TotalEnergies announced on Thursday that the company has sold 35 percent of the Bifrost project to CarbonVault, the Danish subsidiary of German cement manufacturer Schwenk.
After the agreement, TotalEnergies E&P Denmark owns 45 percent of Bifrost as operator, while CarbonVault gets 35 percent and Nordsøfonden keeps 20 percent.
- The expansion of the partnership with a large German CO2 emitter is a milestone. It supports Denmark's national ambition to develop a European hub for CO2 storage. A significant portion of the CO2 is expected to come from German industry, says Martin Rune Pedersen, CEO of TotalEnergies Denmark.
Schwenk Zement has committed to decarbonizing its activity in Europe and has chosen Bifrost as the preferred solution for storing future emissions.
The partnership illustrates how TotalEnergies can combine an industrial emitter's decarbonization plan with a CCS developer's capabilities to reduce emissions.
- We look forward to working with our new partner to ensure the successful implementation of the Bifrost project, which is a cornerstone of Denmark's national ambition to establish a European hub for CO2 storage, says Arnaud Le Foll, Senior Vice President for New Business - Carbon Neutrality at TotalEnergies.
The completion of the transaction is subject to customary conditions, including regulatory approvals.
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