FERC wants more power (lines)

PLUS: Climeworks DAC online, Cemvita SAF, Meta's Indiana solar, Oklo-Atomic Alchemy, AEP sells sub for $315mm, MSFT-re.green carbon removal

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:

  • re.green finalizes a landmark forest restoration project with Microsoft, delivering 3 million tons of carbon removal credits over 15 years.

  • Project focuses on restoring over 16,000 hectares of forests in Brazil, using native species and planting at least 10.7 million seedlings.

  • Utilizes satellite imagery, drones, and machine learning for land selection and carbon capture validation.

  • Project emphasizes ecological restoration at scale, biodiversity benefits, and local workforce development.

  • Microsoft values re.green's science-led innovation and execution, considering nature-based solutions crucial for addressing climate change.

  • Climeworks launches Mammoth, the world’s largest direct air capture and storage (DAC+S) plant, in Iceland.

  • Mammoth is ten times bigger than Climeworks' previous plant, Orca, with a capture capacity of up to 36,000 tons of CO₂ per year.

  • The plant uses renewable energy from geothermal sources and stores captured CO₂ underground through a natural process.

  • Mammoth marks a milestone in Climeworks' goal to reach megaton carbon removal capacity by 2030 and gigaton scale by 2050.

  • Climeworks plans to replicate its success globally, with ongoing projects in the U.S., Norway, Kenya, and Canada, focusing on large-scale carbon removal and storage.

  • Cemvita achieves breakthrough in SAF feedstock production, enabling large-scale production of sustainable oil from waste carbon sources.

  • Significant milestone in the commercialization roadmap for low-carbon intensity feedstocks for HEFA sustainable aviation fuel (SAF)

  • Optimized microorganisms rich in oil undergo processing to extract Sustainable Oil, which has been confirmed as a drop-in replacement for palm oil in various applications.

  • Next step involves partners converting Sustainable Oil into sustainable aviation fuel (SAF), targeting up to 80% reduction in emissions compared to common jet fuel, with additional applications in food, cosmetics, and specialty chemicals.

  • Founded in 2017, Cemvita collaborates with global corporations to unlock biorenewable natural resources and accelerate the energy transition towards sustainable solutions.

“Biotechnology is starting to transform how we make fuels and chemicals. No industry is better suited to lead this transformation than oil and gas, and no city other than Houston.”

Moji Karimi, CEO and Co-founder of Cemvita
  • The U.S. Department of Energy's Loan Programs Office (LPO) announces a conditional commitment to Plug Power Inc. for a $1.66 billion loan guarantee.

  • The loan will support the construction of up to six facilities across several states to produce clean hydrogen using Plug's electrolyzer technology.

  • The clean hydrogen will power fuel cell-electric vehicles, resulting in an estimated 84% reduction in greenhouse gas emissions compared to conventional hydrogen production.

  • Plug's electrolyzer stacks, manufactured in Rochester, NY, will be used in modular designs for a resilient hydrogen fuel delivery network.

The stock ripped as much as 70% on the news.

  • Meta and Solarpack sign two agreements for renewable energy projects in Indiana.

  • Agreements enable the construction of two solar projects with a total capacity of 210 MW to support Meta's operations in the region.

  • Meta commits to purchasing the output from Solarpack's projects under long-term Environmental Attribute Purchase Agreements (EAPAs).

  • Projects contribute to Indiana's goal of 10% renewable energy generation

  • Meta has been supported by 100% renewable energy since 2020 and aims for net zero emissions across its value chain by 2030.

  • Solarpack sees this partnership as a significant milestone in the U.S. market, supporting global decarbonization efforts and local carbon-free generation near data center loads.

  • Oklo Inc. (NYSE: OKLO) signs MOU with Atomic Alchemy Inc. for isotope production collaboration.

  • Partnership aims to produce industrial and medical isotopes crucial for cancer treatment, diagnostic imaging, and clean energy technologies.

  • Focus on increasing domestic supply and addressing demand gaps for isotopes.

  • Oklo's strong financial position with over $300 million cash on hand supports the partnership and its Aurora powerhouse offering for various markets.

  • Atomic Alchemy aims to help expand domestic supplies of isotopes and tritium through scalable production facilities.

  • Strategic partnership aims to reduce dependence on foreign isotope suppliers and drive long-term value for shareholders.

  • Oklo is developing fast fission power plants for clean, reliable, and affordable energy production at scale.

  • Federal Energy Regulatory Commission (FERC) approves significant changes to how U.S. electric grids are planned and funded, aiming to boost wind and solar energy and upgrade the country's electricity network.

  • The new rule requires grid operators to plan for the long term, identifying needs 20 years ahead, considering energy mix changes, renewable energy requirements in states, and risks from extreme weather.

  • Grid planners must evaluate benefits of new transmission lines, like lowering costs or reducing blackouts, and develop methods to share costs among customers and businesses.

  • The rule faced a 2-1 vote, with two Democratic commissioners in favor and one Republican opposed, citing concerns about cost-sharing and potential wealth transfer to renewable energy developers.

  • The rule aims to address grid expansion challenges, such as lack of capacity for proposed wind, solar, and battery projects and piecemeal grid upgrades that slow down development.

  • Utilities and grid operators will work with states to develop cost-sharing formulas based on potential benefits from new transmission projects.

  • Environmental groups and renewable energy companies applaud the rule, while concerns remain about how effectively it will be implemented and its impact on state objections and federal-state collaboration in grid planning.

  • AEP (American Electric Power) agrees to sell its distributed resources business, AEP OnSite Partners, to Basalt Infrastructure Partners LLC.

  • The sale is expected to net approximately $315 million in cash for AEP after taxes and transaction fees, subject to customary closing adjustments, and is set to close in the third quarter of 2024 pending regulatory approvals.

  • AEP's interim CEO Ben Fowke expresses gratitude to the AEP OnSite Partners team and emphasizes the sale's focus on strengthening AEP's balance sheet and directing capital to regulated operations for reliable, affordable energy provision.

  • AEP OnSite Partners manages behind-the-meter assets and distributed energy resources, selling their output to various commercial and industrial customers like schools, municipalities, and hospitals, with a portfolio exceeding 300 megawatts across nearly 100 sites in the U.S.

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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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