CarbonCuts Annual Report 2024: A year of preparation, momentum, and anchoring
CarbonCuts has just published its annual report for 2024 with a satisfactory result.
2024 was a significant year for CarbonCuts, where we primarily further developed our main project, Project Ruby. This project aims to establish a land-based CO2 storage facility in the subsoil of Lolland, if our studies demonstrate geological suitability.
It is CarbonCut’s ambition to establish itself as a leading pioneer in the rapidly developing CCS industry both in Denmark and globally. A growing industry set to create both timely and sufficient CO2 storage capacity to alleviate the climate crisis. Permanent and secure storage of CO2 is a globally prioritized climate technology whose capacity is expected to multiply over the next 15-20 years.
To achieve this ambition, we are focused on executing the work program that forms the basis of our exploration license.
thus, 2024 was marked by several major milestones, including preparations for our initial and extensive exploration activities on Lolland, business development, and the recruitment and onboarding of several new employees.
“2024 was an important year for both CarbonCuts and Project Ruby. We focused on developing projects, expanding our team and ensuring close dialog with both local citizens, actors in the CCS value chain, and the authorities – an approach that created momentum and a positive reception of us as a new CCS player,” says Ken Wesnæs, CEO of CarbonCuts.
In January 2024, BlueNord Energy Denmark A/S took full ownership of CarbonCuts, enabling a significant influx of resources. In June 2024, the Minister of Climate, Energy and Utilities awarded CarbonCuts the exploration license for the Rødby license on Lolland. The license was a vital prerequisite for continuing the development of Project Ruby and initiating our ambitious work program.
In 2024, we spent many resources planning two crucial and extensive exploration activities: Denmark’s largest onshore 3D seismic survey to date and the reopening of an abandoned oil exploration well from the 1950s (the Rødby-2 well). Both surveys were successfully completed in the first quarter of 2025, and the results from the surveys will give us a more detailed picture of the subsurface on Lolland.
During the year, we intensified the dialog with other industry players and regulatory stakeholders to secure necessary regulatory approvals and long-term sustainability of our investments.
In the second half of 2024, we carried out a number of public engagement activities – including three major public meetings with a total of over 300 participants. In addition, we conducted extensive communication work, close dialogue with authorities and a strong focus on making our knowledge and intentions accessible to both local citizens and partners through conversations, the press, and various print and digital information material.
In 2024, we expanded our team as our activities and responsibilities grew. Immediately after the fall, we moved our head office to Vibenshuset in Copenhagen to strengthen the collaboration with our parent company, BlueNord – and the team continues to grow. We have already assembled a strong team and laid the foundation for an organization that can support the further development of the company.
Ken Wesnæs adds:“The transformation from a small start-up to an established company has led to the establishment of a strong organizational culture and the positioning of CarbonCuts as a serious player in the growing CCS industry.”
“2025 will be a year with more field and exploration work, more data analysis, infrastructure planning and even more dialog – and with a continued focus on local anchoring and development that can contribute to local sustainable development and green transition.”