Rio Tinto (RIO) said Thursday it entered into a partnership with Hydro to identify and evaluate carbon capture technologies for the aluminum electrolysis process.
The company said the collaboration, which includes sharing information, results, and costs, will span from lab tests with external suppliers to larger on-site pilots, aiming to develop commercially viable carbon capture solutions.
The companies plans to invest about $45 million over five years, with most of the work taking place at Rio Tinto's facilities in Europe and Hydro's facilities in Norway, Rio Tinto said.
RIO shares were 1.3% higher in recent premarket activity.
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