• Snam to take an equity interest in dCarbonX and fund a strategic work programme
• Initial projects focus on green hydrogen storage & carbon sequestration in Ireland & UK

dCarbonX has signed binding agreements with Snam whereby Snam will assume an equity interest in dCarbonX Ltd. Moreover, Snam has been granted the opportunity to increase its stake in the Company, up to a controlling interest, subject to the fulfilment of specific conditions precedent. Snam will provide dCarbonX with financial and technical support for its current hydrogen storage and carbon sequestration projects in Ireland and the United Kingdom.

Snam is one of the world’s leading energy infrastructure operators and is a market leader in energy storage. dCarbonX is a private company which focuses on the development of offshore subsurface resources that enable the Energy Transition. This strategic alliance allows the two companies to work together to develop energy transition storage solutions that will ensure future energy system resilience.

In addition to Snam’s significant infrastructure and energy storage capabilities, Snam is acknowledged as a global leader in hydrogen. Its unique technical expertise will initially be brought to bear on dCarbonX’s three Irish large scale offshore subsurface green hydrogen storage initiatives with ESB, Ireland’s leading integrated utility.

Marco Alverà, CEO of Snam S.p.A. commented:
“We believe that energy storage will have a crucial role in the energy transition. Snam is a European leader in natural gas storage and is successfully testing the repurposing to Hydrogen of its Italian depleted sites. We look forward to working with dCarbonX in our first International hydrogen and energy storage initiative.”

Tony O’Reilly, CEO of dCarbonX added:
“The financial and specialist technical support being provided by Snam will greatly assist dCarbonX in implementing its business plan. Snam’s leadership position in all things related to hydrogen will significantly accelerate the development of hydrogen in Ireland. We look forward to working with Snam on our energy storage and carbon sequestration activities to underpin and help deliver the Energy Transition.”

dCarbonX was advised by Lambert Energy Advisory (LEA) on this milestone transaction. LEA is one of the world’s leading energy-focused corporate finance advisory firms having advised on c.$170 billion of energy-related transactions over the last two decades. LEA has also been at the forefront of advising on the rapid growth of new energy sectors, such as offshore wind, hydrogen and carbon capture & sequestration.

KeyFacts Energy Directory: dCarbonX