Emissions Reduction Alberta (ERA) – the Alberta fund that invests in innovative technology projects, announced it is investing $2 million in four carbon capture, utilization and storage (CCUS) projects through a partnership with Accelerating CCS Technologies (ACT) – an ERA NET co-fund.
The ACT co-fund is financing 13 projects globally worth $68 million in public and private funds. $43 million comes from participating ACT partners.
The four projects are worth $24 million and include the Carbonova Corp. initiative, Carbon Management Canada project, and two initiatives from the University of Alberta. Carbonova Corp. produces carbon nanofiber from a novel process that utilizes CO2 and methane. It is worth $1.8 million and has an investment committed from Emissions Reduction Alberta at $543,000.
Carbon Management Canada reuses depleted oil and gas fields for CO2 sequestration. The business is worth $11 million and is in partnership with Germany, the Netherlands, Norway, and the UK. ERA has committed $345,000.
University of Alberta project conducts advanced multitemporal modeling and optimization of CO2 transport, utilization, and storage networks. It is estimated at $7.3 million and ERA has committed $745,000.
The second project from the University of Alberta specializes in effective hazard assessment and monitoring of long-term site stability for carbon capture and storage projects. The carbon capture initiative is valued at $3.6 million and ERA has invested $507,000.
“The task of scaling-up and deploying CCUS technologies is too great for one company, one organization, or one jurisdiction to take on alone. Building on our international relationships and credibility, ERA is helping to find solutions by bringing the world to Alberta, and by taking Alberta’s innovation to the world,” said Steve MacDonald, CEO, Emissions Reduction Alberta.