Woodside Energy and Rice University have partnered on a decarbonization initiative aiming to move breakthrough technologies from labs to the market, the two announced Jan. 18.

As part of a five-year technology collaboration, Woodside Energy said it will provide $12.5 million to create the Woodside-Rice Decarbonization Accelerator. Plans are for the accelerator to focus on fast-tracking the commercialization of technologies focused on manufacturing products derived from captured CO2 and methane, according to a news release.

“Specifically, Rice hopes to leverage cold plasma technology, a unique approach to breaking down carbon dioxide,” the release states. “These products have potential applications to make better batteries, transistors and other critical materials for energy technologies.”

The partnership formed amid continued global efforts to reduce greenhouse gas emissions and provide lower carbon energy solutions.

“Net Zero is not a destination but a journey,” said Woodside CEO Meg O’Neill. “Over the next 10 years, emerging and breakthrough technologies must come to market if society is to meet its climate goals.”

Rice University President Reginald DesRoches called the collaboration “a testament to the power of merging academic expertise with industry insight and support.”

“Together, we aspire to redefine the future of energy and climate,” he said.