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ADNOC and 44.01 to scale up carbon-to-rock project following successful pilot
Talen’s statement on FERC rejecting Susquehanna ISA for AWS data center
Mizuho invests $20 million for partial equity stake in climate fund, Pollination
LuxWall raises $51 million funding to accelerate decarbonization of buildings
Avangrid secures two lease areas in Gulf of Maine floating wind auction
Volvo Cars initiates process to take full ownership of NOVO Energy
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ADNOC and 44.01 announced plans to scale up their carbon-to-rock project in Fujairah after a successful pilot.
The pilot converted 10 tonnes of carbon dioxide into rock within 100 days.
The first phase of the scale-up will inject more than 300 tonnes of carbon dioxide.
The pilot started in 2023, utilizing Fujairah's peridotite rock formations.
The pilot was powered by renewable energy from Masdar.
Carbon dioxide was captured from the atmosphere, dissolved in seawater, and injected into peridotite.
ADNOC targets a carbon capture capacity of 10 million tonnes per annum by 2030.
ADNOC's investment in carbon capture projects aims to reach almost 4 million tonnes per annum.
The CycloneCC C1 series captures up to 100,000 tonnes of CO2 per year with concentrations ranging from 3% to 20%.
The columnless design decreases steel requirements by 35%, thereby reducing the carbon footprint.
The unit footprint is up to 50% smaller than conventional carbon capture plants, with the largest equipment sizes reduced by a factor of 10.
Prefabricated and skid-mounted units are delivered in road truckable modules, reducing costs associated with transport and installation.
The first-of-a-kind technology reduces the total installed cost of carbon capture by up to 50% compared to traditional solutions.
The product is suitable for emitters of all sizes and can be deployed across multiple flue gas sources.
The combination of RPBs and proprietary APBS-CDRMax solvent represents a breakthrough for carbon capture technology.
Carbon Clean is a leader in carbon capture technology for hard-to-abate industries and holds numerous global patents.
BP stopped 18 early-stage hydrogen projects, part of a strategy to simplify operations and focus on higher-value projects.
Q3 2024 underlying profit was $2.2 billion, down from $3.3 billion in Q3 2023; year-to-date profit is $7.7 billion, down from $10.8 billion in 2023.
CEO Murray Auchincloss emphasized a commitment to the energy transition but noted reduced hydrogen investments, with 24 projects either stopped or paused.
BP aims to achieve $200 million in cost savings within renewables and hydrogen, focusing on 5-10 hydrogen projects.
BP has sold its US onshore wind business and four mature fields in Trinidad, targeting at least $2 billion in sustainable cost reductions by the end of 2026.
Final investment decisions this year include ADNOC Ruwais LNG (10% stake) and a 25MW green hydrogen project in Castellon, Spain.
Crusoe Energy raises up to $500 million in equity, led by Peter Thiel’s Founders Fund, valuing it at $3 billion.
The fundraising reflects surging investments in AI infrastructure following the launch of ChatGPT in 2022.
Founders Fund, an early Crusoe backer since 2019, leads the round, with participation from Felicis Ventures.
Crusoe operates as a "neocloud" data center company, providing outsourced cloud computing for AI-focused tech firms.
Industry-wide demand for Nvidia’s AI GPUs fuels Crusoe’s expansion, with CoreWeave, a key competitor, raising over $12 billion.
Crusoe recently secured a $3.4 billion deal with Blue Owl Capital to finance a new Texas data center leased to Oracle.
Initially focused on waste gas-powered computing, Crusoe shifted to AI data centers in 2020 and acquired Nvidia chips for leasing.
Talen Energy released a statement regarding the FERC order rejecting the amended Susquehanna Interconnection Service Agreement.
The rejected agreement aimed to increase co-located load capacity at Talen's Susquehanna nuclear facility from 300 megawatts to 480 megawatts.
Talen believes FERC erred in its decision and is evaluating options focused on commercial solutions.
Talen asserts that the amendment is just, reasonable, and beneficial for consumers.
The FERC decision is expected to negatively impact economic development in Pennsylvania, Ohio, and New Jersey.
The existing agreement allows for 300 megawatts, permitting the first phases of the AWS data center campus to proceed while pursuing approval of the amendment.
Talen's co-location arrangement with AWS is presented as a solution for issues discussed at the recent FERC technical conference on large co-located load.
Mizuho Bank and Pollination Global Holdings have formed a strategic partnership to support clients in decarbonisation efforts.
Mizuho Bank has invested $20 million for a partial equity stake in Pollination.
Pollination is a specialist climate change investment and advisory firm established in 2019.
The partnership aims to support clients with climate and nature transition strategies, providing advisory support and investment access.
Focus areas include natural capital, biodiversity strategies, and carbon market participation.
Aviva Investors has launched a Carbon Removal Fund aiming to provide institutional investors with access to carbon removal solutions that deliver investment returns while supporting long-term net zero ambitions.
The fund will invest in both nature-based and engineered carbon removal solutions offering high integrity carbon removal credits as part of a blended portfolio.
The fund will include investments in afforestation, restoration projects in peatland and mangroves, commercial forestry, nature tech ventures, and alternative carbon removal companies.
Aviva Investors, along with partners, has completed the first phase of peatland restoration at Glen Dye Moor, restoring approximately 172 hectares of degraded peat.
The project aims to restore a total of around 1,800 hectares of degraded peat, which could capture over 1.4 million tonnes of carbon over its lifetime.
LuxWall has raised $51 million in Series B funding to enhance the decarbonization of buildings.
The funding round was led by Climate Investment and Barclays Sustainable Impact Capital, with participation from new and existing investors.
Proceeds will help scale production at LuxWall's new factory in Litchfield, Michigan, and support the development of a second factory in Detroit.
LuxWall received a $31.7 million grant from the U.S. Department of Energy to further support its Detroit facility.
Windows account for the most significant energy loss in buildings, contributing to 38% of global greenhouse gas emissions.
LuxWall’s patented technologies produce Vacuum Insulating Glass, which offers superior insulation compared to traditional glass.
LuxWall services residential homes, historic sites, and commercial buildings across North America and Europe.
Avangrid has secured two lease areas in the Gulf of Maine for offshore wind development.
The lease areas OCS-A 0564 and OCS-A 0568 cover approximately 98,565 acres and 124,897 acres.
Avangrid was named the provisional winner in an auction held by the Bureau of Ocean Energy Management, with a total bid of $11.1 million.
These areas have the potential to deliver approximately 3 Gigawatts of clean energy to the New England region.
Avangrid has a projected offshore wind pipeline of over 5 Gigawatts on the East Coast.
Their existing projects include the Vineyard Wind 1 project and fully owned developments like New England Wind 1, New England Wind 2, and Kitty Hawk Wind South.
The company has a renewable energy portfolio generating enough power for over 2.8 million homes in the U.S.
Volvo Cars has notified Northvolt AB of its intention to invoke redemption rights to acquire Northvolt's shares in NOVO Energy.
This decision follows a breach of the shareholders' agreement due to Northvolt AB's failure to meet its financing obligations.
The NOVO Energy facility may become multifunctional, with various options being considered assuming Volvo Cars achieves full ownership.
Battery production at NOVO Energy will depend on involvement from third parties or other partners.
The transition to full ownership is not expected to affect Volvo Cars' other investments or cash flow targets.
Volvo Cars maintains a diversified and resilient battery supply chain, ensuring vehicle rollout plans remain unaffected.
The company aims to engage in constructive dialogue with Northvolt regarding this matter.
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.
