Alcoa Corporation (NYSE: AA) recently made an exciting announcement regarding their progress with ELYSIS technology. This breakthrough technology, developed in partnership with Rio Tinto, eliminates all greenhouse gas (GHG) emissions from the traditional smelting process and produces oxygen as a byproduct. Established in 2018, ELYSIS originated from technology developed at the Alcoa Technical Center (ATC) outside of Pittsburgh. Rio Tinto plans to launch the first industrial-scale demonstration of the technology at Arvida in Quebec, with 10 ELYSIS smelting pots operating at 100 kiloamperes (kA), similar to those at smaller-scale commercial smelters. Alcoa has the right to purchase up to 40 percent of the metal produced from the demonstration, allowing their customers to benefit from the carbon-free electrolytic process early in the technology development cycle. The target for the first production using this technology is set for 2027.
CEO Bill Oplinger expressed his pride in Alcoa’s continued dedication to creating transformational technologies in the aluminum industry. He highlighted the importance of aluminum in the world’s energy transition and decarbonization efforts, emphasizing that with ELYSIS technology, smelting this vital metal can now be done without direct carbon emissions. The positive news led to a $1.08, or 2.8%, increase in AA shares, opening at $39.90 on Friday.