CarbonVault, the Danish affiliate of German cement group Schwenk, has agreed to acquire a 35% interest in the Bifrost carbon capture and storage (CCS) project in the Danish North Sea.
The agreement, announced by operator TotalEnergies, marks a significant step in building Denmark’s ambition to become a European hub for CO2 storage.
Bifrost covers two offshore storage licenses spanning 2,118 sq km (818 sq mi), located around 125 miles west of Denmark. The area includes the declining Harald East and West gas fields as well as the Dagny saline aquifer, offering a mix of depleted hydrocarbon reservoirs and deep saline formations for long-term CO2 storage.
Following the transaction, TotalEnergies will hold a 45% operated stake, while state-owned Nordsøfonden retains 20%.
A Cornerstone for Danish CCS
The project is designed to collect emissions from heavy industry across Northern Europe and transport them by ship and pipeline for injection into the North Sea. Initial plans call for at least 5 million tonnes of CO2 per year to be stored by the end of the decade.
“We look forward to working with our new partner to ensure the successful deployment of the Bifrost Project, a cornerstone of Denmark’s national ambition to establish a European hub for CO2 storage,” said Arnaud Le Foll, Senior Vice President New Business – Carbon Neutrality at TotalEnergies.
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For CarbonVault’s parent Schwenk, one of Europe’s leading cement producers, the project offers a direct pathway to reduce emissions from one of the most hard-to-abate industrial sectors.
By joining the Bifrost partnership, CarbonVault secures long-term access to large-scale CO2 storage while aligning with broader European decarbonization efforts.
If realized, Bifrost would join a growing cluster of North Sea CCS initiatives that seek to leverage depleted oil and gas reservoirs as a backbone for Europe’s industrial decarbonization.
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