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Trafigura Group is expanding the Brújula Verde landscape restoration project in collaboration with GenZero.
The expansion involves a commitment of over US$100 million to enhance carbon removal credit production.
The project aims to restore land in Colombia’s Orinoco River Basin affected by agricultural activities and fires.
More than 24 million mixed-species trees are to be planted by Inverbosques, the project's operational partner.
The project focuses on afforestation and reforestation without commercial harvesting to protect natural resources.
Over 2023 and 2024, the project has successfully planted 10,000 hectares, with plans for another 10,000 hectares.
The first issuance of carbon credits is anticipated by late 2025, with revenue sharing for local communities included in the project design.
DevvStream Holdings Inc. has completed its business combination with Focus Impact Acquisition Corp.
This completion makes DevvStream the first publicly traded carbon credit generation company on a major U.S. stock exchange.
DevvStream has secured up to $43 million in additional financing to accelerate its growth plans in the carbon market.
DevvStream focuses on co-developing and generating technology-based carbon offset credits in collaboration with global partners.
DevvStream has made significant strides since announcing the merger, including acquiring a 50% stake in a major carbon sequestration project in Louisiana.
This project is expected to capture a significant portion of local CO2 emissions and generate revenues from federal tax credits and carbon credit sales.
DevvStream has signed an agreement to purchase carbon credits from an Amazon conservation project.
Babcock & Wilcox Awarded Contract to Evaluate Carbon Capture System for Sweden Waste-to-Energy Plant
Babcock & Wilcox has been awarded a contract to conduct a full-scale feasibility study for its SolveBright carbon capture technology at Mälarenergi AB’s waste-to-energy plant in Sweden.
Mälarenergi aims to capture 400,000 tonnes of CO2 emissions annually and achieve carbon neutrality by 2035.
The SolveBright system is a post-combustion technology that absorbs CO2 from flue gas using a regenerable solvent.
Sharon AI Inc. and New Era Helium Corp. have executed a non-binding letter of intent to form a joint venture for a 90MW net-zero energy data center in the Permian Basin.
The joint venture will involve designing, developing, and operating the data center, with negotiations currently underway for a definitive agreement.
The venture will feature a 90MW power plant expected to capture 250,000 metric tons of CO2 for tax credits related to carbon capture.
New Era Helium will provide a gas supply agreement for five years, with options to extend for an additional fifteen years.
Sharon AI will design and operate the high-density data center, collaborating with partners like Nvidia and Lenovo for optimal performance.
New Era Helium will develop the energy infrastructure, including the design and construction of the gas-fired power plant.
The initial 90MW facility could expand significantly, targeting partnerships with large energy users in the future.
The California Air Resources Board approved updates to the Low Carbon Fuel Standard to boost cleaner fuel and transportation options.
The amendments aim to increase private investment in decarbonizing California’s transportation sector.
The LCFS reduces greenhouse gas emissions by setting a declining carbon intensity target for fuels.
Over $4 billion in annual private sector investment has been generated for a cleaner transportation sector.
Targets have been set to achieve a 30% reduction in carbon intensity by 2030 and a 90% reduction by 2045.
The LCFS has displaced 320 million metric tons of CO2 emissions since its inception.
The program is designed to provide a cost-effective path to support clean fuels and infrastructure.
As of October 2024, 71 hydrogen stations and 749 fast EV charger sites have been approved.
The amendments will help reduce greenhouse gas emissions by 558 million metric tons by 2045.
Sora Fuel and Emerging Fuels Technology, Inc. are collaborating to accelerate the development of sustainable aviation fuel to meet growing market demand.
This partnership will combine Sora’s innovative Direct Air Capture technology with EFT’s Fischer-Tropsch synthesis capabilities.
The agreement includes potential development of new intellectual property and a cross-licensing arrangement for technology utilization.
Sora Fuel produces sustainable aviation fuel using only water, air, and renewable energy through their cost-effective methods.
Eni, Plenitude, and Energy Infrastructure Partners signed an agreement for EIP to increase its share in Plenitude through a capital increase of about €209 million.
Post-transaction, EIP's stake in Plenitude will be 10% of the company's share capital, totaling approximately €800 million in investment.
This includes €588 million already paid in March.
The deal values Plenitude at roughly €8 billion in post-money equity and over €10 billion in enterprise value.
It ensures Eni maintains control and consolidation of Plenitude.
Plenitude operates in over 15 countries with over 3 GW of renewable power generation capacity.
It provides energy and solutions to 10 million customers and has 21,000 electric vehicle charging points.
By 2027, Plenitude aims for over 11 million customers, more than 8 GW of renewable capacity, and 40,000 charging points globally.
Primergy Solar announced $225 million in project financing for its Valley of Fire portfolio.
The financing includes a $125 million tax credit sale for the Gemini Solar plus Storage project.
A $100 million revolving credit facility from Rabobank will support the development of additional VoF projects.
The Valley of Fire portfolio comprises the Gemini Solar plus Storage project and five other projects in Nevada, Colorado, and Arizona.
The total capacity of the projects exceeds 2.65 GW of solar and up to 1.5 GW of battery storage.
Projects range from early-to-late-stage development with operational dates targeted through 2030.
Li-Cycle has secured a $475 million loan facility from the U.S. Department of Energy to support its Rochester Hub project.
This loan amount is an increase of $100 million over the original commitment.
The loan facility represents the first finalized agreement for a lithium-ion battery materials recycling company.
It highlights Li-Cycle's role as a domestic supplier of recycled critical materials for batteries.
The agreement followed thorough due diligence by the DOE on various aspects including technical and financial reviews.
The funding is intended to assist in developing Li-Cycle's flagship Rochester Hub in New York.
The loan includes principal funding up to $445 million and capitalized interest of up to $30 million.
Trafigura has signed a long-term natural gas agreement with NuVista Energy Ltd.
NuVista will supply Trafigura with 21,000 MMbtu/d of natural gas.
The purchase price will be indexed to JKM for up to thirteen years starting January 1, 2027.
Jonathan Wright, CEO of NuVista, emphasized the importance of diversity in natural gas sales to maximize returns.
This agreement marks NuVista's entry into the world LNG markets.
The partnership supports Trafigura's natural gas business and enhances energy supply security for global customers.
Rama Variankaval is Global Head of Corporate Advisory & Sustainable Solutions at J.P. Morgan. This group combines the capabilities of Corporate Finance Advisory, Center for Carbon Transition, Sustainable Solutions, and Infrastructure Finance Advisory.
We talk energy transition, carbon reduction, and the impact of AI on energy.
This episode is audio-only and you can find it on Spotify or Apple Podcasts as well.
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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.