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Pale Blue Announces Corporate Restructure & Strategic Investment

Source: www.gulfoilandgas.com 7/9/2020, Location: Europe

Pale Blue Dot is pleased to announce a corporate restructure that will see Storegga Geotechnologies become the new holding company for the Scottish based business. Macquarie Groupís Commodities and Global Markets business has become a cornerstone investor in Storegga to assist Pale Blue Dot drive forward its low carbon energy ambitions. The investment in Storegga will catalyse the creation of a new, independent, UK based low carbon technology business.

Pale Blue Dot leads the development of Acorn, one of the UKís first carbon capture and storage projects. Acorn is on track to be storing CO2 by 2024 and is also working on a parallel programme which will see hydrogen introduced in to the UKís gas supplies to cut carbon emissions from homes and industry by 2025.

The new board of Storegga, will comprise Pale Blue Dot directors, Alan James and Steve Murphy, as well as Nick Cooper, Alan Booth and Jon Taylor of Storegga. Macquarie Group will also have two Board seats in the newly configured enterprise.

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