KUALA LUMPUR (July 19): Press Metal Aluminium Holdings Bhd (KL:PMETAL) has inked a collaboration agreement with China’s Xi’an Jiaotong University (XJTU) to research and develop a carbon capture and utilisation model involving its manufacturing process.

The agreement follows a memorandum of understanding signed between the two parties in August last year, Southeast Asia’s largest aluminium extrusion outfit said in a bourse filing.

The collaboration “aims to develop an economically viable carbon capture and utilisation model”, Press Metal said, adding that the intellectual property rights will be jointly owned by both parties.

Press Metal said the partner university has conducted 13 scientific research projects related to carbon dioxide capture, with 10 patents in the field.

The project, which commenced in September 2023, is expected to be completed by Aug 31, 2026.

It involves a grant contributed by Press Metal worth 12 million yuan (RM7.7 million) based on successful milestones including system design, research fee, professional training programmes, resources and transfer of knowledge, it said.

Press Metal’s greenhouse gas emissions amounted to 11.8 million tonnes of CO2 equivalent (tCO2e) in 2023, of which 36.3% were categorised as Scope 1 and Scope 2 emissions (emissions from facilities owned by the group and from electricity acquired from the grid), its annual report showed.

Its emissions intensity amounted to 3.3 tCO2e for each tonne of aluminium, down from 4.1 tCO2e in 2022. The group has a smelting capacity of 1.08 million metric tonnes per annum, and an extrusion capacity of 230,000 metric tonnes per annum as at end-2023, according to the annual report.

Shares of Press Metal closed up 1.09% or six sen to RM5.56 on Friday, giving the group a market capitalisation of RM45.81 billion.