Technology due diligence commercialization support of water-based CCS startup
Vycarb has developed a water-based carbon capture and storage technology that converts carbon dioxide into stable dissolved bicarbonate by accelerating natural ocean chemical reactions. The company is currently scaling up from small pilot projects to a commercial system by converting captured CO₂ into bicarbonate for long-term storage in freshwater or seawater. To support this transition, Vycarb needed an independent technical review that identified potential risks and mitigation strategies, as well as a comprehensive technology due diligence report to increase potential investor and business partner confidence.
Scaling up new technologies comes with challenges, including engineering complexity, costs, financial assumptions, and uncertainty around relevant government incentives like the 45Q carbon oxide sequestration tax credit. By addressing these efficiently and with independence and rigor, Vycarb can more quickly scale up project deployment and commercialize across carbon management applications.
Ramboll was one of only eight companies chosen nationwide through the US Department of Energy’s Carbon Capture Utilization and Sequestration (CCUS) Commercialization Voucher program to support technical due diligence for CCUS technology developers. Vycarb has received several such DOE vouchers, and Ramboll was selected to provide Vycarb’s Voucher during 2025.
“Ramboll’s expertise across engineering, technoeconomic assessment, life cycle analysis, and market applications for decarbonization was an ideal fit for our company’s needs and stage," said Garrett Boudinot, CEO, Vycarb. "Their in-depth review provided concrete, actionable insights and recommendations that are informing our ongoing development and commercialization efforts."
Our team evaluated Vycarb’s technology, pilot performance, project techno-economic model, and commercialization strategy. This included assessing technology risks and opportunities such as access to the 45Q tax incentive in the US, voluntary carbon markets through confirmation of methodology alignment, and carbon storage. Ramboll’s assessment identified Vycarb’s cost competitiveness, in particular through the possibility of using low-purity CO2 from flue gas streams. In addition, Vycarb’s technology avoid the need for CO2 pipelines that are required for geologic sequestration, and which have faced significant community pushback in some regions. We provided a comprehensive report that covers the critical topics sought by potential investors and business partners during negotiations.
In addition, Ramboll:
- Assessed the technology’s readiness for commercialization through a technology readiness level (TRL) assessment
- Reviewed project financial models and carbon credit pathways
- Evaluated safety and hazardous materials
- Supported design decisions, including CO₂ injection systems, reactor design, and performance
- Reviewed permitting and policy requirements
This independent review provided a clear, objective understanding of Vycarb’s readiness, cost of storage, risks, and opportunities. We found that Vycarb did not present any major technical risks and identified potential risk mitigation actions to accelerate technology commercialization. Our team also outlined clear equipment and reactor design considerations to support efficient scale-up from current operations to target commercial capacity.
Overall, Ramboll’s work provided a trusted, independent validation of Vycarb’s technology, helping build confidence among investors, customers, and partners as the company moves toward commercial deployment.