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Ammonia-to-power tech company raises $139m series B-1

Led by SK Innovation, other investors include Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar, Zeon Ventures and DCVC.

Amogy Inc., a developer of emission-free, energy-dense ammonia power solutions, has completed its $139m Series B-1 fundraising.

The round was led by SK Innovation, joined by other global investors including Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures and DCVC, according to a news release.

The funding will enable Amogy to continue its organizational development to support commercialization, begin manufacturing of its innovative ammonia-to-power technology, and bring its first product to market in 2024.

Amogy CEO & Co-founder Seonghoon Woo

“We are working from a place where we have no doubt  that our technology will change the world,” says Seonghoon Woo, CEO of Amogy. “In 2021, CO2 emissions from transportation in the United States totaled 1.7 BMT — the most from any sector of the economy. This funding will help us to see our mission of forging a path toward net-zero 2050 through and in turn, make the world more sustainable. We greatly appreciate the investors sharing our bold mission, and we are laser-focused to bring our technology to market.”

Amogy’s ammonia-to-power technology feeds liquid ammonia through its cracking modules integrated into a hybrid fuel cell system, which powers electric motors for zero-carbon transportations including shipping. Amogy plans to

present its ammonia-powered, zero-emission tugboat in late 2023 — which is three times larger than the system that was field-tested on Amogy’s ammonia-fueled semi truck earlier this year. Upon the successful sail of the tugboat later in 2023 in upstate New York, Amogy intends to present its first commercial offering in 2024 and more.

“Amogy’s technology represents a key breakthrough in the usage of ammonia as a fuel, and we believe that it will revolutionize not only the maritime industry, but the entire transportation industry,” says Jun Kim, Vice Chairman & CEO from SK Innovation. “We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality.”

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$400bn investment needed in US SAF facilities by 2050: report

The report from SkyNRG identifies a $400bn investment opportunity, but notes SAF industry constraints in the form of policy instability and a lack of available feedstocks.

The US sustainable aviation fuel industry needs to invest $400bn in new production facilities if the country is to reach domestic SAF production of 27 billion gallons – equal to 2019 jet fuel demand – by 2050.

Federal tax incentives included in the Inflation Reduction Act will drive SAF production in the US, and could bring capacity to 3 billion gallons by 2030 and reach a 100% jet fuel replacement rate by 2050, according to a report from SkyNRG, a Dutch-based SAF producer.

The report highlights the available tax credits in the form of the Sustainable Aviation Fuel Blender’s Tax Credit of $1.75 per gallon; the Clean Fuel Production Tax Credit available from 2025 – 2027; and the Hydrogen Producer Tax Credit of up to $3 per kg for 10 years for facilities operation before 2033.

Constraints on industry growth include the lack of long-term policy stability and potential strains on availability of SAF feedstocks, according to the report.

“To meet aspirational goals in the US, more [project] announcements would be needed,” a summary of the report says, noting that most new projects will likely use feedstock from corn ethanol and waste materials like agricultural waste, waste biogas or household waste.

Even so, deployment of bio-intermediate pathways like RNG in early years is constrained by the pace of project development, permitting new facilities, and federal policy adaptation.

Meanwhile, the report says, fats, oils and grease markets are under pressure; for new projects in this segment – known as HEFA, or HVO – to materialize, feedstock needs to be freed up by diverting from renewable diesel and biodiesel plants or by producing more vegetable oils domestically.

“With ambitious goals at the federal level around electric vehicles and with several states implementing zero-emission truck sales requirements, it is possible that additional feedstock is freed up for SAF,” according to the report. “However, incentives currently favoring the production of biodiesel and renewable diesel over SAF would also need to shift for HEFA capacity announcements to be successful.”

The report additionally floats the following policy prescriptions to make more feedstock available:

• Curbing exports of whole soybeans to yet-to-be developed crushing facilities to increase soybean oil production. This would affect the US trade balance as well as impacting global soybean meal trade flows.

• Large-scale government support for novel non-edible oilseed crops suitable for conversion into fuel. Appropriate safeguards would have to be in place to avoid indirect land use change effects.

• Increasing soybean acreage by 40 million acres from 87 million acres today to meet soybean oil needs. This would impact corn and wheat markets as soy would have to largely expand on existing cropland. This could in turn have consequences for corn ethanol availability.

