Our member Carbfix has become one of the first three organisations to receive funding from the European Union’s important Innovation Fund.
Carbfix’s chief executive, Dr Edda Sif Pind Aradóttir (pictured, centre), signed the grant agreement, for €3.9m for the Silverstone project, on the sidelines of COP26 in Glasgow. The project involves designing and building a full-scale CO2 capture plant and mineral storage (CCMS) at the Hellisheidi geothermal power station, 20km east of Reykjavík.
“Receiving such generous support from the Innovation Fund is a great honour and acknowledgement for a young knowledge-based company such as Carbfix,” Dr Aradóttir said.
The fund – financed by the auction of emission allowances from the EU’s Emissions Trading System - is set to become a substantial source of funding for carbon capture utilisation and storage (CCUS) and carbon dioxide removal (CDR), alongside other climate technologies. The EU expects the fund to generate €25bn of support by 2030.
The new plant’s processes will be self-sufficient in terms of water, energy, storage and raw materials with no associated by-products to dispose of. It will avoid almost 100% of the plant’s GHG emissions, up from its current capture capacity of around 30%, Carbfix said. Nominal capture capacity will be 34,000 tCO2/yr.
Through Carbfix’s CCMS technology, CO2 will be dissolved in water as it flows into subsurface basalt rocks where it is fixed into stable carbonates for permanent and safe storage. The project will bring CCMS, which is not yet commercial elsewhere, to full commercial scale
The award was made under the Innovation Fund’s first call, worth €100m, for small-scale projects (with total capital costs below €7.5m). The Commission said further small-scale awards would follow this year while the next call dedicated to small-scale projects is set to open in March 2022.
Picture: Courtesy of Carbfix.