Eni, Snam's Carbon Capture Project Secures EU Funding

12:07 AM EDT, 10/21/2026 (MT Newswires) -- The Ravenna carbon capture and storage project developed by energy group Eni (ENI.MI) and gas grid operator Snam (SRG.MI) was selected for European Commission funding. The project's second phase was chosen under the 2025 Innovation Fund for net-zero technologies under the large-scale category, according to a Tuesday release. The expansion aims to increase the Ravenna hub's annual carbon dioxide storage capacity to 4 million tonnes by 2030 and potentially increase it to 16 million tonnes in later development phases.