TotalEnergies sells minority stake in Danish CCS project to CarbonVault
- Total sells 35% stake to affiliate of German cement firm Schwenk
- Interest in CO2 capture projects cooling
- Total involved in several CCS projects in North Sea
- Total to cut low-carbon investment as part of savings program
By America Hernandez
French oil major TotalEnergies 
TTE has sold part of its stake in Denmark's Bifrost carbon capture and storage project to CarbonVault, an affiliate of German cement producer Schwenk, it said on Thursday.
Schwenk will become a future customer of Bifrost, storing its future CO2 emissions under the Danish North Sea. Bifrost aims to store three million metric tons of CO2 annually from 2027, rising to 5 million tons per year by 2030.
TotalEnergies retains a 45% interest in the two offshore storage licenses, with CarbonVault holding 35% and Denmark's state-backed Norsofonden holding 20%.
It did not disclose the value of the transaction.
TotalEnergies is aiming to lower its debt levels by year-end with a series of sales to bring in some $3.5 billion, CEO Patrick Pouyanne told investors on Monday. He also announced a $7.5 billion savings program that will include trimming spending on low-carbon businesses.
The French firm is a shareholder in several projects to store CO2 in depleted gas fields in the North Sea, including Norway's Northern Lights.
Interest in largely government-subsidized projects to store CO2 underground has cooled, as European industrial sites have not built costly installations to capture their CO2 emissions.
Northern Lights, for example, became operational in October 2024 but did not receive its first shipment of CO2 from paying customers until August 2025.
Denmark has set a target of reaching net zero carbon emissions by 2045 and sees CO2 storage as key to that plan.
