Future Biogas unveils plan for 25 biogas plants with CCS
London-listed Future Biogas plans to construct as many as 25 biogas plants equipped with carbon capture and storage (CCS) equipment by 2028, the company said on June 16.
Future Biogas already operates 10 biogas plants in the UK on behalf of various investors, including JLEN, Environmental Assets Group and Aviva. It unveiled its latest plan while announcing its intention to float on the AIM market of the London stock exchange. The new facilities will supply green gas to the grid, while the resulting CO2 will be transported and stored permanently under the North Sea as part of Norway's Northern Lights project.
Future Biogas hopes to sell the carbon offsets generated by storing the CO2 to corporate buyers. It expects its AIM admission to raise £35mn ($49mn).
"Biogas is a proven and reliable green alternative to fossil fuels. Our planned initial public offering will allow us to expand our portfolio of biogas plants," Future Biogas CEO Philipp Lukas said. "As a source of energy generated entirely in the UK, we can reduce the need for gas imports. Furthermore, our plans to add CCS technology to existing and future plants will move us from a carbon-neutral company to one that actively reduces the amount of carbon in the atmosphere."
Future Biogas secures around 500,000 metric tons/year of crops like maise, rye and grass from local farms under fixed price agreements, creating greater stability for the company.