UK Carbon Capture Company Storegga Raises ₤ 51.3 m Funding

May 18, 2022 01:16 PM ET
  • Storegga introduced a ₤ 51.3 m funding increase on May 17 from a host of international backers. UK firms delighted in the confidence of international financiers depending on it to drive the transition to net zero.

UK cleantech and also renewable resource companies remain to obtain foreign resources each day. UK carbon capture firm Storegga has announced a ₤ 51.3 m financing boost on May 17 from a host of international backers, a report mentioned adding further that UK companies delighted in the confidence of international financiers relying on it to drive the change to net zero.

Storegga got the backing of capitalists including Australian financial services huge Macquarie Group, Japanese group Mitsui & Co and also Italian capitalist Snam. "International financial investment funding is searching for practical energy transition projects," Nick Cooper, chief executive officer stated, according to the report analysis additionally, "Storegga's ability to identify high quality decarbonisation projects; engage with essential influencers such as city governments as well as communities; as well as connect with development companions will be accelerated by this further capitalist support."

The company currently has 4 projects across the UK, United States, and also Norway, as well as is now considering up a number of new projects with the cash. It comes as foreign firms progressively circle UK renewable energy companies and also infrastructure, with demand for net zero technology services expected to grow in the following decade. Macquarie Group, which backed the round, was among 9 Australian firms that committed in March to injecting ₤ 28.5 bn into the UK economy across areas consisting of clean energy as well as sustainable facilities.

A leading National Australia Bank exec has been quoted by the report as stating that the UK renewable energy industry was ripe for financial investment. "The steady regulatory atmosphere paired with the UK's progressive technique to energy shift likewise makes this market particularly attractive," John McClusky, principal of National Australia Bank's UK arm said.

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