National Wealth Fund and industrial consortium finance Peak Cluster project

The Peak Cluster project will link cement and lime plants in the Peak District, UK, to a carbon storage site beneath the Irish Sea through a new pipeline. A total of GBP60m (US$81.6m) has been raised by the UK Government, Holcim, Tarmac, Breedon, SigmaRoc and Summit Energy Evolution to take the project forward. Detailed design engineering will be backed with GBP28.6m from the government’s new National Wealth Fund, alongside GBP31m from private investors.

The project is a joint venture with the Morecambe Net Zero site, being developed by Spirit Energy, which will store the captured carbon offshore using repurposed gas fields. Captured carbon will be requested under the Irish Sea, preventing more than 3Mta of CO₂ entering the atmosphere.

The funding deal is the first carbon capture investment from the National Wealth Fund, which will commit at least GBP5.8bn by 2030 into carbon capture and storage (CCS), hydrogen, ports, gigafactories and green steel to accelerate the UK’s industrial decarbonisation.

UK Chancellor, Rachel Reeves, said: "We're modernising the cement and lime industry, delivering vital carbon capture infrastructure and creating jobs across Derbyshire." Peak Cluster is expected to support over 2000 existing jobs in the region and create 1200 construction roles to build the pipeline and capture plants. Spirit Energy CEO Neil McCulloch added: “Through our partnership with Peak Cluster, the MNZ carbon store will decarbonise 40 per cent of the UK’s cement production and help create new, highly-skilled jobs.”

Peak Cluster CEO, John Egan, said: “We will work closely with the government to ensure Peak Cluster and MNZ can help secure the future of this foundation industry, creating a backbone of industrial opportunity that benefits communities across the Midlands and North West.”

The Mineral Products Association said: “40 per cent of UK cement and lime comes from the Peak District.”

A development consent application for the CCS pipeline is expected to be submitted between July and September 2026, reported Construction Enquirer.