Carbon capture and storage (CCS) firm Storegga has named Tim Stedman as its new CEO.
Mr Stedman spent nearly 20 years as oil major ExxonMobil before becoming a senior VP at manufacturer Trinseo and, more recently, working as CEO of recycling technologies firm Agilyx Corporation.
Storegga is a developer of CCS technologies, and notably leads the “Acorn” project at St Fergus in Aberdeenshire – planned as the backbone to a “Scottish cluster” to decarbonise heavy industrial emitters across the country.
Tim Stedman replaces Nick Cooper as CEO, effective May 1, who has led the business since 2019. Mr Cooper is staying in the business as its new executive chairman.
Incumbent chair Alan Booth is stepping down but will remain on the board in a non-exec role.
Mr Cooper said: “We have made good progress in the early years of this effort but there is much work ahead of us. The timing is now right to reinforce Storegga’s delivery capability and Tim’s strong record of accomplishment in this area, plus his broad industrial and corporate development experience make him the right leader for Storegga’s next phase.”
He also paid tribute to Alan Booth’s time as chair.
On his new appointment, Mr Stedman said: “Storegga has made an impressive transformation under Nick’s leadership, and I welcome his insights to the company’s strategic direction in his role as Executive Chair.
“I am looking forward to working with the rest of the management team to build on the strong foundation laid by Nick, focusing on operational execution to deliver value for our shareholders, build our customer base and contribute to the communities where we operate.”
Storegga
© Supplied by StoreggaStoregga is backed by investors including the UAE’s ADNOC, which took a 10% stake earlier this year.
It also has backing from players including the Singaporean sovereign wealth fund GIC, Australian asset manager Macquarie,Japan’s Mitsui & Co and London-based M&G Investments.
It is one of the joint venture partners behind the Acorn CCS project centred on the St Fergus gas terminal in Aberdeenshire.
Shell, Harbour Energy and North Sea Midstream Partners are also involved in the Acorn project, which plans to capture CO2 emissions from a group of industrial emitters known as The Scottish Cluster.
The CO2 will then be transported via pipeline to St Fergus before being stored offshore in depleted gas fields in the North Sea.
In addition to the Acorn project, Storegga is a partner in the Trudvang CCS project in Norway and the Cromarty Hydrogen Project, which received funding the UK government’s first hydrogen allocation round (HAR-1).
