Heinrich, Luján and Vasquez Announce Historic $41.4M Federal Investment in Carbon Storage Innovation at New Mexico Tech
WASHINGTON, D.C. – U.S. Senators Martin Heinrich (D-N.M.), member of the Senate Committee on Energy and Natural Resources, Ben Ray Luján (D-N.M.) and U.S. Representative Gabe Vasquez (D-N.M.) proudly announced that New Mexico Institute of Mining and Technology (New Mexico Tech) is set to receive $41.4 million in federal funding. This funding will be directed towards a detailed site characterization study for three proposed carbon storage sites in the San Juan Basin, a vital region in northern New Mexico.
The funding is a significant advancement in the fight against climate change and promoting sustainable energy practices in New Mexico. The Department of Energy (DOE)’s Office of Fossil Energy and Carbon Management (FECM) has committed to investing $444 million in total funding to support 16 innovative carbon storage projects nationwide, and New Mexico Tech is among the selectees to receive the largest investment. This funding is a part of the Bipartisan Infrastructure Law, a key legislative achievement New Mexico Democrats worked across the aisle to pass.
“I’m pleased to welcome this investment from the Bipartisan Infrastructure Law to support researchers at New Mexico Tech who are working to improve our understanding of this emerging technology,” said Heinrich. “I will continue to fight for federal investments that further position New Mexico at the center of the clean energy transition, grow our economy, and support careers New Mexicans can build their families around.”
“I’m proud to welcome this robust federal investment for carbon storage innovation at New Mexico Tech. This critical funding, made possible by the Bipartisan Infrastructure Law, will help tackle the climate crisis, create jobs, and grow the economy,” said Luján. “This announcement represents one of the largest investments in the country which will put New Mexico on the forefront of clean energy.”
“Today’s announcement is not just a win for New Mexico Tech and our state, but for the entire nation as we take a giant leap towards clean energy alternatives,” said Vasquez. “This $41.4M investment represents a significant step in our journey towards a cleaner, safer climate. It also demonstrates a commitment to creating jobs and driving community investment.”
New Mexico Tech has previously conducted extensive studies of the subsurface conditions in the San Juan Basin. The new funds will enable the institution to move forward with detailed planning and permitting, turning these sites into operational facilities for carbon storage. This project is pivotal in de-risking the geological and financial uncertainties associated with carbon storage facilities across the U.S.
The funding will also aid in developing Carbon Management Hubs, which are critical for creating a network of interconnected hubs for carbon management across the country. “These hubs will not only contribute to climate solutions but also ensure that communities, especially those most affected by the advancement of clean energy, are not left behind in our national effort,” added Vasquez.
Senator Heinrich, Senator Luján and Representative Vasquez reaffirm their commitment to working alongside federal partners, New Mexico Tech and local communities to ensure the success of this critical project for the future of New Mexico and the nation.