OnStream Receives $26 Million in Federal Funding for Louisiana Offshore Carbon Storage Hub Development and Announces Joint Venture Partnership with Major Midstream Company

HOUSTON, Nov. 18, 2024 /PRNewswire/ - Today, OnStream CO2, LLC ("OnStream"), a developer of carbon storage projects along the southern coast of Louisiana, announced that it has received a $26 million CarbonSAFE Phase III grant from the U.S. Department of Energy ("DOE"). This grant will be used to advance OnStream's development of the GeoDura CO2 Storage Hub, which will safely store over 250 million metric tons of CO2 offshore of Cameron Parish. GeoDura is set to become the State's first multi-source offshore carbon storage hub, with injection operations expected in 2028.

In addition to today's news, a wholly owned subsidiary of Enbridge Inc., North America's largest midstream company, has become a 45% equity partner in OnStream alongside Carbonvert, LLC ("Carbonvert") and Castex Carbon Solutions, LLC ("Castex"). Enbridge will act as OnStream's preferred CO2 transportation provider, leveraging its extensive expertise in transportation projects to strengthen the joint venture's ability to deliver carbon storage projects across Southern Louisiana.

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"Carbon capture and storage projects are part of the solution to help lower greenhouse gas emissions," said Vince Paradis, Enbridge's Vice President of Business Development. "OnStream's GeoDura carbon storage project will enable customers to safely and permanently sequester carbon dioxide, and we're excited to work with them to help companies in Louisiana meet their emission reduction goals."

"We are grateful to have Enbridge as a partner that seeks to make a positive environmental impact and support the needs of our customers across the region," said Aaron Killian, Castex EVP and CFO. "The DOE's grant for our GeoDura Carbon Storage Hub underscores the government's confidence in the strength and environmental benefits of this project."

"We are thrilled to be partnering with Enbridge in Louisiana," said Alex Tiller, Carbonvert CEO and President. "By working closely with local, state, and federal officials and community members, the OnStream CO2 partnership has established a CCS project model that benefits industry and the environment."

GeoDura Project Highlights

• Obtained all necessary permits and approvals from the applicable governmental agencies for the drilling of a stratigraphic test well.

• Commenced well-site preparation to drill a stratigraphic test well.

• Finalizing the Class VI permit for submittal to the Louisiana Department of Energy and Natural Resources.

• Commercial negotiations underway for CCS solutions with industrial customers in the region.

Stay informed about GeoDura at geodura.com and additional efforts from OnStream at onstreamco2.com.

About Carbonvert

Carbonvert Inc. is a carbon capture and storage project development and finance company that simplifies decarbonization for industrial facilities. Carbonvert was established in 2020 by veterans of the renewable and conventional energy sectors to manage the financial and technical complexities of CCS project development. The leadership team has extensive experience in developing large-scale projects, financing tax-advantaged projects, and structuring over $4 billion in infrastructure investments. Carbonvert has been involved in major CCS projects such as Bayou Bend CCS in Texas, Quest CCS in Alberta, Canada, and In Salah in Algeria.

About Castex

Castex has been a leading operator, mineral buyer, and landowner in South Louisiana and along the Texas Gulf Coast for over 35 years. Castex is advancing large-scale CO₂ storage hubs in Louisiana, leveraging its extensive technical expertise and decades of local knowledge to address highly concentrated industrial CO₂ emissions. The company has prioritized environmental stewardship since its founding in 1987, maintaining stringent adherence to environmental regulations and fostering sustainability across its operations.

About Enbridge

Enbridge safely connects millions of people to the energy they rely on daily, fueling quality of life through its North American natural gas, oil, and renewable power networks, along with its growing European offshore wind portfolio. Enbridge invests in modern energy infrastructure and advances technologies such as hydrogen, renewable natural gas, and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. For more information, visit enbridge.com.

SOURCE: OnStream CO2