deepC Store Secures ¥350 Million Equity Investment from Japan’s Leading Venture Capital Firm Incubate Fund
Aims to decarbonise Japan and the Asia-Pacific region via two large-scale CO₂ storage acreages awarded by the Australian Government
deepC Store (headquarter: Western Australia, Managing Director: Daein Cha), developer of CStore1, the world’s first transboundary floating carbon capture and storage (CCS) solution, is pleased to announce its completion of a third-party allocation of shares, raising approximately JPY 350 million, with Incubate Fund (headquarter: Minato-ku, Tokyo).
Image of CStore1
Context
CCS is gaining global attention as a vital measure to achieve net-zero emissions. The International Energy Agency estimates that to reach global climate targets, 5.1 billion tonnes per year of CO₂ must be stored worldwide, including 170 million tonnes per year in Japan. However, Japan currently has no operating CCS facilities, and global CCS capacity is only at 49 million tonnes per year. Governments and industries are therefore accelerating investment in CCS projects. In February 2024, the Japanese government approved the “CCS Business Act” to establish a framework for CCS deployment.
Against the backdrop of strong demand for decarbonisation, major Japanese companies are primarily focusing on repurposing depleted oil and gas fields as CO₂ storage sites. In contrast, deepC Store has been pursuing the the development of new, large-scale offshore saline aquifer storage sites. As a result, the Australian government has formally awarded deepC Store with 2 large-scale offshore CO2 storage acreages. Building on these world-class sites, deepC Store is advancing CStore1, the world’s first transboundary floating CCS project.
Business Overview
CStore1 aims to be the world’s first transboundary floating CCS solution. It will capture around 3 million tonnes of liquefied CO₂ annually from industrial emitters in Japan and across the Asia-Pacific, transport it by dedicated ships to deepC Store’s offshore CO₂ storage sites in northwest Australia, and permanently store it in geological formations using a Floating Storage and Injection (FSI) hub.
Key strengths of CStore1 include:
Multi-user access (Can receive CO₂ from multiple emitters);
Minimal pipeline infrastructure;
Redeploy ships and FSI hub to lower residual value risk;
Global scalability
By collaborating with J-Power[1] and other leading global energy and shipping companies, deepC Store is pioneering transboundary CCS in the Asia-Pacific region to realise a low-carbon society.
[1] In August 2024, deepC Store entered into a Joint Study Agreement with J-Power and Azuli for a strategic partnership, aiming to realise the commercial-scale sequestration of CO2 captured from Japan, Australia and the broader region in offshore Australia (link).
deepC Store’s two offshore CO₂ storage permits, shown in light green, have a combined storage capacity of over 1 billion tonnes and are located 200–250 km off Australia’s northwest coast
Comment from Masahiko Homma, General Partner of Incubate Fund
“CCS (Carbon Capture and Storage) is an extremely effective solution for industries where CO₂ reduction is technically and economically challenging. For Japan’s industries to achieve carbon neutrality, international collaboration that transcends technology and capital is essential. The founder Daein Cha, with his career at Tokyo Gas and Chevron Australia, has built deep expertise and strong networks across both Japan and Australia. The creation of a new industrial ecosystem centered on CCS has the potential not only to accelerate Japan’s path towards carbon neutrality but also to drive the energy transition across the entire Asia-Pacific region. We have high expectations that deepC Store, together with major Japanese and Australian partners, will co-develop world-leading supply chains and infrastructure technology.”
Comment from Daein Cha, Founder & Managing Director of deepC Store
“We are delighted to welcome Incubate Fund, one of Japan’s leading venture capital firms, as an investor. This partnership reflects our shared commitment to realising CStore1, the world’s first transboundary floating CCS hub, and expanding its role in driving decarbonisation across the Asia-Pacific region. I am confident that this investment marks a significant step forward, supporting our efforts to turn this vision into reality.
Founder’s Profile
Daein Cha, Founder and Managing Director of deepC Store, is a South Korean born and raised in Hyogo Prefecture. He began his career in the energy industry with Tokyo Gas, where he served as manager for Liquefied Natural Gas (LNG) procurement and upstream LNG business development. During his time at Tokyo Gas, he earned an MBA from the University of Virginia’s Darden School of Business in the United States. In 2010, he relocated to Australia to oversee Tokyo Gas’ LNG investments, before joining Chevron to manage multi-billion-dollar upstream gas resource development projects. He founded Transborders Energy in 2016, pioneering a floating LNG (FLNG) upstream gas resource development model, and serves as its Director.
In 2021, Daein established deepC Store. Building on two large-scale CO₂ storage acreages awarded by the Australian Government, he leads the development of CStore1, the world’s first transboundary floating CCS project.
Daein is a certified Cost Engineer with AACE International, and a member of the Association of International Energy Negotiators (AIEN) and the Society of Decision Professionals (SDP). He also serves as the Deputy Chair of CCUS Network Australia.
For further details please contact
deepC Store - Daein Cha getintouch@deepcstore.com
deepC Store
Address: Level 8, 167 St Georges Terrace, Perth WA 6000, Australia
Establishment: August 2021
Business Overview: Independent Australian CCS developer
