By Scott Wright

STOREGGA, the carbon reduction and removal specialist, has raised more than £50 million in its third investment round.

The company, which is leading the pioneering Acorn carbon capture and storage project in Aberdeen, has raised £51.3 million from existing shareholders GIC, Mitsui & Co, M&G Investments and Macquarie Group, with Snam coming on board as a new investor. Milan-based Snam is an international energy infrastructure operator and Europe’s largest gas transport and storage company.

The funding injection will be used to support ongoing projects and business development activities, Storegga said.

READ MORE: Carbon capture pioneer wins backing from investment giant

Chief executive Nick Cooper said: “In the past two years, Storegga has grown from a developer of a cluster of Scotland-based decarbonisation projects into an international player. We are now active in projects in the UK, the US and Norway and are evaluating further decarbonisation opportunities in other locations.

"The UK’s advanced decarbonisation blueprint and its emerging carbon management chains are adaptable to other areas of the planet that are seeking high integrity, large scale decarbonisation.

“International investment capital is searching for viable energy transition projects. 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. Our model is realised by working with strategic investors that are fully aligned with our plans to reduce, remove and reverse harmful carbon from the atmosphere.

Mr Cooper added: “It is terrific to add Snam to this shareholder group. They are a leader in the energy transition with specialist experience in crucial areas such as gas transportation and hydrogen that support our mission.”

Earlier this month, Storegga launched a project to develop, build and operate green hydrogen production plants across Scotland with ScottishPower and three major Scotch whisky companies, Glenmorangie, Whyte & Mackay and Diageo.

The project, which involves replacing fossil fuel with green hydrogen in heating distilleries, is designed to deliver up to 20 tonnes of green hydrogen per say from 2024. The first plant will be developed in Cromarty.