Mitsui invests in UK CCS and hydrogen platform

Mitsui & Co has acquired a 15.4% stake in Storegga Geotechnologies, the lead developer of a major carbon capture and storage (CCS) project to reduce the UK’s carbon footprint in support of the country’s 2050 net zero emissions target.

The Acorn project will inject and store CO₂ emissions in depleted North Sea oil and gas reservoirs and reform natural gas into clean burning hydrogen. It is also collaborating on commercialising direct air capture (DAC) technology that captures CO₂ directly out of the air.

The project is being led by a wholly-owned subsidiary of Storegga, Pale Blue Dot Energy, with support from Macquarie Group (Australia; with a 21.5% shareholding) and GIC (Singapore; 15.4%).

In addition, Mitsui is to cooperate with Storegga to identify and develop further CCS opportunities in Europe and the Asia-Pacific.