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ADNOC, PETRONAS and Storegga collaborate on offshore CCS in Malaysia
Chevron builds on CCS portfolio with permit in offshore Australia
ADNOC signs Long-Term HoA with Osaka Gas for Ruwais LNG Project
Natron plans for $1.4 bn sodium-ion battery manufacturing facility in North Carolina
Google announces new collaborations of 24/7 carbon-free energy in the PJM region
NIPSCO’s electric generation continues with completion of third solar project
Avantus and Toyota begin construction of Norton solar project
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Canada Growth Fund and Svante Technologies announced a financing commitment of up to $100 million to accelerate carbon capture projects.
The investment aims to support Svante's commercial carbon capture and removal projects in Canada and the US.
The investment allows Svante to focus on first-of-a-kind deployment opportunities in Canada.
Funding will occur in two tranches, the first $50 million for existing projects and the second tranche will be tied to project-specific requirements.
Svante is constructing a facility in Burnaby, BC, capable of producing filters that capture 10 million tonnes of CO2 annually.
ADNOC, PETRONAS, and Storegga have signed a Joint Study and Development Agreement to collaborate on offshore carbon capture and storage in Malaysia.
The agreement aims to locate and evaluate geological formations for storing at least 5 million tons of carbon dioxide per annum by 2030.
Malaysia has deep saline aquifer reservoirs, providing a significant opportunity to develop a CCS hub in Southeast Asia.
The scope of the study includes CO2 shipping, logistics studies, geophysical modeling, reservoir simulation, and researching containment.
Chevron Corporation has been awarded a greenhouse gas assessment permit offshore Western Australia through its subsidiary Chevron Australia New Ventures Pty Ltd.
The G-18-AP permit covers an area of approximately 8,467 square kilometers with water depths of 50-1100 meters and aims to evaluate a hub for storing third party emissions.
Chevron will operate the permit in a joint venture with Woodside Energy Ltd, holding a 70 percent interest while Woodside holds 30 percent.
Chevron plans to farm down five percent of its equity to GS Caltex of Korea, pending regulatory approvals.
The new permit award complements Chevron's existing greenhouse gas assessment permits and its Gorgon CCS project, which has captured and stored 10 million tonnes of CO2-equivalent.
Ørsted has canceled plans for a European plant to develop green fuels, indicating a pullback from flagship projects aimed at transitioning away from fossil fuels.
Work on the plant in Örnsköldsvik, Sweden began a year ago and was expected to produce around 55,000 tons of e-methanol annually.
Ørsted's CEO Mads Nipper stated the business case deteriorated due to challenges in securing long-term contracts at sustainable prices and rising project costs.
Ørsted’s decision follows a trend seen with companies like Shell and Fortescue, which have halted or scaled back renewable energy initiatives.
Shell last month paused a plant in Rotterdam meant to convert waste to fuel, citing a need to ensure competitiveness amid current market conditions.
The cancellation of the Örnsköldsvik project resulted in an impairment charge of DKr3.2bn in Ørsted’s first half, which also included costs from delayed US offshore wind projects.
Ørsted previously labeled the Örnsköldsvik project as the largest e-methanol initiative under construction in Europe.
NextDecade Corporation announced the withdrawal of its carbon capture and storage application at FERC.
The application was for the proposed CCS project at the Rio Grande LNG facility.
NextDecade requested the termination of the CCS proceeding with FERC.
CEO Matt Schatzman stated the project was not sufficiently developed for continued review.
NextDecade remains committed to advancing and reducing costs associated with carbon capture and storage.
ADNOC has signed a long-term Heads of Agreement with Osaka Gas for LNG delivery of up to 0.8 million metric tonnes per annum.
This marks ADNOC's first long-term LNG deal with Osaka Gas, one of Japan's largest utility companies.
ADNOC has secured LNG sales commitments for 70% of the project's total production capacity, reinforcing its position as a reliable global natural gas supplier.
The LNG will be sourced from ADNOC's lower-carbon Ruwais LNG project, currently under development in Al Ruwais Industrial City, Abu Dhabi.
Commercial operations for the Ruwais LNG project are expected to start in 2028.
