TotalEnergies (NYSE: TTE) has entered a farm-down agreement with CarbonVault, the Danish affiliate of German cement producer SCHWENK, securing a new partner and future customer for Denmark’s Bifrost Carbon Capture and Storage (CCS) project.
Under the agreement, TotalEnergies will hold a 45% stake and serve as operator, while CarbonVault takes 35% and Danish state-owned Nordsøfonden retains 20%. The Bifrost project covers two offshore CO? storage licenses about 200 kilometers west of Denmark’s coast, positioning it as part of TotalEnergies’ expanding North Sea CCS portfolio.
SCHWENK has selected Bifrost as its preferred CO? storage solution, aligning its industrial decarbonization strategy with TotalEnergies’ expertise in large-scale CCS deployment. By tying customer emissions directly to storage solutions, the project demonstrates how integrated partnerships can accelerate hard-to-abate sector decarbonization.
“Bifrost is a cornerstone of Denmark’s national ambition to establish a European hub for CO? storage,” said Arnaud Le Foll, Senior Vice President New Business – Carbon Neutrality at TotalEnergies.
The deal remains subject to regulatory approval.
The Bifrost project adds to TotalEnergies’ global CCS portfolio, which includes Northern Lights in Norway, NEP in the UK, Bayou Bend in the US, and Aramis in the Netherlands. CCS is increasingly seen as essential for industrial emitters such as cement and steel producers, where electrification and fuel switching remain limited. Denmark, aiming to position itself as a carbon storage hub, views Bifrost as a flagship project in its North Sea strategy.
