10:49 AM EDT, 10/08/2024 (MT Newswires) -- California Resources' ( CRC ) Carbon TerraVault Holdings unit and Colorado School of Mines have been awarded $8.9 million by the US Department of Energy for a carbon storage assurance facility enterprise project in California, according to a statement Tuesday.

The grant will fund a feasibility study for the CTV III CO2 Storage Project, which aims to store up to 71 million metric tons of carbon emissions in an underground reservoir in San Joaquin County, California, the school and company said.

The CTV III CO2 storage project, with a total award value of $11.2 million, started in in August and is set to run through August 2026, California Resources ( CRC ) said.

California Resources' ( CRC ) shares were about 5% lower in recent trading.

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