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 CAPTURE
After last week’s Exxon-Denbury news, things are getting hot in CCS M&A land:
Buckeye Partners has acquired Elysian Carbon Management.
EnCap Flatrock-backed Elysian provides carbon capture and storage (CCS) solutions for industrial and power facilities.
The acquisition aligns with Buckeye's lower-carbon solutions strategy.
CCS technologies offer synergies with Buckeye's project development capabilities and pipeline network.
Buckeye aims to meet evolving customer needs in the energy transition.
Buckeye is committed to reducing carbon emissions and becoming a net-zero energy business by 2040.
The acquisition strengthens Buckeye's position in the energy transition and expands its customer base.
Elysian's expertise in CCS technologies will be integrated across the energy value chain.
Who’s next?
Marubeni Corporation has entered into a share subscription agreement with Bison Low Carbon Ventures Inc.
Bison is a private corporation developing carbon capture and storage (CCS) projects in Alberta, Canada.
The Meadowbrook CCS Project aims to develop a world-scale storage operation of 3 million tons of CO2 per annum.
Detailed geological evaluation and drilling work will begin in the second half of 2023.
Storage operations are planned to commence by the end of 2024, expanding to full capacity based on market demand.
The Project will contribute to Canada and Alberta's 2050 carbon neutrality goal and the creation of new industries.
Marubeni will have the opportunity to invest in the North Drumheller CCS Project and other Bison-developed energy transition initiatives.
Marubeni aims to become a forerunner in green business and contribute to the decarbonization of hard-to-abate industries through CCS projects.
NATURAL GAS AND LNG
Chesapeake Energy Corporation achieved recertification for its Marcellus operations - 4.4 bcf/d of gross gas.
The company received a grade A under the MiQ methane emissions standard.
Chesapeake also received a grade A- from Equitable Origin's EO100™ Standard for Responsible Energy Development.
The certifications focus on environmental, social, and governance (ESG) performance.
Chesapeake's commitment to reducing methane intensity and emissions is highlighted.
The MiQ certification supports the company's goal of achieving net-zero greenhouse gas emissions by 2035.
Equitable Origin awarded Chesapeake an A- based on its performance in five core principles.
Chesapeake was the first producer to achieve MiQ and EO100™ certification across two major basins in 2022.
The company expects to obtain recertification for its Haynesville assets in December.
RENEWABLES
EverWind Fuels has announced the purchase of three wind farm development projects in Nova Scotia: Windy Ridge, Bear Lake, and Kmtnuk.
The wind farms represent a private investment of $1 billion for renewable energy generation.
The projects will support Phase 1 of EverWind's green hydrogen and ammonia production.
The wind farms will contribute to Nova Scotia's 80% Renewable Energy Standard by 2030.
Renewable Energy Systems Ltd. (RES) will develop and build the wind farms.
Black & Veatch will assist in the development and construction of the green hydrogen and ammonia plant.
The farms will increase wind-generated electricity on Nova Scotia Power's grid and excess power can be made available for customer consumption.
EverWind's production will rely on newly built renewable energy sources and may include solar power.
EverWind plans to scale its production and develop additional wind projects for Phase 2.
The company is also working on a green hydrogen project in Newfoundland and Labrador.
GOVERNMENT FUNDING
The U.S. Environmental Protection Agency (EPA) has launched two competitive grant programs with $20 billion in funding to promote clean energy investments, particularly in low-income communities.
The programs are part of the $27 billion Greenhouse Gas Reduction Fund established by President Biden's Inflation Reduction Act.
The $14 billion National Clean Investment Fund will provide grants to national clean financial institutions to partner with the private sector for financing clean technology projects.
The $6 billion Clean Communities Investment Accelerator competition will support nonprofit groups in building the clean financing capacity of local lenders in disadvantaged communities.
The fund is modeled after more than 20 green banks in states like Michigan and Maryland, which invest in programs such as residential solar and energy-efficient technologies.
The green banks help reduce project risks in lower-income communities and attract private sector investment.
The EPA administrator, Michael Regan, believes the fund will stimulate private investment and create economic opportunities for underserved communities.
No Republicans voted for the IRA legislation that established the fund, with some expressing concerns about utility bills and affordability.
In June, the administration launched a $7 billion grant program for low-income communities to access residential solar panels.
The deadline for applying to the programs launched on Friday is October 12th.
FUNDRAISING
Azolla Ventures and Prime Coalition have launched a $239 million blended fund to support overlooked climate solutions.
The fund focuses on early-stage climate innovation with impact-first capital.
Azolla Ventures evaluates commercial potential and manages portfolio companies, while Prime Coalition evaluates impact and additionality.
The fund aims to invest in companies that can significantly impact climate change but are overlooked by traditional capital sources.
Investments must meet three criteria: impact, additionality, and commercial potential.
Azolla Ventures embraces high risk at the earliest stages and helps safeguard impact as companies scale.
Initial investments include companies working on high-temperature heat pumps, optimizing forest microbiome, low-cost battery recycling, carbon capture systems, decarbonizing shipping, and modularizing EV drivetrains.
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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.