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EnLink inks CO2 transport and storage agreement with ExxonMobil

EnLink will use its existing pipelines and new facilities to deliver CO2 to ExxonMobil’s CO2 storage location under development in Louisiana.

EnLink Midstream has entered into a transportation service agreement with a subsidiary of ExxonMobil Corporation, according to a press release.

EnLink will use portions of its existing pipeline network, as well as new facilities, to deliver CO2 from the Mississippi River corridor in southeastern Louisiana to ExxonMobil’s 125,000-acre CO2 storage location under development in Vermilion Parish.

The TSA includes industry-standard terms and conditions for the provision of transportation services. Ultimate available reserved capacity under the agreement is up to 10 million metric tonnes per year, with initial reserved capacity of 3.2 million metric tonnes per year, beginning early 2025.

“EnLink is uniquely positioned to serve customers in the region given our extensive pipeline infrastructure already in the ground,” EnLink CEO Jesse Arenivas said in the release. “The Mississippi River corridor emits approximately 80 million metric tonnes of CO2 per year and has one of the highest concentrations of industrial CO2 emissions in the United States.”

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Hydra Energy breaks ground on hydrogen refueling station

Vancouver-based Hydra Energy has broken ground on what it calls the world’s largest hydrogen refueling station in Prince George, British Columbia.

Vancouver-based Hydra Energy has broken ground on what it calls the world’s largest hydrogen refueling station in Prince George, British Columbia.

The groundbreaking marks the first project in the company’s Western Canadian Hydrogen Corridor servicing B.C.- and Alberta-based heavy-duty trucks that have been converted to run on both hydrogen and diesel using Hydra’s zero-cost, co-combustion conversion kits. This includes Hydra’s first paying fleet customer, Prince George-based Dymin Mechanical, whose fleet will represent 12 of the 65 trucks the new station will support.

“What’s so important about designing and building our own hydrogen refueling station is that it solidifies a template of how to overcome the chicken and egg problem that has plagued the hydrogen sector. This Prince George station demonstrates that hydrogen can be provided at diesel parity without up-front capital costs for fleets,” stated Hydra Energy Service Delivery Lead, Ilya Radetski.

The new station and hydrogen production will be located on five acres, will produce 3,250 kilograms of hydrogen a day, and can refuel as quickly as diesel and up to 24 Hydra-converted trucks each hour across four bays. The station’s low-carbon hydrogen is being produced from two on-site, 5 MW electrolysers with electricity coming from BC Hydro, B.C.’s main electricity utility with 31 hydroelectric facilities throughout the province.

Additional critical partners include energy project delivery expert, Solaris, and industrial construction specialist, PCL Construction, with project financing support coming from Hydra’s seed funders and non-dilutive government funding including the BC Ministry of Energy, Mines and Low Carbon Innovation – Part 3 Agreement.

Hydra’s Prince George station will be operational early 2024. In the meantime, the company is also partnering with the Edmonton International Airport (EIA) to build a similar project on EIA land. This will service Hydra-converted trucks in the Edmonton region (like Hydra’s second fleet customer, VEXSL) marking the Eastern-most endpoint of Hydra’s Western Canadian Hydrogen Corridor on Highway 16. Additionally, another station is being explored along the same highway in Port Edward/Prince Rupert located west of Prince George. Hydra is currently raising the balance of funding needed for the projects and will announce new investors once confirmed.

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Waste-to-energy specialist executes MoU with Nikola

The partnership will encourage the adoption of Nikola Class 8 zero-emission vehicles with Klean Industries’ partners and feedstock suppliers. Nikola will evaluate offtake opportunities from the company’s green hydrogen projects.

Klean Industries, a Vancouver-based waste-to-value technology provider, has executed an MOU with Nikola Corporation to encourage the adoption of Nikola Class 8 zero-emission vehicles with Klean’s partners and feedstock suppliers.

The two companies will also work on developing green hydrogen supply and dispensing infrastructure in the US and Canada, according to a statement seen by ReSource.

Nikola will evaluate offtake opportunities from green hydrogen projects being developed by Klean and its partners involving hydroelectric, wind and solar power in the Pacific Northwest and Canada. Using Klean’s green hydrogen, the companies will convert Klean’s logistics partners’ truck fleet to Nikola Class 8 zero-emission vehicles.

