- Sunya Scoop
- $17 billion of fresh capital
$17 billion of fresh capital
PLUS: Brookfield's $10bn, KKR's $6.4bn, Carnelian's $1bn, CCS pilots in TX and KY, Venture Global-Grain LNG
Svante Technologies Inc. and Delek US Holdings Inc. have been selected by the U.S. Department of Energy (DOE) for a cost-sharing agreement to support a large-scale carbon capture pilot project at Delek's Big Spring refinery in Texas.
The DOE will provide 70% cost-sharing, covering up to $95 million of federal funding for the project's development.
The project aims to capture 145,000 metric tons of CO2 annually from the refinery, equivalent to removing 32,267 gas-powered cars from the road each year.
The project will deploy Svante’s first-of-a-kind commercial-scale solid sorbent-based filter technology for carbon capture.
Svante's plant will be located at Delek US's Big Spring refinery, targeting CO2 emissions from the fluidized catalytic cracking unit and converting them into pipeline-grade CO2 for storage or industrial use.
PPL Corporation and its research partners have been selected for a $72 million research grant from the U.S. Department of Energy's Office of Clean Energy Demonstrations.
The grant supports a carbon dioxide (CO2) capture research and development project, expected to cost over $100 million, at PPL subsidiaries LG&E and KU's Cane Run 7 natural gas station in Louisville, Kentucky.
The project aligns with PPL's strategy to achieve net-zero carbon emissions by 2050 and focuses on scaling carbon capture and sequestration technologies.
The planned 20-megawatt research system aims to capture up to 240 tons of CO2 per day and 90,000 metric tons annually, equivalent to the emissions of 20,000 gasoline cars.
Captured CO2 will be reused and purified by a nearby manufacturer, demonstrating the potential for utility-scale carbon capture on natural gas units.
Collaborators include the University of Kentucky, EPRI, Kentucky State University, Visage Energy, American Welding & Gas, Vogt Power International Inc., Siemens Energy, and Koch Modular Process Systems.
Brookfield Asset Management announced a $10 billion first closing for the second Brookfield Global Transition Fund (BGTF II).
The fund aims to be the world's largest private fund dedicated to investing in the net zero economy, surpassing its predecessor's size.
BGTF II is co-led by Mark Carney and Connor Teskey and focuses on accelerating the global transition to a net zero economy.
The strategy includes investing in clean energy expansion, sustainable solutions acceleration, and transforming carbon-intensive sectors.
BGTF II's seed portfolio features a UK onshore renewables developer and a solar development partnership in India.
Brookfield aims to raise more for BGTF II than the previous fund, which closed at $15 billion in June 2022, and sees a significant acceleration in transition opportunities globally.
BGTF I's capital has been largely deployed in renewable power, business transformation, carbon capture and storage, renewable natural gas, and nuclear services, aiming to exceed the annual emissions of New York City, London, and Toronto in avoided emissions.
KKR & Co raised $6.4 billion for the largest infrastructure fund focused on the Asia Pacific region.
The fund aims to invest in infrastructure and energy across the Asia Pacific, a region accounting for more than 60% of global growth.
The need for new infrastructure and sustainable energy in Asia Pacific is driven by factors like rising domestic consumption, rapid urbanization, and a growing middle class.
The fund received support from a diverse group of global investors, including public and corporate pensions, sovereign wealth funds, insurance companies, endowment funds, and asset managers.
Investment sectors for the fund include renewables, power and utilities, water and wastewater, digital infrastructure, and transportation.
Over half of the fund's capital has already been invested or committed to around 10 investments.
KKR's infrastructure and energy investments are part of a broader trend of increasing mergers and acquisitions in these sectors globally.
Since establishing its global infrastructure strategy in 2008, KKR now manages $56 billion in assets across more than 80 infrastructure investments worldwide.
In Asia Pacific, KKR has grown its assets under management to approximately $13 billion since 2019.
In 2021, KKR raised $3.9 billion for its first Asia Pacific-dedicated infrastructure fund, which was the largest of its kind at the time.
Carnelian Energy Capital Management, L.P. closed its fifth fund, Carnelian Energy Capital V, L.P., at its hard cap of $975 million in limited partner capital commitments in a single closing.
Carnelian, based in Houston and founded in 2015, focuses on private equity funds for the North American energy sector.
Since its inception, Carnelian has raised about $4 billion in cumulative capital commitments and has partnered with 32 portfolio companies.
The firm's strategy emphasizes a nimble and opportunistic approach to energy investing, maintaining partnerships with repeat management teams and seeking new partnerships with top-tier entrepreneurs.
Management teams seeing today’s news:
Watershed announced a $100mm Series C funding round, valuing the company at $1.8 billion, making it the most valuable climate software company globally.
The funding round was led by Greenoaks, with participation from existing investors including Kleiner Perkins, Sequoia Capital, Elad Gil, Emerson Collective, Galvanize, Neo and others.
With the new funding, Watershed plans to enhance its climate programs for leading companies and increase its investment in Europe.
Watershed's platform supports major companies like General Mills, Carlyle, and BBVA, and has expanded its ecosystem through acquisitions and new product launches.
Venture Global LNG and Grain LNG have announced a long-term terminal use agreement for LNG regasification and sale from Venture Global's Louisiana terminals, including CP2 LNG, starting in 2029 for 16 years.
The agreement provides Venture Global access to 3 million tonnes per annum (MTPA) of LNG storage and regasification capacity at the Isle of Grain, equating to up to 5% of the UK's average gas demand.
This deal marks the second outcome from Grain LNG's competitive auction launched in September 2023, securing the future of Europe's largest LNG import terminal into the mid-2040s.
Grain LNG is expanding to meet about one-third of the UK's gas demand, enhancing its role as a major gateway to the UK and European energy markets amidst rising LNG imports in Europe.
Venture Global's investment will reinforce its position as a strategic supplier to Europe, offering flexibility and significant volumes from its projects: Calcasieu Pass, Plaquemines LNG, and CP2 LNG.
Approximately 75% of Venture Global's LNG cargoes have been exported to Europe, highlighting its critical role in diversifying Europe's energy sources.
Thursday’s edition - covered Generate’s $1.5 billion raise
BP will be "pragmatic" about the energy transition, says new CEO Murray Auchincloss | #OOTT $BP
— Javier Blas (@JavierBlas)
Feb 6, 2024
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