Carbon storage in the U.S. received a significant boost earlier this week with 23 projects shortlisted for DOE support. The $518 million package is focused on existing and new projects that – if successfully developed – would have the capacity to store 50 million tons of CO2 annually.
The funds are part of the Carbon Storage Assurance Facility Enterprise (CarbonSAFE) Initiative, which is overseen by the FECM and are aimed at the initial phases of the projects – site research, planning and design, as well as permits and initiating construction.
This is the third selection round, with the previous two happening in May 2023 and November 2023.
One of the most prominent projects is in West Virginia, where Senator Manchin publicly announced the $44 million carbon storage project which will see Advanced Resources International explore the development of a carbon storage hub in two neighbouring areas in Belmont County, Ohio and Marshall County, West Virginia.
Project Tundra has been awarded one of the largest amounts with nearly $49 million directed in support of the construction of a major geologic carbon storage facility in Grand Forks, North Dakota.
BKV dCarbon Ventures is also among the winners for its Colorado project. The company recently received a KeyBanc Capital Markets recently initiated coverage of BKV (NYSE:BKV) with an “overweight” rating and set a price target of $23 per share citing potential growth in carbon capture.
You can jump to the relevant part of the DOE carbon storage announcement for each of the 23 projects by clicking on the links below (each organized by name, developer and location):
CARBONSAFE PHASE II: STORAGE COMPLEX FEASIBILITY
CarbonGuard Colorado — BKV dCarbon Ventures — Colorado
Unlocking Scalable Carbon Capture and Storage in the Mid-Continent through Basalt Storage — Carbon Solutions LLC Foundation — Nebraska
Steamboat Carbon Storage Hub — Meriden Carbon LLC – Wyoming
Grays Harbor CO2 Capture and Storage Hub — Projeo Corporation — Washington
Michigan Intrastate Technical Team (Project MITT) — Riverside Carbon Solutions — Michigan
RPS Expansion Project — RPS Expansion, LLC — Louisiana
Southern Arizona CO2 storage complex feasibility in Harquahala basin (CO2HQ) — University of Arizona Arizona
Southwest Iowa Carbon Storage Project – Feasibility of the Midcontinent Rift System as a CO2 Storage Complex — University of Iowa – Iowa
CO2 Storage Hub for the Inland Northwest Economy (SHINE) Feasibility Study — University of North Dakota EERC – Washington
CarbonSAFE Phase II: Storage Complex Feasibility in the Basin and Range, Southwest Utah — University of Utah – southwestern Utah
Rocky Mountain CarbonSAFE Phase II: Storage Complex Feasibility — University of Utah — Central Utah
Central Appalachian Regional Depot for Industrial CO2 Abatement in Lone Star, Virginia (Project CARDINAL) — Virginia Polytechnic Institute and State University — Virginia
CARBONSAFE PHASE III: SITE CHARACTERIZATION AND PERMITTING
Alabama Carbon Express System: Project ACES — Advanced Resources International, Inc — Alabama
Central Appalachia CO2 Storage Hub Project — Advanced Resources International, Inc — West Virginia
North to the Future Carbon Capture and Sequestration Hub — ASRC Energy Services, LLC — Alaska
The Oklahoma Carbon Hub (OKHub) — Board of Regents of the University of Oklahoma — Oklahoma
Elk Hills CO2 Storage Project (EHStore) — California State University Bakersfield — California
Project Antheia: Developing Decarbonization Solutions for Georgia — Carbon America — Georgia
Evergreen Sequestration Hub, LLC — Evergreen Sequestration Hub — Louisiana
Pelican Carbon Sequestration Hub — Pelican Renewables LLC — California
Carbon Offshore Storage in Mustang Island Corpus Christi — Southern States Energy Board — Texas
CARBONSAFE PHASE III.5: NEPA, FEED Studies, and Storage Field Development Plan Only
Pineywoods Carbon Capture and Storage Hub — Carbon Solutions LLC — Texas
CarbonSAFE PHASE IV: CONSTRUCTION
North Dakota CarbonSAFE Phase IV: Site Construction — DCC East Project LLC — North Dakota
Read more: ExxonMobil Signs Largest Offshore Carbon Storage Deal In The U.S.
