Aker Carbon Capture enters MoU with Storegga and strengthens foothold in UK market with new London office
Rhea-AI Summary
Aker Carbon Capture has signed a Memorandum of Understanding (MoU) with Storegga to enhance carbon capture and storage (CCS) projects in the UK, following its role in Keadby 3. This partnership leverages Aker's 20 years of expertise in carbon capture technology and Storegga's experience in CO2 transport and storage. Aker is expanding its presence in the UK by opening a new office in London to cater to increasing client demand, focusing on projects with significant CO2 capture potential, including SSE Thermal and bp's Net Zero Teesside.
Positive
- Aker Carbon Capture signed a significant MoU with Storegga to boost CCS projects in the UK.
- The new London office demonstrates Aker's commitment to meeting rising client demand.
- Ongoing studies for projects with capture capacities of 1.5-2 million tonnes CO2 annually highlight growth potential.
Negative
- None.
OSLO, Norway, June 21, 2022 /PRNewswire/ -- Aker Carbon Capture has signed a Memorandum of Understanding (MoU) with Storegga to collaborate on carbon capture and storage (CCS) projects and enable industrial emitters access to full value chain offerings in the UK. The agreement marks another UK milestone for the company, after becoming the carbon capture provider for the Keadby 3 Carbon Capture Power Station last week.
"Strong partnerships that weave together specialist skill sets and experience will be the key to unlocking the CCS market and getting projects at scale online in short order," says Dr. Nick Cooper, CEO at Storegga. "This partnership will benefit from Aker Carbon Capture's 20 years of experience in developing carbon capture technologies with best-in-class HSE characteristics and Storegga's heritage in establishing CO2 transport and storage in the UK and abroad."
Aker Carbon Capture is experiencing strong growth in the UK, where the Government has set ambitious targets for the country to become a world leader in CCS. To meet rising demand, the pure-play carbon capture company is establishing an office in central London to serve the growing list of clients and partners. The company is currently working on FEED studies for two major gas-to-power plants equipped with carbon capture in the UK: SSE Thermal and Equinor's Keadby 3, and bp's Net Zero Teesside, each with an annual capture capacity of up to 1.5-2 million tonnes CO2.
"Recent success shows that Aker Carbon Capture is cementing its position in the UK CCUS market, which is why we have established an office in the heart of London. We're excited to move into the premises of Sustainable Ventures, which supports and offers offices to strictly climate tech and sustainability-focused businesses. The time is now to start making a difference," says Aker Carbon Capture's Head of UK David Phillips.
In February 2022, Aker Carbon Capture started to support Redcar Energy Centre's bid for Phase 2 of the Government's CCS cluster sequencing process, by studying the implementation of Aker Carbon Capture's large-scale carbon capture technology. The proposal will aim to store over 400,000 tonnes of CO2 a year.
Looking back to end 2021, Aker Carbon Capture and Viridor, one of the UK's leading recycling, resources and waste management companies, signed a partnership to explore the installation of five modular carbon capture plants. This partnership could accelerate Viridor's net zero plans by a decade to 2030 and would deliver 1.5 million tonnes CO2 savings a year.
"When I look at this list of projects and initiatives, it's clear that we're all set to help accelerate the decarbonization of British industry, contribute to creating and safeguarding jobs, and strengthen energy security by working together with large gas-to-power and waste-to-energy players. We're dedicated to doing the right thing. Also in the UK, which is one of our key strategic regions and one of the absolute CCUS frontrunners. The new carbon storage areas launched last week are a clear testimony to that," concludes Valborg Lundegaard, CEO at Aker Carbon Capture.
Storegga Limited is an independent, UK-based decarbonisation development business. It develops early stage carbon capture and storage, hydrogen, and other subsurface renewable projects in the UK and internationally to contribute to achieving net zero targets. The company employs approximately 80 people in the UK, US and Singapore, with its head office in London.
Storegga is a private company backed by GIC, Mitsui & Co., Ltd., M&G Investments, Macquarie Group and Snam.
Storegga is the lead developer of the Acorn Carbon Capture and Storage and Hydrogen project in Aberdeen, Scotland. The Acorn Project will provide critical backbone infrastructure for the Scottish Cluster. The Scottish Cluster unites communities, industries and businesses to deliver CCS, hydrogen and other low carbon technologies, supporting Scotland, the UK and Europe to meet net zero goals.
Storegga:(https://www.storegga.earth/)
Media contact:
Ivar Simensen, mob: +47 464 02 317, email: ivar.simensen@akerhorizons.com
Yannick Vanderveeren, mob: +47 458 36 358, email: yannick.vanderveeren@akercarboncapture.com
On behalf of Storegga: Dentons Global Advisers - Jennifer Walmsley, Fern Duncan, Leah Dudley, +44 20 7664 5086, email: Storegga@dentonsglobaladvisors.com
Investor contacts:
David Phillips, mob: +44 7710 568279, email: david.phillips@akercarboncapture.com
Christian Yggeseth, mob: +47 915 10 000, email: christian.yggeseth@akerhorizons.com
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SOURCE Aker Carbon Capture AS
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