Highlights:
Effective 1 May 2024:
London, United Kingdom, 17 April 2024 – Storegga, the leading international decarbonisation project developer has appointed Tim Stedman as its new Chief Executive Officer, effective 1 May 2024, following an extensive global search process. Tim is an industry leader bringing a breadth of experience in corporate development and across the value chain. Tim will also join Storegga’s board of directors upon assuming the role.
He succeeds Nick Cooper, who has successfully led the company since 2019. Nick will remain involved in Storegga and has been appointed to the role of Executive Chair, also effective 1 May 2024. Alan Booth will be stepping down as Executive Chair, but the company will continue to benefit from his experience, as he will remain on Storegga’s board of directors in a non-executive role.
"Our objective has been to position Storegga as a leading, independent decarbonisation project developer with the financial firepower to be a meaningful driver of global industrial decarbonisation efforts, through deployment of CCS and hydrogen projects. We have made good progress in the early years of this effort but there is much work ahead of us. The timing is now right to reinforce Storegga’s delivery capability and Tim’s strong record of accomplishment in this area, plus his broad industrial and corporate development experience make him the right leader for Storegga’s next phase." said Nick. “I am really pleased that Tim is joining us at this point in our evolution, and in my new role as Executive Chair I look forward to supporting Tim as Storegga’s momentum continues to build. I also want to thank Alan for his steady leadership. We are fortunate to continue to benefit from his guidance, wisdom and ongoing commitment to Storegga’s growth.”
"I am excited for the opportunity to lead this ambitious company in delivering a growing portfolio of global decarbonisation projects,” said Tim. "Storegga has made an impressive transformation under Nick’s leadership, and I welcome his insights to the company’s strategic direction in his role as Executive Chair. I am looking forward to working with the rest of the management team to build on the strong foundation laid by Nick, focusing on operational execution to deliver value for our shareholders, build our customer base and contribute to the communities where we operate."
Tim is the former CEO of Agilyx Corporation, a leader in recycling technologies that unlocks value from plastic waste to enable a circular economy, where he served from 2020 to 2024.
Prior to Agilyx, Tim was the Senior Vice President, Strategy and Corporate Development for Trinseo where he led the mergers and acquisition strategy development. He also held the position of Senior Vice President for the Plastics and Feedstocks businesses and Global Supply Chain as well as serving on the board of Americas Styrenics, a Joint Venture between Trinseo and CP Chem. Before his time at Trinseo, Tim spent over 20 years at ExxonMobil serving in a variety of leadership roles.
Tim holds a Bachelor of Engineering in Chemical Engineering with French from the University of Manchester Institute of Science and Technology, U.K., and the Ecole Nationale Supérieure des Industries Chimiques, Nancy, France. He is also a Chartered Engineer and a Fellow of the Institute of Chemical Engineers (U.K.).
About Storegga:
With a portfolio of CCS and hydrogen projects in the United Kingdom, the United States and Norway, Storegga is advancing industrial decarbonisation in sectors such as manufacturing, power generation, distilling, chemicals and others. Storegga is developing the Acorn CCS and Cromarty Hydrogen projects in the UK, Trudvang CCS in Norway and Harvest Bend CCS in Louisiana.
In January, Storegga announced the successful close of its fourth funding round and welcomed ADNOC to its shareholder group, including GIC, Macquarie, Mitsui & Co., M&G and Snam.
For further information, please contact:
Dentons Global Advisors
Storegga@dentonsglobaladvisors.com
+44 20 7664 508