Horisont Energi and E.ON sign letter of intent on provision of industrial-scale CO2 storage in the North Sea

The agreement is an important milestone in the cooperation between the two partners and for Horisont Energi’s commercial CO2 transport and storage business. With this, 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. Horisont Energi will apply for the announced license to operate the CO2 storage Errai in the North Sea by early January 2023.

Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi: “It is great to take the next step towards a carbon neutral future together with our partner and shareholder E.ON. Decarbonization can only be achieved on a European scale, with integrated value chains and large-scale CO22 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.”

Patrick Lammers, Member of the E.ON Board of Management: “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.”

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.

About Horisont Energi
Horisont Energi (EURONEXT: HRGI) is a Norwegian clean energy company that will provide clean energy and carbon transport and storage services. The company will transform gas into cost-leading ammonia and hydrogen and offer CO2 transportation and storage solutions using proprietary technology, paving the way for a low carbon economy. The company was founded in 2019 and is headquartered in Sandnes, Norway. https://www.horisontenergi.no