Storegga Accelerates Global Growth With Key U.S. Acquisitions

Highlights:

Strategic Acquisition: Storegga secures full ownership of Harvest Bend CCS LLC, a carbon capture and sequestration (CCS) project in Louisiana, U.S.
Significant Impact: Harvest Bend is projected to capture and store more than 10 million tonnes of CO₂ annually.
Expanding U.S. Footprint: Storegga acquires 50% operating interest in Coastal Bend CCS, a CCS project in Texas, U.S., alongside Howard Energy Partners.
Building a Global Portfolio: These U.S. acquisitions are a key step in Storegga's global decarbonisation strategy, following the recent joint development agreement with XRG and PETRONAS in Malaysia.
Dedicated U.S. Presence: Storegga opens office in Downtown Houston with an experienced team focused on expanding U.S. operations.

London, United Kingdom, 07 March, 2025 – Storegga, a leading developer of carbon capture and sequestration (CCS) projects, has strengthened its global portfolio with two major acquisitions in the United States. The Company has acquired full ownership of Harvest Bend CCS LLC in Louisiana and a 50% stake in the Coastal Bend CCS project in Texas, advancing its mission to accelerate industrial decarbonisation. Supporting its U.S. expansion, Storegga operates from its Houston office, engaging with industrial partners and meeting the growing demand for its decarbonisation solutions.

Harvest Bend CCS: A Key Decarbonisation Hub in Louisiana

Located by the Louisiana industrial and chemical corridor – a 100-mile stretch along the Mississippi River between Baton Rouge and New Orleans – Harvest Bend CCS is ideally positioned to support emissions reductions in one of the U.S.’s most carbon-intensive regions. The project includes three injection sites that could sequester more than 10 million tons of CO₂ annually, with commercial operations targeted for 2029. The proposed storage sites were selected for their world-class geology and proximity to major industrial emitters.

Coastal Bend CCS: Unlocking Carbon Sequestration in Texas

The Coastal Bend CCS project, a 50/50 joint venture with Howard Energy Partners, is based in Corpus Christi, Texas near the Port of Corpus Christi – one of the U.S.’s largest deepwater energy export hubs. The Coastal Bend CCS project will provide permanent carbon sequestration solutions to industrial emitters in the region, where annual CO₂ emissions exceed 20 million tons.

CEO Statement: A Bold Step in Storegga’s Growth

Tim Stedman, CEO of Storegga, said:

“Harvest Bend and Coastal Bend are transformative additions to our portfolio, accelerating our growth in the U.S. and enabling us to establish a stronger foothold in a key market for CCS. With these acquisitions, we are creating a high-quality, global network of decarbonisation hubs that will help a range of industries manage their CO₂ emissions and increase economic resilience. Our Downtown Houston office plays a key role in this strategy, enabling us to collaborate closely with industrial partners and deliver tailored decarbonisation solutions.

“We have been active in developing Harvest Bend since 2022, and securing full ownership, along with stake in Coastal Bend, brings us closer to our target of storing 25 million tonnes of CO₂ annually by 2030. By applying our CCS expertise in Louisiana’s industrial heartland and Texas’s energy export hub, we are making a long-term investment in American industry, jobs, and local communities. Our strategy is simple: help industrial partners to remain globally competitive and enhance economic resilience while securing a lower carbon future.”

A Growing Global Footprint

Storegga’s U.S. acquisitions follow its strategic partnership with PETRONAS and XRG to develop a CCS hub in Malaysia’s Penyu Basin, targeting at least 5 million tonnes of CO₂ per year by 2030 and an important step in Storegga's expansion in the Asia-Pacific region. These initiatives highlight Storegga’s accelerating growing global momentum, positioning it as a leading independent CCS developer across multiple continents.

ENDS

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: