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Morgan Stanley partners with Climeworks to remove 40,000 tons of CO₂
Carbon Ridge closes $9.5mm for decarbonization of the maritime shipping industry
KKR invests in Enilive to accelerate sustainable mobility and the energy transition
Pine Gate Renewables closes $288mm financing with Blackstone Credit & Insurance
EQT achieves its Net Zero Scope 1 and Scope 2 emissions target
LongPath Technologies finalizes $162.4mm DOE loan for methane monitoring
MetOx secures $80mm in DOE funding for advanced HTS wire manufacturing facility
Dept. of Treasury releases final rules for Advanced Manufacturing Production Credit
The almost headlines
In case you missed
Climeworks and Morgan Stanley signed an agreement to permanently remove 40,000 tons of CO₂ from the atmosphere.
The partnership, lasting until 2037, is Climeworks’ second-largest contract to date and will accelerate its technology scale-up in the U.S.
This is Morgan Stanley’s first purchase of Direct Air Capture credits, reflecting the financial institution’s commitment to support new climate technology.
The partnership will help Morgan Stanley achieve its ambition of net-zero financed emissions by 2050 and mobilize USD 1 trillion in sustainable finance by 2030.
Ebb Carbon has signed a deal with Microsoft to remove up to 350,000 tonnes of CO2 over the next decade.
The removal will utilize Ebb Carbon's Electrochemical Ocean Alkalinity Enhancement technology.
An initial delivery of 1,333 tons of CO2 removal is scheduled, with options for additional purchase.
Ebb Carbon will use Isometric’s new OAE protocol for measuring and verifying CO2 removals.
Microsoft aims to be carbon negative by 2030 and is leveraging its purchasing power to support climate solutions.
ION Clean Energy and Koch Engineered Solutions have expanded their partnership for post-combustion carbon capture projects.
This expansion follows a successful collaboration initiated in 2022 and aims to enhance technology-advantaged, affordable carbon capture solutions.
The partnership combines ION's industry-leading capture technology with Koch-Glitsch's proprietary mass transfer process and separation equipment.
Koch-Glitsch will incorporate proprietary equipment into ION capture projects to optimize processes and maximize performance.
The collaboration aims to streamline the equipment supply chain, allowing for improved project design and cost estimation.
Cool Planet Technologies has raised €23.7 million in a Series A2 funding round.
The investment validates the appeal of Cool Planet's low-energy and low-cost membrane-based carbon capture solution.
The funding round was led by Taranis Carbon Ventures, with participation from CRH Ventures, BlueScopeX, and existing investors Eni Next, NEVA SGR, and Audacy Ventures.
This funding will help Cool Planet enhance its carbon capture solutions for industrial emissions and complete technology demonstrations.
A manufacturing facility for membrane production will also be built with these funds.
Carbon Ridge has secured $9.5 million in funding, increasing its total funding to $15.5 million.
The funding round was led by Crosscut Ventures and Western Technology Investment, with participation from various investors.
The investment will help advance the commercial demonstration of its patent-pending onboard carbon capture and storage solution.
Carbon Ridge's technology uses a novel reactor that reduces the carbon capture footprint by 75% compared to traditional methods while maintaining low energy consumption.
The onboard carbon capture technology eliminates over 99.9% of particulate matter, NOx, and SOx emissions.
This solution is approximately five times more cost-effective compared to alternative fuels like methanol and ammonia.
KKR has announced the acquisition of a 25% stake in Enilive, which is Eni's mobility transformation company.
The acquisition focuses on biorefining, biomethane production, and smart mobility solutions.
KKR views this investment as an alignment with its strategy to support transformative energy projects in Europe.
Enilive operates more than 5,000 stations across Europe, offering various energy products and mobility services.
The company plans to increase its biorefining capacity to over 5 million tonnes per year by 2030.
Enilive's offerings include various biofuels and support services like electric vehicle recharging and cafes.
The company is also involved in biogas conversion projects and has several new initiatives underway in Italy and abroad.
Pine Gate Renewables announced the closing of a $288 million preferred equity investment with Blackstone Credit & Insurance.
The investment supports six solar projects across two states totaling 780 MWdc.
All projects are backed by corporate offtake agreements.
The company has more than 100 solar facilities and over 30 GW of projects in development.
EQT Corporation has achieved net zero Scope 1 and Scope 2 greenhouse gas emissions ahead of its 2025 goal.
This makes EQT the first traditional energy producer of scale worldwide to reach this net zero status.
The achievement includes all of EQT's upstream operations, including recently acquired assets which increased emissions relative to the starting point.
Pneumatic devices were replaced or retrofitted, leading to a reduction of approximately 300,000 MT CO2e annually.
The electrification of frac fleets replaced diesel fleets with electric ones, reducing carbon emissions by an estimated 35,000-50,000 MT CO2e annually.
The "combo-development" approach improved drilling operations by approximately 30% and significantly reduced emissions.
Emissions control devices were installed on acquired Alta Resources assets, eliminating around 35,000 MT CO2e of GHG emissions.
A methane monitoring network was established to enhance identification and remediation of fugitive methane emissions.
Local carbon offset projects developed in partnership with West Virginia aim to offset remaining GHG emissions through nature-based solutions.
LongPath Technologies has finalized a $162.4 million loan from the U.S. Department of Energy's Loan Programs Office.
This funding will expedite the deployment of LongPath's nationwide methane emissions monitoring network.
The network aims to revolutionize emissions monitoring across major U.S. oil and gas production regions including California, Colorado, New Mexico, North Dakota, Oklahoma, Pennsylvania, Texas, Utah, and Wyoming.
LongPath is rooted in Nobel Prize-winning optical frequency comb technology and is a commercial spinout from ARPA-E’s MONITOR award to Dr. Gregory Rieker’s lab at the University of Colorado, Boulder.
The company received foundational support from ARPA-E's ScaleUP awards and is now bolstered by the DOE LPO funding.
The plan includes installing over 1,000 advanced laser-based methane sensing nodes across 24,000 square miles to monitor tens of thousands of facilities.
MetOx International, Inc. has been selected for $80 million in DOE funding to build a manufacturing facility in the southeastern United States.
The construction of the facility, named Project Arch, is scheduled to begin in 2025 and will be the first large-scale HTS wire production facility in the country.
This project aims to enhance domestic capacity and support critical infrastructure for the clean energy transition.
Project Arch will enable the expansion of the U.S. power grid and facilitate the adoption of renewable energy and electric vehicle charging networks.
The U.S. Department of the Treasury and the IRS released final rules for the Advanced Manufacturing Production Credit to boost clean energy manufacturing.
The Advanced Manufacturing Production Credit has led to over $126 billion in clean energy manufacturing investments in the last two years.
The final rules aim to enhance U.S. production of solar and wind components, batteries, energy storage, and critical minerals.
Taxpayers can now include material and extraction costs in production costs for critical minerals, encouraging investment in U.S. critical mineral extraction and processing.
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.
