The project is touted as Canada's first commercial-scale deep saline carbon injection project and the world's first system of its kind in association with a coal fired plant.
According to a news release from the non-profit Petroleum Technology Research Centre, the federal government invested $14 million in the initiative and the province $5 million.
The total cost of the independent research project is $45 million.
Member of Parliament Ed Komarnicki is quoted in the release as saying the federal investment is meant to "protect the the environment and develop Canada's energy resources in a responsible manner."
Herb Cox, the Saskatchewan minister responsible for the environment, said that safe storage of carbon is part of SaskPower's plan to reduce greenhouse gas emissions.
Aquistore is also home to the province's two deepest wells at 3,400 metres each and has numerous international partners.