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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:
Exxon to supply SK On with US-produced lithium for EV batteries
Brookfield and ALTÉRRA launch energy transition fund targeting $5bn raise
EnCap-backed XCL Resources sells to SM Energy and NOG for $2.55 billion
Recurrent finalizes $103mm tax credit transfer with BoA for Oklahoma solar
Sumitomo makes tax equity investment in US solar and storage
NorSun to develop $620 mm solar wafer manufacturing project in Oklahoma
The almost headlines
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Shell has finalized investment decisions for two major carbon capture and storage (CCS) projects in Alberta, Canada.
The Polaris project at Scotford aims to capture approximately 650,000 tonnes of CO2 annually from Shell's refinery and chemicals complex.
Shell also announced the Atlas Carbon Storage Hub in partnership with ATCO EnPower, providing permanent underground storage for CO2 captured by Polaris.
These projects are integral to Shell's strategy to reduce emissions, contributing to global climate goals outlined in the Paris Agreement.
Operations for both Polaris and Atlas are scheduled to commence by the end of 2028, building on the success of the Quest CCS facility at Scotford.
Shell's broader investment plan includes $10-$15 billion across 2023-2025 to advance low-carbon energy solutions such as e-mobility, renewable power, hydrogen, and CCS.
ExxonMobil and SK On sign MOU for U.S.-produced Mobil™ Lithium supply
SK On seeks up to 100,000 metric tons of lithium from ExxonMobil for U.S. EV battery manufacturing
Agreement aims to bolster domestic EV supply chains and ensure lithium sourcing within the U.S.
ExxonMobil's Arkansas project to extract lithium from saltwater deposits using Direct Lithium Extraction (DLE) technology
Project supports ExxonMobil's goal to supply lithium for one million EV batteries annually by 2030
SK On plans to integrate Mobil™ Lithium into U.S. operations, supporting expansion of EV battery production capacity
Lilac Solutions launches fourth-generation ion exchange (IX) technology for lithium extraction
New technology achieves high lithium recoveries (80% to 98%) across various brine concentrations
Advances in technology allow for significant reduction in freshwater use, up to 10 times less than conventional methods
Lilac's innovation expands lithium extraction potential from low-grade brines, including US and European sources
Company scales bead manufacturing in Nevada to support global deployment of new technology
Brookfield and ALTÉRRA launched the Catalytic Transition Fund (CTF) to boost climate finance in emerging markets.
ALTÉRRA committed $1 billion to the CTF, targeting a total capital raise of up to $5 billion.
First close of the fund expected by the end of 2024, aiming to attract private investments for clean energy in underserved regions.
Focus on deploying capital in South and Central America, South and Southeast Asia, the Middle East, and Eastern Europe.
Goal to address the imbalance in global clean energy investments, particularly in developing countries with high emissions.
ALTÉRRA plans to deploy $30 billion in climate investments by 2030, aiming to catalyze $250 billion with partners.
SM Energy has announced a $2.0 billion acquisition of Uinta Basin oil and gas assets from entities affiliated with XCL Resources, LLC, backed by EnCap Investments L.P. and Rice Investment Group.
Northern Oil and Gas, Inc. will acquire a 20% interest for $510 million, resulting in a net purchase price of $2.04 billion for SM Energy.
The acquisition includes approximately 37,200 net acres (99% operated), expanding SM Energy’s core net acreage by about 14%.
Expected to increase SM Energy’s 2025 estimated net production to around 195,000 boepd, with crude oil comprising over 50% of the mix.
Adds approximately 390 net locations, extending the Company’s inventory life by over 2 years to more than 12 years.
SM Energy plans to finance the acquisition through a mix of debt and cash, supported by a $1.2 billion 364-day unsecured bridge facility from J.P. Morgan, Bank of America, and Wells Fargo.
Recurrent Energy, a subsidiary of Canadian Solar, finalizes a $103 million tax credit transfer agreement with Bank of America for its North Fork Solar Project in Oklahoma.
The 160 MW solar project, operational southwest of Oklahoma City, supplies 100% of its energy output to the Oklahoma Municipal Power Authority (OMPA) under a 15-year agreement.
This marks Recurrent Energy's first production tax credit (PTC) transaction and tax credit transfer, facilitating quicker access to funding through Bank of America.
Sumitomo Corporation of Americas makes tax equity investment in solar PV and battery storage projects led by Pacifico Power
Investment includes six projects totaling 27 MW of solar PV and 25 MWh of battery storage in Massachusetts and California
Projects support approximately 4,000 U.S. households and aim to enhance sustainability and grid reliability
Massachusetts projects under SMART program provide renewable energy access and discounted rates to low-income communities
California projects focus on integrating renewable energy into corporate sustainability strategies for commercial and industrial customers
Sumitomo aims to expand community solar business model globally, promoting renewable energy access and reducing carbon emissions
NorSun plans a $620 million investment in Tulsa, Oklahoma, for its first U.S.-based solar wafer manufacturing facility
Project facilitated by the Oklahoma Department of Commerce and Tulsa Airports Improvement Trust, creating 320 new direct jobs
Facility aims to produce 5 GW of silicon ingots and solar wafers annually, supporting U.S. solar cell and panel manufacturers
Construction expected to start in late 2024, with production slated to begin in 2026
Expansion potential to increase production capacity up to 10 GW, enhancing domestic solar supply chain capabilities
Rondo Energy secures €75 million funding for three industrial decarbonization projects across Europe through Breakthrough Energy Catalyst and the European Investment Bank.
The projects aim to deploy Rondo Heat Battery installations, converting intermittent renewable energy into continuous, high-temperature heat and power for food, clean fuel, and chemical production.
Covestro in Northern Germany will utilize an RHB100 to supply continuous steam from intermittent renewables, advancing circularity and decarbonization goals.
In Denmark's GreenLab, Rondo will establish a clean utilities core using an RHB100 to provide green heat and power, reducing energy waste and CO2 emissions across multiple industries.
A third project, focused on decarbonizing food and beverage production, will integrate on-site and off-site solar energy to achieve deep decarbonization.
Galvanize Climate Solutions’ Real Estate Strategy Acquires Second Asset
AES Partners with AI Fund to Accelerate AI-Driven Energy Solutions
Sunya Stories podcast - Capturing Carbon with Carbonvert CEO Alex Tiller
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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.
