Saipem has received the full notice to proceed from Stockholm Exergi, the district energy company of Stockholm, for a large-scale carbon capture project at its bio-cogeneration plant in Sweden. The notice follows the successful financial closure of the project, marking a significant step forward in Europe’s decarbonization journey.
€600 Million Contract for Full-Scale Deployment
The contract, valued at approximately €600 million, covers the detailed engineering, procurement, construction, and commissioning of the facility’s carbon capture, CO₂ storage, and ship-loading systems. This award follows the successful completion of early engineering and procurement services. These were initiated after the Letter of Intent announced on July 26, 2023.
Capturing 8,00,000 Tons of CO₂ Annually
Once operational, the plant will capture 8,00,000 tons of biogenic CO₂ each year from the Värtaverket biomass-fueled power plant in Stockholm. This milestone will enable net-negative emissions, making it one of the most ambitious carbon removal initiatives globally.
Strengthening Saipem’s Position in Carbon Management
Through this project, Saipem strengthens its leadership in CO₂ management. It combines engineering expertise with technological capabilities across the entire carbon value chain. The project also demonstrates Saipem’s growing role in enabling Europe’s energy transition and climate goals.
Pioneering Bioenergy with Carbon Capture and Storage (BECCS)
Stockholm Exergi has received backing from both the European Innovation Fund and the Swedish Energy Agency via its reverse auction scheme. The company will be among the first globally to implement a Bioenergy with Carbon Capture and Storage (BECCS) model. As reported by worldbiomarketinsights.com, the approach not only reduces emissions but also enables the generation of Carbon Removal Certificates. Buyers and sellers can trade these certificates on the voluntary carbon market, supporting new pathways for climate financing.