Natron Energy plans to build the first sodium-ion battery gigafactory in the United States located in Edgecombe County, North Carolina.
The facility aims to produce 24 GW of sodium-ion batteries annually, scaling up production capacity by 40 times.
The investment totals nearly $1.4 billion and will create over 1,000 high-quality local jobs.
Natron’s sodium-ion batteries boast greater power density, faster recharge rates, and do not require lithium, cobalt, copper, or nickel.
The plant will expand Natron’s commercialization efforts and support multiple end markets including data centers, electric vehicle fast charging, and telecom.
Natron's battery technology allows for 10 times faster cycling than traditional lithium-ion batteries with over 50,000 cycles.
Google announced new collaborations with Energix Renewables and Swift Current Energy to support its goal of 24/7 carbon-free energy in the PJM region, which includes Ohio, Virginia, and Indiana.
Challenges in bringing new clean energy online have arisen due to the supply of new transmission and resources not keeping up with the region's economic growth.
Google is working with Energix Renewables to invest in and purchase power from a 1.5 gigawatt portfolio of new solar projects in the PJM grid over the next three years.
This investment framework will expedite the construction start dates up to 2024.
In collaboration with Swift Current Energy, Google is enabling a 299 megawatt clean energy project called Black Diamond, which requires minimal upgrades to the grid for connection.
Google is also investing in Double Black Diamond, a 593 megawatt solar project that will be the largest in the Midwest Independent System Operator grid system.
These initiatives complement a previously announced partnership with EDPR NA Distributed Generation to create a 500 megawatt community-based solar energy portfolio in Ohio.
NIPSCO announced the completion of its third solar project, Cavalry Solar, which generates 200 megawatts of solar energy with 45 megawatts of battery storage.
Cavalry Solar is located in White County, Indiana, and was developed by Cavalry Energy Center, a subsidiary of NextEra Energy Resources.
Cavalry Solar joins two other solar projects in NIPSCO’s portfolio: Indiana Crossroads Solar and Dunns Bridge I Solar.
Dunns Bridge II Solar is currently under construction and is being developed by another subsidiary of NextEra Energy Resources.
NIPSCO plans to be coal-free by 2028, aiming for a carbon emissions reduction of over 90% by 2030.
Avantus and Toyota Tsusho America have begun construction on the Norton Solar Project in Runnels County, Texas.
The project will involve a capacity of 159 megawatts DC and 125 megawatts AC.
This initiative follows Avantus' sale of the project to TAI in November 2023.
Mitsubishi UFJ Financial Group has provided financing, indicating confidence in renewable energy projects.
Construction management will be overseen by Avantus, with engineering, procurement, and construction services provided by RES.
The Norton Solar Project is expected to start operations in late 2025.
Norton is projected to offset more than 230,000 metric tons of CO2 annually, equivalent to removing over 50,000 gas-powered cars from the road each year.
Norton is Avantus' seventh project developed and sold in Texas, contributing to a portfolio of nearly 2 gigawatts of clean energy in the state.
Avantus is currently developing over 80 projects, totaling more than 46 gigawatts of system capacity for solar and energy storage.
Enterprise Products Partners L.P. has announced an agreement to acquire Piñon Midstream for $950 million in a debt-free transaction.
The acquisition provides Enterprise access to natural gas gathering and treating services in the Delaware Basin.
Piñon Midstream’s assets include 50 miles of pipelines, five compressor stations, and treating facilities with an expansion planned for 2025.
The acquisition supports Enterprise’s entry into a significant natural gas processing region, with potential for future growth.
Piñon Midstream's carbon dioxide sequestration plan has been approved by the Environmental Protection Agency.
The completion of the acquisition is anticipated in the fourth quarter of 2024, pending regulatory approvals and financial arrangements.
Barrio Energy Announces Acquisition of 12MW Data Center in Tyler, TX
Element 1 Corp., TYCROP, and H2 Portable Sign MOU to Advance Hydrogen Power Solutions
Gevo to Supply Renewable Hydrocarbon-Based Low-Carbon Intensity Racing Fuel Blendstock to Shell
Grid Status raises $8mm led by Energize for real-time grid data
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.
