Six Trade Leaders Collaborate to Speed up Growth of Carbon Seize and Sequestration Market
Trade-leading collective fashioned by key gamers within the power business to give attention to data-driven MRV throughout the CCS value-chain
DENVER, November 29, 2022–(BUSINESS WIRE)–Denbury Inc., IMA Monetary Group Inc., Enerflex Ltd., Wolf Carbon Options U.S., Superior Assets Worldwide, and Challenge Canary have joined forces to assist the event of third-party unbiased environmental assessments and knowledge measurement for carbon seize and sequestration (CCS). Every associate brings vital experience and perspective from throughout the carbon worth chain, from seize to sequestration. The collective will harmonize present frameworks and necessities by Challenge Canary’s digital platform into high-fidelity data-driven measurement, reporting, and verification (MRV) for CCS. The collective is working with Superior Assets Int. (ARI) as a subsurface analysis threat and knowledge associate.
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Progressive coverage and funding incentives from the Bipartisan Infrastructure Legislation and the Inflation Discount Act have created the surroundings essential to speed up the event and scaling of CCS and different decarbonization applied sciences. Along with financial and coverage drivers, the way forward for the CCS business depends upon the belief of all stakeholders, together with the general public. The members of this collective have introduced collectively their substantial experience to tell the event of information pushed options wanted to make sure confidence in CCS as a foundational local weather answer. Contributors acknowledge that collaboration and third-party unbiased validation of aggregated and analyzed knowledge for CCS MRV will generate the belief required to deploy CCS tasks at tempo and scale. Challenge Canary’s digital MRV platform will improve the accuracy, efficacy, and transparency of CCS facility-level knowledge throughout every business section, offering trusted measurable insights on environmental dangers and efficiency. Outcomes from the collective will harmonize the myriad of present and rising CCS frameworks or requirements, simplifying the power to distinguish tasks, gamers, and CO2 molecules to all stakeholders.
“Local weather motion requires innovation, ingenuity, and, most significantly, partnership. This collective represents a vital step in nurturing mission-critical decarbonization tasks,” mentioned Chris Romer, CEO of Challenge Canary. “Knowledge and analytics should be on the basis of any net-zero objectives—we’re proud to steer the cost in direction of measured progress alongside our companions.”
The collaboration between these founding corporations (further collective members can be introduced within the coming yr) will set forth the framework and requirements to make sure that CO2 volumes are safely captured, transported, and completely sequestered. Dependable interconnected knowledge will assist maximize the effectivity of capital allocation, catalyze market-based options, and solidify social license to function.
Randy Robichaux, VP of Well being, Security, & Setting at Denbury, acknowledged, “Contemplating the anticipated fast progress of the business, we imagine it’s important for stakeholders to obtain goal third-party verification of the secure and safe storage of CO2 in EOR and sequestration websites. We look ahead to working with Challenge Canary on this effort.”
“For greater than 20 years, ARI has supported analysis establishments, regulatory businesses, policymakers, and personal corporations in defining the size and worth of the CCS alternative. By partnering with Challenge Canary, we’re signaling a brand new period of CCS with entry to real-time, dependable knowledge. Our position is to convey subsurface science and know-how to make sure that underground storage of CO2 is as secure and safe as potential,” mentioned Vello Kuuskraa, Founder & President of ARI.
“Enerflex is a pacesetter within the provide of engineered CCS programs and companies, having executed over 150 tasks since 1983. Digital MRV is the lynchpin to not solely observe enchancment but additionally unlock the total potential of carbon markets. Combining our experience with Challenge Canary is a step ahead in driving the worldwide decarbonization agenda in direction of a sustainable future,” mentioned Patricia Martinez, Chief Vitality Transition Officer at Enerflex.
Challenge Canary brings a seasoned board of CCS advisors to the desk, together with co-director of the Stanford Middle for Carbon Storage Mark Zoback, CCS business veteran Steve Melzer, former Sr. Advisor to the U.S. Secretary of Vitality Kyle Simpson, and former Oklahoma Secretary of Vitality Mike Ming.
