KN Energies signs Grant Agreement with the European Commission
By GlobeNewswire Published on June 12, 2025, 11:00 IST
International energy terminal operator AB KN Energies (hereinafter – KN, the Company) has signed a Grant Agreement with the European Commission to conduct technical and commercial studies for a planned CO2 terminal in Klaipėda. The terminal is a part of the CCS Baltic Consortium's cross-border carbon dioxide (CO2) capture, transport and storage value chain currently under development across Lithuania and Latvia.
Under the agreement, The European Commission will contribute more than EUR 3 million for the CO2 terminal in Klaipėda technical and commercial studies from the Connecting Europe Facility programme for Energy (CEF).
The EU will co-finance 50% of the study costs. The funding will support technical, commercial, and environmental assessments, enabling a Final Investment Decision (FID) by the end of 2027. The CO₂ terminal is expected to begin commercial operations in 2030.
The CCS Baltic Consortium, coordinated by the Company, aims to create the first integrated carbon capture, transport, and storage (CCS) value chain in the Baltic region.
In recognition of its strategic cross-border importance, the project was granted Project of Common Interest (PCI) status by the European Commission at the end of 2023, making it eligible for CEF funding.
Formed in 2022, the CCS Baltic Consortium currently includes Akmenės Cementas AB, KN Energies AB, Larvik Shipping AS, Mitsui O.S.K. Lines, Ltd., and SCHWENK Latvija SIA. The consortium also collaborates with gas transmission system operators Amber Grid (Lithuania) and Conexus Baltic Grid (Latvia) to assess CO₂ transportation via onshore pipeline the consortium remains open to the participation of other regional emitters.
Tomas Tumėnas, Chief Financial Officer, +370 46 391772
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
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