Marubeni Enters Share Subscription Agreement With Bison Low Carbon Ventures

Marubeni Enters Share Subscription Agreement With Bison Low Carbon Ventures - Carbon Herald
Top row, left to right, Mr. Dale Nally, Minister, Service Alberta and Red Tape Reduction; Ms. Alanna Hnatiw, Mayor, Sturgeon County Council; Mr. Takahiko Watabe, Consul General, Consulate General of Japan in Calgary; Second row, left to right: Tadashi Tatsuuma, General Manager, Steel Raw Material Dept. of Marubeni Corporation; Mr. Matthew Brister, President, Bison Low Carbon Ventures Inc. (CNW Group/Bison Low-Carbon Ventures Inc.)

Bison Low Carbon Ventures Inc. has announced that it has entered a share subscription agreement with Marubeni Corporation, to facilitate development of Bison’s carbon capture and storage projects in Alberta, Canada.

The Meadowbrook CCS Project, one of the projects being developed by Bison, is located near Edmonton, Alberta, and aims to develop a world-scale storage operation of 3 million tons of CO2 per annum.

Detailed geological evaluation work such as drilling, as well as further detailed formation evaluation, will start over the second half of 2023, with plans to commence storage operations starting from the end of 2024 and expanding to full capacity as market demand for sequestration services develop.

Relevant: Canada Looks To Compete With US Carbon Capture Incentives

The project is expected to transport and store CO2 emitted from the Alberta Industrial Heartland Area and industries within its proximity, thus contributing to Canada and Alberta’s 2050 carbon neutrality goal and to the creation of new industries such as blue hydrogen and blue ammonia production.

Through its relationship with Bison, Marubeni will also have the opportunity to invest in the North Drumheller CCS Project and other Bison-developed energy transition initiatives..

Marubeni is set to contribute to the decarbonization of hard-to-abate industries across multiple continents, utilizing the insights gained through its carbon capture projects, including Meadowbrook and the CTSCo project in Queensland, Australia.

Read more: Canada Oilsands Group To Invest $16.5B In Carbon Capture Technology

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