2Co Energy is set to provide the necessary technically and financially robustness needed for the project to receive funding under the EU’s NER 300 scheme. The Don Valley Power Project, in partnership with National Grid, has already received a 180 million euro grant from the EUs European Energy Program for Recovery.

– The UK is uniquely well positioned in Europe both in terms of the potential suitability of North Sea geology for storing CO₂ and also its ability to use the CO₂ to enhance its security of energy supply with incremental oil production. The political will to make this project happen is considerable,” said Lewis Gillies, Chief Executive of 2Co Energy, according to Carbon Capture Journal.

2Co Energy and National Grid will now assess potential CO₂ storage sites in the North Sea. National Grid also welcomes the project as a way of curbing emissions and securing energy supply.

– The project could help make a major contribution to the UK’s move to a low carbon economy. By allowing flexible coal and gas-fired power stations to stay in our future generation mix, CCS also offers a major boost to maintaining the security of our energy supplies, says Chris Train, National Grid’s network operations director.