Carbon Centric and Fidelis New Energy sign letter of intent for onshore CO2 storage

Carbon Centric AS (referred to as "Carbon Centric") and Fidelis New Energy Europe ApS (referred to as "Fidelis") have recently entered into a letter of intent with the aim of securely and permanently storing CO2 emissions generated by Carbon Centric's clients. This initiative will utilize Fidelis' recently unveiled Norne Carbon Storage Hub (referred to as "Norne") located in Denmark. This significant agreement marks a pivotal step in the journey to decarbonize smaller and medium-sized biogenic and challenging-to-address emitters situated in Northern Europe. The pact ensures that companies aspiring to take the lead in carbon capture and storage (referred to as "CCS") will have the capability to store captured CO2 by the year 2027.

The timeline for this collaboration involves Carbon Centric's plans to commence the installation of carbon capture equipment at their clients' facilities in 2024. The goal is to store a minimum of 800,000 tons of CO2 annually within the Norne facility by the year 2027. The transport of this captured CO2 from Carbon Centric will be directed to Fidelis' CO2 reception facility situated at the Port of Aalborg. Carbon Centric has consistently demonstrated leadership in the domain of carbon management, with active capture projects already underway in Norway and Iceland, along with prospective projects in Denmark and Sweden.

Fidelis made a significant announcement on May 15th, 2023, introducing the Norne Carbon Storage Hub, an innovative onshore network for CO2 storage in Denmark. Norne presents emitters of CO2 with a viable option to access a secure and economically feasible solution for decarbonization. This solution is in alignment with Denmark's ambitious climate objectives for both 2030 and 2050. Norne's operational commencement for CO2 storage, specific to Carbon Centric, is set for 2027, and its overarching goal is to achieve a storage capacity exceeding 20 million tonnes annually by 2030. Carbon Centric is now part of the growing roster of Norne's clients who seek environmentally responsible and economically advantageous carbon storage solutions.

Since 2021, Carbon Centric has been actively engaged in delivering cost-effective carbon capture solutions designed for existing waste and biomass combined heating and power plants. The company extends an offering to construct, own, and operate carbon capture plants for smaller and medium-sized waste and biomass facilities, providing a pathway for asset owners to curtail their emissions without incurring significant investment costs. Furthermore, Carbon Centric provides accessible and comprehensive carbon capture plant solutions for the same market segment, overseeing everything from Front End Engineering Design to construction, installation, operation, and maintenance.

Kenneth Juul, Carbon Centric's Chief Commercial Officer and Co-Founder, remarked, "We have been in search of a partner like Fidelis that can ensure economical large-scale carbon storage for our clientele. Norne's visionary approach to rapid scalability aligns perfectly with our goals, enabling us to expand our operations collaboratively." He further added, "Through this partnership, we are well-positioned to achieve our ambitious CO2 storage targets, thereby contributing to the decarbonization efforts of Denmark and the broader EU."

Ulrik Weuder, Managing Director of Fidelis New Energy Europe, expressed enthusiasm for providing a cost-effective and secure avenue for decarbonization to Carbon Centric and its clients. He highlighted Carbon Centric's role in offering comprehensive carbon mitigation services for smaller and medium-sized emitters, enabling these enterprises to take immediate action toward climate change solutions. Bengt Jarlsjo, Co-Founder, President, and Chief Operating Officer of Fidelis, echoed this sentiment by emphasizing that Norne's approach supports the environmentally friendly decarbonization of pivotal sectors within Denmark and Europe, all while ensuring that industries remain competitive globally due to the cost-effective nature of CO2 mitigation.

In conclusion, this collaborative effort between Carbon Centric and Fidelis stands as a significant milestone in the journey toward decarbonization within Denmark and Northern Europe. Both entities are committed to advancing carbon capture and storage solutions that are sustainable, economically advantageous, and aligned with climate goals.