned to serve the CCS industry.

Svein Steimler, President and CEO of NYK Group Europe Ltd. and Chair of KNCC said “NYK is investing significantly in green technology to ensure that global targets for emission reductions are met. These investments are aimed to reduce emissions from our existing operations and equally important, to identify and verify alternative fuels and propulsion systems for the future. KNCC provides the solution for handling CO2 until the required global energy transition is in place, and represents an important additional element in NYKs strategy”.

Trygve Seglem, Owner and President of the Knutsen Group and Vice Chair of KNCC said “DNVs validation of the PCO2 technology for marine transportation of CO2 is proving, once again, that our technological and innovative approach to the shipping business is beneficial. I am certain that with the AIP in place, the foundation for building a commercially viable business in KNCC is further strengthened.

Overview of Each Company

KNCC
Head Office：Haugesund, Norway
Business：Marketing and business development of liquefied CO2 transportation and storage
Investment Ratio：NYK 50%, Knutsen Group 50%
CEO：Anders Lepsøe

NYK
Head Office：Tokyo, Japan
President and CEO: Hitoshi Nagasawa
Website:  https://www.nyk.com/english/

Knutsen Group
Head Office：Haugesund, Norway
CEO：Trygve Seglem
Website：https://knutsenoas.com/