HOUSTON--(BUSINESS WIRE)--Carbonvert Inc., is pleased to announce the sale of 100% of its ownership interest in the Bayou Bend carbon capture and sequestration project (“Bayou Bend”) in Southeast Texas to Equinor. This strategic decision underscores the mutual commitment of both entities to accelerate the transition to a low-carbon future.
Carbonvert is incredibly proud of its foundational role in the origination and early development of the Bayou Bend project. As the first Carbon Capture, Transport, and Storage (“CCS”) project to receive an offshore lease dedicated to CO2 sequestration in the U.S., Bayou Bend has been pivotal in inspiring a new era of CCS projects across the Gulf of Mexico region.
Equinor’s acquisition fuels the continued expansion of the CCS sector and enables Carbonvert to scale and develop its expansive CCS project pipeline.
Carbonvert CEO Alex Tiller said, “Partnering on projects to ensure their long-term success has been at the core of our business philosophy from the beginning. 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 believes that stakeholders in the Golden Triangle and Houston Ship Channel will benefit from Equinor’s participation in the Bayou Bend project, including their track record of maintaining the highest levels of integrity with the communities they serve.