Iona Capital invests in biogenic CO2 pioneers Carbon Capture Scotland | Iona, whisky, CCUS, capture, storage, CCScotland
Summary
Its supplies come from distillers, energy-from-waste (EFW) firms and UK biomethane plants, yielding biogenic CO, or green carbon dioxide, in laymans terms. The chemical engineers process this to produce feedstock for sustainable fuels or dry ice for chilling of transport and in drugs manufacture.Ionas investment in CCSL follows a deal announced in July, for the Forfar-based company to capture and reuse the green carbon dioxide emitted from Ionas UK biomethane plants.That agreement built on their relationship begun at Ionas Crofthead biogas plant in Dumfries, still Scotlands only biomethane facility to operate with carbon capture.Ionas investment in CCSL is underpinned by a long-term agreement to secure for the technology firm funding from big institutional investors such as pensions and insurance company. More sales are the goal, focusing on animal waste from livestock farming and from whisky distilling.For CCSL, Ionas investment speeds up its Project Nexus, a \xa3120m initiative whereby by 2030 one million tonnes of CO will be drained from the atmosphere every year. Partnering with sector leaders such as Iona Capital enables us to scale rapidly and accelerate decarbonisation in UK industry.Family-run financiers Steyn Group bought equity in CCSL this year. Nat West and Royal Bank of Scotland inked \xa34 million-worth of 5-year debt last month.Our partnership provides a solid platform for investing into the full value chain of carbon capture, re-use, and sequestration, and will help drive CCSLs growth.Legal advisers to Iona Capital were Walker Morris LLP (Leeds office), with Thorntons Law LLP (Edinburgh) advising Carbon Capture Scotland Ltd.