OnStream Receives $26 Million in Federal Funding for Louisiana Offshore Carbon Storage Hub Development and Announces Joint Venture Partnership with Major Midstream Company [Yahoo! Finance]
Enbridge Inc (ENB)
Last enbridge inc earnings: 2/14 07:00 am
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Source: Yahoo! Finance
Louisiana , announced that that it has received a $26 million CarbonSAFE Phase III grant from the U.S. Department of Energy ("DOE"). This grant will be used to advance OnStream's development of the GeoDura CO Storage Hub, which will be able to safely store more than 250 million metric tons of CO in an area offshore of Cameron Parish . The grant will assist OnStream in undertaking work relating to the project's geological assessment, as well as permitting and community engagement. GeoDura is set to become the State's first multi-source offshore carbon storage hub, with injection operations expected in 2028. In addition to today's news, a wholly owned subsidiary of Enbridge Inc. ("Enbridge"), North America's largest midstream company, has become a 45% equity partner in OnStream alongside Carbonvert, LLC ("Carbonvert") and Castex Carbon Solutions, LLC ("Castex"). As a part of its commitment to OnStream, Enbridge has agreed to act as OnStream's preferred CO transportation provider. Addi
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