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Frontier Facilitates $80M in Carbon Removal Deals with CO280 and CREW Carbon
Summit Carbon Solutions Secures Sequestration Permits in North Dakota
DOE Commits $15B to PG&E for Hydropower, Storage, and Grid Upgrades
CleanCapital Acquires 23 MW Solar Portfolio, Secures $145M in Equity Financing
EXIM Issues $103.7M LOI to Last Energy for Microreactor Deployment
DOE Approves $9.63B Loan to BlueOval SK for EV Battery Plants
DOE Grants $1.25 Billion Loan to EVgo for Public Fast Charging Expansion
Diamondback Energy, Halliburton, and VoltaGrid to Deploy Electric Simul-Frac Fleets
bp and XRG Launch Natural Gas Platform Arcius Energy in Egypt
Vitesse Energy to Acquire Lucero Energy in $222M All-Stock Deal
Talos Energy Sells 30.1% Stake in Zama to Grupo Carso for $82.7M
The almost headlines
In case you missed
Funding round: $600M Series D at a $2.8B valuation, led by Founders Fund, with investors including Fidelity, Mubadala, and NVIDIA.
Infrastructure growth: Over 15 GW of clean energy in development; a new 1.2 GW data center in Abilene, TX to support AI workloads.
Customer expansion: Sevenfold increase in customer growth over the past year.
Global reach: Operations across 9 states and 3 countries, enhancing AI and cloud capabilities.
Volume: BCG purchases 50,250 tonnes of certified carbon removals, its 2nd largest deal to date.
Durable focus: Total durable carbon purchases approach 200,000 tonnes.
Technologies supported: Includes biochar, enhanced rock weathering, concrete mineralization, and biomass storage.
Commitment: Neutralize 100% of emissions through high-quality carbon removals by 2030.
Collaboration: Partnership with ClimeFi for tracking and ensuring quality of solutions.
Total removal: 296,378 tons of CO₂ to be removed by 2030 through $80M in offtake agreements.
CO280 allocation: Receives $48M to remove 224,500 tons of CO₂ (2028–2030) via Biomass Carbon Removal and Storage at pulp and paper mills.
CREW Carbon allocation: Secures $32.1M to remove 71,878 tons of CO₂ (2025–2030) by integrating carbon capture into wastewater treatment.
CO280 method: Captures biogenic CO₂ from recovery boiler emissions at pulp and paper mills, with permanent storage in Class VI wells.
CREW’s process: Adds alkaline minerals to wastewater treatment tanks, safely converting CO₂ into bicarbonate for long-term waterway storage.
Sector potential: Combined pulp, paper, and wastewater treatment industries could eliminate 1B+ tons of CO₂ per year globally.
Participants: Frontier buyers include Stripe, Google, Shopify, and others via Watershed partnerships.
Permits approved: 3 Class VI permits for carbon sequestration, advancing the Midwest Carbon Express project.
Storage capacity: Over 350M metric tons of CO₂ to be permanently stored in North Dakota.
Decarbonization goal: Supports 57 ethanol plants across 5 states, enabling low-carbon fuel production.
Timeline: Construction expected to begin in 2026; operations to commence in 2027.
Facility launch: Spiritus’ first direct air capture (DAC) pilot facility on Nambé Pueblo land, starting operations in H2 2025.
Capacity: Gross carbon removal of 1,000 tons annually, supporting future megaton-scale Carbon Orchards.
Technology integration: Site will test novel sorbent material produced at Spiritus’ Missouri manufacturing plant.
Partnership: Facilitated by Nambé Pueblo Development Corporation to ensure cultural alignment and local economic participation.
Loan size: DOE's Loan Programs Office offers $15B conditional loan guarantee for PG&E's Project Polaris.
Project goals: Expand hydropower, deploy battery storage, and upgrade transmission infrastructure to meet rising energy demand in California.
Cost savings: Lower interest rates reduce financing costs, benefiting PG&E customers.
IRA-backed: Loan falls under the Energy Infrastructure Reinvestment category, improving grid efficiency and reducing emissions.
Portfolio acquisition: 40 solar projects totaling 22.7 MW acquired from Kendall Sustainable Infrastructure.
Portfolio scale: CleanCapital's operating solar capacity surpasses 340 MW, among the largest commercial portfolios in the U.S.
Equity financing: $145M additional investment secured from Manulife Investment Management for development, construction, and acquisitions.
Capital commitment: CleanCapital has invested $1B+ in solar and energy storage projects since 2021.
