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In case you missed
280 Earth announced the completion of a direct air capture (DAC) facility in Oregon to remove CO2 from the atmosphere.
The facility can permanently sequester captured CO2 underground or use it for industrial purposes like synthetic fuels or carbon-negative concrete.
This marks the first DAC plant in Oregon, showcasing years of research and development by X, The Moonshot Factory, to commercialize low-cost DAC technology.
The facility's first phase can capture up to 500 tonnes per year of CO2 and water from ambient air, with plans to scale up to a 5,000 tonne per year module.
Located in The Dalles, Oregon, the facility uses low-carbon electricity from hydropower and a low-temperature desorption process to minimize energy consumption.
Builders VC led a $50 million Series B funding round to support 280 Earth's DAC project development, aiming to meet urgent CO2 reduction goals.
ADNOC acquires an 11.7% stake in Phase 1 of NextDecade's Rio Grande LNG (RGLNG) project in Texas, marking its first strategic investment in the US.
The equity stake is acquired through an investment vehicle of Global Infrastructure Partners (GIP), with NextDecade retaining its expected economic interest in Phase 1, Train 4, and Train 5 expansion capacity.
ADNOC and NextDecade enter into a 20-year LNG offtake agreement for 1.9 million tons per annum (mtpa) from RGLNG Train 4, priced based on Henry Hub index, subject to Final Investment Decision (FID).
Rio Grande LNG is expected to produce less carbon-intensive LNG with a proposed carbon capture and storage (CCS) project targeting emissions reduction of over 90%.
ADNOC secures the option for equity participation in future Trains 4 and 5 of the Rio Grande LNG project.
NextDecade targets Final Investment Decision (FID) on Train 4 in the second half of 2024, pending EPC contract finalization, commercial arrangements, and adequate financing.
Aramco and Rondo Energy signed an MoU to deploy GW-scale thermal storage and explore hydrogen and carbon capture technologies.
The agreement aims to reduce operating costs and emissions at Aramco's global facilities, starting with the deployment of Rondo Heat Batteries.
Aramco Ventures previously invested in Rondo, and the companies plan to scale up to 1GWh deployment of Rondo Heat Batteries.
The technology also targets applications in hydrogen production, carbon capture (CCS), direct air capture (DAC), and solar desalination.
Rondo Heat Batteries store energy in brick materials, potentially supporting large-scale energy storage manufacturing in Saudi Arabia.
The MoU was witnessed by US Secretary of Energy Jennifer Granholm and Prince Abdulaziz bin Salman Al-Saud, Minister of Energy of Saudi Arabia.
Rondo Energy, known for its Heat Batteries and partnerships like with Siam Cement Group, operates high-efficiency energy storage systems in California and aims to expand production capacity significantly.
KKR provides a $300 million corporate credit facility to Origis Energy, a renewable energy and decarbonization solution platform.
The financing will support Origis' development and construction of solar and storage projects.
Origis Energy is ranked third by S&P Global Commodity Insights among the largest owners of planned solar installations through 2028.
Origis has developed over 250 solar and storage projects and has a portfolio of more than 12 gigawatts (GW) in the U.S., with an additional 13 GW in the pipeline.
Vikas Anand, CEO of Origis, expresses enthusiasm for the partnership with KKR and the company's growth trajectory.
Sam Mencoff, Director at KKR, highlights the strong demand for renewable energy financing and KKR's support for leading developers like Origis Energy.
KKR's investment aligns with its Asset-Based Finance (ABF) strategy, focusing on privately originated credit investments backed by diversified pools of assets, offering attractive risk-adjusted returns.
Iberdrola is acquiring the remaining 18.4% of Avangrid's common stock for $35.75 per share in an all-cash transaction.
The price represents an 11.4% premium over the closing price of Avangrid's stock on March 6, 2024, and a 15.2% premium over the 30-day average price.
Avangrid will continue paying regular quarterly dividends not exceeding $0.440 per share until the transaction's closing.
The Board of Directors of Avangr
id unanimously approved the agreement, subject to customary conditions and shareholder approvals.
Pedro Azagra, Avangrid's President and CEO, expressed excitement about Iberdrola's investment and commitment to sustainability.
Southern California Edison (SCE) and Lotus Infrastructure Partners were chosen by CAISO to develop and operate a new high-voltage transmission line.
The transmission project will deliver energy from renewable sources like solar, wind, and batteries to Southern California, utilizing existing rights of way.
The project addresses the increasing demand for electricity in California due to factors like EVs, heat pumps, data centers, and economic electrification.
Lotus Infrastructure Partners, with experience in developing transmission assets, will lead the project's development.
Upon completion and regulatory approval, SCE will acquire the entire project, leasing 25% of the transmission capability to Lotus.
The project, known as the North of SONGS to Serrano project, is a 30-mile, 500-kilovolt overhead transmission line contributing to California's clean energy and climate goals.
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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.