One of the UK’s largest biogas producers, Future Biogas, are set to build 25 new biogas plants by 2028.
In an effort to minimise its carbon footprint and to reduce the UK’s reliance on fossil fuels Future Biogas will also use a carbon capture and storage (CCS) strategy to actively remove CO2 from the atmosphere.
The company currently operate 10 biogas plants in the UK on behalf of companies including JLEN Environmental Assets Group Limited and Aviva.
Along with its biogas plant development plan, Future Biogas also intends to build a further 20 bolt-on CCS sites.
After capture, the CO2 will be supplied to the Northern Lights Project via a new port facility to be located on the Humber Estuary and then stored underground permanently in the North Sea.
Of the development, Philipp Lukas, CEO of Future Biogas, said, “Biogas is a proven and reliable green alternative to fossil fuels.”
“Our planned IPO will allow us to expand our portfolio of biogas plants. As a source of energy generated entirely in the UK, we can reduce the need for gas imports.”
“Furthermore, our plans to add carbon capture and storage technology o existing and future plants will move us from a carbon neutral company to one that actively reduces the amount of carbon in the atmosphere.”
As one of the first green CO2 projects to store CO2 underground permanently, Future will sell the carbon offsets generated by permanent geological CO2 storage to corporate buyers seeking to offset their missions.
Speaking about these carbon credits, Lukas continued, “The carbon credits we receive will be sold to companies so they can support decarbonisation beyond their own carbon footprint. This is a very exciting development, and we look forward to delivering on our ambitious plans.”
With a strategy to float on the AIM (alternative investment market), Future also plans to raise up to £35m with admission expected in July of this year.
Future Biogas generate 500,000 tonnes of crops per year. In an effort to source crops such as maise, rye, and grass, each biogas plant has sought to establish relationships with local farms.
Providing them with long-term fixed-price agreements, Future Biogas help decouple their income from commodity markets, increasing the farm’s financial stability.
In order to keep up with the planned expansion, the number of farms will also grow. Farmers are able to sustainably rotate their crops according to necessity and time of year, enhancing their growth with natural digestate fertiliser produced by the biogas plant, reducing the need for artificial chemicals and fertilisers.