GIC and Mitsui Join as Investors in Storegga Geotechnologies
Posted on 03/03/2021
Storegga Geotechnologies Limited is a low-carbon project delivery business at the forefront of the global Net Zero strategy. Through its wholly owned subsidiary, Pale Blue Dot, Storegga is a developer of the Acorn Carbon Capture and Storage (CCS) and Hydrogen project, providing essential infrastructure to help the U.K. meet its net zero targets. Storegga Geotechnologies raised its second round of funding that included further investment from Macquarie Group’s Commodities and Global Markets group (Macquarie) and the introduction of two new shareholders – Singapore’s GIC Private Limited and Mitsui & Co. Ltd. (Mitsui).
In addition, Storegga and Mitsui have entered into a non-exclusive agreement to evaluate additional Carbon Capture and Storage opportunities in Europe and the Asia-Pacific region.
Storegga seeks to be a carbon reduction and removal company. Nick Cooper (Nicholas John Cooper) is the CEO of Storegga. Before this role, Cooper was CEO of Ophir Energy plc, an oil and gas exploration and production company based in London.
Pale Blue Dot is the developer of the Acorn CCS and Hydrogen Project, which is 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 U.K. 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 U.K. Government’s Ten Point Plan for a green Industrial Revolution by 2030.
