Storegga Geotechnologies – the developer of the Acorn project for carbon capture and storage and hydrogen, has received another vote of confidence. The UK company has secured an investment from pensions and asset management giant M&G as it prepares to enter a new stage in its development.
The company is detailing the design of the Acorn project that is expected to become operational in the mid-2020s. The project is expected to eliminate between 5-10 million tons of CO2 per year from the St Fergus gas terminal and store those emissions under depleted North Sea reservoirs.
The Acorn is the UK’s flagship project and is expected to pave the way for other companies and projects for how carbon capture and storage technology could be used to help reduce emissions. It could be the world’s first operational large-scale carbon capture and storage industrial hub.
M&G’s decision to invest in the company reflects its confidence in the future of the carbon removal technology.
“We believe that Storegga’s approach to carbon capture offers a responsible, pragmatic solution to help reduce carbon levels in the atmosphere and limit the damage to our planet from global warming, and in time will generate steady income streams to benefit our customers,” said Alex Seddon of M&G’s investments business.
Other Supporters Of Acorn Project
The investment firm is also lining up among other companies to have shown support of the project. The oil and gas major ExxonMobil confirmed on July 16th it has signed a Memorandum of Understanding (MoU) to participate in the project. It aims to cut the emissions of its industrial facilities in the Scottish region.
M&G announced the carbon capture investment has been made through the £143 billion Prudential With-Profits Fund it manages on behalf of over five million policyholders. The company is investing up to £5 billion into privately-owned innovative enterprises working to create a more sustainable world.
Striking this deal, Storegga might be turning into one of the carbon capture companies to invest in. It could also help to make Scotland one of the global leaders in the emerging carbon capture and storage industry.