- The final investment decision has been made to proceed with the first phase of Atco’s (TSX:ACO.X) Atlas Carbon Storage Hub
- It will be situated east of Edmonton and is designed to store industrial emissions from the Alberta Industrial Heartland region
- Atco Ltd. last traded at C$38.47 per share
The final investment decision has been made to proceed with the first phase of Atco’s (TSX:ACO.X) Atlas Carbon Storage Hub.
Atco EnPower and its partner, Shell Canada Ltd., a wholly owned subsidiary of Royal Dutch Shell (OTC Pink:RYDAF), made the decision to proceed with the first phase of this multi-phase, open-access carbon storage facility. It will be situated east of Edmonton and is designed to store industrial emissions from the Alberta Industrial Heartland region.
“Carbon capture and storage is a critical component of our successful energy future,” Atco EnPower’s chief operating officer, Bob Myles, said in a news release. “Atco EnPower is actively working across all aspects of the energy transition value chain, and collaborative efforts with government, our partners, and local communities have been instrumental in advancing this initiative.”
Atco EnPower and Shell are equal partners in the Atlas Carbon Storage Hub, which is in the core of Alberta’s energy and petrochemical sector. This venture represents a significant investment in environmental stewardship and technological innovation, emphasizing both companies’ dedication to sustainable practices. The first phase of the Atlas project is set to become operational by 2028, anchored by CO2 volumes from Shell’s Polaris carbon capture project.
Depending on investment decisions, future development phases of Atlas will aim to meet the carbon storage needs of Atco EnPower and Shell, with additional capacity available for third-party emitters on an open-access basis.
The Atlas Carbon Storage Hub is a cornerstone in Atco’s plan for decarbonization and achieving its environmental, social and governance (ESG) targets. This facility is anticipated to provide a vital resource for emitters in the Alberta Industrial Heartland to significantly reduce their carbon emissions and carbon tax liabilities.
Leveraging insights from Shell’s Quest CCS project, which has stored more than 9 million tonnes of CO2 since its inception in 2015, the Atlas Hub will incorporate best practices and lessons learned to ensure operational excellence and safety.
With operations in Canada and Mexico, Atco Ltd. is working to foster the energy transition with its energy solutions, including renewable energy, carbon capture and storage, hydrogen and derivatives and energy storage. Atco’s structures and logistics segment offers workforce and residential housing, modular facilities, construction, site support services, workforce lodging services, facility operations and maintenance, defence operations services, and disaster and emergency management services.
Atco Ltd. (TSX:ACO.X) last traded at C$38.47 per share.
Join the discussion: Find out what everybody’s saying about this stock on the Atco Ltd. Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top image: Atco Ltd. corporate presentation)