BKV Corporation to Expand Carbon Capture, Utilization and Sequestration Efforts with Verde
DENVER, Colorado – August 23, 2022– BKV Corporation (“BKV” or “the Company”) today announced that it has entered into an agreement with Verde Co2 CCS, LLC (“Verde”) for carbon capture, utilization, and sequestration (CCUS) project identification and evaluation to expand its CCUS and greenhouse gas emissions reduction efforts.
Chris Kalnin, Chief Executive Officer of BKV, said, “Leveraging Verde’s CCUS expertise is expected to help achieve our goal of being a leader in the safe production of low impact, sustainable energy. We are excited to work with them to move CCUS projects forward and make a meaningful impact on the reduction of greenhouse gas emissions.”
“Our team’s expertise in the capture, transport, geology, reservoir, and sequestration value chains is setting the industry standard, and we are excited to collaborate with BKV moving forward,” said Charles Fridge, Chairman and CEO of Verde. “This agreement will further our shared goals of advancing environmental stewardship and achieving net-zero carbon reduction technology across the energy value chain.”
BKV is committed to equipping its dedicated CCUS business line, BKV dCarbon Ventures, with the resources needed to evaluate CCUS projects more efficiently and build a pipeline of feasible projects going forward. BKV dCarbon Ventures has a strategic focus on permanent sequestration of point-source emissions.
BKV’s primary criteria for CCUS project evaluation fall under three main categories—regulatory, social, and environmental. “We believe that when these three pillars intersect, we can make CCUS both feasible and profitable,” said Lauren Read, Vice President of BKV dCarbon Ventures at BKV. “We are passionate that CCUS can help reduce global emissions that impact climate change, and by enlisting Verde, we are on a path to demonstrate that low-impact, sustainable energy can be achieved.”
BKV’s initial CCUS project, in partnership with EnLink Midstream, is expected to come online by the second half of 2023.