WILDLIGHT, Fla. (News release) -- Rayonier Inc. announced that it has entered into an underground pore space easement agreement with an affiliate of Reliant Carbon Capture & Storage covering approximately 104,000 acres in Alabama. Reliant specializes in capturing CO2 emissions from power plants and industrial facilities and safely sequestering this CO2 in subsurface geologic formations. Along with this significant pore space agreement, Reliant is currently completing a front-end engineering design report for a power generating station in the area.
"Carbon capture and storage opportunities represent a key pillar of our land-based solutions strategy, and we are encouraged by our progress in securing additional pore space lease agreements," said Mark McHugh, President & CEO of Rayonier. "As we continue to grow our land-based solutions business, our team is focused on executing agreements with high-quality counterparties, such as Reliant, that position Rayonier to benefit from the transition to a low-carbon economy."
Tom McCarthy, CEO of Reliant, added, "We are pleased to work with Rayonier as Reliant develops this critical infrastructure project. By building this large-scale sequestration hub, coupled with post-combustion carbon capture projects at large-volume emitters, Reliant will provide the key components required to decarbonize heavy industry in this region."
