Storegga closes £51.3m funding round as foreign cash pours into UK renewables
UK carbon capture firm Storegga has announced a £51.3m funding boost today from a host of international backers, as foreign capital continues to pour into UK ‘cleantech’ and renewable energy firms.
The fresh funding round for Storegga, which produces carbon capture and storage technology, got the backing of investors including Australian financial services giant Macquarie Group, Japanese group Mitsui & Co and Italian investor Snam.
Bosses at Storegga said the funding came as international investors sought out UK firms that could drive the transition to net zero.
“International investment capital is searching for viable energy transition projects,” Nick Cooper, CEO said.
“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 today, 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 told City A.M. 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, told City A.M.