Santander UK is to partner with Cambridge climate tech pioneer Levidian in pursuit of decarbonisation.
The bank will deploy Levidian’s LOOP device across its offices and the collaboration could enable it to support UK businesses with their own low-carbon transition.
LOOP is a rapid decarbonisation device that strips carbon from methane using a patented low temperature, low pressure process to create a green fuel in clean hydrogen and graphene, which can be used in applications from increasing durability of concrete, tires and batteries to the production of anti-corrosion paint.
Levidian CEO John Hartley said: “This is an exciting opportunity to use the Levidian LOOP to deliver meaningful decarbonisation both within Santander UK and through its sponsorships and partnerships. Santander has set ambitious goals and we look forward to collaborating with a partner committed to decarbonisation.”
Fermin Martinez de Hurtado, head of sustainability and responsible banking at Santander UK, said: “The transition to net zero requires strong collaboration between different stakeholders. We recognize the key role that Santander and companies like Levidian will play as part of this journey, scaling up solutions that cut down emissions and help tackle climate change.
“We are thrilled to be working with them, unlocking innovation to reduce and minimize the impact on our planet.”
Santander has been carbon neutral in its own operations since 2020 and aims to achieve net zero carbon emissions in all its lending, advisory and investment activities by 2050.
The deal follows confirmation of the first UK implementation of LOOP, with Scotland-based solutions business Eco Group.
Levidian’s devices can be deployed in shipping containers or in permanent infrastructure as single units or arrays.
They are named by their approximate annual carbon dioxide equivalent (CO2e) reduction potential. The LOOP50, for example, reduces CO2e by 50 tonnes per year.
But this doubles where the input gas is from a waste source, such as oil and gas well sites, meaning a LOOP50 using waste gas would reduce CO2e by 100 tons per year.
Levidian is scaling up the LOOP technology to deploy LOOP1000+.
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