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Deep Sky announces founding buyers, 10,000 carbon credits for RBC and Microsoft
Oklo secures partnerships for up to 750 MW for US data centers
FourPoint, Quantum and Kayne Anderson to acquire Ovintiv assets for $2 bn
Ovintiv buys $2.4bn Montney oil asset from Paramount Resources
Vaulted Deep secures $32.3 million Series A funding led by Prelude Ventures
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Deep Sky, a Canadian carbon removal project developer, has sold 10,000 carbon removal credits to Royal Bank of Canada and Microsoft.
The project aims to remove 10,000 tonnes of CO2 from the atmosphere over ten years through multiple technologies at Deep Sky Labs.
Deep Sky Labs is the first carbon removal innovation and commercialization center in the world.
The founding buyers support Deep Sky Labs' mission to accelerate the development of scalable carbon dioxide removal technologies.
Deep Sky is committed to delivering an initial 10,000 tonnes of carbon removals with options for an additional 1 million tonnes from future projects.
The facility will test and optimize various direct air capture technologies year-round in Canada.
Eight direct air capture technologies will operate simultaneously at Deep Sky Labs, utilizing renewable power and permanent carbon storage.
Oklo Inc. has partnered with two major data center providers to deliver up to 750 megawatts of low carbon power for U.S. data centers.
These partnerships expand Oklo's customer pipeline to approximately 2,100 megawatts, highlighting the demand for its clean energy solutions.
Oklo will collaborate with a rapidly growing data center company to deploy its powerhouses in select markets.
The Aurora powerhouse design offers flexible 15 megawatt and 50 megawatt units that can be deployed in phases on-site or nearby.
Oklo's approach aims to minimize project risks, reduce financing costs, and provide resilient energy for industrial and commercial clients.
The company's model enables customers to adopt nuclear power generation while generating steady revenue by selling power.
Oklo's deployment model is designed to reduce reliance on traditional power grids and preserve grid stability.
NRG Energy Inc. has announced a partnership with Renew Home to enhance residential virtual power plant capabilities in Texas.
The goal is to distribute hundreds of thousands of VPP-enabled smart thermostats by 2035 and create a nearly 1 GW AI-powered virtual power plant using Google Cloud technology.
This initiative aims to improve grid resiliency and help households manage and reduce their energy costs.
Texas has seen a significant rise in peak energy demand due to population growth and extreme weather, reaching a record 85 GW in 2023.
NRG plans to install Vivint and Nest smart thermostats for eligible customers at no cost, which will help customers save energy and manage their energy consumption more efficiently.
The collaboration seeks to maximize the impact of the virtual power plant and includes a multi-year technology transformation with Google Cloud.
NRG will utilize Google Cloud's analytics and AI to better predict weather, forecast energy generation, and create predictive pricing models.
The VPP program is expected to roll out to Texas customers in the spring of 2025.
KeyBanc Capital Markets successfully closed a Senior Secured Credit Facility of up to $60 million which consists solely of a construction-to-term loan.
Proceeds will fund projects associated with RPC Power, a joint venture between Riley Exploration Permian and Grey Rock-backed Conduit Power.
RPC Power was formed in 2023 to construct, own, and operate power generation assets.
Initially, RPC Power aimed to use Riley Permian’s produced natural gas for a 20MW portfolio of generation assets.
The portfolio provides power for a portion of Riley’s operations in Yoakum County, Texas.
In 2024, RPC Power expanded its scope to allow the generation and sale of dispatchable power to ERCOT.
RPC Power plans for an additional 100MW of generation and battery energy storage systems across multiple facilities in West Texas.
Rio Tinto has approved the construction of a new 25-megawatt solar plant at its Kennecott copper operation in Utah, increasing the mine's total solar capacity to 30MW.
The new solar plant will be built next to an existing 5MW solar plant completed in 2023, collectively reducing Kennecott's Scope 2 emissions by about 6%, or 21,000 tons of carbon dioxide equivalent per year.
Bechtel Corporation will design and manage the construction of the solar facility.
Kennecott has one of the lowest carbon footprints among U.S. copper producers, having reduced its carbon emissions by more than 80% since 2018 via various initiatives.
These initiatives include closing a coal-powered power plant, establishing the 5MW solar farm, transitioning to renewable diesel for its mining fleet, and utilizing battery electric vehicles in underground mining operations.
Coterra Energy Inc. announced two acquisitions from Avant Natural Resources and Franklin Mountain Energy for a total of $3.95 billion, consisting of $2.95 billion in cash and $1.0 billion in common stock
Coterra aims to expand its core area in New Mexico with these acquisitions, which are expected to add significant oil volumes.
The acquisitions will increase Coterra's New Mexico net locations by approximately 75% and its Permian net locations by approximately 25%.
The company will acquire approximately 49,000 contiguous net acres, expanding its footprint to around 83,000 net acres.
FourPoint Resources, Quantum Capital Group, and Kayne Anderson have signed a purchase and sale agreement to acquire Ovintiv Inc.'s Uinta Basin assets for $2 billion in cash.
The acquisition includes 126,000 net acres and production of 29 Mbbls/d.
Ovintiv has reached an agreement to acquire approximately 109,000 net acres and 70 MBOE/d of production in the Alberta Montney for $2.377 billion from Paramount Resources.
The acquisition will provide about 900 total net well locations and extend the premium Montney oil and condensate inventory life to approximately 15 years.
Enhanced midstream and downstream infrastructure access will allow for future oil growth.
Vaulted Deep announced $32.3 million in Series A funding led by Prelude Ventures.
The funding will allow the company to expand its carbon dioxide removal (CDR) capacity and develop additional injection well sites.
The company issued over 7,000 tonnes of CDR in its first year of operations.
In May 2024, Vaulted secured a $58.3 million offtake agreement to remove 152,480 tonnes of CO₂ from 2024 to 2027.
The new funding will support the development of Vaulted's next facility, Monarch Fields.
Vaulted’s technology focuses on converting organic waste into a carbon-rich slurry for permanent storage.
This method eliminates methane emissions and reduces water-borne illnesses while preventing soil pollution.
Vaulted Deep spun off from Advantek Waste Management Services.
Sympower has raised 21.3 million euros from existing and new investors in an oversubscribed Series B1 funding round.
The funding was led by A&G Energy Transition Tech Fund with direct investment from the European Investment Fund and participation from existing investors including Activate Capital, Rubio Impact Ventures, PDENH, and Expon Capital.
The capital will be used to roll out battery energy storage solutions, engage in future mergers and acquisitions, and expand operations in Europe.
General Galactic has raised $8 million in new funding to advance its technology that converts CO2 emissions into fossil-free hydrocarbon fuel.
The funding comes from Harpoon Ventures, Refactor Capital, and additional investors, bringing the total investment in the company to $10 million.
General Galactic is currently producing 2,000 liters of methane daily during pilot testing and plans to commence commercial deployments as early as 2025.
The investment will help accelerate the development of the Genesis technology, which transforms industrial CO2 waste into fossil-free natural gas.
Helix Earth Technologies, Inc. has secured $5.6 million in oversubscribed seed funding to advance energy efficiency in commercial air conditioning systems.
The funding round was led by Veriten with participation from Anthropocene Ventures, Semilla Capital, and individual investors from notable venture capital and private equity firms.
Investors are from major innovation hubs including Silicon Valley, Boston, Houston, and Europe, focused on practical innovation in various sectors.
Helix Earth aims to revolutionize the commercial air conditioning market with a hardware technology co-invented by the CEO at NASA.
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.
