Storegga completes funding round with backing from existing shareholders

Source: www.gulfoilandgas.com 1/8/2024, Location: Europe

Highlights
Storegga has successfully completed its fourth funding round.
The company welcomes new investment from ADNOC, a progressive and diversified global energy group.
Further investment was also provided from existing shareholders.

Storegga, a leading international, independent developer of decarbonisation projects, has closed its fourth round of funding. It has received further investment from existing shareholders, including GIC and Macquarie, and welcomes new investment from ADNOC - a diversified energy group that is advancing lower-carbon solutions by investing in new energies and decarbonisation technologies.

Storegga has a growing portfolio of decarbonisation projects and has the financial backing to deliver these as one of the world’s leading independent decarbonisation project developers. Through the development and delivery of carbon capture and storage (‘CCS’) and hydrogen projects, Storegga is advancing industrial decarbonisation in sectors such as manufacturing, power generation, distilling, chemicals and others.

Storegga has a portfolio of CCS projects located in the United Kingdom, the United States, and the recently announced Trudvang CO2 storage project in Norway. Storegga is also leading the development of the Acorn Transportation and Storage (T&S) system in Scotland, which is poised to store up to 10 million tonnes of CO2 per year by 2030. In the UK, Storegga’s Cromarty Hydrogen Project was recently awarded a contract as part of the UK Government’s first Electrolytic Hydrogen Business Model allocation round.

The funds raised will be used for delivery of ongoing projects and business development activities across the company.

Nick Cooper, CEO, Storegga, commented:
“Over the past three years Storegga has transformed from a single-project developer in Scotland into an international force driving global decarbonisation efforts.

“We are really pleased to add ADNOC to our shareholder group. Already operating the Al Reyadah CCS project, ADNOC brings sector expertise plus the financial capacity and ambition to play a major role in the global deployment of CCS and hydrogen. We are also grateful for the reaffirmed support of our existing shareholders which enable Storegga to continue to progress large-scale decarbonisation projects and to foster meaningful partnerships with government, communities and industry to pursue net zero.”

“Carbon removal technologies are a foundation for reducing emissions from hard to abate sectors with high carbon footprints. This funding round will enable further progress across our portfolio including the Acorn CCS and Cromarty Hydrogen projects in the UK, Trudvang CCS in Norway and Harvest Bend CCS in Louisiana.”


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