Carbfix, an Icelandic carbon sequestration company, has received a 16 billion ISK grant from the European Union for their Coda Terminal Project, reports Visir.
The grant is the largest any Icelandic company has received from the EU and will cover just over a third of the Coda Terminal project costs.
Coda Terminal is Carbfix’s new project that will be located in Straumsvík. The terminal will receive carbon dioxide emissions from other northern European countries and then inject it into the rock layers using Carbfix’s special technology.
The facility will be the first of its kind and is projected to begin operation in 20216 and reach full capacity in 2032. At full capacity, three million tonnes of carbon dioxide will be injected each year.
Read more about Coda Terminal here.
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