BAKU, Azerbaijan, October 2. TotalEnergies, through its affiliate TotalEnergies E&P Denmark, has signed a Farm-Down Agreement with CarbonVault, the Danish arm of German cement producer SCHWENK, to collaborate on the Bifrost Carbon Capture and Storage (CCS) Project, Trend reports.
Under the agreement, TotalEnergies E&P Denmark will operate the project with a 45% stake, alongside CarbonVault holding 35% and Nordsøfonden 20%. The Bifrost Project consists of two offshore CO2 storage licenses located approximately 200 kilometers west of the Danish coast and forms part of TotalEnergies’ North Sea CCS portfolio.
SCHWENK, committed to decarbonizing its European operations, has selected Bifrost as its preferred solution for storing future emissions. The partnership demonstrates how TotalEnergies can support industrial customers in reducing their carbon footprint by aligning a company’s decarbonization roadmap with the technical capabilities of a CCS developer.
“We look forward to working with our new partner to ensure the successful deployment of the Bifrost Project, a cornerstone of Denmark’s national ambition to establish a European hub for CO2 storage,” said Arnaud Le Foll, Senior Vice-President of New Business - Carbon Neutrality at TotalEnergies.
The completion of the transaction is subject to customary conditions, including regulatory approvals.