GIC, Mitsui join UK-based carbon reduction firm Storegga’s funding round

photo by Marcin Jozwiak on Unsplash

Singapore’s sovereign wealth fund GIC and global trading company Mitsui have made an investment in Storegga, a UK-based firm engaged in carbon reduction and removal.

The funding round also saw a further investment from cornerstone investor, Macquarie, according to a statement.

Financial details of the investment are not disclosed.

The funds from this round will be used for Storegga’s Acorn Carbon Capture and Storage (CCS) and Hydrogen Project, as well as Storegga’s plans for a UK-based direct air capture (DAC) facility, and to support its business development activities.

Along with these new investments, Storegga and Mitsui have entered into a non-exclusive agreement to initiate and progress further CCS opportunities in Europe and in the Asia-Pacific region.

“The UK is emerging as a world leader in CCS and its associated low carbon technologies; today’s investment by these partners strengthens our ability to build a world-class CCS project and help the UK to pioneer this rapidly growing sector,” said Storegga CEO Nick Cooper.

Currently, Storegga has partnered with the engineering and technology groups to accelerate project activity.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.