Chancellor champions support for Acorn during St Fergus visit

The Rt Hon Rachel Reeves MP, Chancellor of the Exchequer, visited the St Fergus Gas Terminal to hear the latest on Acorn CCS following the UK Government’s announcement of £200 million in development funding for the project as part of its June Spending Review.

The Chancellor was welcomed by Tim Stedman, CEO of Storegga (Acorn’s lead developer), Nic Braley, General Manager of Acorn. The visit reflects growing momentum behind Acorn and the UK Government’s commitment to scaling carbon capture and storage (CCS) as a cornerstone of the clean energy transition.

The £200 million investment will enable the Acorn Project to continue progressing towards Final Investment Decision (FID). With the potential to safeguard up to 18,000 jobs in the North Sea supply chain and create 15,000 new roles, Acorn is a vital part of Scotland’s low-carbon transformation and the UK’s wider net zero strategy.

During the visit, the Chancellor toured key areas of the site where Acorn’s CCS facilities are planned to be built. She also met with representatives from the energy sector and regional trade bodies, including Acorn and Scottish Cluster partners, to hear more about the economic and environmental opportunity CCS represents.

Tim Stedman, CEO of Storegga, said:

“Acorn sits at the heart of Scotland’s lower-carbon future and is central to the UK’s ambition for large-scale carbon capture and storage. The UK Government’s investment support is a vital and welcome step that allows us to continue advancing the project in close collaboration with government and industry.

To fully unlock the UK’s CCS potential, we need continued clear, long-term commercial and regulatory frameworks that give private investors the confidence to continue backing this essential infrastructure.

The transition to a low-carbon economy must be practical, investable, and urgent. Acorn is ready to deliver — securing jobs, supporting industry, and strengthening energy security for Scotland and the wider UK.”

ENDS

 

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The Rt Hon Rachel Reeves MP, Chancellor of the Exchequer, visits the Acorn CCS project.
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The Rt Hon Rachel Reeves MP, Chancellor of the Exchequer, visits the Acorn CCS project.
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The Rt Hon Rachel Reeves MP, Chancellor of the Exchequer, visits the Acorn CCS project.

About Storegga

Storegga is a leading independent developer of carbon capture and sequestration (CCS) and hydrogen projects, dedicated to reducing global greenhouse gas emissions and driving sustainable energy solutions. With a diverse portfolio of pioneering initiatives, Storegga is at the forefront of advancing large-scale decarbonisation efforts.

Projects include:

  • Acorn CCS and Cromarty and Speyside hydrogen projects (UK)
  • Trudvang CCS (Norway)
  • Penyu Basin CCS (Malaysia)
  • Harvest Bend CCS and Coastal Bend CCS (U.S.)

For more information visit https://storegga.earth

Media Enquiries: Press@Storegga.earth
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