Opportunity

Peak Cluster, along with storage partner MNZ, offers the opportunity to transform 40% of the UK’s cement and lime production sector into a world leading low carbon cluster. On July 7th, the Chancellor of the Exchequer announced that the National Wealth Fund is investing £28.6m into Peak Cluster Ltd (PCL) alongside leaders in the private sector. PCL is developing the shared CCS infrastructure of Peak Cluster through to the point of a Final Investment Decision before the end of this decade, with an aim to be in commercial operations in the early part of the next decade. This is an incredibly exciting opportunity to join the Board of PCL as an Independent Non-Executive Director. 

Preamble

While significant progress has been made since 1990 in reducing emissions, with the UK amongst the leading countries in the world, this has largely been achieved through the decarbonisation of the power sector and deindustrialisation. The production of cement in particular has been challenged by low-cost imports trebling over the last 20 years, and domestic production recently falling to the lowest level since 1950.

Government is progressing a strategy of securing a sustainable future for industry through the development of low carbon industrial clusters, centred on the traditional industrial heartlands – these clusters are developing low carbon hydrogen and carbon capture and storage (CCS) infrastructure to share the costs and risks of development across multiple companies and industry sectors. The first two such clusters, the East Coast Cluster in Humberside / Teesside and HyNet in the North West were selected by Government as ‘Track 1 Clusters’ in 2021 and have taken Final Investment Decisions in 2024 and 2025 respectively. The success of these projects moving into construction demonstrates both Government’s commitment to the sector, and the financeability of the projects through the institutional framework of business models that have been developed.

Peak Cluster

Peak Cluster represents a grouping of cement and lime production facilities in Derbyshire and Staffordshire. Between them they represent ca. 40% of the UK’s production of these strategically essential materials. Cement and lime production produces significant volumes of carbon dioxide that cannot be abated by any technology other than CCS – as such, the companies came together starting in 2020 to explore ways of collaborating to develop shared CCS infrastructure. Over the last four years, the project has gathered significant momentum, and additional partners, and it is now one of the leading industrial clusters in the UK with a clear and compelling programme of enabling the transition of the sector to zero carbon.

Having completed several phases of engineering and stakeholder engagement, the Peak Cluster has now formed a Joint Venture company, Peak Cluster Limited, to undertake the development of the shared CCS infrastructure through to the point of a Final Investment Decision towards the end of this decade. A £59.6m equity raise has been completed, anchored by a £28.6m investment from the National Wealth Fund[1]. The other shareholders are the four cement and lime plant operators Breedon, Holcim, Buxton Lime and Tarmac, and Summit Progressive Peak Limited[2].

Following completion of the investment, shareholders now wish to appoint an independent non-executive Director to the Board of PCL, and this document sets out the person specification.

Role

The Independent Non-Executive Director will have full Director accountabilities on the Board of PCL, and will have associated voting and decision rights, with some exceptions with regards to Reserved Matters. We will share the Shareholder Agreement setting out the Board structure and Reserved Matters to shortlisted candidates under NDA.

The Independent Non-Executive Director will be expected to contribute to the effective running of the Board by providing their experience in strategic, financial and operational decision-making. Specifically, the Independent Non-Executive Director should focus on advising on risks to achieving FID, whether these be technical, regulatory or commercial.

PCL Board meetings will take place as a minimum every 2 months and additionally as required, with the Independent Non-Executive Director expected to attend all meetings. Meetings will usually be held in person in the PCL office in Manchester. In addition, the Independent Non-Executive Director will have the opportunity to attend SteerCo (the operational decision making forum) as an Observer, and should expect to do so several times a year to better familiarise themselves with the project along with seeking other opportunities to engage with the company’s senior leadership team. The Independent Non-Executive Director can also be expected to support Stakeholder Engagement events from time to time. Overall, the time commitment is expected to be approximately 2 days / month and the appointment will be until FID is achieved (ca 3.5 years). At present, the Independent Non-Executive Director is not expected to Chair the Board, but this may become an option as the project progresses.

Remuneration will be on a day rate basis plus expenses, to be discussed with Longlisted candidates. PCL is providing Directors and Officers Insurance.

Candidate Requirements

Essential

·       Experience of working closely with Government in the commercial structuring, development and deployment of infrastructure through public / private partnership

·       An understanding of the UK’s Net Zero legislative and policy landscape

·       Experience at Board level of Joint Venture companies

·       Experience of investing in UK major energy infrastructure development including but not limited to pipelines and regulated utilities

Desirable

·       Experience of global energy infrastructure development and delivery

·       An understanding of, and background in, Carbon Capture and Storage (CCS)

·       A familiarity with the regional context of the Peak Cluster

·       Experience of linear asset infrastructure delivery

·       Experience of regulated utilities

·       Knowledge of consenting Nationally Significant Infrastructure Projects (NSIPs)

·       Experience of Chairing a Joint Venture Board

Peak Cluster Limited also wish to use this appointment to improve the diversity of the Board, and will especially welcome candidates from diverse backgrounds.

Recruitment Process

·       Longlist of candidates to be reviewed by PCL leadership team and Peak Cluster Directors

·       Recommended shortlist to be approved by the Board

·       Shortlisted candidates to meet with CEO

·       Final interview list of up to 3 candidates to be interviewed by PCL Board representatives

Please send your CV and Cover letter to recruitment@peakcluster.co.uk

[1] Announcement from Treasury can be found here: https://www.gov.uk/government/news/chancellors-national-wealth-fund-investment-in-major-carbon-capture-project-to-boost-3500-jobs 

• [2] Summit Progressive Peak Limited, formerly known as Progressive Energy Peak Limited, is a Joint Venture between Progressive Energy Ltd and Summit Energy Evolution Limited, a wholly owned subsidiary of Sumitomo Corporation.