Stockholm Exergi has announced its plan to construct one of the world’s largest facilities for the removal and permanent storage of biogenic carbon dioxide.
This significant investment marks a pivotal step in the effort to achieve long-term climate goals for both Sweden and the European Union.
The project, valued at SEK 13 billion (~$1.3 billion), is set to begin construction immediately, with the aim of having the facility operational by 2028.
“This is a historic moment for Stockholm Exergi and for the green transition,” said Anders Egelrud, CEO of Stockholm Exergi.
“We have worked purposefully for many years to make bio-CCS a reality, and today’s decision means that we are moving from plans to action. With this, we assume global leadership in the industry for permanent removals.”
The investment decision has been made possible through a mix of public funding and private sector support, including purchases of negative emissions certificates from companies committed to ambitious climate goals.
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The new facility will be located near Värtaverket in the Stockholm energy port. Once operational, it will capture and permanently store 800,000 tons of CO2 annually, a volume that exceeds the total emissions from Stockholm’s road traffic over the same period.
CO2 capture technology has been in use since the 1970s, and Stockholm Exergi has been operating a test facility since 2019.
The storage method, which involves mineralizing CO2 in bedrock beneath the seabed, is well-established and closely monitored to ensure long-term security.
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Nearly 120 years after the inauguration of Värtaverket, Stockholm Exergi continues to provide heat and electricity, while now also contributing to reducing atmospheric CO2 levels.
For CO2 transport and storage, Stockholm Exergi has partnered with Northern Lights.
This decision paves the way for Northern Lights to expand its capacity, a vital development for future negative emissions projects and the creation of a potential new industry, positioning the Nordic region and Europe as leaders in the global market for carbon removal technologies.
