Oslo, September 9, 2025 — Aqualung Carbon Capture (“Aqualung”), a pioneer in membrane-based CO2 separation technology, and Nitto Denko Corporation (“Nitto”), a global leader in membrane and thin-film coatings, are thrilled to announce a Joint Development Agreement (JDA) and a significant equity investment by Nitto in Aqualung.
This strategic partnership leverages Aqualung’s expertise in facilitated transport membrane technology with Nitto’s advanced R&D capabilities, commercial scale, and extensive experience in membrane thin-film coatings. Together, the companies aim to deliver industry-leading cost efficiency and performance for carbon capture solutions at a transformative scale. We are accelerating joint development efforts with the goal of initiating demonstration trials in customer environments within fiscal year 2026, while also laying the groundwork for subsequent large-scale deployment.
As part of the agreement, Nitto Denko has become a key Aqualung shareholder and commercial partner. This investment strengthens Aqualung’s ability to focus on its core intellectual property in thin-film coatings and advance its robust commercial pipeline, while Nitto provides critical manufacturing and scale-up expertise.
“We are thrilled to partner with Nitto Denko, a global leader whose capabilities perfectly complement our vision,” said Andrew Robbins, CEO of Aqualung Carbon Capture. “This partnership marks a pivotal step toward achieving our mission of delivering the most cost-effective carbon capture solution in the industry. With Nitto’s support, we are poised to accelerate development and meet the growing demand for sustainable carbon capture technologies.”
“Our collaboration with Aqualung represents a significant step toward accelerating the real-world deployment of carbon capture technologies by leveraging Nitto’s long-standing expertise in membrane science and manufacturing,” said Yosuke MIKI, CTO of Nitto. “By combining the strengths of both companies, we aim to deliver high-performance, cost-effective solutions that contribute to a more sustainable future. We remain committed to driving innovation that addresses global environmental challenges.”
Aqualung remains dedicated to collaborating with industry leaders to create comprehensive, economically viable carbon capture and sequestration solutions across diverse sectors. This partnership with Nitto Denko positions both companies to drive significant advancements in the global carbon capture market.
BNP Paribas and MaxEn Capital Advisors served as joint financial advisors to Aqualung on this transaction.
About Aqualung Carbon Capture
Aqualung Carbon Capture is a leader in membrane-based CO2 separation technology, committed to providing cost-effective and scalable solutions for carbon capture and sequestration. With a focus on innovation and strategic partnerships, Aqualung is driving the transition to a low-carbon future.
About Nitto Denko Corporation
Nitto is a high-performance materials manufacturer. Since its founding in 1918, it has been providing a wide range of products and services globally. These include optical materials such as polarizing films used in display devices, circuit boards, industrial tapes, and medical-related products, all developed based on its eight core technologies. Guided by the brand slogan ‘Innovation for Customers,’ Nitto strives to create essential values for the world and contribute to a sustainable global environment and a prosperous human society.
Media Contact:
Andrew Robbins
Aqualung Carbon Capture
andrew@aqualung-cc.com
+1-414-732-8227
Corporate Strategy & ESG management Div. Brand Strategy Dept.
Nitto Denko Corporation
EMAIL: communication_group@nitto.co.jp
TEL：+81 6 7632 2101/FAX: +81 6 7632 2568