Stockholm Exergi’s project to capture and store biogenic carbon dioxide (BECCS) is supported with EUR 180 million from the EU Innovation Fund. Vice President of the European Commission Frans Timmermans visited Sweden recently and sees a need to invest in carbon capture:
– To reach climate neutrality by 2050, Europe will need to drastically reduce emissions and invest in carbon capture solutions. By capturing carbon from bioenergy, Stockholm Exergi’s BECCS technology can be a catalyst for carbon removals and promote a new kind of market for negative emissions in the European Union, said Frans Timmermans.
The EU Innovation Fund now enters into an agreement with Stockholm Exergi through CINEA (European Climate, Infrastructure and Environment Executive Agency), which means that financial support will be disbursed as lump-sums at completions of certain achievements during the lifetime of the agreement, year 2021-2036. Expectations are high that Stockholm Exergi’s project will show the way for others by sharing information and experiences on establishing a complete value chain for BECCS.
– The support from the Innovation Fund underscores BECCS’ potential to contribute to the transition of the Swedish energy sector. The grant will help the technology grow to scale and boost the development of a carbon capture and storage value chain across Northern Europe, said Frans Timmermans.