GIC, Mitsui & Co. Ltd. and Macquarie invest in Acorn Carbon Capture and Storage (CCS) in St. Fergus

Storegga has completed its second funding round, with further investment from Macquarie Group’s Commodities and Global Markets group and the introduction of two new shareholders GIC and Mitsui & Co. Ltd.

Storegga and Mitsui have also entered into a non-exclusive agreement to evaluate additional Carbon Capture and Storage (CCS) opportunities in Europe and the Asia-Pacific region.

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. 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 10 Mt/yr of CO2 storage targetted by the UK Government’s Ten Point Plan for a green Industrial Revolution by 2030.