Good Morning. This is the Sunya Scoop. The newsletter that takes energy transition news and turns it into an easy-to-read email for you.

Here’s what we have for you today:

• Microsoft buys 8 million carbon removal credits from BTG Pactual TIG

• Ocean carbon removal startup, Running Tide, shuts down

• Piñon secures EPA approval for CCS operations in New Mexico

• Archaea and Republic Services opens first RNG plant in JV

• McDermott to work with Abraxas Power for green hydrogen and ammonia in Canada

• Tiger Infrastructure Partners acquires Unison focused on microgrid power generation

• EverGen Power and Strategic Value Partners partner to invest in power assets

• Mountain Valley Pipeline begins operations

• P66 sells 25% interest in Rockies Express to Tallgrass

• The almost headlines

• In case you missed

• Tweet of the week

Microsoft buys 8 million carbon removal credits from BTG Pactual TIG

• BTG Pactual Timberland Investment Group (TIG) providing Microsoft with 8 million carbon removal credits

• Largest carbon dioxide removal credit transaction to date, per MSCI Carbon Markets data

• Credits from TIG's $1 billion reforestation and restoration strategy in Latin America

• Focus on conservation, restoration, and planting in Latin America, including the biodiverse Cerrado biome

• TIG's strategy aims to protect and restore 135,000 hectares of natural forests and plant millions of trees on degraded land

• Microsoft's commitment aligns with their goal to be carbon negative by 2030 and remove historical emissions by 2050

Ocean carbon removal startup, Running Tide, shuts down

• Running Tide, a Portland-based startup focused on ocean carbon-removal technology, shut down and laid off all its staff due to the collapse in the voluntary carbon market.

• The company had raised over $50 million in private investment since its founding in 2017.

• The CEO cited the shrinking carbon market as the reason for the shutdown, noting a significant decline in demand over the last nine months.

• Running Tide's technologies included deploying materials in the ocean to capture carbon, monitoring environmental impacts with sensors, and operating an oyster hatchery.

• The company faced challenges in scaling up without sufficient government support and investment.

• Partnerships with major clients like Microsoft and Shopify could not sustain the company

Piñon secures EPA approval for CCS operations in New Mexico

• Piñon Midstream receives EPA approval for its MRV plan for carbon capture and sequestration at Dark Horse Treating Facility

• Dark Horse Treating Facility is the largest AGI system in New Mexico, with two AGI wells reaching depths of approximately 18,000 feet

• AGI wells permitted for 20 MMcf/d of CO2 and H2S injection, providing sequestration redundancy for Delaware Basin operators

• Approved MRV plan satisfies requirements for 45Q tax credit eligibility

• Piñon sequestered ~100,000 MT of CO2 in 2023 and expects to sequester over 190,000 MT of CO2 and 90,000 MT of H2S over the next twelve months

Archaea and Republic Services opens first RNG plant in JV

• Archaea Energy and Republic Services partnership celebrates first RNG plant in Lightning Renewables joint venture

• Lightning Renewables aims to bring about 40 landfill gas-to-RNG plants online in the coming years

• Fort Wayne plant is the largest Archaea Modular Design in Indiana, processing up to 6,400 scfm of landfill gas

• AMD allows for faster plant builds with standardized modular design, converting landfill gas into RNG for local air quality benefits

• BP, through Archaea Energy, is now the largest RNG producer in the US, supporting decarbonization goals

• Lightning Renewables projects support Republic Services' sustainability goal to reuse 50% more biogas by 2030

McDermott to work with Abraxas Power for green hydrogen and ammonia in Canada

• McDermott awarded Early Contractor Involvement (ECI) agreement by Abraxas Power for Canada’s first commercial green hydrogen and ammonia production facility

• Project located in Central Newfoundland includes development of 530-turbine wind farm and 150 MW solar photo voltaic (PV) capacity

• Facility to generate 3.5 GW of electricity, produce 165kta of hydrogen, and 5000 metric tons per day of ammonia

• Scope includes front-end engineering design (FEED), engineering, procurement, and construction (EPC) planning services for hydrogen and ammonia production

Tiger Infrastructure Partners acquires Unison focused on microgrid power generation

• Tiger Infrastructure Partners acquires Unison Energy LLC, a fully-integrated Energy-as-a-Service (EaaS) platform

• Unison provides behind-the-meter microgrid solutions for power, heating, and cooling to various end-markets in North America

• Growth capital investment is the last of nine platform investments for Tiger Infrastructure Partners Fund III

• Unison owns and operates ~30 projects across essential end-markets with long-term, fixed-price contracts and no commodity exposure

EverGen Power and Strategic Value Partners partner to invest in power assets

• EverGen Power and Strategic Value Partners form a strategic partnership to invest in and manage power assets across North America

• Focus on investments in power generation assets and renewable opportunities in deregulated markets

• EverGen team led by Dave Freysinger and Darren Olagues, with over 50 years of experience in North American power infrastructure

• SVP team led by Ari Barz, with deep investing expertise in real asset sectors and $3 billion invested in power assets since 2001

• Plan to acquire and manage generation assets filling critical reliability role in competitive power markets

Mountain Valley Pipeline begins operations

• Mountain Valley Pipeline (MVP) begins operations after meeting legal and regulatory requirements

• Available for interruptible or short-term firm transportation service until long-term capacity starts on July 1, 2024

• MVP spans 303 miles across West Virginia and Virginia, designed to serve local distribution companies, industrial users, and power generation facilities

• Pipeline can carry up to 2 Bcf of natural gas per day from Marcellus and Utica shale regions to mid-Atlantic and Southeast markets

P66 sells 25% interest in Rockies Express to Tallgrass

• Phillips 66 sells 25% equity interest in Rockies Express Pipeline to Tallgrass Energy subsidiary

• Transaction valued at approximately $1.275 billion, generating $685 million in pre-tax cash proceeds for Phillips 66

• Tallgrass Energy will own 100% of the common equity interest in REX after the sale

• Rockies Express Pipeline is a significant natural gas pipeline system in the US, providing bi-directional transportation service between Rockies, Appalachia, and northeastern US

• Hitachi Energy to invest additional $4.5 billion by 2027 to accelerate the clean energy transition

• Project Canary and Tachyus Announce Partnership

• WeaveGrid and Emporia Energy Partner to Simplify Smart EV Charging and Drive EV Adoption

• Sunya Stories podcast - Capturing Carbon with Carbonvert CEO Alex Tiller

• You can subscribe via Spotify or Apple Podcasts as well.

• Sunya Stories podcast with Steve Trauber

• Sunya Stories podcast with Chesapeake’s Jim Grant

• Last Thursday’s edition - Anew delivers Microsoft a million

Wild stat!

RBC: "Increasingly, we are hearing about 1GW datacenters, which according to Constellation Energy, could cost ~$7-$10 billion to build and potentially another ~$20 billion to populate the facility with chips, power infrastructure, and other electrical equipment." x.com/i/web/status/1…

— Shanu Mathew (@ShanuMathew93)
2:06 PM • Jun 17, 2024

Tweet of the week

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.