EU Innovation Fund Awards EUR 223 Million to Aker BP and Höegh Evi for the Atlas CO2 Transport and Storage Project

OSLO, Norway, Oct. 20, 2026 /PRNewswire/ -- Aker BP and Höegh Evi have been awarded EUR 223 million from the European Union Innovation Fund for the Atlas Project, a large-scale CCS network connecting European industry with permanent CO2 storage on the Norwegian Continental Shelf.

Atlas combines regional CO₂ aggregation, large-scale low-pressure maritime transport and offshore storage. CO₂ will be aggregated at regional export hubs close to industrial clusters and transported by dedicated carriers to the Atlas storage site in the Norwegian North Sea. Solutions being developed in locations such as Stockholm demonstrate how the network can connect industrial regions across Europe to permanent CO₂ storage. At the storage site, located in the Aker BP-operated EXL011 (80% Aker BP, 20% ORLEN Upstream Norway), CO2 will be injected through subsea infrastructure into a saline aquifer for safe and permanent storage more than 2,000 meters below the seabed.

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Atlas has a design capacity of 6 million tonnes of CO₂ per year, with potential to expand beyond 10 million tonnes as the European CCS market develops. Regional aggregation and large-scale maritime transport provide economies of scale and flexibility to connect additional industrial regions as the market develops and the network expands.

Atlas was confirmed as an EU Project of Mutual Interest (PMI 13.17) in April 2026, recognising it as cross-border European CO₂ infrastructure. The project is in the Select phase, targeting final investment decision in 2028 and first injection from 2031.

"Atlas demonstrates how regional aggregation and large-scale low-pressure shipping can efficiently connect industrial regions to permanent CO₂ storage. This flexible maritime model can expand as the European CCS market develops," said Nils Jakob Hasle, EVP Clean Energy, Höegh Evi.

"Europe needs safe and cost-effective permanent CO₂ storage. Atlas is designed to provide European industries with significant storage capacity on the Norwegian Continental Shelf and capture economies of scale needed to reduce CCS value chain costs," said Ørjan Jentoft, CCS Asset Manager, Aker BP.

Subject to final investment decision in 2028, the EU Innovation Fund award of EUR 223 million will support the implementation of the Atlas cross-border CO₂ transport and storage network.