EONGY E ON SE (PK)

By Dominic Chopping

Norwegian clean-energy and carbon-storage services provider Horisont Energi AS said Monday that, alongside oil-and-gas company Neptune Energy, they have signed a memorandum of understanding with E.ON SE to develop a European carbon capture and storage value chain.

The companies said the agreement covers several areas such as the development, financing and funding of a complete value chain for carbon dioxide handling.

The intention is for Horisont Energi and Neptune Energy's planned development of the Errai carbon capture and storage project in Norway to be the first joint project under the agreement, subject to governmental approval.

"Our cooperation with E.ON and Neptune Energy is already strong. Through this MoU we are expanding the cooperation to include three experienced energy companies," Horisont Energi Chief Executive Bjorgulf Haukelidsaeter Eidesen said.

"Together we will strengthen our position to establish a European CCS value-chain business. In case of license award of Errai, a possible direct participation by E.ON would further strengthen the commercial basis for this project."

The Errai project was initiated by Horisont Energi in 2021 and could store 4-8 million tons of carbon dioxide annually, with the potential to store more in later phases.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

February 20, 2023 03:58 ET (08:58 GMT)

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