Archer, through its joint venture Iceland Drilling, provides drilling services for the purpose of carbon storage. Along with our partners, we drill storage wells that is used for permanent carbon mineralization. Our customer in Iceland, Carbfix, provide new technology and methods to store carbon dioxide efficiently and safely. By mixing the CO2 with water drawn up from the ground, and injecting it into basalt rocks, the carbon is mineralized within two years through Carbfix proprietary process, a process that would otherwise take thousands of years. This is an exciting opportunity to permanently sequester the carbon as a mineral and represents a global potential for efficient carbon storage.
