Carbon TerraVault Holdings LLC (CTV) proposes to construct and operate six CO2 geologic sequestration wells at CTV III located in San Joaquin County, California.

Grannus expressed intent to construct a 150,000 metric tons per annum (MTPA) blue ammonia & 10,000 MTPA hydrogen facility at the CTV III location. CTV will provide permanent storage for 370,000 MTPA using its CTV III storage vault, including the CO2 pipeline and the lease of land for the blue ammonia and hydrogen facility. CTV will receive an injection fee to be paid on a per ton basis. The combination of CTV III’s storage project and Grannus blue ammonia and hydrogen facility will be eligible for 45Q tax credits as well as LCFS credits. CTV will have the right to take a majority stake in the total outstanding equity of the project company that holds the Grannus Blue Ammonia and Hydrogen Project. Furthermore, CTV will have an option to purchase equity in Grannus as well as a right of first refusal (ROFR) to provide storage services for subsequent Grannus ammonia and hydrogen projects in California.