Equinor Signs Microsoft MOU
Equinor (NYSE: EQNR) revealed Wednesday that it has signed a memorandum of understanding (MOU) with Microsoft (NASDAQ: MSFT) to explore ways to support the Northern Lights carbon capture and storage (CCS) project.
As part of the agreement, the two companies have agreed to explore a technology collaboration to integrate Microsoft’s digital expertise into the Northern Lights project and to explore ways for Microsoft to invest in the effective development of Northern Lights. The companies have also agreed to explore and establish the advocacy of policies that help accelerate the contribution CCS can make to meeting Europe’s climate goals.
“Carbon capture and storage is a proven technology and has the potential to play a key role in decarbonizing energy and industries across sectors to meet international climate targets,” Equinor Executive Vice President Irene Rummelhoff said in a company statement.
“We look forward to working together with Microsoft and the Northern Lights partners to develop digital technologies for Northern Lights,” Rummelhoff added.
Brad Smith, the president of Microsoft, said, “one of the world’s imperatives is the need to develop new ways to capture, transport and permanently store carbon”.
“This will require enormous investment and innovation, including a huge amount of computing power and data,” he added.
“As a company, Microsoft is excited about and committed to supporting promising carbon capture approaches. Our goal is not only to contribute our technology and know-how but explore how new solutions like the Northern Lights project can help us meet our own carbon negative goals by 2030,” Smith continued.
Equinor, Shell and Total made a conditional investment decision on the Northern Lights CO2 transport and storage project back in May. The Northern Lights development comprises transportation, receipt and permanent storage of CO2 in a reservoir in the northern North Sea. Northern Lights is part of the Norwegian CCS project Langskip (Longship), which is supported by the Norwegian government.
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