CAPTION: Germany's Eon and Norway's Horisont join forces on carbon capture. (picture alliance / dpa)
Horisont Energi of Norway and Eon of Germany announced a new partnership on Wednesday as the utility companies seek to boost their clean energy credentials.
The companies want to develop a "European end-to-end carbon capture, transport and storage service offering," a statement said. They also want to produce clean hydrogen and ammonia.
As part of the agreement, the Essen-headquartered Eon is to acquire a 25-percent stake in Horisont Energi, based in Sandnes.
The private placement is to be completed by the end of January.
"We're extremely excited to be joining forces with the leading European energy company Eon to contribute to the energy transition in Europe," Horisont chief executive Bjørgulf Haukelidsæter Eidesen said.
He added that the partners hope to "play a decisive role in the decarbonization of key industrial sectors in Europe."
Eon board member Patrick Lammers said his company hoped the cooperation would help it expand its decarbonization activities "as part of our growth strategy."
Under the deal, Eon will take responsibility for carbon capture and liquefaction, while Horisont will be responsible for transport and sequestration of carbon dioxide.
The two companies also intend to develop a business built upon carbon dioxide removal.
They pointed to the European Commissions's "vision for carbon removal." In conjunction to these plans, the two companies are developing business models on clean ammonia production and supply, the statement said.
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