Green tech firm signs £10m Azerbaijan MOU at COP29

The Carbonbit signing ceremony

A Lancashire company has signed a Memorandum of Understanding (MOU) with the Azerbaijan Investment Company in a potential “game-changing” £10m deal to develop its carbon capture technology.

Carbonbit Technologies, based in Blackburn, signed the MOU at the COP29 global gathering in the Azerbaijan capital Baku.

The business, co-founded by chief executive Philip Hargreaves, who is from Lytham, is developing carbon capture utilisation and storage (CCUS) solutions.

Speaking from Baku, where he is a member of an eight-strong Lancashire delegation spearheaded by the county’s low carbon innovation agency RedCAT, Philip said the signing of the MOU was the culmination of more than two years’ work.

He told Lancashire Business View the aim was to secure “significant investment” to take its technological solutions, which involve direct air capture and Carbon Capture Utilisation and Storage (CCUS), forward to the commercialisation phase.

Philip said: “It is potentially huge for us. We have got some game-changing technologies and this is potentially a game-changing relationship.

“As we move forward as a Lancashire business, we want to develop a supply chain in and around the county as much as we can.”

Philip said the aim was also to feed back skills and experience into Azerbaijan with the aim of developing it as a central Asian hub for the technology.

The Azerbaijan Investment Company was established to support business development in the non-oil sector of the country’s economy

East Lancashire Chamber of Commerce chief executive Miranda Barker, who also chairs RedCAT, is part of the delegation in Baku. She said: “In Lancashire we have always known we are absolute experts at making things.

“This is yet another globally significant market that our wonderful Lancashire manufacturers are getting into.

“Carbonbit technologies is leading the way with climate technology and global scale investments and hopefully, through RedCAT, there is more to come.”

RedCAT is looking to work in partnership with a leading global funding scheme to support the county’s green technology innovators.

Desmos Capital Partners, established by former UK Energy Minister and net zero review chair, Chris Skidmore, has announced it is establishing new regional centres in Paris, Amsterdam, Johannesburg and Toronto.

The announcement was made as he spoke at a COP British Chambers of Commerce (BCC) event in Baku, Azerbaijan, chaired by Miranda.

Miranda said: “Developing and delivering fully commercialised low carbon technologies is a global endeavour – and as such the funding must work without borders and constraints.

“We, through our low carbon innovation agency RedCAT, are delighted to work in partnership with Desmos, and to bring our fast-commercialising low carbon innovators to an international base of funding expertise.

"RedCAT want to be part of the intelligence in driving the understanding of how to develop the funding market the sector really needs.”

Chris Skidmore told the event: “Desmos is here to help and scale up companies who have proven technologies that can provide those solutions- get in contact if we can be of help, we want to hear from you.”

Desmos’ latest expansion plans aim at establishing the firm as a leading global sustainable investment bank, specialising in supporting green and sustainable technologies across emerging markets, with future plans to also expand into the US in 2025.

Chris Skidmore said: “Since announcing the creation of Desmos, I’ve been taken aback by the level of support but also by the tremendous demand from companies focused on the technologies and solutions of tomorrow to provide a sustainable future. They require guidance and support to deliver their scale up ambitions.”

Enjoyed this? Read more from Ged Henderson and Rob Kelly

Latest news

1

St Annes thrives with strongest August footfall in years St Annes Square footfall

St Annes thrives with strongest August footfall in years

26 Oct 2025

2

BAE Systems workers vote for strike action BAE Systems production

BAE Systems workers vote for strike action

23 Oct 2025

3

National Cyber Force launches startup programme in the North West Nick Miles, National Cyber Force deputy director for Samlesbury

National Cyber Force launches startup programme in the North West

23 Oct 2025

4

Foresight announces £90m first close of its third North West regional investment fund Foresight announces £90 million first close of its third dedicated North West regional investment fund

Foresight announces £90m first close of its third North West regional investment fund

23 Oct 2025

5

McMurrays Haulage expands fleet after contract win Warehouse Supervisor at Pets Choice Brad Eddleston and McMurrays Sales Manager Rob Spencer. Photo credit: McMurrays Haulage Limited

McMurrays Haulage expands fleet after contract win

21 Oct 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

Help to grow management course
Help to grow - barriers to growth.png.png
LBV Hub Seminars
26 Sep 2025 - 16 Dec 2025

Help to grow management course

Preston Campus , Preston , PR1 2HE

09:00 - 15:00

RISE - Lancashire's unique leadership programme for women
thumbnail_Emma Weston Illustration WENDY BOWERS RISE Illustrstion.jpg.jpg
LBV Hub Seminars
22 Oct 2025 - 18 Mar 2026

RISE - Lancashire's unique leadership programme for women

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:30 - 15:30

Women scaling up Blackpool Fylde and Wyre
LBV Hub Seminars
22 Oct 2025 - 09 Jan 2026

Women scaling up Blackpool Fylde and Wyre

The Small Business Academy, Blackpool, FY4 5JX

09:30 - 15:30

Lancaster District Business Support Expo
Lancs-cham-logo.jpg.jpg
LBV Hub Networking
29 Oct 2025 - 29 Oct 2025

Lancaster District Business Support Expo

The Platform, Morecambe, LA4 4DB

10:00 - 15:00

Chamber Breakfast Networking – November
Lancs-cham-logo.jpg.jpg
LBV Hub Networking
06 Nov 2025 - 06 Nov 2025

Chamber Breakfast Networking – November

Porsche Centre South Lakes, Carnforth, LA6 1FW

08:30 - 10:30

Lancashire Police business update with The Police and Crime Commissioner
Lancs-cham-logo.jpg.jpg
LBV Hub Roundtables
10 Nov 2025 - 10 Nov 2025

Lancashire Police business update with The Police and Crime Commissioner

Lancaster Castle, Lancaster, LA1 1YN

14:00 - 16:00

Beyond the Brand: Building trust through values and integrity
1.png.png
LBV Hub Networking
11 Nov 2025 - 11 Nov 2025

Beyond the Brand: Building trust through values and integrity

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:00

AI, Creativity, and what it means to be human
2.jpg.jpg
LBV Hub Networking
11 Nov 2025 - 11 Nov 2025

AI, Creativity, and what it means to be human

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:00

The Business Network Central and East Lancashire
LBV Hub Networking
13 Nov 2025 - 13 Nov 2025

The Business Network Central and East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

The AI Lab: E-commerce
Ai Lab ecommerce (1).png.png
LBV Hub Seminars
14 Nov 2025 - 14 Nov 2025

The AI Lab: E-commerce

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 11:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV124 Online Graphic
Subscribe now

Weekly news bulletin