Aalborg Portland and Fidelis New Energy Enter Into Letter of Intent for Onshore CO2 Storage

Fidelis New Energy and Aalborg Portland are pleased to announce that they have signed a letter of intent enabling the cement producer to potentially supply more than 400,000 tons of CO2 to the Norne Carbon Storage Hub in Aalborg through a direct pipeline connection by 2030. Norne is Denmark's first large-scale facility for handling captured CO2 in Aalborg and was announced by Fidelis at the Port of Aalborg on May 15, 2023.

COPENHAGEN, Denmark and AALBORG, Denmark, June 8, 2023 /PRNewswire/ -- Aalborg Portland and Fidelis New Energy (Fidelis) have entered into a letter of intent for safe and permanent storage of Aalborg Portland's CO2 emissions utilizing Fidelis' recently announced Norne Carbon Storage Hub (Norne) in Aalborg. This agreement is a milestone accomplishment for the decarbonization of cement production, making Aalborg Portland an industry leader in carbon impact and further demonstrating Denmark's commitment to being a global leader in decarbonizing hard to abate industries.

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"We are thrilled to be able to provide a safe and cost-effective decarbonization solution for Aalborg Portland, Denmark's only cement producer", said Ulrik Weuder, Managing Director of Fidelis New Energy Europe.

"Norne enables the safe and environmentally friendly, decarbonization of key segments of the Danish and European economies while enabling global competitiveness for key industries. This announcement with Aalborg Portland is an important milestone for the decarbonization of Denmark. We look forward to working with Aalborg Portland as they take additional steps to decarbonized cement production", added Bengt Jarlsjo, Co-Founder, President, and Chief Operating Officer at Fidelis.

Potential of more than 400.000 tons of CO2

Aalborg Portland is expected to capture at least 400,000 tons of CO2 per year from their facility in Aalborg by 2030, and in accordance with the letter of intent, the captured CO2 will be transported through a direct pipeline connection and permanently stored by Norne. Aalborg Portland has long been committed to the sustainable production of cement, pursuing renewable fuels and advanced production technologies and methods to reduce the climate impact of cement production. Now the company is taking another important step in its ambitions to produce cement with a lower CO2 footprint.

"We have been closely following Fidelis' plans for the construction of Denmark's first large-scale CO2 handling facility in Aalborg with great interest. CO2 capture plays a key role in Aalborg Portland's transition process, where we aim to capture a minimum of 400,000 tons of CO2 per year by 2030, but we also aim even higher. Fidelis' facility is planned to be established just a few kilometers from Aalborg Portland, and therefore, this letter of intent makes a lot of sense", says Michael Lundgaard Thomsen, CCO of Aalborg Portland.

On 15 May 2023, Fidelis announced the Norne Carbon Storage Hub, an onshore CO2 storage network in Denmark for CO2 storage with plants in both Aalborg and Kalundborg. In this regard, Fidelis and Port of Aalborg entered into an agreement on the establishment of Denmark's first plant for handling captured CO2. The plant will be located at the East Port of Aalborg close to Aalborg Portland, and from 2026 it is expected to receive up to 4 million tons of greenhouse gases annually with the possibility of doubling capacity in the future.

"It is fantastic that Fidelis and Aalborg Portland are joining forces on CO2 capture and storage in Aalborg. This underlines the fact that we are on our way to becoming a pioneering area for dealing with captured CO2 on European soil. We have the leading research environments through Aalborg University and a business community with representatives of the entire value chain - from capture, to storage and not least utilization of CO2 to the green energy sources of the future", says Kristian Thulesen Dahl, CEO of Port of Aalborg.

Fidelis and Port of Aalborg also expect that up to 200 ships a year will come to Aalborg with imported CO2 from emission sources at home and abroad.

About Fidelis New Energy

Fidelis New Energy is an energy transition company driving decarbonization through investments in renewable fuels, low or negative carbon intensity products, and carbon capture and storage in Europe and the United States of America.

The Fidelis approach builds upon our proprietary ESG centric RACER™ framework where we collaborate with a diverse set of industry experts to select attractive markets and projects, then work collaboratively and iteratively to improve environmental and financial performance by utilizing proven technologies from leading global providers.

Fidelis New Energy is headquartered in Houston, Texas with offices in Baton Rouge, Louisiana and Copenhagen, Denmark. Fidelis also has a portfolio of patent pending technologies providing climate benefits through the innovative integration of proven technologies. To learn more about these technologies, including CO2PowerGrow™ and Fidelis please visit http://www.fidelisnewenergy.com/.

About Norne Carbon Storage Hub

Norne Carbon Storage Hub ("Norne"), a wholly owned subsidiary of Fidelis New Energy, consists of two reception facility sites in Denmark – one at the Port of Aalborg and one at the Port of Kalundborg. Norne is progressing the CO2 pipelines and storage facilities to safely and permanently store the CO2. Norne will receive and store CO2 from both Danish and European CO2 emitters in need of CO2 storage. The Norne hub will deliver significant climate impact by enabling CO2 emitters to permanently store their emissions.
For more information, visit www.norneccs.com.

About Aalborg Portland A/S

Aalborg Portland is Denmark's only and one of the world's leading producers of cement and cement products. Aalborg Portland has a strong focus on sustainability, innovation and customer needs and aims with its 2030 roadmap to lift Danish cement production to be among the cements in the world with the lowest CO2 footprint.

About Port of Aalborg A/S

Port of Aalborg is North Jutland's largest logistics hub focusing on the realization of Aalborg Municipality's business and sustainability strategies. We work intensively to support sustainable business development and have our eyes on both the water and land sides, where our surrounding business park has been designated as Aalborg's future growth zone. The Port of Aalborg A/S Group comprises 7 subsidiaries and approx. 110 employees. Read more at www.portofaalborg.dk.

SOURCE Fidelis New Energy, LLC; Aalborg Portland