UK investment firm Iona Capital Ltd has acquired a stake in Carbon Capture Scotland (CCSL).
Founded in 2013, CCSL focuses on capturing green carbon dioxide from a number of different industries, including distillers, energy-from-waste (EFW) firms and biomethane plants in the UK, which it then uses to produce sustainable fuel feedstock, dry ice for commercial use in the food, cold logistics and pharmaceutical industries, and for carbon removal, via sequestration, purposes.
“For the carbon capture industry to reach full scale, we need practical, realistic solutions across the capture and transportation value chains,” commented Ed Nimmons & Richard Nimmons, founders of Carbon Capture Scotland Limited.
“This is exactly what we do at Carbon Capture Scotland. Partnering with sector leaders such as Iona Capital enables us to scale rapidly and accelerate decarbonisation in UK industry.”
Alexander Todhunter, Investment Director at Iona Capital, stated: “Our investment in CCSL is backing a team who have consistently outpaced the rapidly evolving carbon capture industry.
“Our partnership with CCSL provides a solid platform for investing into the full value chain of carbon capture, re-use, and sequestration, and will help drive CCSL’s growth.”
Iona’s investment in CCSL follows a commercial agreement in July 2023 for CCSL to capture and reuse the green carbon dioxide emitted from Iona’s biomethane plants in the UK.
Iona’s investment will support CCSL’s Project Nexus plans, which is a £120 million initiative to remove one million tonnes of CO₂ from the atmosphere annually by 2030. CCSL also aims to sequester 90% of Scotland’s biogenic CO₂ emissions by 2040.
CCSL further benefited from an equity injection earlier this year from Steyn Group (an international family office based in London) and a five-year £4 million Term Loan Facility in October with NatWest/RBS.
Walker Morris LLP (Leeds office) advised Iona Capital, while Thorntons Law LLP (Edinburgh) advised Carbon Capture Scotland Ltd.
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