Eni has announced that the HyNet North West carbon capture project has received £33 million in funding from UK Research and Innovation (UKRI).
Eni has announced that the HyNet North West carbon capture project has received £33 million in funding from UK Research and Innovation (UKRI). The funding covers around 50% of the investment necessary to finalize planning studies with the aim of making the first carbon capture and storage (CCS) infrastructure in the UK operational by 2025.
Alongside Eni, the HyNet North West project in the north west of England is being led by a consortium of local industrial companies. The site intends to capture, transport and store carbon dioxide (CO2) emissions from existing industries and from future production sites for blue hydrogen, as an alternative fuel for heating, electricity generation and transport.
Eni will transport and store the CO2 in its depleted hydrocarbon reservoirs, located at around 18 miles offshore in Liverpool Bay, for which the company was awarded a carbon storage licence by the UK Oil & Gas Authority (OGA) in October 2020.
Once operational, the project will help to reduce CO2 emissions by up to 10 million tonnes every year by 2030, delivering 80% of the government’s new UK-wide target of 5GW of low carbon hydrogen.
Meanwhile, Eni and CDP Equity have set up GreenIT to develop, build and manage plants for the production of electrical power from renewable sources in Italy.
GreenIT, 51% owned by Eni and 49% by CDP Equity, will produce energy mainly from photovoltaic and wind power plants with the aim of reaching an installed capacity of approximately 1000 MW by 2025, with cumulative investments amounting to more than 800 million euro ($950 million) in the five-year period.
