Ann: PureGRAPH orderbook strengthened, page-7

ring National Wealth Fund invests in carbon capture project News The National Wealth Fund (NWF) is making a £28.6m equity investment in Peak Cluster Ltd to support the development of the UK’s largest CO2 store. Holcim UK’s plant in Cauldon, Staffordshire - Holcim UK The investment is part of a £59.6m equity raise, which also includes investment through a joint venture vehicle between Summit Energy Evolution Ltd and Progressive Energy Peak Ltd, as well as each of the Peak Cluster cement and lime producers: Tarmac, Breedon, Holcim and SigmaRoc.Spirit Energy is currently converting its Morecambe gas fields in the East Irish Sea to create the CO2 store. The Peak Cluster pipeline will transport CO2 emissions captured on its industrial plants across Derbyshire and Staffordshire – responsible for 40 per cent the country’s production of cement and lime - to be stored by Morecambe Net Zero (MNZ).Cement and lime are foundation materials for many UK industries including construction, manufacturing and environmental functions, and are two of the hardest industrial sectors to decarbonise due to the high levels of CO2 emissions generated in the manufacturing process, which cannot be abated through transitioning to low carbon fuels.NWF’s financing will be used to further develop the pipeline project through to a Final Investment Decision (FID) as early as 2028, including the successful completion of Front-End Engineering and Design (FEED) and other studies that underpin the planning consent process.With CCS one of the five priority sectors announced by Chancellor Rachel Reeves, the NWF said it will help amplify government policy and de-risk and accelerate the financing and delivery of these projects. Reeves said: “The National Wealth Fund is a force for growth, investing £3 billion into the British economy and securing 12,500 jobs. We're modernising the cement and lime industry, delivering vital carbon capture infrastructure and creating jobs across Derbyshire, Staffordshire and the North West.”For their part, Holcim produces up to one million tonnes of cement per annum at its plant in Cauldon, Staffordshire, where it employs over 140 staff.Lee Sleight, CEO for Holcim UK, said: “At Holcim we are determined to make sustainable construction a reality but the only way we can truly achieve this is through the implementation of carbon capture and storage.“This will significantly decarbonise our manufacturing process, and ultimately enable us to produce near-zero cement and concrete - products that are the foundation of the UK’s economy.”