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.
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It’s concerning how many grown men are in my inbox asking for free swag.
Don’t worry - we’ll do another one of these later in the year.
The winners of the Sunya hat giveaway are:
Grayson Perry at Woodside Energy
Ian Keneally at Stakeholder Midstream
CapturePoint LLC announced updated agreements with Energy Transfer LP for a carbon capture and storage project in Louisiana.
The agreements consist of a revised Letter of Intent (LOI) and a definitive CO2 Offtake Agreement for Energy Transfer’s Haynesville natural gas treating facilities.
The agreements support the joint development of the Central Louisiana Regional Carbon Storage Hub (CENLA Hub), aimed at permanently storing CO2 underground.
The agreements grant Energy Transfer the right to participate in a joint venture owning and operating the CENLA Hub.
The project plans to capture and store up to two million tons of CO2 annually at the CENLA Hub.
CapturePoint is also exploring additional collaborations for CO2 capture from other Energy Transfer facilities in Louisiana.
Louisiana Department of Natural Resources is reviewing permit applications for Class VI CO2 injection sites at CENLA Hub in Vernon and Rapides Parishes.
CapturePoint is focused on developing regional deep underground storage hubs across multiple states, including ongoing projects in Colorado, Oklahoma, and Texas.
Standard Lithium and Equinor have formed a partnership to develop lithium projects in South West Arkansas and East Texas.
Equinor will invest up to $160 million, securing a 45% interest in two special purpose entities created with Standard Lithium.
The partnership aims to advance sustainable lithium production in the United States.
Transaction details include a $30 million initial cash payment from Equinor to Standard Lithium and commitments to fund further development:
Equinor will cover the first $40 million of development costs at the South West Arkansas project.
Equinor will also fund the first $20 million in exploration and development at the East Texas properties.
Post initial investments, subsequent capital expenditures will be funded proportionately by both parties.
Standard Lithium will receive up to $70 million in milestone payments, contingent upon both parties making final investment decisions.
Standard Lithium retains a 55% stake and operatorship of both projects.
EnCap Energy Transition has closed its second energy transition fund, EnCap Energy Transition Fund II (EETF II), with $1.5 billion in commitments.
EETF II is designed to invest in solutions to decarbonize the power industry and will also opportunistically invest in low carbon fuels and carbon management.
The fund has attracted strong support from existing investors and added new high-quality investors, both domestically and internationally.
EnCap now manages approximately $2.7 billion of capital commitments focused on decarbonization initiatives since its inception in 2019.
Through EETF II, EnCap has already made investment commitments to five portfolio companies: Linea Energy, Parliament Solar, PowerTransitions, Arbor Renewable Gas, and Bildmore Renewables.
EnCap expects to have 8-10 portfolio companies in total in EETF II, with a robust pipeline of potential investments in renewables, energy storage, clean fuels, and carbon solutions.
The first energy transition fund, EnCap Energy Transition Fund I, had $1.2 billion in commitments, invested in seven portfolio companies, and realized four investments, including Broad Reach Power, Jupiter Power, Triple Oak, and Paloma Solar & Wind.
HASI and KKR have formed a strategic partnership called CarbonCount Holdings 1 LLC (CCH1) to invest in sustainable infrastructure.
The partnership plans to invest up to $2 billion in climate positive projects across the U.S.
Each company has committed up to $1 billion to CCH1, aiming to invest in clean energy assets over the next 18 months.
HASI will manage the investments and continue to interact with clients, using its proprietary CarbonCount® tool to measure the emissions impact of the investments.
The initial investment focus will be on behind-the-meter, grid-connected, renewable natural gas, and transport projects.
CCH1 will be initially seeded with assets representing about 10% of the total $2 billion committed.
The partnership is part of HASI's strategy to shift towards a more capital-light model and reduce reliance on public equity markets for growth.
KKR, with over 15 years in infrastructure investing and more than $15 billion invested in renewable energy, aligns with HASI’s strategy and enhances their portfolio of sustainable infrastructure projects.
AltC Acquisition Corp. shareholders have approved the business combination with Oklo Inc.
The transaction is set to close on May 9, 2024.
Sam Altman will serve as the chairman of the newly appointed board of directors for Oklo.
The approved business combination will bring Oklo $306 million in gross proceeds.
The board of directors will consist of Sam Altman (chairman), Michael Klein, Jacob DeWitte, Caroline Cochran, Lt. Gen. (Ret.) John Jansen, Richard Kinzley, and Chris Wright.
Following the combination, Oklo is positioned to deliver clean, affordable energy globally, using advanced fast reactor technology.
Oklo has secured strong market interest, especially in sectors like AI, data centers, energy, defense, and industrial markets.
Post-transaction, the combined entity will be named Oklo Inc., and its Class A common stock is expected to start trading on the NYSE under the ticker "OKLO" on May 10, 2024.
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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.