Norway Comissions Climeworks for Feasibility Study

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Norway Comissions Climeworks for Feasibility Study

Posted by: Baris Karapinar
Category: ESG News

Climeworks, a Zurich-based company, has secured 2.2 million Swiss francs in funding from Norway’s state-owned company, Enova, for a feasibility study. This study will explore the development of a plant named Norse Pine to capture and store CO2 directly from the air. The proposed plant aims to commence operations in 2030 with a capacity of several thousand tonnes per year.

Enova’s funding supports Climeworks’ mission to expand its direct air capture of CO2 (CDR) technology. Climeworks currently operates similar plants, Orca and Mammoth, in Iceland, relying on clean energy and secure geological storage. Norway, with its abundant clean energy sources and storage options, offers a suitable environment for such initiatives.

Enova’s investment aims to facilitate companies in advancing towards investment decisions for large-scale CO2 capture. Additionally, the Norwegian Environmental Protection Agency has initiated an external study to assess various economic support mechanisms.

Climeworks is among nine projects funded by Enova, collectively capable of capturing 1.7 million tonnes of CO2 annually. This amount is nearly half of Norway’s annual emissions from passenger cars. The initiative underscores the importance of public policy in scaling up CDR solutions globally. Andreas Aepli, Climeworks’ Chief Financial Officer, acknowledges Enova’s support as a catalyst for accelerating direct air capture as a climate solution.

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