3 March 2021
Pale Blue Dot is pleased to announce a corporate restructure that will see Storegga Geotechnologies become the new holding company for the Scottish based business. Macquarie Group’s Commodities and Global Markets business has become a cornerstone investor in Storegga to assist Pale Blue Dot drive forward its low carbon energy ambitions. The investment in Storegga will catalyse the creation of a new, independent, UK based low carbon technology business.
Pale Blue Dot leads the development of Acorn, one of the UK’s first carbon capture and storage projects. Acorn is on track to be storing CO2 by 2024 and is also working on a parallel programme which will see hydrogen introduced in to the UK’s gas supplies to cut carbon emissions from homes and industry by 2025.
The new board of Storegga, will comprise Pale Blue Dot directors, Alan James and Steve Murphy, as well as Nick Cooper, Alan Booth and Jon Taylor of Storegga. Macquarie Group will also have two Board seats in the newly configured enterprise.
Alan James, Managing Director, Pale Blue Dot Energy Ltd and Storegga Geotechnologies Ltd, said, ‘Industrially viable carbon reduction projects are a critical part of our future, especially as we look towards a sustainable recovery post-Covid. The team at Pale Blue Dot Energy are fully committed to making positive change across our industry and energy sectors and now with our new corporate structure and strategic support of Macquarie Group we are able to accelerate the progress that Scotland and the UK needs to make. We look forward to working with both Governments and our partners to make rapid progress towards our goals.’
Nick Cooper, Chief Executive of Storegga Geotechnologies Ltd, said ‘We are excited to be joining the Pale Blue Dot team, that has so successfully and tenaciously progressed the Acorn CCS and Hydrogen projects to the point where they are now recognised as vital to the future decarbonisation infrastructure for Scotland and the UK. Storegga has been established to become a long term, independent UK champion of CCS, Hydrogen and other low carbon transition technologies; our strategic partnership with the Macquarie Group provides significant additional capabilities and the financial strength to realise these ambitions.’
Erik Petersson, Senior Managing Director in Macquarie’s Commodities and Global Markets Group said, ‘CCS and hydrogen are expected to play a key contribution in the UK’s energy transition. This cornerstone investment and support for the Acorn CCS project is consistent with our longstanding commitment and expertise in the energy infrastructure and clean technology sectors. We believe this project could make a significant contribution to the green transition of the UK gas sector.’
NOTES
For more about:
Pale Blue Dot Energy: (www.pale-blu.com)
Storegga Geotechnology: (https://www.storegga.earth/)
The Acorn Project: (www.theacornproject.uk)
For more about Macquarie Group: (www.macquarie.com/uk/en)
