Japanese shipping giant Mitsui O.S.K. Lines (MOL) has made a strategic investment in US-based oceanic carbon dioxide removal start-up, Captura, and has purchased 30,000 tonnes of carbon removal credits generated by Direct Ocean Capture (DOC) technology. This agreement is indicative of the growing commercial confidence in the scalability of DOC and the recognition of ocean-based carbon removal as a viable component of the shipping industry’s net-zero strategy.
MOL’s purchase of carbon credits generated by Captura’s DOC process is one of the first major transactions in the oceanic carbon removal market. The credits are scheduled for delivery by 2030 from one of Captura’s first commercial DOC facilities, which is expected to capture between 30,000 and 50,000 tonnes of CO2 annually.
Unlike conventional carbon removal technologies that rely on direct air capture (DAC), Captura’s DOC process uses an innovative electrochemical process to extract CO2 directly from seawater. By reducing oceanic concentrations of CO2, DOC enhances the ocean’s capacity to absorb atmospheric carbon. As CO2 is 150 times more concentrated in seawater than in air, this approach provides greater efficiency and scalability than DAC.
Further to the credit purchase, MOL and Captura have signed a Memorandum of Understanding (MoU) to collaborate on the deployment of commercial-scale DOC plants. Captura follows a licensing model by partnering with organisations that build, own, and operate large-scale DOC facilities worldwide. MOL’s support offers both financial momentum and operational expertise, which will accelerate the global rollout of this technology.
MOL’s venture capital arm, MOL Switch LLC, has made a direct investment in Captura, which aligns with MOL’s ‘Group Environmental Vision 2.2’, which aims to champion the research and development of the next generation of maritime decarbonisation solutions, and reflects industry confidence in DOC’s future role in voluntary carbon markets. MOL Switch was established in the US in 2023 by MOL Group to invest in start-ups that are developing decarbonising technologies in the energy sector. By 2026, it will have invested US$100 million.
‘At MOL, we are dedicated to advancing innovative decarbonization solutions that align with our sustainability goals’, said Tomoaki Ichida, CEO of MOL Switch. ‘DOC technology offers a cost-effective and durable approach to carbon removal, and we are excited to collaborate with Captura – both by purchasing high-quality carbon credits to support our net-zero efforts and by strategically investing and partnering to help scale and deploy this high-potential technology. We see this as a crucial step in our sustainability journey and a significant business opportunity in the rapidly growing carbon removal market.’
It remains to be seen whether DOC will achieve cost parity with other carbon removal technologies, such as DAC. However, the support from MOL strengthens the argument for large-scale oceanic carbon capture and sequestration as a carbon offsetting solution for shipowners. Steve Oldham, Captura CEO, said of the deal: ‘This partnership and first offtake agreement with MOL marks a major milestone in bringing our technology to market. We are excited to collaborate with MOL as we rapidly advance towards commercial deployment and expand access to high-quality carbon removal solutions.’
As regulatory pressure intensifies and voluntary carbon markets mature, large-scale carbon removals are poised to become a core component of corporate climate strategies. The Captura-MOL agreement highlights not only the increasing commercialisation of ocean-based carbon removal technology, but establishes a precedent for other shipping companies looking to integrate negative emissions technology into their sustainability strategies.
