Canadian carbon sequestration company Bison Low Carbon Ventures has entered into a share subscription agreement with Japanese trading house Marubeni Corp. to facilitate the development of projects in Alberta, the former said Thursday.
No financial details were disclosed.
Bison’s Meadowbrook project, which aims to store 3 million tons of carbon dioxide annually, is expected to become operational by the end of 2024.
The CO2 will be transported from the Alberta Industrial Heartland, the largest petrochemical manufacturing center in Canada.
Under the deal, Marubeni will also have the opportunity to invest in Bison’s North Drumheller carbon capture and storage project and other energy transition initiatives, the company said in a news release.
Marubeni has pledged to become a front-runner in green businesses before reaching carbon neutrality in 2050.
Last year, the company invested A$10 million ($6.8 million) in Australian mining giant Glencore’s CCS project in Queensland. And in April, Marubeni formed an alliance with PROS Co., one of Japan’s largest producers of rice husk biochar, to increase output and generate carbon credits.
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–Reporting by Abdul Latheef, [email protected]; Editing by Jeremy Rakes, [email protected]
Corrections & Amplifications
This article was corrected at 11:33 a.m. ET. Bison Low Carbon Ventures announced the share subscription agreement with Marubeni on Thursday, not Monday as originally stated.
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