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EPA issues draft Class VI permits to Oxy's 1PointFive for STRATOS DAC project
Eni and Snam launch Ravenna CCS, Italy’s first Carbon Capture and Storage project
Harvestone LCP and Bank of America close $205mm CCS tax equity financing
ADNOC to acquire 35% stake in Exxon's Baytown low-carbon hydrogen facility
BNP Paribas Solar Impulse Venture Fund raised €150m to invest in climate tech
Mirova exceeds €200 mm for the final closing of its first private equity fund
Baseload Capital completes its €53mm series B round to scale up geothermal energy
First Citizens Bank arranges $145 mm in financing for EnCap-backed Linea Energy
Pearl-backed Voyager acquires ETX nat gas gathering and processing from P66
EFM-backed Edgewater to acquire refined products logistics assets from Shell
Last Energy announces $40M Series B, accelerates deployment of first microreactor
The almost headlines
In case you missed
The U.S. Environmental Protection Agency, Region 6, intends to issue three Underground Injection Control Class VI injection well permits.
The proposed permits are for three Class VI injection wells that will inject carbon dioxide for geologic sequestration near Penwell, Ector County, Texas.
The permittee will be required to monitor the injection project and submit periodic reports to ensure protection of underground sources of drinking water.
Eni and Snam have launched Ravenna CCS, Italy’s first Carbon Capture and Storage project.
Ravenna CCS aims to achieve world-leading carbon capture efficiency and contribute to the EU’s target of 50 million tonnes of CO2 storage capacity by 2030.
The project will initially capture around 25,000 tonnes of CO2 per year from Eni’s natural gas treatment plant in Casalborsetti, Ravenna.
Captured CO2 will be transported via reconverted gas pipelines to the offshore Porto Corsini Mare Ovest platform for injection and storage at a depth of 3,000 metres.
The project has already reduced CO2 emissions from the plant's chimney by over 90 percent, reaching up to 96 percent efficiency.
Ravenna CCS is powered entirely by electricity from renewable sources, preventing additional CO2 emissions.
Harvestone Low Carbon Partners and Bank of America have completed a $205 million tax equity financing deal.
The financing is linked to Harvestone's subsidiary, Blue Flint Ethanol, which is located near Underwood, North Dakota.
Blue Flint is the third biorefinery in the U.S. to capture its CO2 emissions and the first to do so after the Inflation Reduction Act was passed in August 2022.
The facility began operations in October 2023 and has captured over 125,000 tons of CO2.
Blue Flint is expected to capture more than 200,000 metric tons of CO2 annually, equivalent to emissions from around 42,000 vehicles.
The financing allows Bank of America to access federal tax credits associated with carbon capture and sequestration.
Harvestone produces nearly 220 million gallons of ethanol per year at three facilities located in North Dakota and Indiana.
ADNOC has signed an agreement to acquire a 35% equity stake in ExxonMobil's proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas.
The partnership aims to support net zero ambitions, accelerate decarbonization in hard-to-abate sectors, and meet demand for low-carbon hydrogen and ammonia.
The facility is expected to convert U.S.-produced natural gas into virtually carbon-free hydrogen, removing ~98% of CO2.
It is projected to produce up to 1 billion cubic feet daily of low-carbon hydrogen and over 1 million tons of low-carbon ammonia annually.
A final investment decision is anticipated in 2025, with facility's startup planned for 2029.
ADNOC's investment reflects its strategy to grow its portfolio of lower-carbon energy sources and fulfill international growth objectives.
The project will utilize advanced carbon capture and storage technologies to minimize emissions linked to hydrogen production.
BNP Paribas Asset Management announced that its BNP Paribas Solar Impulse Venture Fund reached its minimum target size of €150m in July 2024.
The capital will enable the fund to make 15-20 investments into high-potential growth startups in Europe and North America.
The fund is a partnership between Bertrand Piccard’s Solar Impulse Foundation and BNP Paribas Asset Management.
The fund is an SFDR article 9 fund that opened its strategy to third-party capital while focusing on ecological transition issues.
Target sectors include energy transition, sustainable agriculture and food, circular economy, water and ocean management, smart cities, sustainable mobility, and industrial innovation.
