Storegga, a UK carbon reduction and removal company has announced that GIC, Singapore’s sovereign wealth fund and Mitsui & Co., a global trading and investment company, have become investors in the Company, alongside a further investment from the cornerstone investor, Macquarie.
Global interest in the UK’s confirmed commitment to rapidly delivering CCS and the emission reduction technologies that it enables, has increased markedly over the last 12 months a according to Storegga. The firm aims to be at the forefront of the UK’s CCS and to help build a the skills base for export and application across the globe.
Through its wholly owned subsidiary, Pale Blue Dot, Storegga is the lead developer of the Acorn CCS and Hydrogen Project based at St. Fergus, North East Scotland. It is expected to be operational in the mid-2020s and has the potential to store at least half of the 10Mt/yr of CO2 storage targeted by the UK Government’s Ten Point Plan for a green Industrial Revolution by 2030. The Acorn Project has the potential to store 20Mt/yr or more of CO2 emissions by the mid 2030’s.
This major CO2 transportation and storage hub will be the enabler of a host of decarbonisation opportunities including CO2 imports from across the UK and North West Europe to Peterhead’s deepwater port, a possible repurposing of pipeline infrastructure to support the decarbonisation of Scotland’s industrial central belt, large scale hydrogen generation and negative emission technologies including Direct Air Capture.
Storegga and Mitsui have entered into a non-exclusive agreement to initiate and progress further CCS opportunities in Europe and in the Asia-Pacific region.