UK National Wealth Fund invests in cement and CCS project
UK government investment vehicle The National Wealth Fund has made a £28.6m equity investment in a cement decarbonisation project in the north of England, Peak Cluster, to support the development of a carbon dioxide transport pipeline.
The investment is part of a larger £59.6m equity raise, which also includes investment through a joint venture vehicle between Summit Energy Evolution (part of Sumitomo Corporation) and Progressive Energy Peak, as well the Peak Cluster cement and lime producers Tarmac, Breedon, Holcim and SigmaRoc.
Once constructed, the Peak Cluster project and pipeline aims to be at the heart of a full value chain carbon capture and storage (CCS) network. The pipeline will transport CO2 emissions captured on its industrial plants across Derbyshire and Staffordshire to be stored by Morecambe Net Zero (MNZ).
UK–Dutch company Spirit Energy is currently converting its Morecambe gas fields in the East Irish Sea to create the UK’s biggest carbon dioxide store.
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