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Full ownership interest in Carbonvert’s carbon capture and sequestration (CCS) project has been sold to Equinor.
Carbonvert has sold its ownership interest in the CCS project, located in southeast Texas, to Equinor. The Norwegian energy company acquired Bayou Bend to expand its portfolio of decarbonizing infrastructure, specifically within CCS.
“Partnering on projects to ensure their long-term success has been at the core of our business philosophy from the beginning,” said Carbonvert CEO Alex Tiller. “This divestiture will fund the continued growth of Carbonvert’s CCS portfolio in the U.S. while putting an amazing decarbonization asset in the hands of world-class organizations that are well positioned to operate the system for decades to come.”
Carbonvert received an offshore lease dedicated to CO2 sequestration during the early stages of operation, and it is now one of many CCS projects to be built in the Gulf of Mexico region.
Selling the Bayou Bend CCS project allows Carbonvert to manage, scale, and develop its own pipeline of decarbonization infrastructure. Equinor will take partial financial and operational responsibility of Bayou Bend, as per the conditions of the sale. Stakeholders in the Golden Triangle and Houston Ship Channel will benefit from Equinor’s acquisition of the Bayou Bend project.