Execution of Joint Study Agreement regarding Supply Chain Development for Capturing and Transporting Liquefied Carbon Dioxide (CO2) to CStore1

Key Points

• Kansai Electric Power Co., Inc. (“KEPCO”) and deepC Store have executed a Joint Study Agreement to consider developing a supply chain for deepC Store for capturing and transporting between 1 and 10 million tonnes per annum of liquefied CO2 from KEPCO’s power station in Japan to CStore1, deepC Store’s flagship offshore floating CCS hub project.

• deepC Store’s partners Add Energy Group (part of ABL Group ASA), Commonwealth Scientific and Industrial Research Organisation (CSIRO), JX Nippon Oil and Gas Exploration Corporation, Kyushu Electric Power, Mitsui O.S.K. Lines, Osaka Gas and Osaka Gas Australia, Technip Energies and Toho Gas, will collaborate with deepC Store and KEPCO to conduct the Joint Study. Nippon Steel Corporation and deepC Store have executed a Joint Study Agreement to evaluate the commercial feasibility for deepC Store to capture and transport between 1 and 5 million tonnes per annum of liquefied CO2 from NSC to CStore1, deepC Store’s flagship offshore floating CCS hub project.

Kansai Electric Power Co., Inc. (KEPCO) and deepC Store Limited (deepC Store) are pleased to announce that the parties have executed a Joint Study Agreement to consider developing a supply chain for capturing and transporting liquefied CO2 to deepC Store’s flagship offshore floating CO2 Capture and Storage (CCS) hub project (CStore1).  The agreement provides for the evaluation of the commercial feasibility and the negotiation of commercial terms for deepC Store to capture and transport between 1 (one) and 10 (ten) million tonnes per annum of liquefied CO2 from KEPCO’s power station in Japan to CStore1.  KEPCO will co-conduct the scope of the Joint Study with deepC Store and deepC Store’s existing partners.

deepC Store’s existing partners are Add Energy Group (part of ABL Group ASA), Commonwealth Scientific and Industrial Research Organisation (CSIRO), JX Nippon Oil and Gas Exploration Corporation, Kyushu Electric Power, Mitsui O.S.K. Lines, Osaka Gas and Osaka Gas Australia, Technip Energies and Toho Gas.

Comment from deepC Store Chairman Jack Sato

“We are very pleased to collaborate with KEPCO, one of Japan’s largest integrated power utility, for developing a cross-border CCS supply chain to materially reduce CO2 emissions.  This joint study demonstrates our ongoing commitment to establish CStore1 as the first offshore floating CCS hub project in the Asian Pacific region, and to advance Australia and Japan’s strategic position in the CCS business.”

Overview of deepC Store and CStore1

deepC Store is a CCS project developer that specialises in developing multiple CCS projects and generating material quantities of carbon credits.  deepC Store’s flagship CStore1 project consists of capturing CO2 from industrial sources in Australia and the Asia-Pacific region, shipping of liquid CO2 from capture sites to a CO2 Floating Storage and Injection (FSI) hub facility in offshore Australia, and injecting CO2 in a subsurface storage complex near the FSI hub facility.

For further details please contact

deepC Store Limited - Daein Cha getintouch@deepcstore.com