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Blue Bear Capital Raises $160mm for Fund III, Expands Platform to $200mm
OnStream Lands $26mm for Offshore CCS, Enbridge Joins as Equity Partner
LandBridge Acquires 46,000 Acres in Delaware Basin for $245M
National Renewable Solutions Secures $145mm for Shallow Basket Project
Arevon Energy’s Vikings Solar-Plus-Storage Project Goes Live
AMPYR Energy USA Signs PPAs for 195 MW Solar Projects in South Carolina
ONEOK Sells Interstate Gas Pipelines to DT Midstream for $1.2B
Caliche’s Golden Triangle Storage Hits FID, Backed by Sixth Street
The almost headlines
In case you missed
Commitments: $1.37B for Fund II, supplemented by a $350M co-investment vehicle.
Focus: Investments in North American companies in renewable energy, grid infrastructure, energy-intensive industries, and data centers.
Track Record: Fund I raised $830M, backing companies like FastGrid, Mill Creek Renewables, and RMS Energy. Total assets under management: $2.7B.
Metrics: Fund II targets investments with potential IRRs exceeding 20%, focusing on high-growth sectors.
Leadership: Founded by Peter Jonna and Brad Forth, supported by a team with expertise in M&A, strategy, growth, and operations.
Focus: AI-driven solutions addressing energy, infrastructure, and climate challenges, such as wildfire protection and pollution reduction.
Investors: Rockefeller Brothers Fund, McKnight Foundation, Zoma Capital, UBS, and WovenEarth Ventures.
Portfolio: Fund III has already invested in four companies: ChargerHelp!, SKOON, Pioneer, and Delos, with three more deals underway.
Metrics: Blue Bear's portfolio companies aim to reduce operational costs by 15%-25% using advanced AI.
Leadership: Founded in 2016, Blue Bear specializes in scaling operational AI through Seed to Series B rounds.
Offering Details: 15M units at $10 each; each unit includes one share and a half-warrant to buy additional shares at $11.50.
Listing: Trading begins Nov. 21, 2024, under “DNYXU”; separate shares and warrants under “DYNX” and “DYNXW.”
Leadership: CEO Andrea Bernatova and CFO Nader Daylami lead this SPAC targeting the energy and power value chain.
Metrics: Proceeds will be used to acquire businesses generating EBITDA margins above 25%.
DOE Funding: OnStream CO2 secured $26M from the U.S. Department of Energy for its GeoDura CO2 Storage Hub in Cameron Parish, Louisiana.
Capacity: The hub aims to safely store 250M+ metric tons of CO2, with injection operations kicking off in 2028.
Equity Partners: Enbridge Inc. (45% stake), alongside Carbonvert, LLC and Castex Carbon Solutions, LLC, now anchors the joint venture.
Enbridge’s Role: Enbridge brings its transportation expertise as the preferred CO2 transporter, bolstering OnStream’s execution capabilities for current and future projects.
Project Progress: Permits for drilling are secured, site prep is underway, and a Class VI permit is near finalization.
Commercial Push: OnStream is negotiating carbon capture solutions with regional industrial emitters, aiming to integrate them into the hub.
What’s New: World’s first wind-powered Direct Air Capture (DAC) hub in Tom Green County, Texas.
Scale: Initial CO₂ removal of 50,000 tons annually by 2030, ramping to 500,000 tons per year—equivalent to emissions from 108,000 cars annually.
Key Partners: Greenalia (wind energy), Skytree (DAC technology).
Economic Impact: Creates carbon credits for market trading and generates revenue for local landowners through sustainable land use.
Technology: Skytree's modular DAC units are projected to cut operational costs by up to 30%.
Funding: U.S. Department of Energy commits up to $2.2 billion for two Regional Clean Hydrogen Hubs under the Investing in America agenda.
Hubs: Gulf Coast Hydrogen Hub (HyVelocity) receives $1.2 billion; Midwest Hydrogen Hub (Midwest Alliance for Clean Hydrogen) gets $1 billion.
Purpose: Accelerate low-cost, clean hydrogen deployment and establish a national hydrogen network.
Production: Clean hydrogen sourced from renewable, nuclear, and fossil fuels with carbon capture technology.
Timeline: Set for 2025, located near Austin Energy’s Nacogdoches biomass facility.
Technology: Supercritical CO₂ system harnesses underground heat for renewable baseload electricity.
Impact: This 5 MW project is expected to supply power for 4,000 homes.
Leadership: A collaboration with Exceed Energy, which focuses on geothermal innovation.
Project Scope: 200 MW/800 MWh lithium-ion battery system near Coolidge, Arizona.
Benefits: Powers 45,000 homes during peak demand and saves 169M gallons of water annually.
Investment: $271M project generating $7M in local tax revenues.
Timeline: Operational by 2025 as part of SRP’s decarbonization strategy.
Metrics: Batteries to cut peak electricity costs by 15%-20%.
