Stockholm Exergi has been awarded support in the Swedish Energy Agency’s reverse auction for BECCS.
The approved support amounts to just over 20 billion SEK (€1.7 billion) and will be disbursed continuously over a maximum of 15 years, starting from the commencement of geological storage.
The support is an important part of the funding to enable the permanent removal of 800,000 tons of carbon dioxide per year, which is more than Stockholm’s road traffic emits during the same period, said the organisation.
“This long-awaited announcement is the result of our dedicated efforts. This support is essential for us to move forward with building Europe’s largest facility for capturing and storing biogenic carbon dioxide,” said Anders Egelrud, CEO of Stockholm Exergi.
He continued: “The government’s investment in BECCS together with private financing from climate-ambitious companies mark the beginning of a new green industry. This initiative paves the way for Sweden and the EU to achieve their long-term climate goals, while providing companies with a real way to reach net-zero through agreements with us to purchase permanent carbon removals.”
Stockholm Exergi is granted €1.7bn in BECCS support
