Norwegian clean energy company Horisont Energi and its partners Neptune Energy have signed a memorandum of understanding (MoU) with German energy giant E.ON to explore the creation of a European carbon capture value chain.
The MoU spans all aspects of the project, from its funding, development and execution and sends a strong signal that demand for CO2 transportation and storage from EU industries is coming.
Back in January 2022 E.ON acquired a 25% stake in Horisont Energi and this MoU marks another chapter in the companies’ relationship.
Bjørgulf Haukelidsæter Eidesen, CEO at Horisont Energi said: “Together, we will strengthen our position to establish a European CCS value-chain business. In case of the license award of Errai, a possible direct participation by E.ON would further strengthen the commercial basis for this project.”
Oil and gas company Neptune Energy also commented on the MoU: “Several industries cannot be fully electrified and will therefore depend on CCS to meet net zero emissions requirements and the fulfillment of the 1.5-degree target by 2050. Such industries are situated across Europe and include the production of steel, cement, various chemicals, pulp, and paper.”
Relevant: Horisont Energi Picks Location For Its Errai Carbon Capture Project
The Errai project was initiated by Horisont Energi in 2021 and a partnership with Neptune Energy followed in August 2022. Neptune has previous experience with carbon capture, with CO2 reinjection at the K12-B gas in the Dutch North Sea since 2014 and in the in Norwegian Snøhvit field since 2008 (as partners).
A location was selected in January, 2023 with a potential capacity for CO2 storage of 4-8 million tonnes in the first development phase. In Horisont Energi’s joint application with Neptune for Errai at the end of 2022 the latter was designated as the operator.
Read more: Horisont Energi Partners With Neptune Energy On Errai Carbon Capture Project