About Challenge Canary:
Challenge Canary® is an environmental knowledge and software program firm that collects, analyzes, quantifies, and visualizes asset-level environmental threat assessments and emission profiles. As a measurement, reporting, and verification (MRV) answer, the Canary SENSE™ Platform integrates a networked sensor cover, together with third social gathering sensor knowledge and evaluation scores, to offer independently verifiable local weather attribute knowledge for upstream, midstream, and CCS (carbon seize and sequestration) tasks. Challenge Canary’s insights assist power organizations enhance efficiency, handle dangers, and ship auditable decarbonization knowledge. Shaped as a Public Profit Company, the U.S. Colorado-based group consists of scientists, engineers, and business operators centered on the trail to True Zero™. www.projectcanary.com
About Denbury Inc.:
Denbury is an unbiased power firm with operations and belongings centered on Carbon Seize, Use and Storage (CCUS) and Enhanced Oil Restoration (EOR) within the Gulf Coast and Rocky Mountain areas. For over 20 years, the Firm has maintained a novel strategic give attention to using CO2 in its EOR operations and since 2012 has additionally been energetic in CCUS by the injection of captured industrial-sourced CO2. The Firm at the moment injects over 4 million tons of captured industrial-sourced CO2 yearly, with an goal to completely offset its Scope 1, 2, and three CO2 emissions by 2030, primarily by rising the quantity of captured industrial-sourced CO2 utilized in its operations. For extra details about Denbury, go to www.denbury.com.
About Superior Assets Worldwide, Inc
Superior Assets Int. (ARI) is a know-how companies agency that gives geologic, reservoir engineering, regulatory and economics assist to a bunch of home and worldwide power associated corporations. Based in 1970, the corporate makes a speciality of Enhanced Oil Restoration and secure, safe geologic storage of CO2. The agency additionally has acknowledged experience in serving to corporations effectively develop their unconventional fuel and shale oil sources from home and worldwide oil and fuel basins. The corporate was instrumental in serving to develop worldwide requirements (ISO/TC 265) governing the storage and related storage of CO2 in geologic formations. For extra details about ARI, please go to www.adv-res.com.
About Enerflex:
Remodeling Vitality for a Sustainable Future. Enerflex is a premier built-in world supplier of power infrastructure and power transition options, delivering pure fuel processing, compression, energy era, refrigeration, cryogenic, and produced water options.
Headquartered in Calgary, Alberta, Canada, Enerflex, its subsidiaries, pursuits in associates, and joint ventures, function in additional than 100 areas in: Canada, america, Argentina, Bolivia, Brazil, Colombia, Ecuador, Mexico, Peru, the UK, the Netherlands, the United Arab Emirates, Bahrain, Oman, Egypt, Kuwait, India, Iraq, Nigeria, Pakistan, Saudi Arabia, Australia, New Zealand, China, Indonesia, Malaysia, Singapore, and Thailand.
Enerflex’s frequent shares commerce on the Toronto Inventory Alternate beneath the image “EFX” and on the New York Inventory Alternate beneath the image “EFXT.” For extra details about Enerflex, go to www.enerflex.com.
About Wolf Carbon Options
Wolf Carbon Options US LLC (Wolf) is a non-public firm backed by Canada Pension Plan Funding Board (CPP Investments). Wolf is a US-based affiliate of Wolf Midstream, a $4 billion multi-asset power infrastructure group primarily based in Calgary, Alberta. The corporate is dedicated to remodeling the way forward for carbon discount by the event of world-scale CO2 infrastructure. Wolf Midstream owns and operates the Alberta Carbon Trunk Line (“ACTL”). ACTL infrastructure consists of CO2 conditioning and compression, and one of many world’s largest capability CO2 pipelines the place captured CO2 is at the moment getting used for enhanced oil restoration with future entry to the Wolf Midstream sequestration hub at the moment beneath growth. The ACTL system has safely captured three million tons of CO2 because the system started operations in 2020. www.wolfcarbonsolutions.com
About IMA Monetary Group
Based mostly in North America, IMA Monetary Group, Inc. is an built-in monetary companies firm centered on defending the belongings of its broadly diverse consumer base. IMA is employee-owned and has grown to just about 2,000 associates making it one of many largest personal insurance coverage brokers within the nation. Amongst its many specialty areas, IMA’s power apply is famend for its main specialists within the carbon seize and sequestration market.
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Contacts
PROJECT CANARY
Diana Kaul
Diana.kaul@projectcanary.com
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