Storegga gains investment from Singapore’s wealth fund

Carbon reduction company Storegga has completed its second funding round, with investment from Mcquarie, GIC and Mitsui & Co.

Storegga is an independent UK company developing carbon reduction and removal technologies, and through its wholly owned subsidiary, Pale Blue Dot, Storegga is the lead developer of the Acorn carbon capture and storage (CCS) and Hydrogen Project (The Acorn Project) based at St Fergus, North East Scotland. The Acorn Project is designated a European Project of Common Interest, providing essential infrastructure to help both the UK and Europe meet net-zero targets. It is expected to be operational in the mid-2020s and has the potential to store at least half of the 10Mt/year of CO2 storage targeted by the UK Government’s Ten Point Plan for a green Industrial Revolution by 2030.

Singapore’s sovereign wealth fund, GIC, and Mitsui have also entered into a non-exclusive agreement to initiate and progress further CCS opportunities in Europe and in the Asia-Pacific region.

Nick Cooper, Storegga CEO, commented: “We are delighted that GIC and Mitsui are joining Macquarie as investors in Storegga. We welcome their vision and commitment to help deliver a net-zero future. The UK is emerging as a world-leader in CCS and its associated low carbon technologies; today’s investment by these partners strengthens our ability to build a world class CCS project and help the UK to pioneer this rapidly growing sector."

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