E.ON intends to deliver more than one million tons of CO2 annually by 2030 from its customers across Europe – corresponding to the annual emissions of around half a million petrol cars
Horisont Energi (EURONEXT: HRGI) and E.ON are intensifying their existing collaboration to jointly build a European carbon value chain. Today, both companies signed a letter of intent, whereby E.ON intends to provide more than one million tons of existing CO2 per year from its European customer sites by 2030, starting from 2027 with gradual increase. Horisont Energi will provide services on CO2 marine transport and long-term storage. Subject to license award, Horisont Energi targets to start operation of the carbon capture and storage (CCS) project “Errai”, located in Norway. To this end, the development of a European carbon value chain shall apply proven and mature technologies for capture, transport and storage of CO2 on an industrial scale.
The agreement is an important milestone in the cooperation between the two partners and for Horisont Energi’s commercial CO2 transport and storage business. Horisont Energi will apply for the announced license to operate the CO2 storage Errai in the North Sea by early January. With this agreement, both Horisont Energi and E.ON position themselves as key players and Errai as a key project in the decarbonization of European industry and cities.
“It is great to take the next step towards a carbon neutral future together with our partner and shareholder E.ON. Decarbonisation can only be achieved on a European scale, with integrated value chains and large-scale CO2 removal solutions. Today’s agreement is a significant step, not only for the realization of the Errai project, but also for a carbon neutral European industry and society.” - Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi
“We are very proud to be a pioneer in the field of industrial CO2 circular economy together with Horisont Energi. With this next step we aim to extend our decarbonization solutions portfolio and make carbon capture and storage available to customers in Europe. For our industrial customers in particular, CCS technology will play a key role in achieving their net zero targets. As a partner to our customers, we stand ready to shape this path.” - Patrick Lammers, Member of the E.ON Board of Management
Horisont Energi plans to store four to eight million tons of CO2 annually in the first development phase of the Errai project, potentially storing more in later phases. The project includes an onshore terminal for intermediate CO2 storage, with the intention to permanently store the CO2 in an offshore reservoir. With the current plans the Errai project will develop the second CO2 terminal in Norway. It was initiated by Horisont Energi in 2021, and CO2 storage is expected to start in 2026.
Horisont Energi and E.ON entered a strategic cooperation agreement in January 2022 for the development of a Europe-wide range of services for the capture, transport and storage of carbon dioxide, and the establishment of corresponding value chains. Horisont Energi shall be responsible for transport and storage, E.ON for carbon capture and liquefaction. The service will be offered to both existing and new E.ON customers. Together with its customers in Europe, E.ON is thus decisively driving the decarbonization of European industry, business and municipalities.