Storegga Receives $62.5M Funding To Advance Hydrogen Projects

Storegga Receives $62.5M Funding To Advance Hydrogen Projects - Carbon Herald
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Leader in the field of decarbonization and hydrogen projects, Storegga has just received funding from Snam, as the company joins the ranks of other major investors, such as Mitsui, Macquarie Group and M&G Investments.

Snam is Europe’s leasing operator in natural gas transport and storage, operating a pipeline network of roughly 25,000 miles across Greece, France, Italy, Austria and the UK.

This most recent funding will aim to support different carbon capture and hydrogen projects developed by Storegga in Norway, the UK and in the US.

At the moment, Storegga has a total of four projects located in these countries and discussions are underway for further projects in other places around the world.

The most recently launched project is a joint venture with ScottishPower and three Scottish distilleries Whyte & Mackay, Glenmorangie and Diageo – for the production of green hydrogen in Scotland.

Relevant: Storegga Attracts Another Investment For The Acorn Project

The goal of the project is to help decarbonize the whiskey distillation process and build a number of megawatt-scale green hydrogen projects in the region.

This would be a large step in Scotland’s strategy to reduce CO2 emissions and reach its climate targets.

In addition to this, Storegga is also the lead developer in the major Acorn CCS project in Aberdeen and is in charge of building what has been dubbed Europe’s first direct air capture (DAC) facility.

Over the last two years, the company has certainly grown in leaps and bounds, starting off as a developer of a cluster of decarbonization projects in Scotland and maturing into an international player, said Storegga CEO Nick Cooper in his announcement regarding the company’s plans to explore further decarbonization opportunities in other parts of the world.

Read more: Virgin Atlantic Becomes Customer Of Storegga For Carbon Dioxide Removal

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