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DOE’s OCED Launches $1.8B Funding for Direct Air Capture Tech
LPO Greenlights $1.45B Loan Guarantee for Qcells' Georgia Solar Megafactory
FREYR Battery Finalizes Trina Solar U.S. Manufacturing Asset Acquisition
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Massive Investment: The DOE’s Office of Clean Energy Demonstrations (OCED) opens applications for $1.8 billion in funding to advance Direct Air Capture (DAC) technologies.
Three Target Areas: Funding includes $250M for infrastructure access, $50M for mid-scale DAC facilities (2,000–25,000 tons CO₂/year), and $600M for large-scale DAC facilities (25,000+ tons/year).
Building on Momentum: Builds on the 2023 solicitation that selected 21 projects, including DAC hubs in Louisiana and Texas.
Flexible Pathways: Supports tech at various stages of commercialization to enhance CO₂ capture, global competitiveness, and economic growth.
Upcoming Deadlines: Pre-applications for Topic Area 1 due Jan 31, 2025, with full applications due July 31, 2025.
DAC Industry Boost: Aims to validate technologies and scale up efforts to address legacy emissions and meet climate targets.
Tech-First Collaboration: Isometric selects Pachama for digital monitoring and verification of reforestation credits.
High-Tech Tools: Using LiDAR and satellite remote sensing, Pachama creates detailed canopy models and dynamic baselines for carbon project assessments.
Streamlined Verification: Isometric's platform allows suppliers to submit and ensure quality control for credit verification data.
Scaling Climate Goals: Focused on leveraging AI and geospatial tech to meet 2025 carbon monitoring benchmarks.
$1.45 Billion Backing: The DOE Loan Programs Office (LPO) is funding Hanwha Qcells to build the largest U.S. ingot and wafer plant, a 3.3 GW solar supply chain facility in Cartersville, Georgia.
Massive Job Creation: The project promises 1,200 construction jobs, 1,650 operational roles, and nearly 6,800 indirect jobs in nearby counties.
Output Impact: Once live, the facility will produce enough solar panels annually to power 500,000 homes, slashing over 5M tons of CO2e emissions per year.
High-Tech Innovation: This will be the first fully integrated silicon-based solar facility built in the U.S. in over a decade, manufacturing ingots, wafers, cells, and panels.
IRA Boost: Panels qualify for the Inflation Reduction Act’s domestic content bonus and may tap into the Section 45X Advanced Manufacturing Tax Credit.
Solar Surge: Since the IRA's passage, over 335 GW of solar manufacturing capacity—equating to 33,000 jobs—has been announced across the U.S.
Big Picture: The project aligns with LPO’s mission to supercharge U.S. clean energy manufacturing, with Qcells cementing its role as a top-tier solar player in America.
Big Move: FREYR Battery acquired Trina Solar’s 5 GW solar module manufacturing plant in Wilmer, Texas, aiming to become a U.S.-owned solar and battery storage leader.
Operational Milestone: The facility began production on Nov 1, 2024, with full capacity expected by H2 2025. Contracts already cover 30% of its production volumes.
Economic Impact: FREYR’s solar cell facility, set for Q2 2025 construction, will create 1,800 direct jobs and address a critical bottleneck for developers.
Financial Scope: Total deal includes cash, loan notes, equity, and $235M in assumed debt. FREYR’s 2025 EBITDA guidance: $75–$125M; full-year run rate: $175–$225M.
Strategic Vision: Multi-phase plan for vertically integrated U.S. solar manufacturing. The Wilmer plant ramp-up continues, with Line 2 commissioning started.
Additional Support: Received $50M from Encompass Capital Advisors for preferred stock, boosting financial flexibility.
Big Move: NovoHydrogen inks a federal funding agreement for the Express Ranch Hydrogen Project in Oregon.
Green Impact: Facility to produce 0.5 tons/day of green hydrogen for heavy-duty trucks, with pipelines and hydrogen refueling stations in the mix.
Funding Milestone: Backed by $27.5M in federal funding under the Bipartisan Infrastructure Law.
Decarbonization Push: Supports Oregon’s goals to cut emissions in hard-to-electrify sectors.
Novo’s Edge: Operating across North America to power industrial, transportation, and energy sectors with green hydrogen.
New Ventures: BAIYU Holdings expands into U.S. automotive dismantling and remanufactured parts market.
Battery Boost: Launched BMYA NEW ENERGY TECHNOLOGY INC., offering lithium iron phosphate and lead-acid batteries for sectors like transportation and renewable energy.
Strategic Shift: Founded in 2011 as a financial services company, BAIYU has pivoted to renewable energy and energy storage.
Sustainability Goals: Focused on eco-friendly products backed by OEM/ODM manufacturers and research institutions.
Growth Potential: 80% of automotive aftermarket components are remanufactured, highlighting significant market opportunities.
Funding Win: Raised $6.4M, bringing total funding to $8.8M, led by Buoyant Ventures, Constellation, and MassMutual Ventures.
Next-Gen Tech: Offers climate simulation models with 1,000x resolution of traditional methods to manage renewable energy grid volatility.
Climate Insight: High-fidelity models identify risks from extreme weather
Berry Corporation Locks in Liquidity for Growth
Capital Secured: Borrowed $450M to redeem senior notes and fund capital expenditures, boosting liquidity to over $100M.
Sinopec Builds China's Largest Petrochemical Base
Scale Up: Zhenhai Refinery hits 50M tons/year capacity, now the largest petrochemical hub in China.
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.
