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.