Carbon removal commitment

PLUS: Permian H2S and power, Cresta CNG, $20mm geothermal raise, Veriten leads Aeromine, Google bets on Verse

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:

  • Carbon Streaming, Rubicon Carbon, Ponterra, and Microsoft collaborate on Azuero Reforestation Project in Panama.

  • Project aims to restore 10,000 hectares with 75+ native tree species.

  • Expected to generate 3.24 million carbon removal credits through 2052.

  • Funding covers 100% of project costs over 7 years.

  • Carbon Streaming to receive 13.5% of credits; Microsoft has offtake agreement for credits through 2040.

  • Project selected for Verra’s SD VISta Nature Framework program, targeting UN Sustainable Development Goals 1, 4, 8, 13, 15, and 17.

  • Collaboration creates 300 local jobs and involves over 100 landholders.

  • Initial upfront deposit of US$0.315 million; milestone payments up to US$6.750 million.

  • Google, Meta, Microsoft, and Salesforce form Symbiosis Coalition for nature-based carbon removal credits.

  • Pledge to contract up to 20 million tons by 2030, focusing on certainty of climate impact and equitable outcomes.

  • Coalition facilitates advance market commitment (AMC) for high-impact restoration projects.

  • Joint Request For Proposal (RFP) process planned to support Symbiosis offtake commitments.

  • Coalition prioritizes transparency, rigorous impact monitoring, and continual improvement based on data and science.

  • Initial focus on afforestation, reforestation, revegetation projects with criteria emphasizing additionality, leakage prevention, and durability.

  • Collaboration aims to expand membership, inspire industry standards, and contribute to vibrant carbon market with nature at forefront.

  • Piñon Midstream increases Delaware Basin sour gas treating capacity by ~50% with the commissioning of its third 450-GPM amine treating unit.

  • The new unit, Amine Train III, is operational at the Dark Horse Treating Facility in Lea County, New Mexico, enhancing the facility's capacity to ~270 MMcf/d.

  • Piñon has also obtained a critical New Source Review (NSR) air permit, enabling further expansions at Dark Horse, including construction of Amine Trains IV, V, and VI, and two cryogenic processing plants.

  • Since August 2021, Piñon has captured and permanently geologically sequestered over 225,000 metric tonnes of carbon dioxide (CO2) and hydrogen sulfide (H2S) at Dark Horse, reducing environmental impacts.

  • The newly approved NSR air permit includes additional infrastructure expansions such as three additional 900 GPM amine treating units, two cryogenic processing plants, TEG dehydrators, a condensate stabilizer, and storage capacity.

  • Recent additions to Piñon's infrastructure include expansion of the sour gas gathering system, installation of a new compressor station, expansion of the Grande sweet gas pipeline system, and increased downstream processing and redelivery capabilities.

  • Cresta Fund Management invests in Ocean Pacific (OP) for alternative energy fueling stations.

  • Investment aims to accelerate low-carbon fuel delivery to the transportation industry.

  • OP historically provides CNG station services; investment expands capabilities to operate fueling stations.

  • Cresta's investment enhances availability of clean fuel alternatives and aligns with energy transition goals.

  • OP's management team has expertise in designing CNG stations and will focus on decarbonization solutions for trucking fleets.

  • CNG and renewable natural gas (RNG) offer lower-emission fuel options for transportation fleets.

  • Investment supports growing demand for clean fuel options and highlights the importance of alternative fuels in the energy transition.

  • XGS Energy completes oversubscribed $20M Series A financing round.

  • Led by Valo Ventures and VoLo Earth Ventures, with participation from B Current Impact Investment, MIH Capital, and existing investors.

  • Funding supports commercial-scale project in California and global deployment of water-independent geothermal technology.

  • Total funding to date exceeds $40 million, reflecting commercial promise and potential for clean energy contributions.

  • North American prototype to demonstrate Thermal Reach Enhancement™ (TRE) technology and validate performance models.

  • Prototype marks milestone for commercial projects in Western United States, Japan, and the Philippines.

  • Investors emphasize XGS' ability to provide carbon-free energy close to demand and global scalability opportunities.

  • XGS welcomes new partners to accelerate technology development and expand global project pipeline.

  • Veriten leads $9 million funding round for Aeromine Technologies' rooftop wind energy solution.

  • Aeromine's motionless wind harvesting units are installed on commercial property rooftops, capturing wind for on-site electricity.

  • Funding to expand production scale and global market development.

  • Aeromine's technology offers space-efficient wind energy generation for buildings, contributing to renewable energy goals.

  • Unlike traditional wind farms, Aeromine units have no external moving parts and capture wind over buildings' roofs.

  • Suitable for various large buildings, Aeromine units can meet up to 100% of energy needs on-site.

  • Verse™ raises $20.5 million in Series A funding led by GV (Google Ventures) to advance software for clean energy management.

  • The oversubscribed round includes participation from Coatue, CIV, and MCJ Collective, aiming to scale commercial operations and enhance product capabilities.

  • Verse's software assists organizations in understanding, planning, and managing clean energy to reduce emissions and electricity costs.

  • Market trends such as AI and EV adoption, high and volatile electricity costs, regulatory demands for carbon disclosure, and expensive legacy procurement approaches drive the need for Verse's solutions.

  • Verse's AI-enabled platform, Aria™, facilitates goal setting, roadmap creation, and portfolio optimization for least-cost clean energy procurement, offering instant benefits and cost savings.

  • Conduit Power and Riley Permian announce an expansion of their joint venture, RPC Power, to sell merchant power in ERCOT.

  • The expanded scope includes building new power generation and storage assets for energy and ancillary services sales to ERCOT, targeting 100MW of natural gas-fueled generation and battery energy storage in West Texas.

  • RPC Power, initially focused on powering Riley Permian's oilfield operations, will now sell dispatchable power and related services to ERCOT, with commercial operations planned by 2025.

  • Conduit will operate the facilities and dispatch power through its scheduling entity, while Riley Permian increased its ownership in RPC Power to 50% and agreed to supply up to 10 MMcf/d of natural gas.

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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.

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