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."