(The memorandum of understanding (MOU), signed by CRC and Net Power, marks the company’s entry into California’s power market as the state aims to improve air quality. (Source: Shutterstock/ California Resources Corp.)
California Resources Corp. (CRC) and its carbon management business Carbon TerraVault (CTV) have teamed up with Net Power to develop low emissions power plants in California with permanent CO2 sequestration nearby, according to a Dec. 9 news release.
The memorandum of understanding (MOU), signed by CRC and Net Power, marks the company’s entry into California’s power market as the state aims to improve air quality.
The terms of the MOU include conducting feasibility studies on locating Net Power’s facilities in proximity to CTV’s underground CO2 storage vaults.
Plans are to initially deploy up to 1 gigawatt of power capacity from Net Power’s modular plants in northern California, which is expected to result in up to 3.6 million metric tons per annum of CO2 emissions to be permanently stored underground in CTV’s nearby reservoirs, the release states.
“This partnership with Net Power combines our strategically located carbon storage and natural gas assets with California’s call for more clean power. We are solidifying our position as a leader in carbon management solutions in the Golden State,” said CRC President and CEO Francisco Leon. “CRC is committed to advancing innovative clean energy solutions while attracting new investments to California. Together, we are working to meet our State’s critical power needs with new, reliable, and low carbon energy.”
Net Power’s utility-scale modular plants are each capable of generating up to 250 megawatts on less than 20 acres.
“CTV possesses the resource potential to support the deployment of many Net Power facilities in California,” said Net Power CEO Danny Rice. “This partnership can strengthen California’s pathway to achieve its environmental and energy goals while attracting new businesses that value 24/7 low carbon power—all made possible by our innovative ultra-low emissions technology in collaboration with CTV.”
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