Project STARFISH awarded EUR 225 million from EU Innovation Fund

STAVANGER, Norway, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Altera Infrastructure is excited to announce that the STARFISH project, a part of Altera Infrastructure's broader Stella Maris CCS initiative, has been awarded up to EUR 225 million in grant funding by the EU Innovation Fund.

The STARFISH (or Sequestration Technology And Reservoir: Floating Injection and Storage in Havstjerne) project, developed in partnership with Harbour Energy, will provide a first-of-its-kind, large-scale solution for CO2 sequestration using shared, flexible offshore infrastructure.

The STARFISH project focuses on an open-access CO2 storage concept that allows captured emissions from multiple sources to be safely stored in the Havstjerne reservoir, located 100 km southwest of Egersund, Norway. In 2023, the project partners were awarded an exploration license for the reservoir, and Phase 1 of the project is expected to enable the storage of 42.75 million tonnes of CO2-equivalent (CO2-eq) over the first 10 years. This effort is projected to avoid 42 million tonnes of CO2-eq emissions, with a relative greenhouse gas (GHG) avoidance potential of 98%.

Duncan Donaldson, Acting CEO of Altera Infrastructure, commented: This funding award is a significant validation of our innovative Stella Maris CCS approach to CO2 transport and storage infrastructure. As we work towards achieving the goals of the Paris Agreement, CCS projects like STARFISH are essential for safely and permanently storing captured CO2. We are honored that the EU Innovation Fund recognizes our commitment to advancing Europe's industrial carbon management capabilities and grateful for this significant funding award, which is invaluable in helping to develop and construct the critical STARFISH project infrastructure.

STARFISH is the first offshore CO2 storage project designed to transport liquid CO2 via purpose-built ships directly to an offshore reservoir. This approach allows for a streamlined, cost-efficient process. The project will feature a specially designed injection unit capable of directly receiving large volumes of liquid CO2 from transport vessels for secure and permanent storage.

The initiative aligns with the European Commission's goal of achieving 50 million tonnes per annum (Mtpa) of storage capacity by 2030. The STARFISH project represents a major step in creating a scalable and reliable storage solution that can accommodate existing and future CO2 capture projects across Europe.

The funding is subject to the successful conclusion of the Grant Agreement Preparation process. The aim is to finalize this process by Q1 2025, following necessary checks and reviews.

About Altera Infrastructure

Altera Infrastructure is a leading global energy offshore services provider, focused on supplying critical infrastructure assets to its customers in the North Sea, Brazil, and the East Coast of Canada. Altera's fleet of 30 vessels includes shuttle tankers, floating production, storage and offloading units, and other specialized vessels.

Contact Information

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Investor Relations: investor.relations@alterainfra.com

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