Colorado School of Mines and Carbon TerraVault Awarded $8.9 Million in DOE Funding for CarbonSAFE Project

Award Advances Development of CTV III Carbon Storage Project in California

GOLDEN, Colo. and LONG BEACH, Calif., Oct. 08, 2024 (GLOBE NEWSWIRE) -- Colorado School of Mines (Mines) and Carbon TerraVault Holdings, LLC (CTV), a subsidiary of California Resources Corporation (NYSE: CRC), today announced the award of $8.9 million from the U.S. Department of Energy (DOE) for a Carbon Storage Assurance Facility Enterprise (CarbonSAFE) project in California. This grant will support the development of an underground carbon storage reservoir to mitigate carbon emissions in California.

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The grant will allow Mines, CTV, and industry partners Blade Energy Partners and Providence Strategic Consulting to conduct a feasibility study on the CTV III CO2 Storage Project, an underground carbon storage reservoir in San Joaquin County, California. The project aims to store up to an expected 71 million metric tons (MT) of carbon emissions, contributing significantly to reducing greenhouse gases in the region.

The CarbonSAFE Initiative was created by the DOE in 2016 to accelerate the deployment of carbon capture and storage (CCS) by helping stakeholders address key gaps in the implementation of commercial-scale projects. This initiative aligns with the California Air Resources Board’s Scoping Plan for Achieving Carbon Neutrality in California, setting targets of 20 million MT of CO2 removal by 2030 and 100 million MT by 2045.

CarbonSAFE projects include analysis of several key phases: Integrated Carbon Capture and Storage Pre-Feasibility, Storage Complex Feasibility, Site Characterization and Permitting, and Injection Construction. These phases help improve the understanding of project screening, site selection, and the necessary procedures to submit appropriate permit applications.

"With this CarbonSAFE grant, Mines is excited to actively participate with the industry and the DOE to provide real-time solutions to climate change," said Ali Tura, professor of Geophysics and the Co-director of the Reservoir Characterization Project at Mines. "Sequestering CO2 into the deep subsurface versus releasing it all into the atmosphere is a long-term solution to sustainable human development."

"CRC is a leading energy solutions provider in California. Our unique assets provide viable options to help decarbonize California and help the state meet its carbon reduction goals," said Francisco Leon, CRC’s President and Chief Executive Officer. "Our teams will work together to bring these projects to life to effectively reduce CO2 emissions and deliver long-term economic and environmental benefits."

The CTV III CO2 Storage Project will include a Community Benefits Plan that invests in developing or expanding programs and partnerships with labor, community organizations, and academic institutions. These initiatives will provide transformative benefits to local communities throughout the region.

Funding for the project is from the Bipartisan Infrastructure Law (BIL) – CTV III CO2 Storage Project in San Joaquin County. The project began in August of this year and is slated to run through August 2026. The total award value for this project is $11,158,273.

About Colorado School of Mines

Colorado School of Mines is a public R1 research university focused on applied science and engineering, producing the talent, knowledge, and innovations to serve industry and benefit society. Mines' mission is to create a more prosperous and sustainable future.

About Carbon TerraVault

Carbon TerraVault Holdings, LLC (CTV), a subsidiary of CRC, develops services that include the capture, transport, and storage of carbon dioxide for customers. CTV is engaged in a series of CCS projects to inject CO2 captured from industrial sources into reservoirs for permanent storage deep underground.

About California Resources Corporation

California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC focuses on developing carbon capture and storage and other emissions-reducing projects while providing responsibly sourced energy.

SOURCE: California Resources Corporation & Colorado School of Mines