UK Carbon Capture Firm Storegga Raises £51.3m Funding

UK cleantech and renewable energy firms continue to get foreign capital every day. UK carbon capture firm Storegga has announced a £51.3m funding boost on May 17 from a host of international backers, a report mentioned adding further that UK firms enjoyed the confidence of international investors counting on it to drive the transition to net zero.

Storegga got the backing of investors including Australian financial services giant Macquarie Group, Japanese group Mitsui & Co and Italian investor Snam. “International investment capital is searching for viable energy transition projects,” Nick Cooper, CEO said, according to the report reading further, “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.”

The firm currently has four projects across the UK, US, and Norway, and is now eyeing up a number of new projects with the cash. It comes as foreign firms increasingly circle UK renewable energy companies and infrastructure, with demand for net zero tech solutions expected to boom in the next decade. Macquarie Group, which backed the round, was among nine Australian firms that committed in March to injecting £28.5bn into the UK economy across areas including clean energy and renewable infrastructure.

A top National Australia Bank executive has been quoted by the report as saying that the UK renewable energy sector was ripe for investment. “The stable regulatory environment coupled with the UK’s progressive approach to energy transition also makes this market particularly attractive,” John McClusky, chief of National Australia Bank’s UK arm said.