Carbon Centric and Fidelis New Energy Enter Into Letter of Intent for Onshore CO2 Storage

COPENHAGEN, Denmark, Aug. 30, 2023 /PRNewswire/ -- Carbon Centric AS ("Carbon Centric") and Fidelis New Energy Europe ApS ("Fidelis") have signed a letter of intent to safely and permanently store CO2 emissions of Carbon Centric's clients', utilizing Fidelis' recently announced Norne Carbon Storage Hub ("Norne") in Denmark. This agreement is a milestone accomplishment for the decarbonization of smaller and medium sized biogenic and hard-to-abate emitters in Northern Europe. This agreement ensures that companies aspiring to be front runners in carbon capture and storage ("CCS") can store captured CO2 by 2027.

Receiving facility for the Norne Carbon Storage Hub

Carbon Centric plans to initiate installations of capture equipment on its customers' facilities in 2024 and is expected to store at least 800,000 tons of CO2 annually with Norne by 2027. The CO2 from Carbon Centric will be transported to Fidelis' CO2 reception facility at the Port of Aalborg. Carbon Centric has long been a leader in carbon management with capture projects already underway in Norway and Iceland and prospective capture projects in Denmark and Sweden.

On May 15th 2023, Fidelis announced the Norne Carbon Storage Hub, an onshore CO2 storage network in Denmark. Norne provides C02 emitters the option to access a safe and cost-effective decarbonization solution designed to help Denmark achieve its ambitious 2030 and 2050 climate goals. Norne is scheduled to commence CO2 storage operations in 2027 for Carbon Centric and aims to store more than 20 million tonnes per year by 2030. Carbon Centric joins a growing list of Norne customers seeking carbon storage that is safe, ESG-friendly, and economically advantaged.

Since 2021, Carbon Centric has been working to provide low-cost carbon capture solutions for existing waste and biomass combined heating and power plants. Carbon Centric offers to build, own, and operate carbon capture plants for small and medium-sized waste and biomass facilities, providing the opportunity for asset owners to reduce their emissions without the high investment cost. Carbon Centric also offers affordable and turnkey carbon capture plants for the same market, taking care of everything from Front End Engineering Design, construction, installation, operations, and maintenance.

"At Carbon Centric we have been looking for a company like Fidelis that will be able to ensure cost-effective large scale carbon storage for our clients. Norne is visionary with its ability to scale up quickly and will allow us to build out our businesses together", said Kenneth Juul, Carbon Centric Chief Commercial Officer and Co-Founder. "With Denmark's foresight of moving quickly toward onshore carbon storage and with Fidelis' plans and prior three years of work on the Norne vision to provide carbon storage solutions on both Jutland and Zealand, we see a great opportunity to expand our activities in Denmark. Our ambition is to provide affordable full value chain CCUS solutions for our clients and make large-scale CO2 reductions by helping small to medium sized facilities decarbonize. With this partnership we are well positioned to reach our ambitious CO2 storage targets and thereby help Denmark and the EU decarbonize", Kenneth Juul concluded.

"We are thrilled to be able to provide a safe and cost-effective decarbonization solution for Carbon Centric and their clients. Carbon Centric provides turnkey carbon mitigation services for small and medium sized emitters and allows these companies to implement climate change solutions now. We are proud to be able to work collaboratively with Carbon Centric in delivering these services to their clients," 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 ensuring industries remain globally competitive due to the low overall costs of CO 2 mitigation," added Bengt Jarlsjo, Co-Founder, President, and Chief Operating Officer of Fidelis. "This announcement with Carbon Centric is an important milestone for the decarbonization of Denmark and Northern Europe. We look forward to our continued collaboration with Carbon Centric."

>> Additional Reading: Fidelis New Energy's Norne Carbon Storage Hub Declared a Project of Common Interest by the European Union

Carbon Centric

Carbon Centric is a pure play CCUS project and service company which is actively working to reduce global carbon emissions by accelerating the implementation and roll-out of carbon capture capabilities. The company has a particular focus on waste-to-energy and biomass-to-energy plants. In order to install carbon capture capacity at a high pace, they are catering to both the CCS and the CCU markets, and they take the responsibility for downstream handling of CO 2 . Carbon Centric is developing a significant portfolio of CCUS projects and aims to install more than 2 million tons of capture capacity by 2028. Their first full-scale carbon capture plant will be in commercial operation by the end of 2024. To learn more about Carbon Centric, please visit www.carboncentric.no.

Fidelis New Energy

Fidelis New Energy, LLC is an energy transition company driving decarbonization through investments in carbon capture and storage, renewable fuels, and low or negative carbon intensity products in Europe and the United States of America. Fidelis utilizes an "all of the above" energy philosophy with a focus on reducing carbon intensity by innovating new technologies through the integration of proven technologies.

Fidelis New Energy is headquartered in Houston, Texas with offices in Copenhagen, Denmark (European Headquarters), and Baton Rouge, Louisiana. Fidelis also has a portfolio of patent pending technologies providing climate benefits through the innovative integration of proven technologies. To learn more about Fidelis and its technologies, including FidelisH2®, H2PowerCool™, and CO2PowerGrow™ please visit http://www.fidelisnewenergy.com/.