Unveiled today (May 16), the backing comes as Snam joins GIC, Mitsui, M&G Investments and Macquarie Group as investors in the company and will look to support hydrogen and carbon capture projects being developed in the UK, US, and Norway.
Storegga currently has four projects located in the UK, the US, and Norway, and is in discussions for further projects across the world.
As well as this, Storegga recently revealed the launch of a green hydrogen project in Scotland with ScottishPower and three of Scotland’s major distilleries – Glenmorangie, Whyte & Mackay and Diageo.
The aim with this project is to build a series of megawatt-scale green hydrogen projects in the Scottish Highlands in a bid to clean up whiskey distillation.
This is part of an effort of to meet ambitious carbon reduction targets set by ‘Scotland’s most valuable exporting sectors’, it is hoped use of green hydrogen will decarbonise the distillation process.
The company is also the lead developer of the Acorn CCS and Hydrogen project in Aberdeen and is also developing Europe’s ‘first’ direct air capture plant alongside Acorn.
Nick Cooper, CEO of Storegga, said, “In the past two years, Storegga has grown from a developer of a cluster of Scotland-based decarbonisation projects into an international player.
“We are now active in projects in the UK, the US and Norway and are evaluating further decarbonisation opportunities in other locations.
“The UK’s advanced decarbonisation blueprint and its emerging carbon management chains are adaptable to other areas of the planet that are seeking high integrity, large scale decarbonisation.
“International investment capital is searching for viable energy transition projects. Storegga’s ability to identify high quality decarbonisation projects; engage with important influencers such as local governments and communities; and connect with development partners will be accelerated by this further investor support.
“Our model is realised by working with strategic investors that are fully aligned with our plans to reduce, remove and reverse harmful carbon from the atmosphere.
“It’s terrific to add Snam to this shareholder group. They are a leader in the energy transition with specialist experience in crucial areas such as gas transportation and hydrogen that support our mission. Climate change is an existential crisis that requires urgent action at scale.
“A big thank you to all our valued shareholders for their continued support in this crucial task.”