Substantial EU Partnership Fuels STARFISH Project
Altera Infrastructure proudly announces that its STARFISH project has been awarded up to EUR 225 million in funding through the EU Innovation Fund. This initiative is a crucial part of Altera's broader Stella Maris Carbon Capture and Storage (CCS) strategy, aimed at transforming the approach to CO2 management within the energy sector.
Innovative CO2 Sequestration at Sea
The STARFISH project, which stands for Sequestration Technology And Reservoir: Floating Injection and Storage in Havstjerne, showcases a pioneering design for large-scale CO2 sequestration. Partnering with Harbour Energy has allowed Altera to develop an effective storage solution utilizing flexible offshore infrastructure that can cater to various emission sources.
Open-Access CO2 Storage Concept
This innovative project centers around an open-access CO2 storage model. It allows multiple sources to store captured emissions within the Havstjerne reservoir, located offshore, approximately 100 km from the Norwegian coastline. The project has already earned an exploration license for this area and anticipates significant advancements in the coming years.
Impressive Emission Reduction Potential
Phase 1 of the STARFISH initiative aims to safely store an impressive 42.75 million tonnes of CO2 equivalent over a ten-year period, ultimately seeking to avoid around 42 million tonnes of greenhouse gas emissions. With a robust greenhouse gas avoidance potential of 98%, the project aligns perfectly with contemporary environmental standards and goals.
Acknowledging Innovation and Commitment
Duncan Donaldson, the Acting CEO of Altera Infrastructure, expressed his enthusiasm: "This funding award confirms our innovative approach to developing CCS infrastructure. Projects like STARFISH are crucial for safely managing captured CO2, and we’re grateful that the EU Innovation Fund sees potential in our commitment to carbon management in Europe."
Streamlined CO2 Transportation
STARFISH is set to revolutionize offshore CO2 storage strategies by utilizing purpose-designed ships to transport liquid CO2 directly to its offshore storage reservoir. This method promises a more cost-effective and streamlined process for emissions management and storage.
Supporting Europe's 2030 Goals
The project represents a substantial move towards the European Commission's target of achieving 50 million tonnes of CO2 storage capacity per annum by 2030. The STARFISH venture is seen as a scalable solution that meets both current and future CO2 capture operations across Europe, ensuring a sustainable and efficient methodology for emission reduction.
Finalizing Preparations for Funding
To proceed with this financial support, the successful conclusion of the Grant Agreement Preparation process is essential. This initiative aims to wrap up by early 2025, following all necessary checks and reviews.
About Altera Infrastructure
Altera Infrastructure is recognized as a leading global provider of offshore energy services. The company specializes in delivering critical infrastructure assets to clients operating in the North Sea, Brazil, and Canada’s East Coast. With a fleet comprising 30 vessels, including floating production units and shuttle tankers, Altera is well-placed to influence the evolution of offshore services significantly.
Contact for More Information
For media inquiries, please reach out to media@alterainfra.com. For investor relations, contact investor.relations@alterainfra.com.
Frequently Asked Questions
What is the STARFISH project about?
The STARFISH project focuses on innovative methods for CO2 sequestration using flexible offshore infrastructure to safely store captured emissions.
How much funding has the STARFISH project received?
It has been awarded up to EUR 225 million by the EU Innovation Fund.
What are the environmental benefits of STARFISH?
It aims for a greenhouse gas avoidance potential of 98%, aiming to significantly reduce CO2 emissions in Europe.
What role does Altera Infrastructure play?
Altera Infrastructure is a leading provider of offshore energy infrastructure that is driving the STARFISH project's development.
When will the funding agreement be finalized?
The Grant Agreement Preparation process is expected to be concluded by early 2025.
