Horisont Energi enters agreement on Polaris Carbon Transport and Storage Project in Norway

Horisont Energi AS (EURONEXT: HRGI), Equinor ASA, and Vår Energi AS have entered into an agreement to collaborate on the development of the carbon transportation and storage project Polaris, off the coast of Northern Norway. As part of the agreement, Equinor will be the project’s operator.

Horisont Energi, Equinor, and Vår Energi are developing the Polaris carbon storage, which is expected to have a total carbon storage capacity of over 100 million tons. This is the equivalent of twice Norway’s annual greenhouse gas emissions. The offshore carbon storage reservoir is a crucial part of the planned Barents Blue project in Finnmark, Europe’s first world-scale carbon-neutral ammonia production plant. Vår Energi, Equinor, and Horisont Energi entered a cooperation agreement for the Barents Blue plant in September 2021.

Barents Blue is planned to have a production capacity of 3000 tons of ammonia per day, making it one of the largest ammonia plants in the world. In its first phase, the facility will convert natural gas from the Barents South region to carbon-neutral blue ammonia (99 percent CO2 capture rate), an easily transportable hydrogen carrier, which is planned to be used directly as ammonia, but that also can be converted back to hydrogen at the destination. Currently, in the concept phase, an investment decision for Polaris and the Barents Blue project is expected around year-end 2022.

CCS involves capturing emissions from power stations and other industrial sources or directly from industrial processes like in the Barents Blue ammonia plant. The carbon dioxide is then liquified and transported offshore, pumped into the underground storage.