Horisont Energi inks LOIs for commercial carbon storage

Norwegian carbon tech company and driving force behind the Polaris carbon capture and storage project Horisont Energi has signed several letters of intent with major European companies, continuing its steady progress towards commercial carbon storage off the coast of Norway.

Horisont Energi said on Wednesday that carbon storage facilities on the Norwegian continental shelf were a part of its large-scale carbon storage strategy and were planned to be made commercially available to European industrial companies and power plants capturing CO2 and in need of secure storage.

Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi, said: “We see substantial and increasing demand for flexible and cost-effective carbon storage for the many CO2 capture projects in Scandinavia and the rest of Europe. We are happy to enable these CO2 capture initiatives to reduce the overall climate impact from power plants and other industrial facilities”.

Horisont Energi has already passed several milestones in its attempts to become a carbon storage provider. Namely, in late March, it signed a memorandum of understanding with Baker Hughes for the development of carbon storage assets.

A month later, the company announced a CO2 carrier and injection cooperation with the Knutsen Group to enable permanent carbon storage in reservoirs offshore while, in May, Horisont signed a memorandum of understanding with TGS to cooperate on furthering new carbon storage monitoring technologies and other carbon storage matters.

In addition, Horisont Energi’s first project, Barents Blue in Finnmark in Northern Norway includes a world-scale clean ammonia plant, with permanent storage of CO2 in the Polaris reservoir, located about a kilometre below the seabed in the Barents Sea.

Horisont Energi added that it would leverage the knowledge and technology from the Polaris project to fast track the development of new carbon storage facilities and connect the value chain supplying the market with cost-effective and flexible carbon-storage solutions.