Kimmeridge Carbon Solutions and Storegga partner to advance CCUS projects

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Nov 29, 2023, 08:00 ET

NEW YORK and DENVER, Nov. 29, 2023 /PRNewswire/ -- Kimmeridge Carbon Solutions, a private equity fund sponsored by private investment firm Kimmeridge Energy Management Company, LLC ("Kimmeridge"), and Storegga Limited ("Storegga") announced today the signing of a collaboration agreement aimed at advancing carbon capture and storage (CCUS) projects. The two companies will collaborate to identify, develop and deploy large-scale CCUS initiatives with the goal of significantly reducing carbon emissions. This collaboration harnesses Kimmeridge's US onshore experience, geotechnical expertise and industry relationships, coupled with Storegga's expertise in carbon value chains and in the development and commissioning of CO₂ transportation and storage infrastructure.

The initial focus of the joint effort will be on projects in Wyoming, a state with Class VI primacy, suitable subsurface geology and industrial emitters looking to decarbonize. Kimmeridge and Storegga will also explore concepts proximal to locations where Kimmeridge has active hydrocarbon projects. A combined team of Storegga and Kimmeridge experts has advanced project analysis and engaged in discussions with both landowners and emitters.

Henry Makansi, Managing Partner at Kimmeridge, said, "CCUS will be a critical tool in reducing carbon emissions, particularly in difficult-to-abate sectors. With our subsurface expertise and research capabilities, we are increasingly focused on deploying this technology to meet the demands of net-zero goals. We are delighted to be working with Storegga to study opportunities and accelerate the development of successful and value-creating projects in the US."

Nick Cooper, CEO of Storegga, said, "This cooperation will marry Kimmeridge's local presence, relationships and expertise with Storegga's carbon knowledge and focus on decarbonizing industry and power."

About Storegga Limited

Storegga Limited is an independent, UK-based decarbonization development business. It develops early-stage carbon capture and storage and hydrogen 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. https://storegga.earth/

About Kimmeridge

Founded in 2012 by Ben Dell, Dr. Neil McMahon and Henry Makansi, Kimmeridge is an alternative asset manager specializing in the energy sector. Kimmeridge's direct investment approach, deep technical knowledge, active portfolio management and proprietary research and data gathering set the firm apart in the industry. The Kimmeridge Carbon Solutions fund focuses on sustainable and value-driven investments in the energy sector, and has a made a series of targeted investments, including Chestnut Carbon, Landgate and Common Energy. https://kimmeridge.com/

Contacts:

For Storegga:
[email protected]

For Kimmeridge:
Daniel Yunger / Hallie Wolff / Emma Cloyd
[email protected]
917.574.8582 / 917.842.1127

SOURCE Kimmeridge