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  • A million dollars isn't cool. You know what's cool? A TRILLION DOLLARS...invested in energy transition

A million dollars isn't cool. You know what's cool? A TRILLION DOLLARS...invested in energy transition

and ArcelorMittal's investment in green steel, GE nuclear, Exxon's hydrogen hub

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:

  • BloombergNEF releases annual report highlighting a trillion in energy transition investment

  • Exxon awards FEED contract for low-carbon hydrogen facility

  • GE Hitachi signs first nuclear SMR contract in North America

  • ArcelorMittal leads $120mm investment in green steel startup

A few other takeaways from the summary release:

  • Global investment in low-carbon energy transition reached a record of $1.1 trillion in 2022, according to a report from BloombergNEF (BNEF).

  • The investment is on par to the capital deployed for fossil fuel supply, marking the first time energy transition investment matches fossil fuel investment.

  • Renewable energy was the largest sector in investment terms ($495 bn), followed by electrified transport ($466 bn).

  • China dominated the most investments ($546 bn), while the US was second ($141 bn) and EU was third ($180 bn).

  • Hydrogen was the sector with the least financial commitment ($1.1 bn) but was the fastest-growing sector with investment more than tripling from the previous year.

  • Report suggests investment in lower-carbon technologies is still far from what is needed to address climate change, and must immediately triple to get on track for 2050 "net-zero" CO2 emissions.

  • Climate-tech corporate finance was $119 bn in 2022, down 29% YoY.

  • Investment in clean energy factories was $78.7 bn, up from $52.6 bn in 2021. China dominated with 91% of investments.

  • Exxon has awarded a contract for front-end engineering and design of the world's largest low-carbon hydrogen production facility.

  • Facility expected to produce 1 billion cubic feet of low-carbon hydrogen per day, capturing 98% of CO2 emissions.

  • Offtake agreements for low-carbon hydrogen and ammonia being discussed with third-party customers.

  • Up to 30% reduction in emissions from Baytown integrated complex by switching from natural gas to low-carbon hydrogen.

  • Final investment decision expected by 2024, subject to stakeholder support, regulatory permitting, and market conditions.

  • Contract awarded to Technip Energies for next stage of design.

  • GE Hitachi, Ontario Power Generation, SNC-Lavalin and Aecon signed a contract for deployment of a BWRX-300 small modular reactor at OPG’s Darlington New Nuclear Project site in Ontario, Canada.

  • This is the first commercial contract for a grid-scale SMR in North America.

  • GEH is to provide the reactor design and cover a range of project activities including design, engineering, licensing support, construction, testing, training, and commissioning.

  • The BWRX-300 is gaining global interest, with potential deployment plans in Tennessee, Saskatchewan, and Poland.

  • GEH has MOUs or agreements with companies in Canada, Poland, U.K., U.S., and Sweden to support the global deployment of the BWRX-300.

  • BWRX-300 is designed to reduce construction and operating costs below other nuclear power generation technologies and leverages existing fuel, plant simplifications, proven components, and a design based on already licensed technology.

  • Boston Metal raises $120 million in Series C funding led by ArcelorMittal, Microsoft's Climate Innovation Fund and SiteGround Capital.

  • ArcelorMittal's investment was made through its XCarb Innovation Fund.

  • Boston Metal's patented MOE process will be used to produce green steel and high-value metals like tin and niobium.

  • The Series C funds will support green steel production, construction of high-value metals manufacturing facility and site selection for the first green steel plant.

  • Steel production is a carbon-intensive industry contributing to 10% of global carbon emissions. Boston Metal's MOE process converts iron ore into steel using renewable energy, without releasing carbon or harmful byproducts.

  • Boston Metal do Brasil will use MOE to extract valuable metals from waste, creating new revenue streams. First earnings anticipated in 2023.

That's a wrap for today. If you like what you read, send to a friend.

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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.