Financing approval: $103.7M Letter of Interest (LOI) for a 20 MW microreactor project in South Wales.
Milestone: First LOI for a microreactor issued by the Export-Import Bank of the U.S.
Deployment plan: Four microreactors to be installed at the former Llynfi Power Station site.
Clean energy: Designed to power mid-sized industrials and data centers.
Strategic goal: Supports U.S. nuclear leadership and aims to triple nuclear output by 2050.
Loan amount: $9.63 billion direct loan through DOE’s Advanced Technology Vehicles Manufacturing Program.
Production capacity: Funds three plants in Tennessee and Kentucky with a combined annual output of 120 GWh of EV batteries.
Joint venture: BlueOval SK is a collaboration between Ford Motor Co. and Korea’s SK On.
Strategic impact: Supports U.S. efforts to onshore EV manufacturing and reduce reliance on foreign supply chains, especially China.
Funding size: $1.25B loan guarantee to deploy 7,500 chargers across 1,100 stations.
Technology: Dual-port 350kW DC fast chargers capable of simultaneous charging.
Geographic focus: Deployment in Arizona, California, Florida, and Texas, prioritizing metro areas and multi-family housing.
Investment scale: $2.5B to expand capacity to 60,000 tonnes/year of battery-grade lithium carbonate.
Timeline: Construction starts mid-2025, first production in 2028, ramp-up over 3 years.
Lifespan: 40-year project with long-term economic benefits for Argentina.
Technology: Direct lithium extraction for enhanced water conservation and reduced waste.
Reserves: Updated Ore Reserves 60% higher than prior estimates.
Strategic location: Positioned in Argentina's lithium triangle to meet surging global lithium demand.
Deployment: Four electric simul-frac fleets in the Permian Basin powered by 200 MW of VoltaGrid electricity.
Technology: Halliburton's ZEUS 6,000-hp all-electric fracturing system integrated with VoltaGrid power systems.
Infrastructure: Expansion of CNG supply to ensure reliable natural gas availability during pipeline interruptions.
Sustainability focus: Reduced emissions and enhanced operational reliability through electrified frac solutions.
Platform creation: New regional natural gas platform Arcius Energy formed by bp (51%) and XRG (49%).
Focus region: Initial operations target Egypt, including Shorouk and North Damietta concessions.
Leadership: Naser Saif Al Yafei appointed CEO; Katerina Papalexandri as CFO.
Strategic goals: Meet growing regional gas demand, enhance Egypt’s energy security, and support economic development.
bp involvement: Plans to acquire a 10% stake in ADNOC’s Ruwais LNG project pending approvals.
Impact in Egypt: bp and partners currently produce 70% of Egypt’s gas, leveraging decades of development expertise.
Transaction value: All-stock acquisition valued at $222 million.
Production impact: Combined production expected to reach 19.4 Mboe/d in Q3 2024.
Operational assets: Lucero contributes 65+ producing wells, 2 DUC wells, and up to 50 drilling locations in the Bakken region.
Shareholder breakdown: Vitesse shareholders to own 80% of the combined company; Lucero shareholders 20%.
Transaction details: Talos sells 30.1% of Talos Mexico to Zamajal, S.A. de C.V. (Grupo Carso and Control Empresarial).
Financials: Talos to receive $49.7M upfront and an additional $33M upon first commercial production, totaling $82.7M.
Ownership: Talos retains 20% of Talos Mexico, which holds 17.4% in the Zama Field.
Additional consideration: $82.9M in contingent cash payments expected after achieving production milestones.
Cooperation agreement: Restricts Control Empresarial from raising its Talos holdings above 25% until December 2025.
Transaction details: Gravity sells its Water Midstream division to Delek Logistics.
Core assets: Extensive network of 200+ miles of pipelines and disposal facilities in the Midland and Williston Basins.
Retained assets: Gravity will keep ownership of its power infrastructure operations.
Growth: Clearlake Capital-backed Gravity became one of the largest disposal operators in Midland.
Kosmos Energy Declines Offer for Tullow Oil
Kosmos Energy confirms it does not intend to make a firm offer for Tullow Oil at this time.
Focused Energy and Amplitude Sign $40M Deal to Advance Laser Fusion Tech
Walmart and Nexamp Accelerate Community Solar Development Across Five States
Natron Energy Announces Appointment of Wendell Brooks as Chief Executive Officer
Pathway Energy Launches Ultra-Negative SAF, Announces Texas Facility
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.
