Colorado School of Mines and Carbon TerraVault Awarded $8.9 Million in DOE Funding for CarbonSAFE Project

GOLDEN, Colo. and LONG BEACH, Calif., Oct. 08, 2024 (GLOBE NEWSWIRE) -- Colorado School of Mines (Mines) and Carbon TerraVault Holdings, LLC (CTV), a subsidiary of California Resources Corporation (NYSE:CRC), today announced the award of $8.9 million from the U.S. Department of Energy (DOE) for a Carbon Storage Assurance Facility Enterprise (CarbonSAFE) project in California. The grant will allow Mines, CTV, and industry partners Blade Energy Partners and Providence Strategic Consulting to conduct a feasibility study on the CTV III CO2 Storage Project, an underground carbon storage reservoir in San Joaquin County, California. The project will store up to an expected 71 million metric tons (MT) of carbon emissions. The CarbonSAFE Initiative was created by the DOE in 2016 to accelerate the deployment of carbon capture and storage (CCS) by helping stakeholders address key gaps in the implementation of commercial-scale projects. The objectives of the CarbonSAFE Initiative align with the California Air Resources Board's Scoping Plan for Achieving Carbon Neutrality in California, which sets carbon removal/capture targets of 20 million MT of CO2 by 2030 and 100 million MT by 2045. CarbonSAFE projects include analysis of the following phases: Integrated Carbon Capture and Storage Pre-Feasibility, Storage Complex Feasibility, Site Characterization and ...