Since establishing an exclusive partnership in 2021, the Norne Carbon Storage Hub ("Norne"), a Fidelis New Energy, LLC portfolio company, and the Port of Aalborg have executed definitive agreements for the Norne CO2 reception facility with the initial site designed to handle 15 million tonnes of CO2 per year. &nbsp;As co-applicants, Norne and the Port of Aalborg, were awarded a Connecting Europe Facility ("CEF") Energy grant by the European Union. CEF is an EU programme focused on accelerating the development of strategic cross-border energy infrastructure. The grant will co-fund the development and construction of a new quay to support the Norne CO2 reception facilities serving multiple Danish onshore and near-shore CO2 storage facilities as well as the beneficial use of CO2 in industrial applications and decarbonised fuels.Norne has completed the front-end engineering and design ("FEED") studies for both the CO2 reception facility and a connecting pipeline to nearby CO2 storage. In addition, extensive environmental and ecological assessments have been completed.&nbsp; Norne's designation as a Project of Common Interest ("PCI"), by the EU in 2023, further streamlines the permitting process, enabling a faster Environmental Impact Assessment for the pipeline than otherwise would be possible without the already completed work and the PCI status. Building on the exclusive lease agreement and the CEF grant award, Norne and the Port of Aalborg will commence construction of a new 500-metre quay in the Port of Aalborg, corresponding to an area of 60,000 square metres of quay space. The new quay space will host the CO2 reception and connecting infrastructure, advancing Denmark's carbon capture and storage ecosystem.Norne will provide European emitters access to an excellent deepwater port and cost-effective and safe onshore and nearshore CO2 storage. Norne's PCI status ensures prioritised permitting, as the project is recognized as an urgent project of the highest national significance and it is considered a project of overriding public interest by the EU when carrying out the relevant environmental assessments. The PCI status also opens the door for additional CEF Energy grants, which Norne is actively pursuing to support further development across the CO2 value chain.Kristian Thulesen Dahl, CEO of the Port of Aalborg, stated: "We are very excited to continue the work we have done with Fidelis and Norne since 2021 to make the Port of Aalborg a key CO2 hub enabling economical and safe storage of CO2 onshore and near shore. In addition, we are excited to be able to provide decarbonisation services to attract new industries to the Port of Aalborg. We therefore see the collaboration with Norne as an important business development differentiator as we continue to expand the Port's role in helping to decarbonise Denmark and the EU."Lars Bo Christiansen, President of Norne, concluded: "Since 2021, we have worked closely with the Port of Aalborg, the European Union, the Danish Government, and other key stakeholders. We look forward to building on this long-term partnership – not only to expand beyond the current capacity of 15 million tonnes per year at Norne's site, but also to attract new industrial projects to the Port that require decarbonization solutions."About Fidelis:Fidelis is an energy infrastructure company driving decarbonisation through infrastructure development and investments in biofuels, low- or negative-carbon intensity products, and carbon capture and storage. Fidelis employs a growing portfolio of proprietary, patented, and patent-pending technologies to address climate and energy security challenges. Headquartered in Houston, Texas, Fidelis also maintains an office in Copenhagen, Denmark. Learn more at <a href="http://www.fidelisinfra.com/">www.fidelisinfra.com</a>.About Norne:The Norne Carbon Storage Hub consists of CO2 reception facilities, pipelines, and storage facilities designed for safe and permanent storage of CO2. Norne will receive and store CO2 from Danish and European customers. For more information, visit <a href="http://www.norneccs.com/">www.norneccs.com</a>.About the Port of Aalborg:The Port of Aalborg is a key logistics hub in Denmark, offering comprehensive port services and facilities. With a strategic focus on sustainability and innovation, the Port of Aalborg supports carbon reduction and green energy solutions while enhancing its role in the global value chain. For more information, visit <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4441950-1&amp;h=4190074928&amp;u=http%3A%2F%2Fwww.portofaalborg.com%2F&amp;a=www.portofaalborg.com">www.portofaalborg.com</a>.

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Backed by an EU Connecting Europe Facility Grant, the project will deliver world-scale CO₂ reception infrastructure and unlock economies of scale for Denmark and the European Union.

Norne and Port of Aalborg Sign 30-Year Exclusive Agreement, Accept EU CEF Grant and Launch Construction of CO2 Hub

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