Global mining giant Rio Tinto has sold its 50 per cent stake in the Hydrogen Energy International Ltd (HEIL) joint venture to its partner BP, it has been announced.
HEIL owns an interest in the Hydrogen Power Abu Dhabi (HPAD) project, which seeks to create cleaner electricity by storing gas emissions that would act as feedstock for a hydrogen power station.
For the past two years, HEIL has been responsible for the development of the HPAD project.
HPAD is a joint venture between the Abu Dhabi governmentÔÇÖs Masdar clean technology fund and HEIL.
Rio and BP set up HEIL in 2007 to develop clean energy projects globally.
Rio Tinto has said it will now focus on its investments in carbon capture and storage (CCS) at a California, US-based project, also with BP.
"The Abu Dhabi project is a ground-breaking and important project based on gas feedstock, but Rio Tinto prefers to focus on projects with solid fuel feedstocks, which are better aligned with our other businesses," said Preston Chiaro, group executive, Technology & Innovation.
"We wish BP and Masdar (the joint venture partner in the project) well and continued success with the project."
He added: "Rio Tinto is committed to the development of CCS and the need for action on climate change, and it supports a strong binding international agreement on climate change that will address both the environmental challenge, as well as provide greater certainty for investment decisions."
The Hydrogen Energy California (HECA) joint venture stores emissions from coal and petcoke.
HECA is expected to cost at least $2 billion (Ôé¼1.3 billion) and will create enough power for over 150,000 homes, producing it with 90 per cent fewer carbon dioxide emissions.
CCS is technology that involves taking carbon dioxide emissions from fossil fuels used in power production and storing them underground to prevent their release into the atmosphere.
Supporters say it is an important bridging technology in the fight against global warming.
Rio Tinto is headquartered in the UK, with exploration and mining activity centered on South America, Asia, Europe and southern Africa.
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