EU Innovation Fund awards EUR 223 million to Aker BP and Höegh Evi for the Atlas CO2 transport and storage project

Oslo, 19 October 2026 – Aker BP and Höegh Evi have been awarded EUR 223 million from the European Union Innovation Fund for the Atlas Project, a large-scale CCS network connecting European industry with permanent CO2 storage on the Norwegian Continental Shelf.

Atlas combines regional CO₂ aggregation, large-scale low-pressure maritime transport and offshore storage. CO₂ will be aggregated at regional export hubs close to industrial clusters and transported by dedicated carriers to the Atlas storage site in the Norwegian North Sea. Solutions being developed in locations such as Stockholm demonstrate how the network can connect industrial regions across Europe to permanent CO₂ storage.  At the storage site, located in the Aker BP-operated EXL011 (80% Aker BP, 20% ORLEN Upstream Norway), where CO₂ will be directly injected through subsea infrastructure into a saline aquifer for safe and permanent storage more than 2,000 meters below the seabed.

Atlas has a design capacity of 6 million tonnes of CO₂ per year, with potential to expand beyond 10 million tonnes as the European CCS market develops. Regional aggregation and large-scale maritime transport provide economies of scale and flexibility to connect additional industrial regions as the market develops and the network expands.

Atlas was confirmed as an EU Project of Mutual Interest (PMI 13.17) in April 2026, recognising it as cross-border European CO₂ infrastructure. The project is in the Select phase, targeting final investment decision in 2028 and first injection from 2031.

“Atlas demonstrates how regional aggregation and large-scale low-pressure shipping can efficiently connect industrial regions to permanent CO₂ storage. This flexible maritime model can expand as the European CCS market develops,” said Nils Jakob Hasle, EVP Clean Energy, Höegh Evi.

“Europe needs safe and cost-effective permanent CO₂ storage. Atlas is designed to provide European industries with significant storage capacity on the Norwegian Continental Shelf and capture economies of scale needed to reduce CCS value chain costs,” said Ørjan Jentoft, CCS Asset Manager, Aker BP.

Subject to final investment decision in 2028, the EU Innovation Fund award of EUR 223 million will support the implementation of the Atlas cross-border CO₂ transport and storage network.

Media contact:
Christine Corkery Steinsholt
VP External Communications, Höegh Evi
christine.steinsholt@hoeghevi.com | +47 95 09 54 81

Tore Langballe
VP Communication Manager/Press spokesperson, Aker BP
Tore.langballe@akerbp.com | +47 90777841

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About Höegh Evi: 
Höegh Evi is the vital link to secure transition, delivering fast, adaptable, and secure solutions that respond to countries’ evolving energy needs. For 50 years, Höegh Evi has been a pioneer and global leader in floating energy infrastructure, with one of the world’s largest fleets of FSRUs (floating storage and regasification units) for importing natural gas.

Today, Höegh Evi is building the infrastructure needed to make transition possible, with floating terminals for ammonia and hydrogen import, the world’s first floating ammonia-to-hydrogen cracker, and services for carbon transport and permanent storage.

Höegh Evi is a global company with a highly skilled global team of 900 employees at sea and onshore. Learn more at hoeghevi.com

About Aker BP:
Aker BP is a company engaged in exploration, field development and production of oil and gas on the Norwegian continental shelf. The company operates six field centres: Alvheim, Ivar Aasen, Skarv, Edvard Grieg, Ula and Valhall, and is a partner in the Johan Sverdrup licence. Aker BP’s shares are traded on Oslo Børs (AKRBP).

Aker BP is one of the largest independent oil companies in Europe with a production of more than 400,000 barrels oil equivalents per day. Aker BP has an industry-leading equity share scope 1 and 2 GHG emission intensity and targets a 50% reduction in scope 1 and 2 GHG emissions from operated assets and GHG emission neutrality by 2030 for equity share scope 1 and 2.

Aker BP is evaluating opportunities for CO₂ storage on the Norwegian Continental Shelf (NCS) primarily as a potential new growth opportunity, but also as a mean to support Europe’s decarbonization efforts. Link to homepage: www.akerbp.com