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CRC’s Carbon TerraVault Gets EPA Green Light for CO2 Storage
Constellation Secures $1 Billion in Federal Clean Nuclear Energy Contracts
Xcel Energy’s Monticello Nuclear Plant Gets Green Light for 20-Year Extension
KoBold Metals Scores $537M, Valued at $2.96B in Critical Minerals Push
Kosmos Energy Celebrates First Gas at Greater Tortue Ahmeyim
Pembina Closes $400M Gas Infrastructure Deal and Updates Kaybob, Karr Projects
The almost headlines
In case you missed
Carbon TerraVault received EPA Class VI permits, marking the first U.S. approval for injecting CO2 into depleted oil and gas fields for permanent storage.
The storage site, located at the 26R reservoir in Elk Hills Field, Kern County, can hold 1.46M metric tons/year, with a total capacity of 38M metric tons.
The project supports California's decarbonization goals and CRC's Carbon Management strategy, offering CO2 sequestration services for industrial sources.
The Carbon TerraVault Joint Venture (CRC + Brookfield) focuses on CCS infrastructure in California to aid energy transition efforts.
CRC is exploring additional CCS opportunities while maintaining its responsibly sourced energy production operations.
Equinor reached $3 billion financing for Empire Wind 1, which will supply power to 500,000 New York homes starting in 2027.
The project, with a total investment of $5 billion, spans 15-30 miles southeast of Long Island, connecting 810 MW to NYC’s grid.
Equinor plans to bring in a new partner to optimize project value and manage risk exposure.
The South Brooklyn Marine Terminal transformation employs 1,000+ workers, positioning it as a major U.S. offshore wind hub.
Construction is underway, and the project is expected to generate thousands of jobs and improve U.S. energy security.
Empire Wind 2, the next phase, has a capacity exceeding 1,200 MW, further solidifying Equinor’s renewable energy footprint.
Constellation wins the largest clean energy contract in GSA history: a $1 billion deal to supply power to 13+ government agencies and implement energy-saving upgrades.
A 10-year contract worth $840M will deliver 1M+ MWh annually starting in 2025, emphasizing nuclear energy's role in a carbon-free future.
Agencies supported include the Architect of the Capitol and Department of Veterans’ Affairs across multiple states.
An additional $172M Energy Savings Performance Contract will fund efficiency upgrades at five GSA facilities, including LED lighting, HVAC systems, and electric boilers.
Construction begins this month, lasting 42 months, with upgrades to boost energy efficiency and reduce emissions at federal buildings in Washington, D.C.
The Monticello Nuclear Generating Plant receives a 20-year license extension from the NRC, allowing operations until 2050, pending state approval.
The plant powers 500,000+ homes annually and is a cornerstone of Xcel’s transition to 100% carbon-free electricity.
Together with Prairie Island, Monticello generates nearly 25% of regional electricity, supporting Xcel’s leadership in clean energy and emissions reduction.
The plant remains a major local contributor, serving as Monticello’s largest employer and taxpayer.
Xcel Energy is aligning state regulatory approvals with the federal extension to ensure seamless operations through 2050.
KoBold Metals, the Bill Gates and Jeff Bezos-backed mining start-up, raised $537M in Series C funding, bringing its valuation to $2.96B.
Investors included T. Rowe Price, Durable Capital Partners, Breakthrough Energy Ventures, and Andreessen Horowitz, with new backer StepStone joining the round.
The company, which has raised over $1B to date, uses AI-driven exploration to discover critical minerals like copper, lithium, and nickel.
KoBold’s flagship project: the $2B Mingomba copper deposit in Zambia, forecasted to produce 300,000 tonnes annually starting in the 2030s.
40% of the new capital will go toward developing current projects, with a focus on Zambia. Future expansion includes sites in Finland, Botswana, and potential lithium mining in Canada.
The start-up partners with majors like BHP and Rio Tinto and plans to hire aggressively, adding both geoscientists and data scientists.
First gas achieved at Greater Tortue Ahmeyim LNG project spanning Mauritania and Senegal.
Phase 1 targets 2.3M tonnes/year, with production starting in Q1 2025.
Kosmos Energy emphasizes this milestone for West Africa’s LNG hub ambitions.
Pembina Gas Infrastructure Inc. (PGI) closed its acquisition of a 50% working interest in Whitecap Resources’ Kaybob Complex, effective Dec 31, 2024.
Whitecap signed long-term take-or-pay agreements for PGI’s capacity at Kaybob and K3 facilities, with full utilization expected by Q3 2025, a year ahead of schedule.
PGI committed $400M for Phase 1 of Whitecap’s Lator Infrastructure, with gas volumes slated to flow to Musreau by late 2026/early 2027.
Additional $300M funding approved for Gold Creek and Karr area infrastructure, backed by long-term contracts.
Natural gas liquids from these projects will utilize Pembina’s Peace Pipeline and Redwater Complex, boosting downstream utilization and ethane supply for Dow’s Path2Zero project.
Westlake Backs Graphene Pioneer Universal Matter for Sustainable Innovation
Westlake Innovations, a subsidiary of Westlake Corporation, has invested in Universal Matter, a leader in sustainable graphene production based in Burlington, Ontario.
Accenture to Acquire IQT Group for Net-Zero Push
Accenture will acquire Italy-based IQT Group, bolstering expertise in net-zero infrastructure.
EQT Completes $1.25 Billion Non-Operated Asset Divestiture
EQT Corporation sold its remaining non-operated natural gas assets in Northeast Pennsylvania to Equinor USA Onshore Properties for $1.25 billion in cash, post-closing adjustments.
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.
