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DOE invests $44 million for technical assistance in basins targeted for carbon storage
Heimdal celebrates launch of Bantam, America's largest operational DAC facility
Qantas, Rio Tinto and BHP form fund for nature-based carbon projects in Australia
Bill Gates-backed Breakthrough Ventures raises $839mm for new climate fund
bp enters final stage of negotiations with UK Government for H2Teesside
Blackstone makes majority investment in Westwood Professional Services
LS Power to acquire renewable energy business from Algonquin Power
Pivot Energy partners with Microsoft to develop 500 MWac of solar projects
Ørsted and Mission Clean Energy to develop 1 GW of Midwest storage projects
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The U.S. Department of Energy announced a $44.5 million investment to support nine university and industry-led projects focused on carbon capture, transport, and storage.
These projects aim to enhance the understanding of specific geologic basins for effective carbon dioxide storage from industrial facilities and legacy emissions.
Each project will involve stakeholders with expertise in carbon transport and storage and focus on regions with multiple carbon storage projects.
Selected entities include Battelle Memorial Institute, Stanford University, Carbon Solutions LLC, Texas Tech University, University of North Dakota, University of Texas at Austin, University of Utah, University of Wyoming, and Western Michigan University.
Heimdal Inc celebrated the launch of Bantam, the largest operational direct air capture facility in the USA, located in Oklahoma.
The facility can capture over 5,000 tons of CO2 from the atmosphere annually and is the second largest DAC facility in the world.
Heimdal utilizes well-established technologies and a novel sorbent formulation based on limestone to enhance affordability and efficiency.
Bantam is situated at the CapturePoint Oklahoma Carbon Hub, where local carbon management infrastructure is being developed.
The company aims to capture over 1,000,000 tons of CO2 annually before 2030.
Qantas, Rio Tinto and BHP become foundational investors in a new fund that develops nature-based carbon projects in Australia.
The Silva Carbon Origination Fund, managed by Silva Capital, aims to raise $250 million to support high-integrity Australian Carbon Credit Units.
This fund offers investors access to sizable supplies of ACCUs generated from land reforestation and integrated agriculture projects.
Foundational investors have committed $80 million, with Qantas contributing through its Climate Fund established in 2023.
Silva Capital will acquire agricultural land to create carbon sequestration projects that enhance sustainable practices and biodiversity.
Sustainable investments-focused Breakthrough Energy Ventures has raised over $839 million for its third flagship fund.
The financing positions it to be the largest climate fund raised in 2024 so far.
The new fund, titled BEV III, will focus on five key investment areas in climate innovation: electricity, transportation, manufacturing, buildings, and food and agriculture.
The firm launched BEV III in July 2023 following the closure of its second fund, BEV II, which secured $1.25 billion in 2021.
Its inaugural fund, BEV I, closed at $1 billion in 2016.
Breakthrough Energy Ventures has over $3.5 billion in committed capital in emissions-reduction technology investments.
bp has agreed a statement of principles with the UK Government’s Department of Energy Security and Net Zero, paving the way for final negotiations.
Technip Energies has been selected to design the proposed blue hydrogen production facility on Teesside.
Costain has been selected to design the pipeline infrastructure for distributing hydrogen from H2Teesside to industry.
H2Teesside aims to become one of the UK’s largest blue hydrogen production facilities.
Technip Energies will deliver the front-end engineering design for the hydrogen production facility and expects completion in 2025.
The integrated facility will potentially capture and store over two million tonnes of CO₂ annually.
H2Teesside targets 1.2 GW of hydrogen production, contributing over 10% toward the UK’s 2030 hydrogen production goal.
Blackstone announced a majority investment in Westwood Professional Services, Inc., a leading engineering and design firm focused on renewables, power, real estate, and public infrastructure end markets.
Blackstone will acquire its position in Westwood from Endurance Partners, while Westwood’s management team and employee shareholders will retain a minority stake.
Westwood has over 1,600 employees and provides front-end engineering design services to support the development of renewable energy generation and public and private infrastructure.
David Foley stated that this partnership builds upon Blackstone's recent energy transition investments, committing approximately $1.3 billion in control-oriented equity investments since June.
LS Power has reached an agreement to acquire the renewable energy business from Algonquin Power & Utilities Corp.
The acquisition includes wind and solar assets across the United States and Canada, featuring 44 operating assets with over 3,000 megawatts of generating capacity.
There is also an 8,000 megawatt pipeline of various renewable energy projects in different development stages.
Approximately 2,700 megawatts of the assets are located in the U.S. and the remaining 300 megawatts in Canada.
NextPower V ESG has entered a binding agreement to acquire a 248MW portfolio of 12 solar PV projects in North-Eastern Spain.
This investment marks the fourth for the Fund following a recent long-term debt financing closure for an operational portfolio in the same region.
NPV ESG recently acquired a 100MW solar project in the USA and two operational CfD portfolios of 50MW and 66MW in Europe.
The Fund's portfolio has expanded to 348MW in construction and 116MW in operations, with over 500MW in exclusivity or advanced negotiation.
NPV ESG has secured $745 million in total commitments from various investors and aims to raise $1.5 billion.
JERA Nex, in partnership with JERA Americas, makes its first foray into the US solar market with the acquisition of Arkansas and Louisiana assets.
The acquisition includes two solar projects totaling 395MW AC from Lightsource bp.
The 300MW Oxbow solar farm in Louisiana and the 95MW Happy solar farm in Arkansas are the first US solar assets in JERA Nex's portfolio.
Both projects are operational and provide renewable energy, with long-term power purchase agreements in place.
JERA Nex aims to expand its onshore and offshore renewable portfolio to meet its target of 20GW by 2035.
Pivot Energy has established a 5-year framework agreement with Microsoft to develop up to 500 megawatts of community-scale solar projects in the US from 2025 to 2029.
This collaboration aims to enhance environmental and social benefits during the renewable energy transition at the local level.
The agreement marks Pivot's largest Renewable Energy Credit agreement and Microsoft's first major distributed generation portfolio.
Approximately 150 solar projects will be developed across 100 communities in 20 states, including Colorado, Maryland, Illinois, Delaware, Pennsylvania, and Ohio.
Microsoft will purchase the project RECs for a 20-year term with the first projects expected to be operational by the end of 2024.
Ørsted has partnered with Mission Clean Energy to develop four standalone battery energy storage systems across the Midwest.
This partnership is Ørsted's first venture into standalone storage development in the U.S.
Ørsted will provide capital to secure interconnection positions for the projects, while Mission will lead their development.
The projects, totaling 1GW, have applications submitted to the Mid-Continent Independent System Operator.
Ørsted has the option to acquire ownership stakes in the projects as they progress.
Crew Energy announces a strategic transaction with Tourmaline Oil
The transaction offers shareholders a 70% premium per share based on the 20-day volume weighted average price.
It will provide shareholders with ownership in Canada’s largest natural gas producer, ensuring return of capital and growth.
The deal values Crew shares at approximately $6.69 each, or around $1.3 billion, including net debt.
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.
