Author: Anja Fabricius Madsen

Copenhagen, September 30, 2025 - Normod Carbon, a Northern European pioneer in CO₂ capture, has secured exclusivity and customers for a phased development of approximately 10 million tons of CO₂ intermediate storage capacity per year (mtpa) at the Port of Grenaa.

Operations are planned to start in 2029, with total investments of around EUR 250 million across Phase I and Phase II. The project is part of Normod's ambition to develop Northern Europe's largest network of CO₂ hubs that can bring together over 20 mtpa for storing or using CO₂, supporting the decarbonization of the most difficult to decarbonize industries.

Gathering CO₂ volumes in intermediate storage hubs before transporting them to dedicated offshore or onshore storage reservoirs typically reduces total transportation and storage costs by over 25%, enabling more CO₂ capture projects to reach final investment decisions (FIDs).

"Grenaa has the deepwater access, industrial zoning and scalability that the CCUS industry needs," says Jan Lien, CEO of Normod Carbon. "Our agreement enables emitters to share a cost-effective infrastructure instead of building expensive standalone solutions - accelerating the deployment of carbon capture across the region."

Commercial momentum

Normod has signed Letters of Intent (LOIs) with four industrial operators for 6.4 mtpa. Although the LOIs already cover more than the Phase I capacity in Grenaa, Normod continues to work on offtake and is in dialog with dischargers representing ~35 mtpa of potential volumes across Northern Europe.

More than 80% of Normod's CO₂ portfolio is bio-CCS, supported by permanent CO₂ removal certificates (CDRs) trading at >200 EUR/t - over 3 times the average ETS price year-to-date.

Phases adapted to demand

Phase I is a floating terminal, planned to be operational in 2029. Phase II adds onshore tank capacity with a target of 2030, depending on demand. Final Investment Decision (FID) for Phase I is planned for Q1 2027, in line with Normod's first customers' planned FIDs.

Value chain integration

With more than 70 million tons of CO₂ capture planned annually in Northern Europe by 2035, few industrial regions have access to transport and storage. Normod collects volumes at its hubs before transporting them to permanent storage by larger vessels - enabling shared logistics solutions and lower costs. Grenaa Port's deepwater location makes it an attractive entry point for licensees looking for a port to consolidate volumes before they are shipped on large cargo vessels to FSIUs. The company has secured access to permanent storage capacity and is in advanced discussions with CO₂ shipping companies/FSIU suppliers, additional permanent storage providers and other strategic ports to expand capacity across the value chain.

Strong economy

"By enabling large-scale CO₂ management, we create new opportunities for industry and ensure that our port plays a central role in reaching climate targets," said Henrik Carstensen, CEO of the Port of Grenaa. "Our agreement with Normod and their partners positions Grenaa as a key logistics hub in the green transition and supports new industrial activity in the region."

The Grenaa project qualifies for EU and local grants, and the hub model ensures cost efficiency and attractive returns. Profitability is further strengthened as capacity and utilization rates increase."The Grenaa CO₂ hub represents a great opportunity for Norddjurs and for Denmark as a whole," said Kasper Juncher Bjerregaard, Mayor of Norddjurs Municipality. "It will create jobs, attract new industry to our region and strengthen Denmark's role in delivering the green transition. We are proud to be part of a project that combines business growth with real impact on global emissions."

Proven experience

Founded by the Lien family and partners with 40 years of offshore project experience in Northern Europe, Normod Carbon combines proven delivery capability with a partner-driven model for scaling shared CO₂ infrastructure.

About Normod Carbon

Normod Carbon is Northern Europe's CO₂ aggregator, developing shared logistics infrastructure to collect CO₂ from multiple emitters and transport it efficiently to permanent storage. By securing strategic port access, establishing intermediate storage and partnering across the value chain, Normod enables scalable and bankable CO₂ management. The company is developing Northern Europe's largest planned CO₂ hub in the Port of Grenaa and aims for >20 mtpa of full-chain solutions by 2035.

About Port of Grenaa

The Port of Grenaa is one of Denmark's largest commercial deepwater ports, strategically located on the Kattegat with deepwater access and modern facilities. The port supports the green transition through activities such as offshore wind, recycling and sustainable fuels.

For more information, contact:

Jan Lien
CEO, Normod Carbon
janlien@normod.com | +45 61 55 09 69 | +47 916 26 969
normodcarbon.com

Henrik Carstensen
CEO, Port of Grenaa
hec@port-of-grenaa.com | +45 22 16 00 16 | +45 87 58 76 00
grenaahavn.dk

Kasper Bjerregaard
Mayor, Municipal Council
Norddjurs Municipality
kjb@norddjurs.dk | +45 23 60 03 68 | +45 89 59 10 10
norddjurs.dk

On Saturday, September 20, the Port of Grenaa celebrated its 25th anniversary as a limited company - and it was an unforgettable day filled with experiences, music and community.

