White Paper

Stockholm Exergi: Building Confidence in First-of-a-Kind Carbon Removal

See how independent project assurance helped the Stockholm Exergi BECCS project reach its final investment decision and set a model for the CDR industry.

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In March 2025, the Stockholm Exergi bioenergy with carbon capture and storage (BECCS) project crossed a threshold that only a handful of engineered carbon dioxide removal (CDR) projects have ever reached: a final investment decision (FID) backed by public subsidy and long-term private offtake commitments. Reaching FID required more than a technically sound project. It required independent assurance that the project could be delivered at the required scale, schedule, and performance.

Relae served as Microsoft's independent technical advisor from December 2023 through mid-2025, providing project assurance services that enabled Microsoft to commit as the project's anchor offtaker. This is the story of that collaboration.

What's Inside

  • A landmark for carbon removal at scale. Designed to capture approximately 800,000 tonnes of biogenic CO₂ per year, the Stockholm Exergi BECCS project is one of the largest planned BECCS facilities globally, with a target to begin capturing CO₂ by late 2028.
  • Independent assurance builds buyer confidence. Relae's project assurance services enabled Microsoft to commit as anchor offtaker for 500,000 net tonnes of CDR credits per year—at the time, the world's largest permanent carbon removal deal.
  • A replicable model for the CDR industry. The layered assurance approach—combining third-party engineering evaluation and independent benchmarking with offtaker-focused advisory — demonstrates a robust model for advancing large carbon removal projects.

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Authors
Jackie Rothwell
Principal Engineer
,
Energy Systems
Jackie combines major capital projects delivery experience with net zero strategy expertise, advising on engineered carbon removal, industrial decarbonization and clean firm power. She evaluates delivery risk across point source capture, BECCS, DAC, low-carbon ammonia, geothermal, waste to energy and thermal storage, supporting investment, offtake and assurance decisions.
Matt McDaniel
Principal Engineer
,
Decarbonization
Matt leads project assurance and techno-economic analysis for engineered carbon removal and decarbonization projects. He pressure-tests the technology, cost, and delivery assumptions behind a range of technologies, from direct air capture to data center infrastructure projects, to determine whether they hold up in practice.
Rohan Raman
Senior Hybrid Decarbonization Engineer
Rohan Raman is a Senior Hybrid Decarbonization Engineer at Relae. He conducts technical assessments of carbon removal and reduction projects for clients and supports project assurance efforts that help de-risk and advance projects toward successful delivery.
Mohamed Hassan
A.J. Simon
Senior Director
,
Industrial Decarbonization