Efforts to develop innovative carbon reduction and removal technology on UK shores have received a boost, as geotechnology pioneer Storegga announced fresh investment from Singapore’s sovereign wealth fund GIC and Japanese investment giant Mitsui, alongside further backing from cornerstone investor Macquarrie.
It will support the development of Storegga’s Acorn Carbon Capture and Storage (CCS) and Hydrogen Project at St. Fergus, north-east Scotland.
“The UK is emerging as a world-leader in CCS and its associated low carbon technologies. 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 a breathless Nick Cooper, CEO at Storegga.
Could it be that, after over two decades of vast overhyping and dismal commercial failure, that CCS really could have a viable future? My heart is truly with them. Whether my head should really follow remains to be seen.
