Samsung Group to buy 15% stake in 2Co Energy carbon-capture and storage project

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Samsung Group to buy 15% stake in 2Co Energy carbon-capture and storage project

Greentech Lead America: Samsung Group is set to buy 15
percent stake in 2Co Energy’s carbon-capture and storage project for a power
plant in northern England.

Samsung C&T, a construction and trading arm of
Samsung Group, will build the 650 MW coal-fired Don Valley Power Project in
South Yorkshire, according to Bloomberg.

The project will capture 90 percent of its carbon dioxide
emissions to help in the extraction of 150 million barrels of oil from the
North Sea. Work at the plant is scheduled to begin in 2013, 2Co said on Jan.
31. It is due to start operating in 2016.

The U.K. started a 1 billion-pound carbon capture and
storage funding program as it seeks to meet energy demand without adding to
pollution. The full process of capturing, transporting and storing CO2 hasn’t
yet been successfully deployed on a commercial scale at power plants.

2Co’s project, which will cost about 3 billion pounds
($4.8 billion), has won 180 million euros ($240 million) in funding under the
European Energy Program for Recovery and is being considered for further grants
from the European Commission.

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