CS Capital invests in Norne Carbon Storage Hub, a large-scale CCS infrastructure project in Denmark

Photo by: Norne Carbon Storage Hub / Fidelis New Energy

CORE SUSTAINABILITY CAPITAL AND FIDELIS NEW ENERGY ANNOUNCE INVESTMENT PARTNERSHIP TO SUPPORT THE CONSTRUCTION OF THE LARGEST CARBON CAPTURE AND STORAGE FACILITY IN THE EU

Copenhagen, January 26th 2024:

Core Sustainability Capital (“CS Capital”) is partnering with Fidelis New Energy (“Fidelis”) to invest in the remaining development and construction of the Norne Carbon Storage Hub (“Norne”). Norne is a large-scale national infrastructure project focused on Carbon Capture and Storage (“CCS”), which will start storing CO2 in the Danish underground by mid-2027. The project has been designated a Project of Common Interest by the European Union (“EU”), making it a priority infrastructure project with significant cross-border impact Norne is aiming to store significant amounts of CO2 with the ambition to reach more than 30 million tons of CO2 stored per year.

The investment is aligned with CS Capital’s investment strategy aiming at companies and projects that support the green transition. Furthermore, the investment builds on the objective of supporting the decarbonization of hard-to-abate industries such as chemicals, steel, and cement production. This aligns not only with CS Capital’s ambitions but also with national and international strategies to promote and enable the green transition in industries where reducing carbon footprints is the most challenging.

By investing in and supporting the construction of Norne, CS Capital will address a major challenge The EU estimates that CCS in Europe will grow to 80 million tons of CO2 stored annually in 2030 and 550 million tons of CO2 stored annually as of 2050. The EU concludes that the 2050 target is essential for the EU to reach a net zero target. To support the development of CCS, the EU has implemented an EU-wide legally binding target to capture a total of 50 million tons of CO2 annually in 2030. The legally binding commitment is underpinned by significant subsidies across the EU for CCS. The investment directly responds to the United Nations Sustainable Development Goals, such as #9 by supporting a resilient infrastructure and SDG #13 by supporting overall climate actions.

 

Statements

“We are proud to invest in Project Norne and to enter into this partnership with Fidelis. Norne plays a vital role for the green transition and is critical for the Danish and European decarbonization goals. Once fully constructed, Norne will be able to capture CO2 amounts corresponding to approximately half of the total yearly emissions of Denmark. Through the impact investment in Norne, we look forward to supporting the decarbonization of hard-to-abate industries, one of the investment goals of CS Capital,” says Per Frederiksen, CS Capital’s Managing Partner.

“We are excited to have Core Sustainability Capital together with Velliv as a key partner in the Norne Carbon Storage Hub. Norne is a strategic Danish project enabling safe and effective carbon reduction of Danish and European economies while maintaining global competitiveness”, says Daniel J. Shapiro, Fidelis CEO.  “We look forward to continuing our partnership with Per and Carsten at Core Sustainability Capital as we work to help Denmark become a leader in carbon storage,” says Bengt Jarlsjo, Fidelis President, and COO. Ulrik Weuder, Managing Director of Fidelis New Energy Europe, added, “Core Sustainability Capital together with Velliv are perfect partners for Norne as they share core values with Fidelis. Norne is supported by strong Danish institutional investors supporting the decarbonization of Denmark at lower costs than what would be possible without the scale and scope of Norne.”

 

About Core Sustainability Capital

Core Sustainability Capital (“CS Capital”) is a private capital investment manager, investing in Nordic companies with strong sustainable and impact purposes. CS Capital manages DKK 5 billion in its Core Sustainability Fund I, which is backed by the Danish pension fund Velliv. CS Capital is an active investor with a focus on equity minorities and credit investments to support impact companies and projects with their sustainable growth ambitions towards the green transition.

About Fidelis New Energy

Fidelis New Energy, LLC is an energy transition company driving decarbonization through investments in renewable fuels, low or negative carbon intensity products, and carbon capture and storage in Europe and the United States of America. Fidelis focuses carbon emission reductions by utilizing proven technologies to provide safe innovative solutions with low costs and environmental impacts.

Fidelis New Energy is headquartered in Houston with a European office in Copenhagen, Denmark. Fidelis has a portfolio of patent-pending technologies providing climate benefits through the innovative integration of proven technologies. To learn more about Fidelis and its energy transition technologies, including FidelisH2®, H2PowerCool™, and CO2PowerGrow™ please visit www.fidelisnewenergy.com

About the Norne Carbon Storage Hub

The Norne Carbon Storage Hub consists of CO2 reception facilities, pipelines and storage facilities designed to store CO2 safely and permanently. Norne will receive and store CO2 from Danish and European customers.  For additional information regarding the Norne Carbon Storage Hub, please visit www.norneccs.com

Other projects