EON Joins With Denmark’s ARC to Bid for Carbon Capture Project

(Bloomberg) -- German utility company EON SE and Danish waste-to-energy plant ARC have entered into a partnership as part of an effort to secure project financing under Denmark’s $4.2 billion plan to develop carbon capture facilities.

Denmark wants to begin storing carbon as early as 2029 as part of its national plan to cut emissions. The country last summer awarded its first permits allowing companies to investigate the feasibility of carbon storage in underground sites.

EON and ARC plan to capture 400,000 tons of CO2 annually from emissions at Copenhagen energy facility CopenHill and store it underground if their project is accepted, the companies said in a joint statement on Tuesday. 

The implementation is contingent on financial support from Danish Energy Agency’s Carbon Capture and Storage tender, the companies said. The deadline to apply for prequalification expires on Tuesday.

Denmark’s energy agency has allocated 28.7 billion kroner ($4.2 billion) for the capture, transport and storage of carbon over a 15-year contract period, according to the agency. The funding may be awarded to several bidders.

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