Canadian carbon sequestration company, Bison Low Carbon Ventures, announced on Monday that it has entered into a share subscription agreement with Japanese trading house, Marubeni Corp. The partnership aims to facilitate the development of projects in Alberta, with Bison’s Meadowbrook project being the first initiative on the horizon.
The Meadowbrook Project: A Milestone for Carbon Storage
Bison’s Meadowbrook project is set to store an impressive 3 million tons of carbon dioxide annually, and it is expected to become operational by the end of 2024. The Alberta Industrial Heartland, Canada’s largest petrochemical manufacturing center, will serve as the primary source for the transported CO2.
Expanding Opportunities for Marubeni’s Green Investments
Through this agreement, Marubeni gains the opportunity to invest in not only the North Drumheller carbon capture and storage project of Bison but also other energy transition initiatives. Marubeni is committed to becoming a leader in green businesses and attaining carbon neutrality by 2050. This collaboration signifies another step toward achieving that goal.
Marubeni’s Past Investments and Future Ambitions
Marubeni has demonstrated its dedication to supporting sustainable projects in the past. Last year, the company invested A$10 million ($6.8 million) in Australian mining giant Glencore’s CCS project in Queensland. Additionally, in April, Marubeni formed an alliance with PROS Co., a leading producer of rice husk biochar in Japan. This partnership aimed to maximize output and generate carbon credits.
It is evident that Marubeni’s commitment to environmental sustainability is unwavering.
