Snam backs CCS and hydrogen developer Storegga

Italian gas network company becomes strategic shareholder as Storegga secures $63mn in third-round fundraise

Italian gas infrastructure company Snam has bought a stake in carbon capture and storage (CCS) and clean hydrogen project developer Storegga as part of a £51.3mn ($62.8mn) third-round fundraise scottish powerby the UK-based company. The size of Snam’s investment was not disclosed. Storegga also secured additional funding from existing shareholders Singaporean sovereign wealth fund GIC, Japanese conglomerate Mitsui, global investment manager M&G Investments and financial services firm Macquarie Group. “It is terrific to add Snam to this shareholder group. They are a leader in the energy transition, with specialist experience in crucial areas such as gas transportation and hydrogen that su