Oh cool, didn't hear of this one, promising to see that industry...

Oh cool, didn't hear of this one, promising to see that industry is developing, will play a key part in decarbonising given we're failing in doing the simple thing of just reducing emissions. Be very interesting to see its performance after a year.

Two things though, first, the amount of energy it takes to capture one ton, according to Climeworks it's 2,650kw/h, so you need to have cheap and accessible renewable energy near by, in this case the geothermal. Second, is the fact that you need to have the right geological formation, in this case a Basalt formation https://www.energycouncil.com.au/analysis/is-orca-a-new-carbon-predator/. And even with the right formation Climeworks still can only claim that less then 10% will leak back out. So imagine how much leakage you're getting when formations aren't super ideal.
These two things just means it's very location specific. Very good for generally pulling carbon out of the air because location doesn't matter.

In terms of grey hydrogen, my understanding is the power demand for the carbon capture wouldn't be anywhere as bad given your pulling it out directly from the emissions of the gas so its far more concentrated and therefore I imagine easier to pull out and treat then pulling out 415ppm from normal air, but I'm no engineer so could be talking absolute horse shite here . Assuming because when I was looking at CCS and grey hydrogen energy never came up as an issue in the capture part.

As to the storage part, would be interesting to find a good independent review of whether we have suitable geology here in Australia, this article from abc highlights some of the issues with CCS https://www.abc.net.au/news/science/2020-09-19/angus-taylor-carbon-capture-storage-gorgon-chevron/12676732#:~:text=According%20to%20David%20Byers%2C%20CEO,told%20the%20ABC%20last%20year.

Yes ABC are leftist and leftist hate CCS, but geology definitely seems to be a big part of it.

I think we need to see is a project coming along, proving that with the right geology CCS can work and provide a legitimate transitional tool from fossil fuels to clean energy. Only one I know of that might have something interesting is LCK, but very early days for them, they do claim they have the right geology though. Disclaimer, I'm a holder.