EU green-lights state grant for Prinos carbon storage unit

The European Commission on Monday approved a 150-million-euro initiative funded through the EU's Recovery and Resilience Facility (RRF) for the construction of a carbon storage facility in Prinos in Kavala, northern Greece. 

EnEarth Ltd, a Greek subsidiary of Energean plc, an exploration and production company active in the Mediterranean and North Sea, will be the primary beneficiary. The aid will partially finance both onshore and offshore infrastructure required for the carbon storage project.

The facility's development will occur in two phases, with only the initial phase financed by the current measure.

During this first phase, EnEarth will construct a large-scale pipeline capable of transporting up to 1 million tons of CO2 per year from industrial sources to an offshore storage site. This will set the groundwork for future expansion, which is expected to...