Carbon Capture and Storage

In 2023, Horizon’s CCS subsidiary, NexGen Carbon Solutions, formed a 50/50 joint venture with a long-established Oklahoma-based independent energy production company. The joint venture company operates as NexGen Carbon Oklahoma, LLC (NexGen Oklahoma).

Four key, co-existent elements need to be present to effectively implement a commercially viable and successful point source CCS project. These include the following: (i) the presence of an underground storage reservoir with suitable properties to safely and economically inject, store and monitor CO2; (ii) the availability of large and contiguous surface land positions which overlay the storage reservoir, the rights to which can be accessed through carbon storage leases; (iii) the existence of sizeable industrial facilities with significant CO2 emissions located within reasonable distances from the storage reservoir; and (iv) the ownership of pipeline easements allowing for the construction of CO2 pipeline systems to transport the captured CO2 from the emission sites to the storage reservoir.

NexGen Oklahoma has identified an ideal project site in northeastern Oklahoma that meets all of the above criteria and is progressing the development of a large-scale CCS project within the area. NexGen has acquired over 75,000 contiguous acres of surface carbon storage leases with plans to double the project scope in 2025. The project is designed in two phases. The initial phase is estimated to permanently store up to 120 million metric tons of CO2 over its projected 30-year injection life. The second phase is expected to be comparable in size.

To ensure a successful and timely operational project, NexGen is working closely with numerous project stakeholders including major CO2 emitters whose industrial facilities are in reasonable proximity to the storage site, leading engineering service companies, major EPC organizations and geotechnical specialists who are assisting in the preparation of the required Class VI injection and storage permits. Additionally, NexGen is affiliated with several academic institutions, including Stanford University and Oklahoma University, who are leaders in carbon capture and storage initiatives in the U.S. NexGen is also fully engaged with federal and state government agencies that are actively promoting carbon capture and storage through policies, grants and loans to support the development and growth of the CCS industry.

Watch a Video of the Company Purpose and History Above

Point Source CCS Value Chain

Definitive Statements Concerning Climate Change, Decarbonization, CCS, Net-Zero

The following excerpts are from selected major corporations stipulating the importance of CCS and decarbonation. These statements are representative of numerous similar climate sentiments and proactive commitments being declared by the majority of leading global industrial, technology and financial companies.

ExxonMobil Corporation

(Largest Oil and Gas Company in the United States)

The company's Low Carbon Solutions business is positioned to be a significant part of the company's future, with the potential to generate substantial revenue and even outgrow ExxonMobil’s traditional oil and gas operations by focusing on emission-reduction solutions like carbon capture and storage, as the world transitions towards a lower-carbon future, essentially presenting it as a key pillar of ExxonMobil’s strategy to adapt to a changing energy landscape.

ExxonMobil has recently signed carbon capture and storage agreements with a steel company, a fertilizer company, and an industrial gas company. These three projects alone will reduce CO2 emissions by the same amount as replacing 2 million cars with EVs. This is roughly the total number of electric vehicles on U.S. roads today.

CF Industries Holdings, Inc.

(Largest Global Ammonia Producer)

Our investment in decarbonizing and maximizing the efficiency of our production plants is core to our business operations and corporate strategy. In addition to implementing efficiency and reliability improvements, CF Industries is pursuing Carbon Capture and Sequestration (CCS) projects that are accelerating progress toward our decarbonization goals. CCS is the process of capturing CO2 before it is emitted, and safely and permanently sequestering it in proven and secure storage areas deep underground.

To accelerate our efforts, CF Industries has committed to decarbonizing our ammonia production network and established a goal to reduce total CO2 emissions intensity by 25% per ton of product by 2030. Longer-term, our goal is to achieve net-zero carbon emissions by 2050.

Mitsubishi UFJ Financial Group, Inc

(Largest Global Project Financing Company)

In order to achieve carbon neutrality, we are advancing initiatives toward net-zero GHG emissions in our financed portfolio, decarbonization through financing and net-zero emissions from our own operations, as we take action to meet our targets for 2030, 2040 and 2050.

Microsoft Corporation

(One of the World’s Largest Technology Companies)

We are committed to being carbon negative by 2030 and by 2050 to remove from the atmosphere an equivalent amount of all the carbon dioxide our company has emitted either directly or by our electricity consumption since we were founded in 1975.

Shell plc

(Largest Oil and Gas Company in Europe)

Tackling climate change is an urgent challenge. That is why we have set a target to become a net-zero-emissions energy business by 2050.