Storegga has raised £51.3 million as it seeks to become one of the world’s leading independent carbon reduction and removal companies.
Completing its third funding round, Storegga has taken on further cash from existing shareholders including Mitsui and Australian banking giant Macquarie Group.
It has also received new investment from Snam, Europe’s leasing operator in natural gas transport and storage. The firm operates a transport network of approximately 25,000 miles across Italy, Austria, France, Greece and the UK, and 3.5% of the world’s storage capacity.
Storegga has four projects across the world, including the Acorn Carbon Capture and Storage (CCS) site at St Fergus, Aberdeenshire which forms the backbone of the Scottish Cluster.
It also recently announced a green hydrogen project with ScottishPower and three of Scotland’s major distilleries: Glenmorangie, Whyte & Mackay and Diageo.
The funds raised will be used to support ongoing projects and business development activities by the company.
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."
On Snam investing, he added: “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.”