Technip Energies (PARIS:TE), leader of a
consortium with GE Vernova and construction partner Balfour Beatty
– with the support of technology partner Shell Catalysts &
Technologies – received Notice to Proceed by NZT Power Limited to
execute a major(1) contract for the Net Zero Teesside Power (NZT
Power) project in the United Kingdom.
NZT Power has reached financial close and has
issued a Full Notice to Proceed to the Technip Energies-led
consortium to start the full Engineering Procurement and
Construction (EPC) package for the Onshore Power, Capture and
Compression contract. Financial close follows the UK government’s
recent announcement of a £21.7 billion pledge for projects to
capture and store carbon emissions from energy, industry and
hydrogen production.
This landmark project aims to be the world’s
first gas-fired power station with carbon capture and storage. Up
to 2 million tonnes of CO2 per year will be captured at the plant
and transported and permanently stored by the Northern Endurance
Partnership. The plant could produce up to 742 megawatts of
flexible, low-carbon power, equivalent to the average annual
electricity requirements of more than 1 million UK homes, further
supporting the UK's transition to a cleaner energy future.
Supported by the UK government, NZT Power could
create and support more than 3,000 construction jobs and then
generate 1,000 jobs annually during operations. This initiative is
expected to attract private investment and help the UK to meet its
climate goals and is aligned with the UK plan to reduce carbon
emissions to net zero by 2050.
Technip Energies and GE Vernova, with the
support of infrastructure group Balfour Beatty, plan to deliver a
highly efficient combined cycle plant and associated carbon capture
plant. Technip Energies will lead the integration of a
state-of-the-art carbon capture plant using its Canopy by T.ENTM
solution, powered by Shell’s CANSOLV* CO2 Capture System. The plant
will be powered by GE Vernova’s advanced 9HA.02 gas turbine, a
steam turbine, a generator, a Heat Recovery Steam Generator, an
Exhaust Gas Recirculation (EGR) system and benefit from GE
Vernova’s maintenance service contract for 16 years.
Technip Energies, GE Vernova
and Balfour Beatty, supported by Shell Catalysts &
Technologies, together form the Carbon Capture Alliance (CCA).
Alliance members are deeply committed to long-term investment in
the UK and already possess a significant local footprint and supply
chain.
Arnaud Pieton, CEO of Technip
Energies, commented, “We are excited to partner with GE
Vernova and Balfour Beatty on the first-of-its kind Net Zero
Teesside Power project. This award confirms Technip Energies’
leading position as a provider of state-of-the-art integrated CCUS
solutions. I would like to thank Net Zero Teesside Power for their
trust. This groundbreaking project represents a significant
milestone in our collective efforts to advance carbon capture
technology at scale and support the UK’s ambitious climate goals
through low carbon power generation from gas combined with
renewables. By leveraging our Canopy by T.EN™ solution powered by
Shell’s CANSOLV CO2 Capture System, we aim to set a new standard
for low-carbon power generation. This project not only underscores
our commitment to innovation and sustainability but also highlights
the critical role of collaboration in driving the energy transition
forward.”
Maví Zingoni, CEO, Power at GE
Vernova commented: “We believe CCUS
technology can be crucial to help decarbonise the planet, and we
welcome the commitment from the UK government to invest in its
implementation as well as NZT Power’s trust in our technology.
Flagship projects like Net Zero Teesside Power can give the
industry foundations to grow. We look forward to powering the
station with our advanced H-Class combined cycle technology, as
well as proceeding with the first commercial use of our Exhaust Gas
Recirculation system and integration technologies, which aim to
support carbon abatement by boosting the efficiency and performance
of carbon capture.”
Leo Quinn, CEO of Balfour Beatty Group,
said: “Net Zero Teesside is a transformational project,
underpinning the UK’s transition to cleaner and greener energy
consumption and driving regional economic growth in Northeast
England. Today’s announcement takes us one step closer to realising
this ambitious scheme, which will demonstrate collaboration at its
finest and see us unite our unique strengths together with Technip
Energies’ world-leading engineering and technology integration
skills, Shell's state-of-the-art CANSOLV* CO2 Capture technology
and GE Vernova’s unparalleled power generation knowledge."
Elise H. Nowee, President of Shell
Catalysts & Technologies, said: “Being selected as the
carbon capture technology provider for Net Zero Teesside Power
reflects the proven capabilities of Shell’s CANSOLV* CO₂ technology
in delivering substantial, reliable emissions reductions at scale.
This project also highlights the strength of our alliance with
Technip Energies, which combines Shell Catalysts &
Technologies’ expertise in technology licensing with Technip
Energies’ excellence in project integration and delivery. Together,
we are addressing the growing demand for scalable post-combustion
carbon capture solutions. With the potential to capture up to 2
million tonnes of CO₂ annually, Net Zero Teesside Power marks a
critical milestone in the UK’s journey toward net zero.”
(1) A “major” award for Technip Energies is a contract award
representing above €1 billion of revenue. The award will be
included in backlog in Q4 2024.
*CANSOLV is a Shell trademark.
