Storegga appoints ex-Citi director as head of corporate finance

UK carbon capture developer Storegga has appointed Michael Alsford to the new role of head of corporate finance and investor relations.

Mr. Alsford joins the firm from global investment bank Citi, where he was director of equity research, specializing in areas of energy transition such as renewables, biofuels and capture and storage. carbon (CCS).

Prior to Citi, Michael held equity research roles at Morgan Stanley and Nomura and also worked in leveraged finance after earning his CPA degree from PricewaterhouseCoopers.

Storegga Chief executive Nick Cooper said the company was “very lucky” to have Mr Alsford on the team.

“He brings relevant and substantial experience and has really impressed the industry with the quality of his research at Citi on CCS and energy transition,” added Cooper.

“In just a few years, Storegga has grown from coordinating a single decarbonisation technology cluster in Scotland to an international developer with projects in several countries. The UK’s experience with decarbonisation is world-leading and therefore our knowledge is directly applicable to many countries.

“We are a small, fast-growing company; Michael will be another key contributor to this vital effort.

Commenting on his new role, Mr Alsford said: “It is really exciting to work with a company at this stage of its development. As Storegga replicates the model of its Scottish Acorn project globally, there is a real opportunity for me to help support the growth of the business.

“There are large pools of international capital looking to invest in energy transition developments and we increasingly see leading global thinkers backing decarbonization technology as an important part of solving the climate change conundrum. It is therefore not surprising that Storegga already enjoys the support of some of the world’s leading infrastructure investors.

Storegga’s investors include funding from Australian bank Macquarie Bank, GIC, Singapore’s sovereign wealth fund and Mitsui, and it is currently developing projects in the UK and internationally, including Project Acorn and a new scheme direct air capture (DAC) in the northeast. .

Mr Alsford said the company was of great interest to investors as it proves it can bring together diverse stakeholder groups “around high integrity decarbonization developments”, describing the process as “a difficult task that requires a particular mix of expertise, from geologists to regulatory specialists to finance experts.

“I really look forward to working with such an impressive team and being part of the company’s vital mission to fight climate change.”

Mr Alsford is the latest in a series of appointments for the fast-growing developer, which also took on a new head of corporate affairs in January, followed by a new head of policy and regulation.

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