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Marubeni and Ozona strike joint development agreement for CCS in South Texas
UNDO signs enhanced rock weathering carbon removal deal with Microsoft
TPG announces initial $1.25 billion for Global South Initiative, anchored by ALTÉRRA
Climate Asset Management raises over $1 billion for nature based carbon projects
Oklo finalizes agreement with DOE to advance to next phase of siting
BKV Corporation announces pricing of Initial Public Offering
Vickery Energy Partners gets backed by Quantum Capital Group
Chesapeake and Southwestern to close in Oct and renamed to Expand Energy
The almost headlines
In case you missed
Marubeni Corporation has entered into an agreement to acquire a 50% interest in a carbon dioxide capture and storage project in Texas, funded by Ozona CCS.
The project aims to capture CO2 emissions from several gas production and processing plants in southern Texas and store it in saline aquifers located 2 to 3 kilometers underground.
Marubeni, which has experience in the upstream shale oil and gas sector in Texas, will combine its capabilities with Ozona's to develop the project, targeting a final investment decision by the first half of 2025 and commercial operations by 2026.
Marubeni's mid-term management strategy aims to strengthen green businesses and promote decarbonization globally, positioning CCS as a critical technology for carbon neutrality.
Ozona CCS, established in 2021, is based in San Antonio, Texas, and specializes in the development and operation of CCS projects.
New Frontier Markets, a climate technology firm, has launched a voluntary carbon marketplace and partnered with OPIS, a Dow Jones Company, to enhance price transparency in the carbon offset market.
The partnership will focus on engineered carbon credits, including carbon capture, utilization and sequestration, direct air capture, and methane abatement.
NFM's marketplace aims to connect buyers with high-quality carbon project developers for seamless carbon offset transactions.
The collaboration with OPIS will provide carbon credit benchmarks and market intelligence, fostering fair-value trading and confident decision-making.
NFM specializes in engineered climate solutions and ensures that credits marketed are rigorously verified by recognized registries.
Eion has signed a deal to deliver 8,000 tons of permanent CO2 removal to Microsoft over five years using enhanced rock weathering.
The contract will involve deploying olivine on farmland after the fall harvest with verification through a direct measurement approach.
Eion announced it has raised $3 million in Series A extension funding from various partners to accelerate commercialization efforts.
This funding will help Eion build commercial traction, fulfill new contracts, and invest in research and development.
UNDO has signed a follow-on deal with Microsoft to remove 15,000 tonnes of carbon dioxide from the atmosphere.
UNDO’s commercial relationship with Microsoft began in 2023 with a contract to remove 5,000 tonnes of CO₂ by spreading 25,000 tonnes of basalt in the UK.
The new agreement increases the scale significantly, spreading 65,000 tonnes of crushed silicate rock across the UK and Canada.
TPG Rise Climate announced $1.25 billion in capital commitments for its Global South Initiative.
The initiative, launched in partnership with ALTÉRRA, aims to attract institutional capital for growth climate opportunities in the Global South.
TPG and ALTÉRRA are joined by a diverse group of institutional investors from Asia and North America for the initiative.
The $1.25 billion commitment includes funding from ALTÉRRA’s $5 billion Transformation Fund, which promotes investment in underserved markets.
TPG has invested over $4 bn in climate companies in the Global South and has a portfolio that supports ecotourism, renewable power, and EV adoption.
ALTÉRRA is the world’s largest private investment vehicle for climate finance and aims to mobilize $250 billion globally by 2030.
Climate Asset Management(CAM) has announced the final close of its Natural Capital Fund and Nature Based Carbon Fund, raising over $1 billion for natural capital projects.
This fundraising effort has been supported by significant project deployments aiming to enhance more than two million hectares of global landscapes.
CAM operates as a joint venture between HSBC Asset Management and Pollination, focusing on natural capital asset management.
The Nature Based Carbon Fund focuses on generating high quality carbon credits from large-scale landscape restoration and conservation projects in developing economies.
Significant projects funded include a major macadamia orchard in Australia, sustainable forestry in New Zealand, and almond and pistachio farms in Spain and Portugal.
Dandelion Energy has closed a $40M Series C funding round led by GV supported by Collaborative Fund, LenX, Breakthrough Energy Ventures, and NGP.
