Rayonier Inc, a leading timberland real estate investment trust (REIT), announced today a collaboration with Reliant Carbon Capture & Storage for carbon sequestration activities.
The agreement grants Reliant access to approximately 104,000 acres of Rayonier‘s land in Alabama for underground carbon storage.
Reliant specializes in capturing carbon dioxide (CO2) emissions from industrial sources and safely storing them deep beneath the Earth’s surface.
This partnership aligns with Reliant’s ongoing development of a power generation station in the region, for which they are currently finalizing an engineering design report.
Mark McHugh, President & CEO of Rayonier, said: “Carbon capture and storage opportunities represent a key pillar of our land-based solutions strategy, and we are encouraged by our progress in securing additional pore space lease agreements.”
“As we continue to grow our land-based solutions business, our team is focused on executing agreements with high-quality counterparties, such as Reliant, that position Rayonier to benefit from the transition to a low-carbon economy.”
Tom McCarthy, CEO of Reliant, expressed enthusiasm for the collaboration, stating, “By building this large-scale sequestration hub, coupled with post-combustion carbon capture projects at large-volume emitters, Reliant will provide the key components required to decarbonize heavy industry in this region.”
Read more: Rayonier Announces Additional Pore Space Lease Agreements With ExxonMobil
