Storegga Welcomes New Investment From Abu Dhabi National Oil Company

Storegga, a leading international, independent developer of decarbonisation projects, has closed its fourth round of funding receiving further investment from existing shareholders, including Singapore’s GIC and Australia’s Macquarie.

Storegga also welcomed new investment from the Abu Dhabi National Oil Company (ADNOC), a diversified energy group that is advancing lower-carbon solutions by investing in new energies and decarbonisation technologies.

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

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. The firm 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. 

Nick Cooper, CEO, Storegga, commented: “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,” Cooper added.