Google goes nuclear

Google has signed the first corporate agreement to purchase nuclear energy from multiple small modular reactors to be developed by Kairos Power.
The initial work aims to bring Kairos Power's first SMR online by 2030, with further deployments planned through 2035.
This deal is expected to deliver up to 500 MW of new carbon-free power to U.S. electricity grids.
Google's commitment to advanced nuclear energy aligns with its goals for 24/7 carbon-free energy and net-zero emissions across its global operations.
Kairos Power's molten-salt cooling system and pebble-type fuel allow for an efficient and passively safe reactor operation.
The company has started developing its first commercial plant, having recently initiated construction on its Hermes non-powered demonstration reactor in Tennessee.

JSW Steel, Carbon Clean, and BHP have signed a joint study agreement to explore the implementation of Carbon Clean's CycloneCC technology for steelmaking decarbonisation.
The collaboration aims to capture up to 100,000 tonnes of CO2 emissions per year, marking the largest-scale deployment of CycloneCC in the steel sector.
Indian steel producers are the second largest globally and are expected to double production by 2030, playing a vital role in India's goal of achieving net zero by 2070.
The joint studies are anticipated to conclude in 2026, after which CycloneCC could be installed at JSW Steel’s Vijayanagar site in Karnataka.
The project includes utilisation of captured CO2, with plans for JSW Steel to liquefy captured CO2 for local sales if successful.

Japan Petroleum Exploration Co., Ltd. JAPEX, Idemitsu Kosan Co., Ltd. Idemitsu, and Hokkaido Electric Power Co., Inc. HEPCO signed a contract with Japan Organization for Metals and Energy Security JOGMEC for an engineering design work of CCS in the Tomakomai area.
The Three Companies were selected through a public solicitation for the Request for Proposal on the Engineering Design Work for Advanced CCS Projects in the fiscal year 2024.
The aim is to carry out basic engineering design for the CCS value chain and assess CO2 storage potential at the planned site, targeting project launch by FY2030.
The companies will conduct technical studies on CO2 separation, capture, transport, and storage.

Meta is pledging to contract at least $35 million for carbon removal projects in the coming year.
This pledge is part of the goal to achieve net zero emissions across their value chain by 2030.
The commitment responds to the Carbon Dioxide Removal Purchasing Challenge from the U.S. Department of Energy.
Meta will also support high-quality nature-based and technological carbon removal for any residual emissions they cannot eliminate.
Meta hopes their pledge will motivate others to make similar commitments, scaling the market and reducing costs for carbon removal technologies.

Mitsubishi Heavy Industries announced its investment in Koloma, a startup based in Denver, Colorado, through Mitsubishi Heavy Industries America.
Koloma aims to leverage its unique technology to explore for and harness clean hydrogen from natural underground reservoirs.
MHI regards the building of a hydrogen solution ecosystem as one of its core strategies and aims to accelerate innovation in the hydrogen field through investments.
The investment joins a syndicate of investors including Breakthrough Energy Ventures, Amazon's Climate Pledge Fund, United Airline's Sustainable Flight Fund, and Energy Impact Partners.
Koloma is a geologic hydrogen company that identifies and commercializes geologic hydrogen on a global scale using proprietary data and technology.

Diagram has announced the final close of its ClimateTech Fund at $80 million, exceeding its initial target of $60 million despite a challenging fundraising environment.
The Fund includes notable limited partners such as Sagard, the government of Quebec through Investissement Quebec, Export Development Canada, and various private investors.
Its purpose is to build and invest in companies that create capital-efficient digital solutions to accelerate the global transition to sustainability.
Diagram's venture creation model is utilized to identify market opportunities and reduce early-stage risks through strategic partnerships.
The Fund has launched two ventures: ReliON, a software company for EV charging infrastructure, and Lyteflo, which focuses on electric vehicle sales enablement. ‘

BNP Paribas Asset Management has announced the first close of BNP Paribas European Junior Infrastructure Debt Fund II with 280 million euros of commitments from 8 European and Asian institutional investors.
The fund will follow the successful deployment of its predecessor, which invested more than 300 million euros in various innovative European infrastructure projects.
Junior Infra Debt II aims to support projects that contribute to the energy transition, green mobility, and digital infrastructure.
The fund will focus on investments in major continental European countries, particularly in projects aligned with the energy and digital transition.
The initial investment was made in August to support Enfinity Global Inc in developing 1.5 GW of solar energy assets in Italy.
BNP Paribas Asset Management aims to raise over 750 million euros from institutional investors with an average maturity target of 6 to 8 years.

Ørsted and Salt River Project celebrated the commencement of the Eleven Mile Solar Center in Pinal County.
The project includes a 300 megawatt solar project and a 300MW/1200MWh battery energy storage system.
Eleven Mile Solar Center is SRP's largest co-located solar and battery storage project.
The center will provide power to businesses, homes, and Meta's data center in Mesa, Arizona.
The project can produce enough energy to power 65,000 homes and store 1200 MWh of power daily.

BrightNight has closed a $440 million strategic equity investment from Goldman Sachs Alternatives.
The investment aims to fully fund BrightNight's five-year business plan and advance its 31-gigawatt renewable power project portfolio.
The portfolio includes solar, energy storage, and hybrid solutions.
Global Infrastructure Partners will continue supporting BrightNight with existing capital commitments for project construction needs.
BrightNight has increased its corporate credit facility from $375 million to $400 million.
The credit facility is structured as a Green Loan, aligning with Green Loan principles to support clean energy infrastructure.
BrightNight is a leading renewable integrated power company focused on providing clean power solutions to utility, commercial, and industrial customers.

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.