Dublin, September 4, 2022
ESB and dCarbonX have signed a joint venture agreement that will allow the companies to progress large-scale energy storage projects off the coast of Ireland.
Since Q2 2021, ESB and dCarbonX, (an affiliate of Snam, Europe’s largest gas storage provider and gas infrastructure company), have been working together in terms of the assessment and development of Irish offshore green hydrogen subsurface storage.
ESB and dCarbonX believe there is significant potential to develop large-scale storage capacity off the Irish coast and intend to actively explore and develop opportunities. The joint venture will focus on three specific green hydrogen storage opportunities based around proposed decarbonisation clusters – east of Dublin’s Poolbeg, west of ESB’s Green Atlantic @ Moneypoint project supporting the Shannon Estuary cluster and south of Aghada in Cork (Project Kestrel). Project Kestrel envisages the re-development of the decommissioned gas reservoirs at the Kinsale Head field, ultimately, for green hydrogen storage.
Jim Dollard, ESB Executive Director, Generation and Trading, said:
“Mirroring the developments across Europe, ESB recognises the importance of large-scale energy storage and the role that green hydrogen will play in enabling a net zero future. This joint venture agreement provides an expanded platform to deliver key strategic integrated assets that can that help Ireland to meet its climate objectives, whilst also supporting energy security. We are delighted to be partnering with dCarbonX and Snam on these projects.”
Tony O’Reilly, dCarbonX CEO, said:
“The signing of this joint venture agreement with ESB is another crucial step in the development of large-scale energy storage solutions for Ireland. Working with the backing of our shareholder Snam, dCarbonX has already begun the assessment of suitable offshore reservoirs that can support the storage of hydrogen and hydrogen carriers. We look forward to progressing these opportunities with ESB.”
Green Hydrogen
ESB is committed to the future delivery of green hydrogen production and storage in Ireland to ultimately supplant the use of fossil fuels with Ireland’s significant wind resources providing a unique opportunity for the production of green hydrogen. Using a technique known as electrolysis, renewable electricity such as wind energy can be used to generate green hydrogen, which can be stored underground and used during periods of low wind energy production.
Essential Energy Storage
As Ireland’s largest energy provider, ESB is also committed to providing both a safe and secure energy supply to its c. 1.5 million customers. The development of green hydrogen storage capacity at scale will play a key role in a Net Zero future.
Ends
About ESB
ESB operates across the electricity market, from generation through transmission and distribution, to supply of customers in addition to using our networks to carry fibre for telecommunications. ESB is a leading Irish utility with a regulated asset base of approximately €10.9 billion (comprising ESB Networks €8.8 billion and NIE Networks €2.1 billion), a 33% share of generation in the all-island market, and retail businesses supplying electricity and gas to over 1.9 million customer accounts throughout the island of Ireland and Great Britain.
About ESB Net Zero by 2040
ESB’s 2040 strategy Driven to Make a Difference: Net Zero by 2040 sets out a clear roadmap for ESB to achieve net zero emissions by 2040. It also commits ESB to a Science Based Target for 2030 to provide assurance that we are decarbonising our operations at the necessary pace and scale. The strategy sets out a pathway to achieve net zero in a way that supports our continued growth and financial capacity to invest in a net zero future.
About dCarbonX
dCarbonX is a pioneering asset-focused GeoEnergy company established to develop subsurface assets for energy storage and for the sequestration of CO2. Based in London & Dublin, dCarbonX has a Strategic Energy Transition Alliance with Snam (www.snam.it), one of the world’s leading energy infrastructure operators and Europe’s largest energy storage company. Snam currently holds a (28.89%) equity interest in dCarbonX and will increase its stake up to a controlling interest by providing dCarbonX with financial and technical support for its current storage and carbon sequestration projects in Ireland and the United Kingdom.