Equinor, in partnership with other industry players, has reached a significant milestone in the UK’s decarbonization efforts. 

The company announced Tuesday that it has secured financial close for two of the country's first carbon capture and storage (CCS) projects in Teesside.

Known as the Northern Endurance Partnership (NEP) and Net Zero Teesside Power (NZT Power), the two projects are part of the broader East Coast Cluster, a government-backed initiative aimed at reducing emissions from industrial hubs.

NEP, a key component of the cluster, will handle the transportation and storage of CO2 from multiple sources, including NZT Power, with the construction phase expected to begin in mid-2025 and commence operations in 2028, storing up to 23 million tonnes of CO2 annually by 2035.

NZT Power, a groundbreaking gas-fired power plant with carbon capture capabilities, is designed to generate clean, flexible power and reduce emissions from the region's industrial sector by capturing up to 2 million tonnes of CO2 per year.

Equinor, a major player in both projects, expressed its commitment to the UK's net-zero goals and its role in driving the energy transition. The company highlighted the potential for further low-carbon projects in the UK, including in the Humber and Scotland.

The combined investment in the two Teesside projects, which is estimated to cost £4 billion, is expected to generate thousands of jobs and boost the local economy.