.svg)
Fervo Energy Secures $255M for Enhanced Geothermal Systems Development
ADNOC Signs 15-Year LNG Sales Agreement with EnBW for Ruwais Project
EU Approves €3 Billion German-Dutch Aid Scheme for Renewable Fuels
Fortera and Sumitomo Partner to Advance Low-Carbon Cement in Asia
Eos Energy Secures $68.3M First Advance from DOE Loan Guarantee
Vermilion Energy Acquires Westbrick Energy for $1.075 Billion
The almost headlines
In case you missed
Funding: $135M corporate equity led by Capricorn’s Technology Impact Fund II; $120M loan facility from Mercuria.
Focus: Develop the world's largest enhanced geothermal systems power development.
Cape Station Project: Fully permitted for up to 2 GW; electricity generation expected by 2026.
Key Investors: Breakthrough Energy Ventures, CalSTRS, and Devon Energy.
Goal: Scale geothermal energy to meet demand for 24/7 carbon-free power and make it globally competitive.
Acquisition: 1,678 acres secured in a Utah BLM auction for geothermal projects.
Planned Projects: Cove Fort 2 to begin exploration in 2025; COD expected in 2027. Cove Fort North to follow.
Portfolio: Ormat operates 1,500 MW globally, including 1,230 MW from geothermal and solar.
Significance: Strengthens Ormat’s U.S. renewable energy growth and supports low-carbon goals.
Agreement: 20-year contract to supply 2 MTPA LNG from Lake Charles LNG project.
Pricing: Indexed to Henry Hub with fixed liquefaction charges.
Facility: Built on an existing regasification site, leveraging Energy Transfer's pipeline network.
Chevron’s View: LNG supports global energy needs and lower carbon ambitions.
IPO Plan: Venture Global LNG has filed for an initial public offering (IPO) on the New York Stock Exchange under the symbol "VG."
Size: The IPO is expected to raise approximately $3 billion, potentially one of the largest global listings in 2025.
Proceeds Usage: Funds will support general business purposes, including operational funding.
Ownership Structure: Post-IPO, co-founders Robert Pender and Michael Sabel will retain over 50% voting power through Venture Global Partners II, LLC.
Financials: Reported revenues of $3.45 billion for the nine months ending September 30, 2024, compared to $6.27 billion in the same period the previous year.
Underwriters: The IPO will be managed by Goldman Sachs, J.P. Morgan, BofA Securities, ING, RBC Capital Markets, Scotiabank, and Mizuho.
Operations: The company operates two LNG facilities in Louisiana, with Plaquemines achieving first LNG production in December 2024.
Market Position: Competes with major U.S. LNG exporters such as Cheniere Energy, Freeport LNG, and Sempra.
Founded: Established 11 years ago, Venture Global has become a leading U.S. natural gas exporter.
Agreement: 15-year commitment to supply 0.6 million tonnes per annum (mtpa) of LNG to EnBW.
Capacity: Ruwais LNG project has a total production capacity of 9.6 mtpa, with over 8 mtpa already contracted to international buyers.
Timeline: Deliveries to commence in 2028, aligning with the project's commercial operation date.
Strategic Relations: Builds on a previous agreement with SEFE Marketing and Trading, reinforcing UAE-Germany energy partnerships.
Energy Goals: Supports the UAE-Germany Energy Security and Industry Accelerator initiative (2022).
Expansion: ADNOC Gas to acquire a 60% stake in the Ruwais project by 2028, boosting LNG production capacity to 15 mtpa.
Impact: Advances sustainable energy supply and decarbonization goals, enhancing ADNOC’s global LNG portfolio.
Ownership: Golar LNG buys out Seatrium and Black & Veatch's minority stakes in FLNG Hilli for $90.2M.
Capacity: Acquired shares represent ~8% of total FLNG capacity; economic interest effective Jan 2025.
Contract Updates: FLNG Hilli’s Cameroon contract ends in 2026; relocation to Argentina for a 20-year deal pending approvals.
Performance: Since 2018, Hilli has delivered 124 LNG cargoes, totaling 8.5M tons.
Impact: Acquisition adds ~$0.5B to Golar’s Adjusted EBITDA backlog.
Transaction Value: $572M for 50% equity stake sold to Energy Capital Partners.
Projects: Two solar farms in Texas and a solar-plus-storage project in Arizona.
Ørsted's Role: Retains 50% ownership and operational control.
Total Proceeds: $1.3B raised, including $734M from a tax equity partner.
Portfolio: Ørsted now has over 6 GW of onshore wind, solar, and battery storage in operation or under construction in the U.S.
Funding: Germany contributes €2.7B; Netherlands €300M to support RFNBO production.
Targets: Construct 1.875 GW of global electrolysis capacity by 2025.
Mechanism: Double auction system links non-EU producers with EU buyers, covering pricing gaps.
Climate Impact: Expected CO2 reduction of up to 5.73M tons.
Compliance: Projects must meet EU criteria for renewable hydrogen and minimal environmental impact.
Technology: Fortera’s ReCarb converts industrial CO2 into high-performance ReAct green cement.
Integration: Compatible with existing cement plants, reducing time and capital costs.
Market: Asia represents 73% of global cement output; initial focus on Japan.
Goal: Address cement’s 8% contribution to global emissions with low-carbon alternatives.
Standards: Meets ASTM requirements; can replace or blend with traditional cement.
Objective: Combine BrainBox AI's autonomous building platform with Trane’s management capabilities.
Technology: BrainBox’s AI reduces energy use by 25% and GHG emissions by 40%.
Impact: Over 14,000 buildings globally use BrainBox AI’s solutions.
Integration: All BrainBox employees join Trane; BrainBox remains operational in Montreal.
Timeline: Deal expected to close in early 2025.
Loan Amount: $68.3M as part of a $303.5M DOE loan guarantee.
Purpose: Expand manufacturing under Project AMAZE at Mon Valley Works.
Progress: Manufacturing line operational since June 2024.
Orders: Recently secured 616 MWh in customer orders; partnered with FlexGen for a 50 GWh market opportunity.
Technology: Focuses on Znyth aqueous zinc battery for long-duration energy storage.
Details: Adds 50,000 boe/d production and 1.1M net acres in the Deep Basin.
Financials: Expected $110M in free cash flow in 2025; acquisition cost $11.70 per boe of PDP reserves.
Production Impact: Pro forma production of 135,000 boe/d post-acquisition.
Strategy: Enhances inventory, reduces debt, and focuses on high-margin assets.
JET Charge Raises AUD72M for EV Infrastructure Expansion
Investment: Led by Mirova, with support from Clean Energy Finance Corporation, RACV, and others.
Venture Global's Plaquemines LNG Begins Production
Achievement: First production reached 30 months after FID; nameplate capacity of 20 MTPA.
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.
