United Kingdom's National Wealth Fund backing cement and carbon capture technology venture
In a significant stride towards decarbonisation, the UK's northern region is set to host the country's largest carbon dioxide storage project, known as the Peak Cluster. This ambitious project, located in the heart of England's north, has recently received a £59.6m equity investment from the UK government's National Wealth Fund.
The investment forms part of a larger £59.6m equity raise, with the joint venture vehicle between Summit Energy Evolution (part of Sumitomo Corporation) and Progressive Energy Peak also contributing. The funds will be instrumental in the development and implementation of the Peak Cluster project.
The project is centred around the conversion of UK-Dutch company Spirit Energy's Morecambe gas fields into the UK's biggest carbon dioxide store. The CO2 emissions captured from industrial plants across Derbyshire and Staffordshire will be transported via a dedicated pipeline to this storage facility. The captured emissions will then be stored by Morecambe Net Zero (MNZ).
The Peak Cluster project aims to be at the heart of a full value chain carbon capture and storage (CCS) network. Cement and lime producers Tarmac, Breedon, Holcim, and SigmaRoc are participating in the project, expected to play a crucial role in reducing carbon emissions from their industries.
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The Peak Cluster project's significance extends beyond the UK, as it represents a step forward in the global effort to combat climate change. With the investment secured, construction and development can now commence, bringing us one step closer to a more sustainable future.
Besides the National Wealth Fund, the search results do not specify any other companies participating in the £59.6 million equity round for the Peak Cluster project in the North England region. As more details emerge, we will continue to bring you updates on this groundbreaking project.
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