Mirova has announced the final closing of its first impact private equity fund, Mirova Environment Acceleration Capital, raising €211 million in commitments.
The fund focuses on companies providing innovative solutions for the environmental transition, aiming to combine financial returns with sustainability.
Approximately 30% of the commitments came from private clients interested in the fund’s multi-thematic strategy.
MEAC has deployed over €80 million across 10 companies in Europe and North America and has completed one exit.
TPG Rise Climate has acquired BP Energy Partners-backed MIRATECH Corp, a leader in aftermarket emissions reduction technology for stationary industrial engines.
MIRATECH produces catalysts, filters, silencers, monitoring systems, and related services addressing engine-exhaust pollutants and noise.
MIRATECH was founded in 1992 and is based in Tulsa, Oklahoma, aiming to reduce air and noise pollution through engineered solutions.
The company focuses on power generation and data centers, monitoring emissions from hard-to-decarbonize sectors like energy infrastructure and marine.
MIRATECH’s engineering capabilities allow it to scale with the evolving power generation market as demand increases.
The firm expects to leverage TPG's capital and expertise to explore new growth and emissions reduction opportunities.
Baseload Capital secures €53mm in its Series B round to enhance geothermal energy worldwide.
The Series B financing was led by the infrastructure fund ENGF, backed by Ingka Investments, associated with IKEA.
Other investors include Baker Hughes, Nefco, Breakthrough Energy Ventures, and Gullspång Invest.
The company aims to commercialize its existing geothermal project portfolio with the new funding.
Currently, installed global geothermal capacity is only 16.3 GWe, while the potential is estimated at 200 GWe and 5000 GWth.
Baseload Capital operates in established markets like Iceland, the US, and Japan, and in emerging markets like Taiwan.
First Citizens Bank announced the arrangement of $145 million in financing for Linea Energy LLC to support the development of advanced renewable energy projects in the U.S.
Linea Energy, established in 2002 and based in San Francisco, California, focuses on the development, ownership, and operation of clean energy infrastructure.
The financing package includes a revolving credit facility, a letter of credit, and a term loan to enhance Linea's diversified project pipeline.
Lumio has filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the District of Delaware.
The filing aims to complete a value-maximizing sale process and strengthen the company's financial position.
Lumio has entered into a stalking horse asset purchase agreement with White Oak Global Advisors, LLC, proposing to acquire substantially all assets for approximately $100 million via a credit bid.
The company will continue its prepetition sale process through a court-supervised process to maximize asset value for stakeholders.
Voyager Midstream Holdings announced the acquisition of natural gas gathering and processing assets from Phillips 66.
The assets are located in Panola, Rusk, and Harrison counties in Texas, and Caddo parish in Louisiana, within the Haynesville Shale area.
The acquisition includes approximately 550 miles of natural gas pipelines and compression capabilities.
Voyager also gains 400 million cubic feet per day of active cryogenic gas processing capacity and 12,000 barrels per day of liquids fractionation capacity.
A significant component of the acquisition is the Carthage Hub, which can handle over one billion cubic feet per day and connects to multiple markets across the United States.
Edgewater Midstream LLC announced the acquisition of the Sinco Pipeline system and the Colex East and Colex West Terminals from Shell USA, Inc.
The Sinco Pipeline system connects the Deer Park Refinery Complex to various terminals and has approximately 3 million barrels of motor fuels storage capacity.
The Colex terminals have a strategic connection to the Colonial Pipeline and the Explorer Pipeline, facilitating refined product transportation.
Last Energy, based in Washington D.C., raised $40 million in its Series B funding round, bringing total capital raised to $64 million since its founding in 2019.
The Series B funding will support team expansion and project development for the company's first micro-nuclear power plant, targeted to be online by 2026.
Key investors in this round include Gigafund, the Autodesk Foundation, and several family offices.
In 2024, Last Energy has achieved significant milestones, including releasing a new prototype and doubling its headcount to 70 full-time employees.
The company has reached commercial agreements for 80 micro-nuclear plants, with ambitious plans to build 10,000 units over the next 15 years.
Of the 80 units, 39 will be dedicated to data center developers, meeting their high energy demands for continuous clean power.
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.
