Fidelis New Energy to store 3 million tons of CO2 in Denmark in 2026 and 10 million tons by 2028

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Oct 03, 2022, 09:00 ET

HOUSTON and COPENHAGEN, Denmark, Oct. 3, 2022 /PRNewswire/ -- Fidelis New Energy Europe is pleased to announce that it has selected Denmark as the location for its first European onshore carbon storage project. The project will enable companies in Denmark and other parts of Europe to implement commercially viable carbon storage strategies at full industrial scale and support Denmark's carbon storage ambitions by 2026.

The Danish project is well advanced after 18-plus months of development. Fidelis New Energy expects to offer 3 million tons of CO2 storage capacity per year starting in 2026 due to the supportive carbon capture and storage ("CCS") environment in Denmark along with the country's expected timeline for its onshore carbon storage licensing process. Storage capacity is planned to increase to 10 million tons per year by 2028.

CCS plays a significant role in both Danish and European climate strategies. Several countries near the North Sea are committed to CCS becoming a vital part of their climate actions and have established themselves as front runners in this emerging industry. In recent years, the Danish Government has systematically implemented a CCS framework to support the use of Denmark's uniquely favorable subsoil for CO2 storage. With the strong commitment by the Danish Parliament to CCS, Denmark is well-placed to play a major role in Europe's CCS climate strategy.

Fidelis New Energy has followed the Danish and European progress for several years and has been evaluating and developing projects in Europe since 2021. In late 2021, Fidelis New Energy established its European headquarters in Copenhagen with the objective of securing a strong European presence and ownership of these projects. Fidelis New Energy has a long-standing relationship with Danish and Northern European industries and investors and has assembled a Danish project team that includes a leading subsurface engineering company, ROSS DK A/S.

In the United States, a Fidelis New Energy subsidiary, Grön Fuels, has developed a 65,000 barrel per day sustainable aviation fuel and renewable diesel plant to serve global customers in need of low or negative carbon transportation fuels. The Grön Fuels GigaSystem™ will utilize several Danish and Northern European technologies and will store more than 5 million tons of biogenic CO2 per year in one of Fidelis' world-class carbon storage sinks located in southern Louisiana. Fidelis partnered with the State of Louisiana to advance the onshore carbon storage project, enabling the Grön Fuels GigaSystem™ to become the largest biogenic CCS system in the world.

About Fidelis New Energy

Fidelis New Energy is an energy transition company driving decarbonization through investments in renewable fuels, low or negative carbon intensity products, and carbon capture and storage.

The Fidelis approach builds upon our proprietary ESG centric RACER™ framework where we collaborate with a diverse set of industry experts to select attractive markets and projects, then work collaboratively and iteratively to improve environmental and financial performance by utilizing proven technologies from leading global providers.

Fidelis New Energy is headquartered in Houston, Texas with offices in Baton Rouge, Louisiana and Copenhagen, Denmark. For more information, visit www.fidelisnewenergy.com

About Ross DK A/S

Ross DK A/S is a Danish company specializing in professional well management with a proven track record of delivering successful well engineering projects. Ross leverages its expertise and experience in subsurface geology and well design, engineering, drilling and supervision across Denmark and Northern Europe also in the growing and important area of carbon storage. A highly technical company, Ross DK has the deep understanding of carbon storage and geothermal well delivery required to provide complete life-cycle service from project inception through design and engineering to drilling and supervising wells. For more information visit www.rossoffshore.dk

SOURCE Fidelis New Energy, LLC