A former chief energy regulator is embracing the shift to greener technologies in the North Sea , joining an emerging carbon capture and hydrogen business as chairman.
Alistair Buchanan, who was head of the regulator Ofgem for a decade to 2013, has been appointed non-executive chairman at Storegga Geotechnologies.
The private company led by former oil and gas producer Ophir Energy’s Nick Cooper is backed by major global investors Macquarie, Mitsui and Singapore's sovereign wealth fund GIC.
It is behind the Acorn project to stash carbon dioxide emissions under the North Sea off the Scottish coast and produce hydrogen, as well as other carbon removal efforts.
Mr Buchanan helped devise the regulatory system for the offshore wind industry and onshore electricity networks while chairing Ofgem.
Storegga said that experience would be helpful as the Government and Ofgem develop carbon and hydrogen markets.
Dr Cooper, chief executive of Storegga, said he was delighted that Mr Buchanan was joining.
“Our board and senior team have the skillsets and experience to play a leading role in meeting the UK's net zero commitments and in delivering shareholder returns," he said.
Mr Buchanan said Storegga was pioneering carbon reduction and removal, and positioning the UK as a global leader in carbon capture solutions. He is also chairman of Electricity North-West and on the board of WH Ireland.
In a new investment round in March, GIC and Mitsui both took a 15pc stake in Storegga, with both getting a board seat.
Cornerstone investor Macquarie has a 21.5pc stake and two board seats. The funds will help Storegga's Acorn project get to a final investment decision.
The Government is relying on carbon capture to help slash carbon emissions in areas where replacing fossil fuels is not simple.
The technology is not yet at scale in Britain. The Government wants enough carbon capture projects to capture 10m tonnes a year by 2030 and has pledged £1bn to support four hubs.
- Giovanni Soldini, Master of the Sea
- Royal Enfield Hires Ex-Ducati Designer, Pierre Terblanche
- An Ex-Owner of the Dodgers Takes Another Swing in Marseille
- Ex-Baylor AD Ian McCaw takes aim at Board of Regents in scathing deposition
- SSE boss Ian Marchant warns of risk of 'lights going out'
- Iron Town
- Ten good men and Giulia, CAR+ November 2015
- Bacuna relishing Premier chance at Terriers
- Detroit motor show 2016 report and gallery
- Magazine Memories: Dreams Of Delorean
- AUTO EXPO 2014 - Cars
- Viva Italia! Ferrari, Maserati and Alfa supercars from Monte Carlo to Modena: CAR+ archive, January 2008
- Tokyo motor show 2015 - show report and picture gallery
- Geneva motor show 2009 A-Z preview and review
- Crunch watch July 09: the auto industry in crisis
- 2009 Aston Martin DBS Infa Red
- 2009 Aston Martin DBS Lightning Silver
- 2009 Aston Martin DBS Racing Green
- Crunch watch June 09: the auto industry in crisis
- End of Watch: One Last Run in the Land Rover Defender 90
Ex-Ofgem chief joins North Sea carbon capture firm Storegga have 463 words, post on www.telegraph.co.uk at May 17, 2021. This is cached page on Europe Breaking News. If you want remove this page, please contact us.