Bison Low Carbon Ventures Inc. has entered into a share subscription agreement with Marubeni Corporation, to facilitate development of Bison’s carbon capture and storage (CCS) projects in Alberta, Canada, according to a news release.
The Meadowbrook CCS Project, one of the projects being developed by Bison, is located near Edmonton, Alberta, and aims to develop a world-scale storage operation of 3 million tons of CO2 per annum. Detailed geological evaluation work such as drilling, as well as further detailed formation evaluation, will start over the second half of 2023, with plans to commence storage operations starting from the end of 2024 and expanding to full capacity as market demand for sequestration services develop.
The Project is expected to transport and store CO2 emitted from the Alberta Industrial Heartland Area and industries within its proximity, thus contributing to Canada and Alberta’s 2050 carbon neutrality goal and to the creation of new industries such as blue hydrogen and blue ammonia production. Through its relationship with Bison, Marubeni will also have the opportunity to invest in the North Drumheller CCS Project and other Bison-developed energy transition initiatives.
Marubeni released its GC2024 Mid-Term Management Strategy in February 2022, under which it aims to become a forerunner in green business. CCS is a critical technology for achieving carbon neutrality worldwide, and Marubeni will contribute to the decarbonization of hard-to-abate industries utilizing the insights gained through its CCS projects, including Meadowbrook and the CTSCo CCS project in Queensland, Australia.
