Perstorp's CO2 recycling project to receive €97 million from Innovation Fund

Representatives from Perstorp, Uniper and CINEA (European Climate, Infrastructure and Environment Executive Agency) have officially signed the agreement granting the project support from the Innovation Fund.

The agreement states that Project Air will receive €97 million in support to enable its ground-breaking technology, which is a critical enabler for the European chemicals industry to become carbon-neutral.

Project Air is a combination of a carbon capture and utilisation (CCU) process for converting CO2, residue streams, renewable hydrogen and biomethane, which is to be applied for the first-of-a-kind, large-scale production of sustainable methanol.

Perstorp will receive €97 million for its Project Air under agreement with Innovation Fund.

The project is expected to lead to a relative decrease of 123% in greenhouse gas (GHG) emissions avoidance in comparison with conventional methanol synthesis. It will have far-reaching effects throughout many industrial value chains and will contribute to ending Europe’s dependence on imported fossil fuels.

“CINEA is honoured to welcome Project Air into the Innovation Fund projects family, a portfolio that currently includes 52 projects implemented across 16 countries. CINEA has a long track record of financing infrastructure and innovation projects in support of the European Green Deal’s carbon-neutrality objective,” said Paloma Aba Garrote, Acting Director at CINEA.

“Today marks an important milestone, not just for Project Air but for the chemical industry, as we are now demonstrating that it is possible to break our industry’s dependence on fossil fuels. We hope that more will follow our lead with similar technologies, enabling circular production processes that utilize residue streams and captured carbon”, commented Jan Secher, CEO of Perstorp Group.

“We need to substitute fossil resources with sustainable alternatives to achieve climate neutrality, and from that perspective Project Air is a game-changer for the transition of the chemical industry. I am very proud that Uniper is a part of the project, and I’m very grateful that the EU commission and CINEA have acknowledged the potential of Project Air,” added David Bryson, Chief Operating Officer Uniper.