The oil and gas industry argues that, using carbon capture, it can still play a part in the future global economy

Solumar, a women-led startup based in the United Arab Emirates (UAE), was declared the winner of the fourth edition of the Sharjah Advanced Industry Accelerator (SAIA) on Monday for developing cost-efficient technologies to fight emissions and air pollutants.

The startup was recognized at the awarding ceremony organized by the Sharjah Research Technology and Innovation Park (SRTIP) after besting nine other participants from across the globe, WAM reported.

Solumar, which provides exhaust gas filtering technology, bagged the title prize at the competition for presenting a solution to capture and utilize the collected black carbon and CO2 and resell or reuse other valuable materials back into production.

The solution helps companies transform collected carbon into reusable powder, which is sold at $3,000 per ton, thereby generating additional revenue for the customers. This enables industrial business owners and maritime and trading companies to support UAE's net zero by 2050 agenda in a cost-efficient manner.

Hussain Al Mahmoudi, CEO of SRTIP, remarked that Solumar's winning solution shows a classic example of making innovative use of technologies to fight against climate change issues.

Rennie Popcheva, CEO of Solumar, said the startup's mission is to help companies reach net zero by "deploying the most cost-efficient technology for the direct capture, utilization and storage of multiple pollutants combined (particles, Black Carbon, VOC and Gases) — reaching 92-99% capturing efficiency with 6-10 times lower CAPEX and OPEX, saving millions of operational costs every year."

The SRTIP program has witnessed a surge in applications in the last three years. This year, there were 4,200 applications, an increase of 154.55 percent from last year's 1,650 applications.

"The surge in applications demonstrates the burgeoning interest in our SAIA program, reinforcing its stature as a preferred platform for global startups. We have positioned SAIA as a pivotal initiative, focused on propelling innovation and sustainability in the global startup ecosystem," Al Mahmoudi said.

"Aligned with the UAE Advanced Industry Strategy, SAIA has played a pivotal role in accelerating the nation's transformation into a global hub for future industries," he added.

SAIA's primary objectives revolve around introducing cutting-edge technology that not only fosters the growth of economies but also nurtures sustainable business practices.