Nitto Denko Corporation (Head Office: Osaka, Japan; President: Hideo Takasaki; hereinafter "Nitto") and Aqualung Carbon Capture(Head Office: Norway, CEO: Andrew Robbins; hereinafter "Aqualung"), a pioneer in membrane-based CO₂ separation technology, are pleased to announce a Joint Development Agreement (JDA) and a significant equity investment by Nitto in Aqualung.

This strategic partnership leverages Nitto’s advanced R&D capabilities, commercial scale, and extensive experience in membrane thin-film coatings with Aqualung’s expertise in facilitated transport membrane* technology. 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 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.

This project also envisions collaboration with global energy companies that are actively promoting the implementation of CCS (Carbon Capture and Storage) technologies. A framework is steadily being established to accelerate the transition from demonstration to commercialization, making the practical application of membrane-based carbon capture increasingly feasible.

"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."

"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 costeffective 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."

Nitto remains committed to partnering with innovative companies like Aqualung to develop comprehensive and economically viable carbon capture and sequestration solutions. Through this collaboration, we aim to contribute meaningfully to the advancement of the global carbon capture market across diverse industries."

*Facilitated transport membranes are engineered to enable the selective and efficient permeation of target molecules through carrier-mediated transport mechanisms.

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.

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.