Aker Carbon Capture welcomes UK Government CCUS Track 1 project negotiation list

Rhea-AI Summary

Aker Carbon Capture has been selected by the UK Government as a successful bidder in Phase 2 of the Track 1 CCUS Cluster Sequencing Process for its projects with bp and Viridor. These projects aim to capture significant amounts of CO2, including up to 2 million tonnes per year for bp's mega-scale gas-to-power project and around 1 million tonnes for Viridor's Runcorn CCS project. This initiative aligns with the UK’s commitment to achieve net-zero emissions and supports the £20 billion CCUS funding announced in the Treasury's Spring Budget. The government will continue expanding CCUS projects to meet its 2030 carbon capture targets.

Positive

• Aker Carbon Capture selected for key UK CCUS projects, enhancing its industry position.
• Projects aim to capture up to 3 million tonnes of CO2, supporting UK's net-zero goals.
• Significant government funding of £20 billion confirmed to advance CCUS initiatives.

Negative

• None.

LYSAKER, Norway, March 30, 2023 /PRNewswire/ -- The UK Government has selected bp's Net Zero Teesside Power and Viridor's Runcorn CCS as successful bidders in Phase 2 of the Track 1 CCUS Cluster Sequencing Process. This is part of the UK Government's funding commitment to achieve a net-zero economy. Both projects now proceed to final negotiations for governmental support.

Aker Carbon Capture is the carbon capture provider for a FEED to bp's mega-scale gas-to-power project with carbon capture. A consortium of Aker Solutions, Siemens Energy and Altrad Babcock is currently delivering an overall FEED for this project, which has a design capture capacity of up to 2 million tonnes CO2 per year. And together with Viridor, the UK's largest waste-to-energy company, Aker Carbon Capture is delivering a pre-FEED study for the Runcorn CCS project which aims to capture around 1 million tonnes CO2 per year. These major projects further support Aker Carbon Capture's leading position in the fast-growing carbon capture market in the UK and Europe. 

"Congratulations to bp and Viridor. This is an important day for CCUS in the UK. We are thrilled that these flagship projects have been selected as part of the UK Government's commitment to clean power generation and decarbonization. This will significantly advance the UK's decarbonization targets and will strengthen energy security," said David Phillips, Head of UK and Investor Relations at Aker Carbon Capture.

These announcements build on the £20 billion CCUS funding which was confirmed earlier this month in the Treasury's Spring Budget. To achieve the UK Government's ambition of capturing 20-30 million tonnes of carbon dioxide by 2030, more CCUS projects will need to come online. The UK government will launch a process later this year to enable further expansion of the Track-1 clusters, beyond the initial deployment, identifying and selecting projects for HyNet and East Coast Cluster – including the Humber – and their associated storage facilities as they become viable, to be operational by 2030. This wider deployment of CCUS will help the UK achieve its decarbonization targets, create jobs and bolster energy security.

Media contact:

Yannick Vanderveeren,
mob: +47 458 36 358,
email: yannick.vanderveeren@akercarboncapture.com

Investor contacts:

David Phillips,
mob: +44 7710 568279,
email: david.phillips@akercarboncapture.com

Christian Yggeseth,
mob: +47 915 10 000,
email: christian.yggeseth@akerhorizons.com

The following files are available for download:

https://news.cision.com/aker-carbon-capture-asa/i/ukpr300323,c3162378

UKPR300323

 

View original content:https://www.prnewswire.com/news-releases/aker-carbon-capture-welcomes-uk-government-ccus-track-1-project-negotiation-list-301785817.html

SOURCE Aker Carbon Capture AS

FAQ

What are the recent projects Aker Carbon Capture has been awarded in the UK?

Aker Carbon Capture has been selected for CCUS projects with bp and Viridor, aiming to capture significant CO2 emissions.

How much CO2 do the Aker Carbon Capture projects aim to capture?

The projects aim to capture up to 3 million tonnes of CO2 per year, with 2 million from bp's project and 1 million from Viridor's.

What is the purpose of the UK's CCUS funding commitment?

The UK Government’s funding commitment of £20 billion aims to achieve decarbonization and reach a net-zero economy by 2030.

What does the Track 1 CCUS Cluster Sequencing Process involve?

It involves the selection of projects for carbon capture, utilization, and storage to meet the UK’s environmental targets.

How does this announcement affect Aker Carbon Capture's market position?

The selection for significant CCUS projects solidifies Aker Carbon Capture's leading position in the carbon capture market in the UK and Europe.