We would like to say a big thank you to the many guests who stopped by and helped create a festive atmosphere at the harbor. Your support and commitment made the day very special.

The anniversary celebration was opened by **Sascha Dupont**, who set the mood for the whole day with music and singing.

Special thanks are also due to the volunteer companies and organizations that contributed with tours, exhibitions, experiences - and helped keep the site neat and tidy throughout the day. Here, the very dedicated boys from **GIF Football** should be highlighted for their great efforts with the cleanup.

Thanks to everyone who contributed:

• Nobel Interceptor, Stena Recycling and Stena Line** for exciting tours
  
• Stena Line, Ørsted and Norddjurs Municipality** for engaging exhibitions
  
• Safety & Rescue** impressed with their vessels and demonstrated the strength of the emergency services
  
• The Marine Association** ensured that all guests were guided safely and securely into the site

It is together that we create the strongest experiences - and we are already looking forward to the next time the Port of Grenaa hosts a party.

Last week, Denmark hosted EuroSkills Herning 2025 - the European Championship in Herning for young skilled workers. Nearly 600 skilled young talents from all over Europe came together to compete in 38 different trades. It was great craftsmanship, pride and lots of inspiration all in one place!

It's great to see Norddjurs Håndbold back in the 1. Division, and it looks like it's going to be a From Norddjurs drove 𝘁𝗿𝗲 𝗯𝘂𝘀𝘀𝗲𝗿 𝗳𝘆𝗹𝗱𝘁 𝗺𝗲𝗱 𝗺𝗲𝗿𝗲 𝗻𝗱𝗱 𝟭𝟮𝟬 𝘂𝗻𝗴𝗲, who had the opportunity to experience the championships up close. They tried their hand at different crafts, saw Europe's best in competition and gained insight into the many exciting training and job opportunities of the future.

At the Port of Grenaa, we are proud to contribute to the sponsorship of the trip. Our contribution made it possible to send the three buses so that the young people could have this great and educational experience.

Supporting the local community is one of Grenaa Port's core values - and we want to give back where we can. We believe that experiences like Euroskills provide young people with inspiration, motivation and knowledge that can be crucial for their future.

When we contribute to the development of young people, we also contribute to the strength and future of the entire community. And that's exactly what we want as a port.

This week, the Port of Grenaa had the pleasure of welcoming the Presidium of the Danish Parliament and the Faroese Lagting Presidency, led by Søren Gade (Chairman of the Danish Parliament), Bjørt Samuelsen (Chairman of the Faroese Lagting) and Peter Østergård (Deputy Chairman of the Danish Parliament).

The visit gave rise to an exciting presentation where we talked about our work with green transition, sustainability and ESG - and how these efforts are integrated into our core mission as a modern industrial port with a clear focus on the future.

Afterwards, we toured the port area, where Port Director Henrik Carstensen shared insights into the many activities that characterize daily life at the port - from offshore and bulk to green solutions and partnerships. A big thank you to Leif Lahn (MF) for initiating the Presidium's visit to Djursland - and to all the guests for an inspiring afternoon in East Jutland.

At the Business Djursland board meeting on Tuesday, Grenaa Port Director Henrik Carstensen was elected as the new chairman of the business network – with the support of a joint board. The change of chairman follows the fact that Jørgen OM Laursen has chosen to seek new challenges in North Jutland.

Henrik Carstensen says:

“I am very much looking forward to becoming part of a super good and professional network – and to contributing to continuing the great development that Business Djursland has had in recent years. A special thank you to Jørgen Laursen for his strong efforts as chairman – these are big shoes to fill, and I will do my best to build on the solid foundation. We must ensure that our members experience value, strong networks and good relationships – and I am especially looking forward to strengthening political cooperation across Djursland and continuing the work with the infrastructure.”

Watch the video where Henrik Carstensen puts his new role and visions for Business Djursland into words HERE

With Henrik Carstensen at the helm of Grenaa Port – and now also as Chairman of the Board of Business Djursland – the connection between business, infrastructure and networks across Djursland is strengthened. His long-standing commitment to the local business community and his new position bodes well for future cooperation and continued development in the area.

Port of Grenaa can once again present a strong annual result - and for no less than the sixth consecutive year with record revenue. In 2024, the port's net revenue reached DKK 88.37 million compared to DKK 79.89 million in 2023, and the profit after tax for the year was DKK 17 million compared to DKK 11.9 million in 2023. This is also the ninth consecutive year of revenue growth.

"When we again this year deliver a record turnover, it is clear proof that our strategy and our daily efforts are working - and that the Port of Grenaa is an important and attractive player in both a local and international context," says Bent Hansen, Chairman of the Board at Port of Grenaa.

