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Good Morning. This is the Sunya Scoop. The newsletter that takes energy transition news and turns it into an easy-to-read email for you.
Here’s what we have for you today:
Frontier buys $48.6 million in carbon removal credits from Stockholm Exergi
Carbonfuture and Swiss Re sign 7-year biochar carbon removal deal
M2X Energy raises $40mm Series B for stranded gas to methanol
Innergex sells minority interest in Texas renewables to Irradiant Partners
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Frontier signs $48.6 million offtake agreements with Stockholm Exergi for a carbon removal retrofit on a biomass-based district heating facility.
The retrofit will remove 800,000 tons of CO₂ per year starting in 2028, with a significant portion going to Frontier buyers.
The retrofit project meets Frontier's principles, including responsible biomass sourcing, community engagement, energy efficiency, and strong regulatory compliance.
Frontier buyers include prominent companies like Stripe, JP Morgan, Alphabet, Shopify, Meta, and McKinsey Sustainability, among others.
Stockholm Exergi's CEO views the agreement with Frontier as a testament to the efficiency and sustainability of their BECCS project.
Carbonfuture and Swiss Re have signed a 7-year contract for a minimum of 70,000 tonnes of biochar carbon removal (BCR) credits.
Swiss Re gains access to multiple carbon removal projects through this partnership, starting with Exomad Green as the key supply partner.
Swiss Re requires independent third-party monitoring, reporting, and verification (MRV) through Carbonfuture MRV+ for all credits.
Exomad Green's Riberalta facility in Bolivia transforms forestry waste into carbon-sequestering biochar, improving soil fertility, supporting Indigenous communities, and reducing deforestation and fire risks.
Swiss Re is gradually increasing the proportion of carbon removal in the certificate mix, aiming for 100% by 2030.
Exomad Green, with operational and upcoming plants, is a leading producer of biochar and supplier of CDR credits, benefiting local communities and contributing to environmental sustainability in Bolivia.
M2X Energy Inc. secured a $40 million Series B financing round led by Conifer Infrastructure Partners
Other participants in the funding round include Breakthrough Energy Ventures (BEV), Eni Next, Add Ventures by SCG, and Autodesk Foundation.
M2X plans to deploy its first commercial systems and deliver low-carbon methanol, including biomethanol, in early 2025.
Conifer Infrastructure Partners Managing Partner Nick Stork (Archaea founder) expressed excitement about M2X's approach to converting emissions into scalable, low-carbon methanol.
Breakthrough Energy Ventures (BEV) praised M2X Energy's modular and mobile solution for capturing stranded methane gas and converting it into low-carbon methanol.
The DOE announces $900 million to accelerate the deployment of Generation III+ (Gen III+) Small Modular Reactor (SMR) technologies.
Funding aims to strengthen America's domestic nuclear industry, support clean energy goals, and create new jobs.
The funding is part of Biden's Investing in America agenda and the Bipartisan Infrastructure Law.
DOE anticipates offering funding in two tiers: First Mover Team Support (up to $800 million) and Fast Follower Deployment Support (up to $100 million).
Funding solicitation is expected in late summer/fall of 2024, with an informational webinar on July 9, 2024, and an Industry Day in August.
Innergex Renewable Energy Inc. announces partnership with Irradiant Partners, LP for the sale of minority interests in its Texas renewable energy portfolio.
Sale includes 49.9% of Phoebe and Griffin Trail facilities, and 22.2% of Foard City facility, for US$188 million (CAN$257 million) equity consideration.
Net proceeds primarily used for repaying existing Foard City and Phoebe project debts and power hedge offtake contract at Phoebe, with the rest for corporate purposes.
Partnership with Irradiant de-risks and enhances Innergex's Texas portfolio, strengthening and de-leveraging its balance sheet.
Innergex retains operating control of the assets, continuing to manage operations with existing teams in place.
Irradiant, a Los Angeles-based private equity firm with over US$12 billion in assets under management, invests in the transaction.
Salesforce joins Frontier, committing $25 million to advance carbon removal technologies and meet 2050 climate goals.
The company partners with Qualitas Energy for a 27MW solar portfolio in Italy, expanding its renewable energy commitment.
Salesforce grants $3.95 million to seven organizations focused on clean energy solutions, aiming for affordability and equity.
The initiatives aim to remove large amounts of CO₂ from the atmosphere, scale clean energy technologies, and support communities economically and environmentally.
Green Plains Announces Updates on ‘Advantage Nebraska’ Carbon Capture Project
Indigo Ag’s Carbon Program to deliver record carbon credits to Microsoft
Sunya Stories podcast - Capturing Carbon with Carbonvert CEO Alex Tiller
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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.
