TotalEnergies has entered into a partnership agreement with CarbonVault, the Danish affiliate of German cement producer SCHWENK, for the Bifrost Carbon Capture and Storage (CCS) Project in Denmark. The partnership was announced on October 2, 2025, through a Farm-Down Agreement that restructures ownership of the offshore carbon storage initiative.

Partnership Structure and Ownership

Under the new agreement, TotalEnergies E&P Denmark will maintain operational control with a 45% stake in the Bifrost CCS Project. CarbonVault will hold a 35% interest, while Nordsøfonden retains a 20% ownership share. TotalEnergies E&P Denmark will continue serving as the project operator. The Bifrost Project encompasses two CO2 offshore storage licenses positioned approximately 200 kilometers west of the Danish coast.

The project forms part of TotalEnergies' broader North Sea CCS portfolio, representing the company's expanding carbon storage capabilities in the region.

Industrial Decarbonization Strategy

SCHWENK has committed to decarbonizing its European operations and selected Bifrost as its preferred solution for storing future emissions. The partnership demonstrates how TotalEnergies combines industrial emitters' decarbonization roadmaps with CCS development capabilities to address customer emission reduction needs. The collaboration illustrates TotalEnergies' strategy of contributing to customer emissions reduction by integrating industrial decarbonization requirements with the development of carbon capture and storage infrastructure.

This approach allows the company to support industrial partners while advancing its own carbon neutrality objectives.

Strategic Importance for Denmark

Arnaud Le Foll, Senior Vice President of New Business: Carbon Neutrality at TotalEnergies, emphasized the project's significance within Denmark's national ambitions. Le Foll stated: “We look forward to working with our new partner to ensure the successful deployment of the Bifrost Project, a cornerstone of Denmark's national ambition to establish a European hub for CO2 storage.”

The project aligns with Denmark's strategic goal of becoming a central European hub for carbon dioxide storage, positioning the country as a key player in the continent's decarbonization efforts. The offshore location and technical capabilities support Denmark's vision of providing large-scale carbon storage solutions for European industrial emitters.

Regulatory Approval and Implementation

The transaction remains subject to customary regulatory approvals and other standard conditions before completion. TotalEnergies has not specified a timeline for receiving these approvals or completing the partnership arrangement. TotalEnergies' broader carbon capture and storage approach focuses first on avoiding emissions, then reducing them through systematic deployment of the best available technologies across its assets.

For residual emissions from both company operations and customer activities, TotalEnergies develops industrial carbon storage projects. The company leverages core competencies in large-scale project management, gas processing, and geosciences to advance multiple CCS initiatives. Beyond Bifrost, TotalEnergies' carbon storage portfolio includes Northern Lights in Norway, NEP in the United Kingdom, Bayou-Bend in the United States, and Aramis in the Netherlands.

TotalEnergies operates as a global integrated energy company producing and marketing oil and biofuels, natural gas, biogas, low-carbon hydrogen, renewables, and electricity. The company employs more than 100,000 people across approximately 120 countries, with sustainability positioned as central to its strategy, projects, and operations.

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