Expansion: Adds to LandBridge’s holdings, now totaling 272,000 acres.
Strategic Value: Includes the Wolf Bone Ranch near Reeves County’s oil, gas, and water infrastructure.
Revenue: VTX Energy commits $25M annually for five years.
Metrics: LandBridge's water operations now handle 300,000 barrels/day, reducing operational costs by 12%.
Funding: Financed through private equity placements and debt facilities.
Project Details: 140 MW solar and 50 MW storage project in Rio Arriba County, New Mexico.
Financing: $145M construction financing provided by Deutsche Bank.
Offtake Agreement: Guzman Energy to purchase 100% of the power generated.
Timeline: Construction underway; expected operational date in 2025.
Metrics: The project is expected to offset 200,000 tons of CO₂ annually.
Project Scope: 157 MW solar and 150 MW battery storage in Imperial County, California.
Investment: $529M project, one of the first utility-scale solar peaker plants in the U.S.
Offtake Agreement: San Diego Community Power to benefit nearly 1M customer accounts.
Impact: Shifts 60% of daytime solar energy to peak demand periods, improving grid reliability.
Project Details: Two utility-scale solar projects totaling 195 MW, with one including four hours of energy storage.
Offtake Agreement: Long-term power purchase agreements signed with Duke Energy.
Strategic Focus: Strengthens AMPYR’s U.S. pipeline, expected to grow by 25% in the next three years.
The Deal: ONEOK agrees to sell three interstate natural gas pipeline systems to DT Midstream for $1.2 billion, pending adjustments.
Pipelines Included: Guardian Pipeline (Chicago Hub to Wisconsin), Midwestern Gas Transmission (Tennessee to Chicago Hub), and Viking Gas Transmission (U.S.-Canada border to Wisconsin).
Why It Matters: This move sharpens ONEOK's focus on its core operations while aligning DT Midstream with key assets in critical gas markets.
FID Secured: Caliche Development Partners III reached a final investment decision (FID) for its Golden Triangle Storage (GTS) expansion in Beaumont, TX.
Expansion Details: Adds 14 Bcf of natural gas storage via two new caverns, bringing GTS’s total capacity to 28 Bcf. Caverns are 90% contracted, with service beginning in Q2 2026 and Q2 2027.
Backed by Sixth Street: The project follows a majority investment from Sixth Street, marking the first institutional-backed gas storage build in over a decade.
Strategic Connections: GTS links to seven major pipelines in the Beaumont-Port Arthur hub, with two more interconnects planned.
Infrastructure Upgrades: Includes pipelines, gas dehydration systems, and 33,000 hp compression.
Helium and Carbon Projects: Site to host the world’s largest helium cavern (operational in 2025) and a planned carbon sequestration project.
Agreement: Non-binding MOU for up to 100,000 metric tons of lithium carbonate annually.
Purpose: Strengthen U.S. critical mineral supply chain, boost domestic energy security, and cut emissions.
Usage: Lithium will supply LG Chem’s Tennessee cathode plant, projected to be the largest in the U.S. with a 60,000-ton annual production capacity.
Technology: ExxonMobil plans to use Direct Lithium Extraction (DLE) for efficient production.
Contingency: Final investment depends on regulatory frameworks and other conditions.
Sabanci Climbs on Board Greentown’s Terawatt Train
Sabanci Climate Technologies is the newest Terawatt Partner at Greentown Labs, joining forces with 200+ climatetech startups to fast-track green innovation.
Synopsys Snags 90 MW of Solar Power
Through the Net Zero Consortium, Synopsys locked in 90 MW of solar energy from Texas’s Millers Branch Solar Facility, pushing forward its net-zero goals.
Abraxas Powers Up Maldives Solar with $10M Boost
Abraxas Power scored up to $10M from RE Royalties to replace diesel generators with solar in the Maldives, cutting emissions in paradise.
Willis Fuels Picks McDermott for UK SAF Plants
Willis Sustainable Fuels tapped McDermott to build sustainable aviation fuel facilities in the UK, starting with a Teesside plant producing 50,000 liters daily.
Element Energy Gives Old Batteries New Life
Element Energy partners with LG Energy Solution Vertech to deploy second-life battery storage systems, turning yesterday’s batteries into tomorrow’s grid solutions.
Atomic Alchemy Powers Up Zeno’s Space Tech
Atomic Alchemy, Oklo’s acquisition target, inks a deal to fuel Zeno Power’s radioisotope systems for space and national defense missions.
Check out the latest Sunya Stories podcast with JP Morgan’s Rama Variankaval.
Rama Variankaval is Global Head of Corporate Advisory & Sustainable Solutions at J.P. Morgan. This group combines the capabilities of Corporate Finance Advisory, Center for Carbon Transition, Sustainable Solutions, and Infrastructure Finance Advisory.
We talk energy transition, carbon reduction, and the impact of AI on energy.
This episode is audio-only and you can find it on Spotify or Apple Podcasts as well.
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
