In 2018, Alcoa Corporation (NYSE: AA) and Rio Tinto announced a partnership to further develop ELYSIS technology, which aims to eliminate greenhouse gas emissions from the traditional smelting process while producing oxygen as a byproduct. The demonstration project is set to take place at Arvida in Quebec, with 10 ELYSIS smelting pots operating at 100 kiloamperes (kA), similar in size to those used in smaller-scale commercial smelters. Alcoa has the option to purchase up to 40 percent of the metal produced from this demonstration, allowing their customers to benefit from the carbon-free electrolytic process early on.
Alcoa’s CEO Bill Oplinger expressed his excitement about the partnership, stating that since the invention of the aluminum smelting process in 1886, which is still widely used today, Alcoa has been dedicated to creating transformative technologies that enhance the industry. With ELYSIS technology, the smelting process for this important metal can be achieved without direct carbon emissions. This aligns perfectly with Alcoa’s commitment to sustainable practices in the aluminum industry.
On Friday, shares of AA increased by $1.08 or 2.8%, opening at $39.90. This positive market response shows that investors are taking note of Alcoa’s advancements in ELYSIS technology and its commitment to sustainability in the industry.