About Technip Energies
Technip Energies is a global technology and
engineering powerhouse. With leadership positions in LNG, hydrogen,
ethylene, sustainable chemistry, and CO2 management, we are
contributing to the development of critical markets such as energy,
energy derivatives, decarbonization, and circularity. Our
complementary business segments, Technology, Products and Services
(TPS) and Project Delivery, turn innovation into scalable and
industrial reality.
Through collaboration and excellence in
execution, our 17,000+ employees across 34 countries are fully
committed to bridging prosperity with sustainability for a world
designed to last.
Technip Energies generated revenues of €6
billion in 2023 and is listed on Euronext Paris. The Company also
has American Depositary Receipts trading over the counter.
For further information: www.ten.com
About GE Vernova
GE Vernova is a planned, purpose-built global
energy company that includes Power, Wind, and Electrification
businesses and is supported by its accelerator businesses of
Advanced Research, Consulting Services, and Financial Services.
Building on over 130 years of experience tackling the world’s
challenges, GE Vernova is uniquely positioned to help lead the
energy transition by continuing to electrify the world while
simultaneously working to decarbonize it. GE Vernova helps
customers power economies and deliver electricity that is vital to
health, safety, security, and improved quality of life. GE Vernova
is headquartered in Cambridge, Massachusetts, U.S., with more than
75,000 employees across 100+ countries around the world. GE
Vernova’s Gas Power business engineers advanced, efficient natural
gas-powered technologies and services, along with decarbonization
solutions that aim to help electrify a lower carbon future. In the
UK, the company runs the only large-scale grid manufacturing
facility, as well as numerous other major manufacturing sites. GE
Vernova already helps to generate more than 30% of the UK’s
electricity through its equipment. Its nuclear business, GE
Hitachi, is one of the finalists in the Great British Nuclear
competition.
About Balfour Beatty
Balfour Beatty is a leading international
infrastructure group with over 25,000 employees driving the
delivery of powerful new solutions, shaping thinking, creating
skylines and inspiring a new generation of talent to be the
change-makers of tomorrow.We finance, develop, build, maintain and
operate the increasingly complex and critical infrastructure that
supports national economies and deliver projects at the heart of
local communities.Over the last 114 years we have created iconic
buildings and infrastructure all over the world. Currently, we are
working to deliver Hinkley Point C, the first UK nuclear power
station in a generation; constructing the world-class arts and
cultural facility, the Lyric Theatre, in Hong Kong; and designing,
building, financing, operating and maintaining the Automated People
Mover superstructure at the fifth busiest airport in the world, Los
Angeles International Airport.
Contacts
Technip Energies
Investor
Relations Media
RelationsPhillip Lindsay
Jason
HyonneVice-President Investor Relations
Press Relations & Social Media
ManagerTel: +44 207 585 5051
Tel: +33 1 47 78 22 89Email: Phillip
Lindsay Email: Jason
Hyonne
GE Vernova
Tess AtkinsonUK Communications LeadTel: +44 7502
670222Email: tess.atkinson@ge.com
Balfour Beatty
Antonia Walton Balfour Beatty +44 (0)203 810 2345
Antonia.walton@balfourbeatty.com
Important Information for Investors and
Securityholders
Forward-Looking Statements
This Press Release contains forward-looking
statements that reflect Technip Energies’ (the “Company”)
intentions, beliefs or current expectations and projections about
the Company's future results of operations, anticipated revenues,
earnings, cashflows, financial condition, liquidity, performance,
prospects, anticipated growth, strategies and opportunities and the
markets in which the Company operates. Forward-looking statements
are often identified by the words “believe”, “expect”,
“anticipate”, “plan”, “intend”, “foresee”, “should”, “would”,
“could”, “may”, “estimate”, “outlook”, and similar expressions,
including the negative thereof. The absence of these words,
however, does not mean that the statements are not forward-looking.
These forward-looking statements are based on the Company’s current
expectations, beliefs and assumptions concerning future
developments and business conditions and their potential effect on
the Company. While the Company believes that these forward-looking
statements are reasonable as and when made, there can be no
assurance that future developments affecting the Company will be
those that the Company anticipates.
All of the Company’s forward-looking statements
involve risks and uncertainties, some of which are significant or
beyond the Company’s control, and assumptions that could cause
actual results to differ materially from the Company’s historical
experience and the Company’s present expectations or projections.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those set forth in the forward-looking
statements.
For information regarding known material factors
that could cause actual results to differ from projected results,
please see the Company’s risk factors set forth in the Company’s
2023 Annual Financial Report filed on March 8, 2024 and in the
Company’s 2024 Half-Year Report filed on August 1, 2024, with the
Dutch Autoriteit Financiële Markten (AFM) and the French Autorité
des Marchés Financiers (AMF) which include a discussion of factors
that could affect the Company's future performance and the markets
in which the Company operates.
Forward-looking statements involve inherent
risks and uncertainties and speak only as of the date they are
made. The Company undertakes no duty to and will not necessarily
update any of the forward-looking statements in light of new
information or future events, except to the extent required by
applicable law.
- NZT Power
- PR_T.EN_FNTP NZT_EN
Technip Energies NV (EU:TE)
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