Horisont Energi (EURONEXT: HRGI), a Norwegian clean energy company, and Neptune Energy, an independent global E&P company, have today signed a Memorandum of Understanding (MoU) with the international energy major E.ON with the aim to develop a European CCS value chain.
Through this MoU Horisont Energi will strengthen the existing cooperation with E.ON and by bringing in Errai partner Neptune Energy, Horisont Energi will expand the cooperation towards a jointly development of a European carbon capture and storage (CCS) value chain. The three energy companies will take a strong position in the CCS market, accelerating the transition to carbon neutrality.
The MoU covers several areas such as the development, financing, and funding of a complete value chain for CO2 handling. If Horisont Energi´s and Neptune Energy´s application for CO2 exploration for the Errai project is awarded, the intention is that this will be the first joint project.
“Our cooperation with E.ON and Neptune Energy is already strong. Through this MoU we are expanding the cooperation to include three experienced energy companies. Together we will strengthen our position to establish a European CCS value-chain business. In case of license award of Errai, a possible direct participation by E.ON would further strengthen the commercial basis for this project”, said Bjørgulf Haukelidsæter Eidesen, CEO at Horisont Energi.
Errai is planned as the first commercial CO2 project in Norway and will represent an important step in industrialising carbon capture and storage (CCS) as a competitive service. Bringing in E.ON will strongly contribute to linking CO2 projects on the Norwegian Continental Shelf (NCS) with development of the CO2 removal market in Europe. Pending legislative changes, the cooperation could furthermore lead the way for commercial carbon removal market based on sequestration of biogenic CO2.