🇸🇪 Sweden awards €840 million to remove 5.75Mt of CO2

🚨 Hot off the press: three more Swedish BioCCS projects were awarded a collective 9.3b SEK (€840m) in the second round of its reverse auction tender, bringing the total awarded by the Swedish government to date for BioCCS to 29.3b SEK (€2.63b).

🏗️ The three projects in question are Öresundskraft (1.26Mt), SYSAV (3.6Mt), and Renova (890Kt). While we do not know individual pricing, the average subsidy per ton amounts to €146.

🤝 In the first round, Stockholm Exergi was awarded €1.8b to store 11Mt (€163/t) in January 2025.

💰 This is yet another strong example of how the Swedish government is planning to build and scale its BioCCS industry: billions invested into reverse auctions which are to be combined with revenue stacking from other sources, e.g. EU Innovation Fund, voluntary carbon market, maybe even the ETS?

🎙️ We recorded a great Carbon Removal Scoop with Erik Rylander from Stockholm Exergi earlier this year where he explained this model in detail - worth a listen as it seems to be the gold standard for scaling BioCCS in Europe today: https://lnkd.in/ekdwGTS4

👏 Congrats to everyone involved. Having analysed tenders like this across the world, I know for a fact that it isn’t a given to find suitable applicants for this type of government support. In this case, all three applicants were approved, testament to both the quality of the tender and of the companies involved.

👀 Now there is only 1.4b SEK (€130m) left from the overall 30.7b SEK pot - curious when and how the government plans to award this?

💪 Overall, one more big step towards megaton removal in the Nordics taken today. Hopefully these projects will reach their final investment decisions quickly to start putting steel in the ground.

👉 Want to stay informed with all the important CDR developments in Europe and beyond? Be sure to subscribe to my monthly newsletter, the GigaTen: https://lnkd.in/gJt3tSM9

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