"We have a solid foundation, a healthy core business and, not least, the ability to attract and deliver large projects. This resonates in the market," he adds.

High activity and new investments

2024 has been characterized by high activity in all the port's core segments. The termination of a major contract with an international wind operator also led to an extraordinary operating income, which contributed to the strong result.

Henrik Carstensen, CEO of Port of Grenaa, also points to important strategic steps taken during the year:

"This year we have received our largest investment in equipment ever - the Mantsinen 300 DEMG super crane, the largest of its kind in Denmark and an important step towards more sustainable port operations. At the same time, we have maintained our ambitions within ESG, ISO and green power, and we are working towards re-certification in 2025."

World-class customer satisfaction

In the fall of 2024, the Port of Grenaa conducted a comprehensive customer satisfaction survey, which showed very high loyalty and great satisfaction among customers. A result that Henrik Carstensen sees as an important indicator of the port's competitiveness:

"I'm especially pleased that flexibility is highlighted by customers - it's something we really care about and consider part of our DNA."

Need for expansion and future potentials

Despite the strong result, both management and the board of directors point to the need for increased capacity and area if the Port of Grenaa is to meet future demand - especially from the energy sector and in relation to storage and handling of CO₂.

"We need more space. Without new areas, it will be difficult to exploit the many potentials we see - including offshore wind and green energy," Bent Hansen emphasizes. "We are pleased that Norddjurs Municipality is now working on a concrete action plan, and we hope that this will soon lead to the necessary development opportunities outside the existing port area."

Collaboration and partnerships in focus

In 2024, the Port of Grenaa entered into a partnership agreement with Hallands Hamnar in Sweden on the Kattegat Port Alliance - a strategic collaboration to strengthen growth, sustainable development and efficient logistics across the Kattegat.

The partnership is based on shared ambitions to attract international players and create better connections between Scandinavia and the rest of Europe. The collaboration focuses on knowledge exchange, joint marketing and coordination of capacity, especially in relation to offshore energy, green fuels and project cargo.

"With Kattegat Port Alliance, we want to position ourselves as a strong, green and flexible alternative to the major ports in the Øresund region. We believe that cooperation - not competition - is the way to sustainable growth," says Henrik Carstensen.

The agreement marks an important step towards developing the Port of Grenaa as an international hub port with a particular strength in green transition and energy infrastructure.

Optimism despite consolidation on the horizon

Although 2025 may be a year of consolidation and possible pause in the growth curve, optimism is high.

"We are well positioned and our 2030 strategy is under development. We have the foundation, the team and the relationships to build on the strong results - also in the years to come," Bent Hansen concludes.

Friday night at 22:00, the ship AURA arrived in the dark and docked precisely - on board was Grenaa Port's largest machine investment ever: Mantsinen 300DEMG.

Huge chains were detached from the 411-ton crane, and on Saturday morning at 7am, excited colleagues gathered to witness the moment the "wonder" rolled ashore.

With impressive precision, two Finnish specialists lowered the crane from the ship - one set of wheels at a time - while AURA adjusted the height along the way. An operation that took 2 hours and required full concentration.

Soon after, the four specially designed grabs and one hook were lifted ashore by reachstacker. The grabs are a feat in themselves - with a capacity of up to 25 cubic meters, designed to handle all types of bulk cargo with maximum efficiency.

The rest of the weekend was spent on documentation and technical tests - and already on Monday morning the training of our crane operators began so that we can soon put the Mantsine into full operation.

With dual-power system (electric and diesel), 40 meters reach and flexibility for all types of bulk carriers, the crane is not just an investment - it's a boost for future port operations

A general meeting will be held in Port of Grenaa, Monday 28 April 2025 at 11.00 at Havnecentervej 1, 8500 Grenaa.

Participation must be registered to Pia Møller Christensen at e-mail: pmc@grenaahavn.dk no later than April 16, 2025

At the Port of Grenaa, we have just invested in a Port Bin - a floating garbage bin that is now operational in our harbor basin. It is part of our ongoing efforts to strengthen the environment and ensure a cleaner, more sustainable harbor.

The Port Bin automatically sucks waste from the water surface and collects everything from cigarette butts and plastic to microplastics. It works around the clock and can be easily emptied by a single employee, making it both practical and efficient in daily operations.

At the Port of Grenaa, we see this as a concrete and visible step in our responsibility for the environment - both on land and at sea. The initiative may be small in scale, but it has the potential to make a big difference to the environment, wildlife and everyone who uses the harbor.

We hope that this is just the first of several Port Bins in the port. The more we have, the more difference we can make - and we will continuously assess the need and impact.

With Port Bin, we are adding another green initiative to the series of sustainable initiatives here at the Port of Grenaa. It's an effort we're proud of - and one we look forward to building on.