Mitsui is taking a 15.4% share in Storegga which is developing the Acorn project to inject and store CO2 emissions in depleted North Sea oil and gas reservoirs and reform natural gas into clean burning hydrogen and is also collaborating on commercializing Direct Air Capture technology that captures CO2 directly out of the air.
The Acorn project is being led by a wholly-owned subsidiary of Storegga, Pale Blue Dot Energy, with support from Macquarie Group Limited (Australia) (21.5% shareholding) and GIC (Singapore) (15.4%). The project was named Transition Economist project of 2020, by industry analysts PE Media Network.
In addition, Mitsui will cooperate with Storegga Geotechnologies to identify and develop further CCS opportunities in Europe and Asia Pacific in line with its commitment to sustainable projects that reduce climate change risks.
The Ashurst team was led by partner Michael Burns, assisted by senior associate Quentin Robinson and associate Lester Lim Kok.
Commenting, partner Michael Burns said:
"Storegga is a leading name in the development of carbon capture and storage and hydrogen production. Investment in carbon reduction projects like the Acorn project will help to create a more diversified global energy infrastructure network and help sustain the push towards net zero. We are delighted to have assisted Mitsui on such a strategically important investment as part of their commitment to sustainable projects that reduce climate change risks."
