OnStream Receives $26 Million in Federal Funding for Louisiana Offshore Carbon Storage Hub Development and Announces Joint Venture Partnership with Major Midstream Company

HOUSTON, Nov. 18, 2024 /PRNewswire/ - Today, OnStream CO2, LLC ("OnStream"), a developer of carbon storage projects along the southern coast of Louisiana, announced that that it has received a $26 million CarbonSAFE Phase III grant from the U.S. Department of Energy ("DOE"). This grant will be used to advance OnStream's development of the GeoDura CO2 Storage Hub, which will be able to safely store more than 250 million metric tons of CO2 in an area offshore of Cameron Parish. The grant will assist OnStream in undertaking work relating to the project's geological assessment, as well as permitting and community engagement. GeoDura is set to become the State's first multi-source offshore carbon storage hub, with injection operations expected in 2028.

In addition to today's news, a wholly owned subsidiary of Enbridge Inc. ("Enbridge"), North America's largest midstream company, has become a 45% equity partner in OnStream alongside Carbonvert, LLC ("Carbonvert") and Castex Carbon Solutions, LLC ("Castex"). As a part of its commitment to OnStream, Enbridge has agreed to act as OnStream's preferred CO2 transportation provider. Adding Enbridge's extensive transportation project and operational expertise to the joint venture strengthens OnStream's ability to deliver currently planned and future CO2 projects across Southern Louisiana.

"Carbon capture and storage projects are part of the solution to help lower greenhouse gas emissions," said, Vince Paradis, Enbridge's Vice President of Business Development. "OnStream's GeoDura carbon storage project will enable customers to safely and permanently sequester carbon dioxide and we're excited to work with them to help companies in Louisiana meet their emission reduction goals."

"We are grateful to have Enbridge as a partner that seeks to make a positive environmental impact and support the needs of our customers across the region," said Castex EVP and CFO Aaron Killian. "The DOE's grant for our GeoDura Carbon Storage Hub underscores the government's confidence in the strength and environmental benefits of this project."

"We are thrilled to be partnering with Enbridge in Louisiana. They have the expertise required to make this a world class open access carbon solution for the entire region," said Alex Tiller, Carbonvert CEO and President. "By working in close collaboration with local, state, and federal officials and community members, the OnStream CO2 partnership has established a CCS project model that benefits industry and the environment."

GeoDura Project Highlights:

• Obtained all necessary permits and approvals from the applicable governmental agencies for the drilling of a stratigraphic test well
• Commenced well-site preparation to drill stratigraphic test well
• Finalizing the Class VI permit for submittal to the Louisiana Department of Energy and Natural Resources
• Commercial negotiations underway for CCS solutions with industrial customers in the region

Stay informed about GeoDura at geodura.com and additional efforts from OnStream at onstreamco2.com.

ABOUT CARBONVERT

Carbonvert Inc. is a carbon capture and storage project development and finance company that simplifies decarbonization for industrial facilities. Carbonvert was established in 2020 by veterans of the renewable and conventional energy sectors to manage the financial and technical complexities of CCS project development. Our executives have decades of combined experience developing large-scale projects, financing tax advantaged projects, and structuring over $4 billion in infrastructure investments, including equity, tax equity, and debt. Our leadership team also has deep technical experience with large-scale CO₂ projects; have designed and secured environmental and CO₂ storage permits; and completed and operated large-scale carbon capture, transportation, and storage projects. Our team's experience includes Bayou Bend CCS in Chambers and Jefferson County, Texas, Quest CCS in Alberta, Canada, and In Salah in Algeria. For more information, visit www.carbonvert.com

ABOUT CASTEX

Castex has been one of the most active operators, mineral buyers, and landowners in South Louisiana and along the Texas Gulf Coast for over 35 years. We have advanced a unique business model to capitalize on the attractive and complementary opportunity set across the energy value chain, while maintaining our regional focus. We are leveraging our extensive technical expertise and decades of local knowledge to advance the development of multiple large scale CO₂ storage hubs in Louisiana that will serve to abate highly concentrated industrial CO₂ emissions. Castex has been actively engaged in environmental stewardship since our establishment in 1987. We have consistently prioritized the protection and preservation of the environment in which we operate through stringent adherence to environmental regulations, implementation of cutting-edge technology, and fostering a culture of sustainability. We recognize the importance of safeguarding the natural resources and ecosystems surrounding our operations, and we remain dedicated to upholding our environmental stewardship.

ABOUT ENBRIDGE

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

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SOURCE OnStream CO2