- Storegga has successfully completed its third funding round
- The company has received a new investment from Snam, Europe’s largest gas infrastructure operator
- Further investment from existing shareholders GIC, Mitsui & Co., Ltd., M&G Investments and Macquarie Group
Monday 16th May 2022
Storegga, the UK’s leading independent decarbonisation developer, has announced the closing of its third round of funding. It has received further investment from existing shareholders, GIC, Mitsui & Co., Ltd., M&G Investments and Macquarie Group; plus new investment from Snam, the Milan-based international energy infrastructure operator and Europe’s largest gas transport and storage company.
Storegga has the emerging asset base and the financial backing to become one of the world’s leading independent carbon reduction and removal companies. Storegga champions and delivers carbon capture and storage, hydrogen and direct air capture projects in the UK and internationally to accelerate carbon emission reductions.
Storegga currently has four projects located in the UK, the US, and Norway, and is in discussions for further projects across the world. Storegga recently announced the launch of a green hydrogen project in Scotland with ScottishPower and three of Scotland’s major distilleries – Glenmorangie, Whyte & Mackay and Diageo. Storegga is also the lead developer of the Acorn CCS and Hydrogen project in Aberdeen, and is also developing Europe’s first direct air capture plant alongside Acorn.
The funds raised will be used to support ongoing projects and business development activities by the company.
Nick Cooper, CEO of Storegga, commented:
“In the past two years, Storegga has grown from a developer of a cluster of Scotland-based decarbonisation projects into an international player. We are now active in projects in the UK, the US and Norway and are evaluating further decarbonisation opportunities in other locations. The UK’s advanced decarbonisation blueprint and its emerging carbon management chains are adaptable to other areas of the planet that are seeking high integrity, large scale decarbonisation.
“International investment capital is searching for viable energy transition projects. Storegga’s ability to identify high quality decarbonisation projects; engage with important influencers such as local governments and communities; and connect with development partners will be accelerated by this further investor support. Our model is realised by working with strategic investors that are fully aligned with our plans to reduce, remove and reverse harmful carbon from the atmosphere.
“It’s terrific to add Snam to this shareholder group. They are a leader in the energy transition with specialist experience in crucial areas such as gas transportation and hydrogen that support our mission. Climate change is an existential crisis that requires urgent action at scale. A big thank you to all our valued shareholders for their continued support in this crucial task.”
For further information please contact:
Dentons Global Advisers
Jennifer Walmsley, Fern Duncan, Leah Dudley
+44 20 7664 5086
Notes to Editors:
Storegga Limited is an independent, UK-based decarbonisation development business. It develops early stage carbon capture and storage, hydrogen, and other subsurface renewable projects in the UK and internationally to contribute to achieving net zero targets. The company employs approximately 80 people in the UK, US and Singapore, with its head office in London.
Storegga is a private company backed by GIC, Mitsui & Co., Ltd., M&G Investments, Macquarie Group and Snam.
Storegga is the lead developer of the Acorn Carbon Capture and Storage and Hydrogen project in Aberdeen, Scotland. The Acorn Project will provide critical backbone infrastructure for the Scottish Cluster. The Scottish Cluster unites communities, industries and businesses to deliver CCS, hydrogen and other low carbon technologies, supporting Scotland, the UK and Europe to meet net zero goals.