M&G, a FTSE-100 listed savings and investments business, has become the fourth external shareholder in Storegga Geotechnologies, the lead developer of the Acorn carbon capture and storage and hydrogen project near Peterhead.
UK-headquartered M&G, which has £367 billion in assets under management and administration, joins the ranks of Storegga investors alongside Australian investment giant Macquarie, Singapore’s sovereign wealth fund, GIC, and Japanese global trading company Mitsui & Co.
Macquarie made an initial “cornerstone” investment in July 2020, receiving a 21.5% in Storegga, which became the holding company Banchory-based Pale Blue Dot Energy, which had been spearheading Acorn.
The controlling interests of the business remained split between the directors Pale Blue Dot Energy, which will soon adopt the Storegga brand name.
GIC and Mitsui came aboard via a second investment round in March 2021, and now M&G has thrown its weight behind Storegga, becoming its first UK-based institutional investor.
Acorn, based at the St Fergus gas terminal, is expected to be operational in the mid-2020s and...read more...