- Sunya Scoop
- Generate grabs $1.5 billion
Generate grabs $1.5 billion
PLUS: Microsoft-Grassroots Carbon, LNG pause response, DOE's $1.5bn nuclear loan, geothermal FOA, Oklo's approval
Grassroots Carbon has entered into an agreement to provide Microsoft with soil carbon drawdown credits.
This marks Microsoft's first investment in carbon credits generated from regeneratively managed grasslands.
Soil carbon storage is considered crucial in addressing climate change, and this partnership aims to support regenerative ranching practices.
Improved soil health not only sequesters carbon but also enhances water storage, prevents erosion, and improves grasslands ecology.
Carbon credit investments will directly benefit ranchers adopting regenerative land management practices.
Currently, 41% of U.S. grasslands are used for livestock grazing, with the potential to sequester over 500 million tons of carbon dioxide annually.
Grassroots Carbon focuses on transitioning land managers to regenerative practices by providing income opportunities through carbon storage.
Microsoft's carbon removal strategy includes supporting high-quality soil carbon credit solutions.
The partnership utilizes PastureMap, a measurement, reporting, and verification (MRV) software to incentivize ranchers' transition to rotational grazing and advance the soil carbon market through MRV innovations and data collection.
Generate Capital has closed a capital raise of $1.5 billion from global institutional investors.
New investors in this round include CalSTRS and HESTA, while existing investors like QIC and AustralianSuper also participated.
This brings Generate's total capital raised since its inception in 2014 to over $10 billion.
Generate focuses on accelerating the transition to sustainable infrastructure by partnering with project developers, technology companies, and investors.
They have established a diverse portfolio of thousands of sustainable infrastructure projects globally.
Generate's subsidiaries and portfolio companies are actively involved in various aspects of the infrastructure transition, including sustainable power production and waste management.
Generate has entered joint ventures to promote electric school buses and energy efficiency.
CalSTRS' participation in this capital raise establishes a strategic partnership with Generate.
Generate has achieved significant milestones in 2023, including investments in energy transition, joint ventures for energy-as-a-service and electric school buses, and energy-efficient solutions for schools.
Pine Gate Renewables, esVolta, and Ubiquity are some of Generate's successful portfolio companies and subsidiaries.
Natural gas industry responds to LNG moratorium
The U.S. Department of Energy's Geothermal Technologies Office (GTO) announces a funding opportunity of up to $31 million.
The funding supports projects related to enhanced geothermal systems (EGS) wellbore tools and the use of low-temperature geothermal heat for industrial processes.
There are two topic areas for the funding opportunity:
Topic Area 1: Up to $23.1 million to support projects addressing downhole cement and casing evaluation tools for high-temperature and hostile geothermal wellbores.
Topic Area 2: Up to $7.9 million for a demonstration project involving low-temperature (<130°C) reservoir thermal energy storage (RTES) technology, applicable to industrial processes.
Projects in Topic Area 1 aim to reduce costs and technical challenges associated with EGS wellbore construction to expand domestic geothermal energy opportunities.
Projects in Topic Area 2 aim to reduce emissions from energy-intensive industrial heating processes and promote RTES technology as a long-term decarbonization solution for U.S. industry and manufacturing.
Holtec International is set to receive a $1.5 billion conditional loan from the U.S. Energy Department in February to help reopen the Palisades nuclear power plant in Michigan.
The loan is expected to be officially announced in late February.
Holtec is optimistic about the federal loan process and hopes to bring the plant back to full power operation by the end of 2025.
Holtec purchased Palisades in 2022 and plans to reopen it after it struggled to compete with natural gas-fired plants and renewable energy.
The Loan Programs Office (LPO) cannot confirm or deny the existence of an applicant as the information is business confidential.
Bloomberg reported that the administration is likely to loan Holtec $1.5 billion as soon as next month.
Holtec has signed an agreement with Wolverine Power Cooperative to purchase up to two-thirds of the power generated by Palisades.
The Biden administration recently finalized $1.1 billion in credits to keep PG&E Corp's Diablo Canyon nuclear power plant in operation in California.
Oklo Inc. receives U.S. Department of Energy (DOE) approval for the Safety Design Strategy (SDS) for the Aurora Fuel Fabrication Facility at Idaho National Laboratory (INL).
The facility is designed to demonstrate the reuse of recovered nuclear material for Oklo's planned commercial advanced fission power plant demonstration at INL.
Oklo was selected for access to fuel material through a competitive process initiated in 2019 by INL to accelerate the deployment of commercially viable reactors.
The DOE is supporting INL in producing High-Assay, Low-Enriched Uranium for advanced reactors by recovering uranium from used fuel from the decommissioned Experimental Breeder Reactor-II.
Oklo and Battelle Energy Alliance are now focusing on the Conceptual Safety Design Report (CSDR) as the next phase in the approval process.
Oklo is progressing towards its goal of launching its commercial advanced fission power plant in the United States, with provisional site, fuel, and facility design in progress.
We published our first Sunya Spotlight profile on Oxy’s STRATOS DAC project.
Tuesday’s edition - covered Summit’s massive deal with POET
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