EU Innovation Fund Awards Aker BP and Höegh Evi for Atlas CO2 Storage Network

20 October 2026
Edited By: Haley McQueen

Aker BP and Höegh Evi have been awarded EUR 223 million from the European Union (EU) Innovation Fund for the Atlas Project, a large-scale carbon capture and storage (CCS) network connecting European industry with permanent CO2 storage on the Norwegian Continental Shelf.

(Image credit: Aker BP)

Atlas combines regional CO2 aggregation, large-scale low-pressure maritime transport, and offshore storage. CO2 will be aggregated at regional export hubs close to industrial clusters and transported by dedicated carriers to the Atlas storage site in the Norwegian North Sea. Solutions being developed in locations such as Stockholm demonstrate how the network can connect industrial regions across Europe to permanent CO2 storage. At the storage site, located in the Aker BP-operated EXL011 (80% Aker BP, 20% ORLEN Upstream Norway), CO2 will be directly injected through subsea infrastructure into a saline aquifer for safe and permanent storage more than 2,000 meters below the seabed.

Atlas has a design capacity of 6 million tonnes of CO2 per year, with potential to expand beyond 10 million tonnes as the European CCS market develops. Regional aggregation and large-scale maritime transport provide economies of scale and flexibility to connect additional industrial regions as the market develops and the network expands.

Atlas was confirmed as an EU Project of Mutual Interest (PMI 13.17) in April 2026, recognizing it as cross-border European CO2 infrastructure. The project is in the Select phase, targeting a final investment decision in 2028 and first injection from 2031.

“Atlas demonstrates how regional aggregation and large-scale low-pressure shipping can efficiently connect industrial regions to permanent CO2 storage. This flexible maritime model can expand as the European CCS market develops,” said Nils Jakob Hasle, EVP Clean Energy, Höegh Evi.

“Europe needs safe and cost-effective permanent CO2 storage. Atlas is designed to provide European industries with significant storage capacity on the Norwegian Continental Shelf and capture economies of scale needed to reduce CCS value chain costs,” said Ørjan Jentoft, CCS Asset Manager, Aker BP.

Subject to a final investment decision in 2028, the EU Innovation Fund award of EUR 223 million will support the implementation of the Atlas cross-border CO2 transport and storage network.