Core Sustainability Capital (“CS Capital”) and Fidelis New Energy (“Fidelis”) have entered into an investment partnership to ensure the further development and final construction of Norne Carbon Storage Hub (“Norne”).
Norne is a Carbon Capture and Storage (CCS) project consisting of CO2 reception, pipeline and storage facilities in Denmark. The aim is that, by 2027, Norne may begin collecting CO2 from Danish and European businesses and store it efficiently, safely and permanently deep below the surface. Norne is aiming to store over 30m tonnes CO2 annually in 2030, which corresponds to more than half of Denmark’s yearly CO2 emissions.
CS Capital is a private equity fund that invests in Nordic businesses and projects with a green impact, making a difference in the green transition. The private equity fund manages DKK 5bn, which the Danish pension company Velliv has allocated to them.
The American energy group Fidelis is behind the formation of the Norne project. Fidelis owns, develops and operates a range of infrastructure projects with the common purpose of reducing CO2 emissions by using proven technologies which provide safe, innovate solutions with low costs and environmental impacts. They are headquartered in Houston and have a European office in Copenhagen, Denmark.
Accura advised CS Capital in connection with the investment.