Buzz around the Bend
PLUS: NYT geothermal report, Duke's methane monitoring, Redwood Materials $1bn raise
Equinor acquires 25% stake in Bayou Bend CCS LLC, a major US carbon capture and storage project in Southeast Texas, from Texas Carbon 1 LLC, a subsidiary of Carbonvert.
Equinor aims to develop 15-30 million tonnes of CO2 transport and storage capacity annually by 2035.
Bayou Bend CCS project aims to be one of the largest CCS solutions for industrial emitters in the US.
Project has nearly 140,000 gross acres for permanent CO2 sequestration and potential storage of over one billion metric tons.
Acreage includes 100,000 acres onshore in Chambers and Jefferson Counties, Texas, and 40,000 acres offshore Beaumont and Port Arthur.
Chevron, Talos Energy, and Equinor form a joint venture for Bayou Bend, with Chevron as operator (50%), Talos (25%), and Equinor (25%).
Project's location near Houston Ship Channel offers decarbonization potential for industries like refining, cement, steel, and manufacturing.
Equinor's involvement enhances the joint venture's commitment to cost-effective carbon solutions and economic growth.
Industrial emissions in Texas Gulf Coast region estimated at around 100 million metric tonnes of CO2 yearly.
Two teams are trying to tap that hot granite using enhanced geothermal. One is Utah FORGE, a $220 million research effort funded by the Energy Department. The other is Fervo, a Houston-based start-up.
FORGE announced it had successfully sent water between two wells. Two weeks later, Fervo announced its own breakthrough: A 30-day test in Nevada found the process could produce enough heat for electricity. Fervo is now drilling wells for its first 400-megawatt commercial power plant in Utah, next to the FORGE site.
In Texas, Sage Geosystems is pursuing fracked wells that act as batteries. When there’s surplus electricity on the grid, water gets pumped into the well. In times of need, pressure and heat in the fractures pushes water back up, delivering energy.
Oil and gas companies have taken a further interest in geothermal: Devon Energy invested $10 million into Fervo, while
BP and Chevron are backing Eavor.
Duke Energy's Integrated Methane Monitoring Platform Extension project receives $1 million funding from the U.S. Department of Energy's Office of Fossil Energy and Carbon Management.
The company's methane monitoring platform has reduced leaks by over 85% since 2022 using advanced technologies.
The extension project aims to expand methane emissions monitoring to interstate and customer natural gas assets.
Collaboration with Williams, involving innovative ground-based, aerial, and satellite emissions tools.
Project supports Duke Energy's goal to achieve net-zero methane emissions by 2030 for its operations and by 2050 for natural gas purchases upstream and sold downstream.
Methods include using satellites, UAVs, light detection and ranging, gas cloud imaging cameras, and handheld analyzers.
Data analysis will inform the Integrated Methane Monitoring Platform's deployment plan.
Duke Energy is also investing in renewable natural gas (RNG) and carbon offsets to reduce emissions.
Redwood Materials secures over $1 billion in new funding for expansion in the US.
Founded by former Tesla executive JB Straubel.
Received a conditional commitment for a $2 billion loan from the US Energy Department in February.
Aiming to build a $3.5 billion recycling and re-manufacturing complex in Nevada for EV battery materials.
Funding round co-led by Goldman Sachs Asset Management, Capricorn's Technology Impact Fund, and funds advised by T. Rowe Price Associates.
Series D funding will be used to increase capacity and expand the domestic battery supply chain.
Partnership with Panasonic for battery materials, which collaborates with Tesla for battery cell production in Nevada.
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