Premium, the leading producer of renewable biocarbon products, announced that it has entered a long-term supply contract for its patented, coal replacement product with Hokuriku Electric Power Company and Nippon Steel Trading. The contract is the largest for advanced biocarbon globally and will support the first large-scale continuous utility use of advanced biocarbon to replace coal in power generation. Premium produces the only demonstrated carbon-negative product for replacing coal in power generation.
How Aymium’s Biocarbon is produced: Recovered wood is sustainably sourced and processed into uniform biomass. The biomass undergoes integrated thermolysis, a patented non-combustion process that converts the biomass into high-purity biocarbon and biogas. This process is environmentally friendly and uses self-generated renewable energy and recovered water. (Graphic: Business Wire)
Hokuriku’s pioneering use of Aymium’s leading-edge products to replace coal will accelerate the transition away from fossil-fuel-based power generation and reduce environmental impacts, said Aymium CEO James Mennell. Aymium’s products allow immediate replacement of coal with a renewable, carbon-negative product. Our collaboration with Hokuriku and Nippon Steel Trading advances our shared mission of decarbonization and global environmental improvement.
The landmark contract and associated environmental benefits were celebrated by U.S. Ambassador to Japan Rahm Emanuel. Hokuriku Electric Power’s agreement to purchase Aymium’s innovative renewable biocarbon products is a win for U.S. jobs, the environment, and U.S. exports. Japanese investment in Aymium’s innovative technology, from both Hokuriku Electric Power and Nippon Steel Trading, shows the power of U.S. – Japan cooperation, said Ambassador Emanuel.
Aymium’s renewable product is created through a non-combustion process that converts biomass to high purity biocarbon and biogas, recovers and recycles water from the biomass, and is powered by self-generated renewable energy. The product has been tested at a power-plant scale by Hokuriku, confirming its suitability and advantages as a replacement for fossil coal.
Hokuriku is committed to decarbonization, and strengthening our relationship with Aymium, whose patented technology shows high growth potential and contributes to Hokuriku’s efforts to become carbon neutral, said Mr. Koji Matsuda, Executive President, and Representative Director, Hokuriku Electric Power Company.
Hokuriku also announced an equity investment in Premium. Hokuriku’s investment follows $200 million from investors by major global energy and metals companies with a focus on decarbonization, including Nippon Steel, Rio Tinto, and Steel Dynamics.
As partners to this contract, and investors in Aymium, Nippon Steel Trading is showing its commitment to advancing carbon-reduction technologies that will have immediate and near-term benefits, said Mr. Yasumitsu Saeki, President, and Representative Director, Nippon Steel Trading Corporation. Nippon Steel Trading is acting as Aymium’s and Hokuriku’s trading partner and managing international logistics for the supply to Hokuriku.
Premium is a Minnesota-based cleantech company that creates renewable products that replace fossil fuels and reduce the environmental impact of large global industries including metals, energy, and crop production. Aymium’s products are protected by more than 275 issued and pending patents globally and are engineered to immediately displace fossil coal in energy production — without the need for any type of plant modifications. Aymium’s patented process converts certified sustainably sourced renewable biomass into biocarbon using integrated thermolysis.
Premium is constructing two additional production facilities one in Williams, California, and another in the Pacific Northwest to produce advanced biocarbon for use by Hokuriku. Premium anticipates investing over $350 million to construct the facilities that are scheduled to be operational in 2023.