The funding will support nationwide expansion of Dandelion's heat pump technology and services.
The company targets multifamily developers and home builders with innovative geothermal solutions.
This funding follows a previous Series B1 round of $70M completed in 2022.
Dandelion Energy focuses on making geothermal systems accessible and affordable for homeowners and builders.
Cyclic Materials has successfully closed an oversubscribed USD $53 million Series B funding round.
The funding was led by ArcTern Ventures and included new investors such as BDC Capital’s Climate Tech Fund, Hitachi Ventures, Zero Infinity Partners, Climate Investment, and Microsoft’s Climate Innovation Fund.
Existing investors that participated include Fifth Wall, BMW i Ventures, Energy Impact Partners, and Planetary Technologies.
This round brings the company’s total equity raised to over USD $83 million to accelerate its international growth.
The funds will be used to build rare earth recycling infrastructure in the US and Europe and to expand the team for operational support.
David Energy has raised $23 million in funding to transform the retail energy market and create a clean energy grid.
The funding round was led by Cathay Innovation with participation from several prior investors.
David Energy is developing a distributed network of devices that can respond to the fluctuations of clean energy generation in real time.
Their commercial business has expanded significantly, now serving over 1,000 locations and growing 198% year-over-year.
A residential offering was also introduced, providing EV and battery owners with better return on investment and control.
Recent funding will support expansion across the Northeast and Mid-Atlantic regions.
AIR COMPANY has raised $69 million in Series B funding to advance its carbon utilization technology and produce sustainable aviation fuels.
Avfuel, a leading aviation fuel supplier, led the funding round and will provide distribution and logistics support.
Other participants include Lowercarbon Capital, IQT, Alaska Airlines, and existing investors like JetBlue Ventures and Toyota Ventures.
The investment will enhance AIR COMPANY's engineering and R&D capabilities to meet growing demand for clean fuels.
AIR COMPANY produces sustainable aviation fuel from carbon dioxide, compatible with existing aircraft systems.
Sage Geosystems, Inc. and California Resources Corporation announced a MOU to collaborate on subsurface energy storage and geothermal power generation projects in California.
The collaboration focuses on next-generation geopressured geothermal technology to enhance the reliability of California's power grid.
The Air Force awarded its first contract to explore whether a power plant using Geopressured Geothermal Systems can generate clean energy for energy resilience at bases.
Sage Geosystems, Inc. received a $1.9 million grant matched by an additional $1.9 million from the company for the project.
Sage will construct the system at an off-site test well in Starr County, Texas, in 2025 making it the first GGS in the world to generate electricity.
GGS uses advanced fracking technology to extract thermal energy from deep underground, unlike traditional geothermal methods.
A potential project at Ellington Field Joint Air Reserve Base in Houston could revolutionize clean power plants to meet energy needs of Air Force installations.
Oklo Inc. finalized a Memorandum of Agreement with the U.S. Department of Energy to conduct site investigations in Idaho.
This MOA is a significant step toward site preparation and construction for Oklo's advanced fission power plant.
Oklo holds a unique position as the only advanced fission company with a Department of Energy site use permit.
The upcoming site investigations will focus on geotechnical assessments, environmental surveys, and infrastructure planning.
BKV Corporation announced the pricing of its initial public offering of 15,000,000 shares at $18.00 per share.
The underwriters have a 30-day option to purchase an additional 2,250,000 shares at the same price.
The shares will start trading on the New York Stock Exchange on September 26, 2024 under the ticker symbol "BKV."
Quantum Capital Group and Vickery Energy Partners, LLC announced their partnership to form Vickery.
Ft Worth-based Vickery will focus on acquiring and developing oil and gas assets across North America, starting with the Appalachian Basin.
The company is led by former Tug Hill executives Sean Willis as President and CEO and Daniel Rowe as CFO.
Quantum previously sold Tug Hill and XcL Midstream’s assets in the Appalachian Basin to EQT Corporation for around $5 billion.
Chesapeake Energy Corporation and Southwestern Energy Company announced their merger is expected to close in the first week of October.
The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired.
The combined company will be rebranded as Expand Energy Corporation.
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.
