Siemens AG (SIE.XE) and Evonik Industries AG (EVK.XE) will develop a test plant that uses electrolysis and bacterial fermentation to convert carbon dioxide into specialty chemicals, the companies said Thursday.
The technology, inspired by the biological mechanisms of photosynthesis, can also be used to store energy in times of low demand and will receive 2.8 million euros ($3.4 million) from Germany's Ministry of Education and Research, Siemens said.
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The first phase of the joint project--known as Rheticus--will run for two years, with the test plant in Marl, western Germany, scheduled to come online in 2021, Siemens said.
Following construction of the test plant, Siemens plans to build a 20,000-ton-a-year manufacturing facility, it said.
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(END) Dow Jones Newswires
January 18, 2018 05:18 ET (10:18 GMT)