Department of Energy Releases $35 Million Funding Opportunity for Carbon Technologies
Department of Energy Releases $35 Million Funding Opportunity for Carbon Technologies
The U.S. Department of Energy’s (DOE’s) Office of Fossil Energy (FE) has announced approximately $35 million in federal funding for cost-shared research and development (R&D) projects under a new funding opportunity announcements (FOA).
The opportunity, titled Carbon Storage Assurance Facility Enterprise (CarbonSAFE): Site Characterization and CO2 Capture Assessment, includes up to $35 million in federal funding for cost-shared R&D projects that will accelerate wide-scale deployment of CCUS through assessing and verifying safe and cost-effective anthropogenic CO2 commercial-scale storage sites, and carbon capture and/or purification technologies. These types of projects have the potential to take advantage of the 45Q tax credit, which provides a tax credit for each ton of CO2 sequestered or utilized. The credit was recently increased to $35/metric ton for enhanced oil recovery and $50/metric ton for geologic storage.
Projects selected under this new FOA will perform the following key activities: complete a detailed site characterization of a commercial-scale CO2 storage site (50 million metric tons of captured CO2 within a 30 year period); apply and obtain an underground injection control class VI permit to construct an injection well; complete a CO2capture assessment; and perform all work required to obtain a National Environmental Policy Act determination for the site. Read more details HERE.
DOE’s National Energy Technology Laboratory will manage the selected projects. More information about the National Energy Technology Laboratory is available at: https://www.fedconnect.net/FedConnect/default.aspx?ReturnUrl=%2fFedConnect%2f%3fdoc%3dDE-FOA-0001999%26agency%3dDOE&doc=DE-FOA-0001999&agency=DOE
The opportunity, titled Carbon Storage Assurance Facility Enterprise (CarbonSAFE): Site Characterization and CO2 Capture Assessment, includes up to $35 million in federal funding for cost-shared R&D projects that will accelerate wide-scale deployment of CCUS through assessing and verifying safe and cost-effective anthropogenic CO2 commercial-scale storage sites, and carbon capture and/or purification technologies. These types of projects have the potential to take advantage of the 45Q tax credit, which provides a tax credit for each ton of CO2 sequestered or utilized. The credit was recently increased to $35/metric ton for enhanced oil recovery and $50/metric ton for geologic storage.
Projects selected under this new FOA will perform the following key activities: complete a detailed site characterization of a commercial-scale CO2 storage site (50 million metric tons of captured CO2 within a 30 year period); apply and obtain an underground injection control class VI permit to construct an injection well; complete a CO2capture assessment; and perform all work required to obtain a National Environmental Policy Act determination for the site. Read more details HERE.
DOE’s National Energy Technology Laboratory will manage the selected projects. More information about the National Energy Technology Laboratory is available at: https://www.fedconnect.net/FedConnect/default.aspx?ReturnUrl=%2fFedConnect%2f%3fdoc%3dDE-FOA-0001999%26agency%3dDOE&doc=DE-FOA-0001999&agency=DOE
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