An MOU or Memorandum of Understanding has been signed by Equinor with Microsoft to seek ways on supporting the capture of the Northern Lights carbon and value chain storage project as its technology ally. Moreover, Microsoft will investigate the storage and transportation of Northern Lights Carbon through the project. Equinor is also creating this project together with Total and Shell as partners.
It was in May 2020 when Equinor, Total, and Shell created a decision to make an investment in the Northern Lights carbon storage and transport plan with conditions. Upon the approval by the authorities, these parents will create a venture together. It will create a ship-based and open-source network of storage and transport that encompasses the business models to also keep and capture carbon in different parts of Europe.
The final decision will be based on the approval of the Norwegian Parliament which is anticipated in the latter part of 2020. In the first half of 2024, it is planned to begin its operations.