Support was recently awarded to Stockholm Exergi through the Swedish Energy Agency’s reverse auction for BECCS. This support is a very important part of the funding, which altogether will enable the permanent removal of 800,000 tons of CO2 on an annual basis. It has been arranged that the planned facility, Beccs Stockholm, will be built in Värtan, where the existing bio power plant is.

It has been revealed that the approved support will come to a value of just over twenty billion SEK. Further to this, the amount will be disbursed in a continuous manner throughout a maximum of fifteen years. The commencement of geological storage has been marked as a starting point for this to take place.

Now that the finding and support has been agreed upon, Stockholm Exergi will begin focusing on the next step in their process. This will be to reach a decision around investment and this is due to happen as early as possible within 2025. Once this is done, it will allow the company to move towards beginning their journey of capturing carbon dioxide within the next three years from now.

CEO of Stockholm Exergi, Anders Egelrud, commented, “This long-awaited announcement is the result of our dedicated efforts. This support is essential for us to move forward with building Europe’s largest facility for capturing and storing biogenic carbon dioxide. The government’s investment in BECCS together with private financing from climate-ambitious companies mark the beginning of a new green industry. This initiative paves the way for Sweden and the EU to achieve their long-term climate goals, while providing companies with a real way to reach net-zero through agreements with us to purchase permanent carbon removals.”