SANDNES, NORWAY: Horisont Energi AS and the Finnish energy company Helen Ltd have signed a memorandum of understanding for cooperation in the areas of hydrogen economy & carbon storage.

The companies are jointly exploring the capture of carbon dioxide from power plant flue gases and the utilization, logistics and storage of the recovered carbon dioxide.

“Carbon dioxide is a climate-warming greenhouse gas, but it can also be utilised as a raw material for various products. Among other things, carbon dioxide can be used to manufacture chemical industry products or carbon-neutral fuels for transport,” explains Tuukka Hartikka, Business Lead, Renewable Hydrogen and PtX from Helen Ltd.

“Industrial decarbonization is central to reaching net-zero emission targets and cost effective carbon value chains will be a key component in achieving this. Horisont Energi aims to provide cost-leading carbon storage across the Norwegian Continental Shelf in the coming years and the collaboration with Helen is an important step in opening up our activities further toward 3rd party carbon storage,” says Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.

Horisont Energi is participating in the EU Hydrogen IPCEI (Important Projects for Common European Interest) call with its world-scale clean ammonia project in Northern Norway.

The objective of the hydrogen IPCEI is to create value chains related to the production and use of hydrogen and enable sufficient funding for these important projects. Helen Ltd is involved in supporting Horisont Energi’s project.

Emission-free electricity, such as solar or wind power, can be used for manufacturing carbon neutral products, collectively often referred to as “Power to X”.

For example, various raw materials for the chemical industry can be produced using carbon capture and renewable hydrogen. These Power to X projects will require vast amounts of emission-free energy, and new business opportunities are emerging for Finland along with the projects.

The growth of emission-free energy, particularly wind power, creates a competitive advantage for Finland. The production of carbon neutral energy and customer solutions also feature strongly in Helen’s strategy.

For example, the Lakiakangas 3 wind farm, to be completed in January, will increase Helen’s wind power production fivefold.

“Carbon neutrality is just the beginning; we are already looking to 2040 and the goal of carbon negativity. In practice, this means that more carbon will be removed than is released into the atmosphere. In other words, emissions are negative. This can for example be achieved by capturing bio-based carbon dioxide from flue gases and storing it underground,” says Sari Mannonen, Senior Vice President, Solutions Business at Helen.