Both Klean and Nikola see a significant opportunity to collaborate on projects where Klean and its partners operate recycling, resource recovery, and waste-to-energy plants, the statement reads.

“We believe Nikola’s hydrogen-electric trucks are going to fundamentally change the ground transportation and logistics landscape. This exciting collaboration will create opportunities that will reinforce the importance of working together as we look to both deploy and develop a renewable hydrogen value chain,” said Jesse Klinkhamer, CEO of Klean Industries Inc., in a statement. “Developing clean energy projects with leading technology companies such as Nikola supports Klean’s strategic focus and enables our respective companies to create a symbiosis between waste, resources, and energy, while simultaneously helping in the creation of a circular low carbon economy. Green hydrogen has the potential to completely transform the energy landscape and drive a cleaner, more sustainable future.”

Klinkhamer said in an interview last year that Klean was in the process of hiring an advisor to raise between $250m – $500m in a strategic capital raise.

Carey Mendes, president, energy at Nikola said, “Klean’s vision of utilizing a green hydrogen fleet of trucks in their tire recycling ecosystem is a clear indication of the company’s commitment to creating a better, more sustainable future. Klean has already brought together like-minded partners to decarbonize their truck fleets which is a testament to their far-reaching commitment and deep knowledge of this sustainability space.”

Klean recently partnered with City Circle Group to build a fully integrated, continuous tire pyrolysis plant to recover carbon black and biofuel in Melbourne Australia. The company also signed a partnership agreement with H2 Core Systems to distribute and build green hydrogen projects around the globe.

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Arizona RNG firm seeking equity capital

A renewable natural gas developer with sites proposed in southern California and Arizona is seeking additional equity investors.

True North Renewable Energy Company, a Phoenix-based waste-to-energy developer, is undergoing a Series B equity raise, according to two sources familiar with the matter.

Whitehall & Company is advising, the sources said.

True North develops, builds, and operates organics-to-energy facilities, including large, regional, high solids anaerobic digestion infrastructure, according to its website.

The firm is primarily active in southern California and Arizona. Sites have been announced in Imperial County, Kern County and Mojave (all in California) as well as Yuma County, Arizona. Collectively, these could produce up to 3m mmbtu per annum, using up to 700,000 tons of organic compost from regional farms.

The company is a holding of True North Venture Partners, of Phoenix and Chicago.

TNRE and Whitehall did not respond to requests for comment.

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Exclusive: Coal bed methane producer seeking capital partners

A western US company producing RNG by injecting biomass into coal seams is preparing a Series B and has a line of site to financing and contracting EPC for a series of projects in western coal fields.

Cowboy Clean Fuels, a Wyoming-based RNG producer, is preparing to launch a Series B to reach commercialization, CEO Ryan Waddington told ReSource.

CCF injects biomass feedstock like molasses into the coal seams of spent coal mines about 1,000 ft. below surface, relying on the endogenous microorganisms living in those seams to produce methane, Waddington said. Capex on projects is low, up to $6m each.

The company raised $10m in a Series A and will seek to raise that same amount for a Series B. The company has been assisted by Syren Capital Advisors.

Projects are set up as separate entities under the parent, Waddington said. Six projects, each ranging from 70 to 300 wells, are in the company’s pipeline now in the Powder River Basin of Wyoming and Montana.

“We can replicate this 1,000 times,” Waddington said of the immense number of available wells in the region, which can be acquired cheaply. Additional growth could come in the San Juan region of New Mexico, where coal capacity is being retired quickly.

The fuels could be sold as renewable diesel into markets with incentives, like California’s LCFS, Waddington said. The renewable fuel is significantly (10X) more expensive than natural gas produced as a by-product of oil production. But, CCF is not looking to participate in the LCFS program or the EPA-run RFS program.

“The voluntary market for RNG has really taken off,” he said. A contract for renewable diesel offtake is pending with a Wyoming-based oil and gas company looking to lower its CI score.

CCF’s projects are much larger than a typical RNG project, Waddington said; the first project will produce at some 700 cfpy and include 185 tons of CCS. CCF is looking for EPC providers now.

The executive team of CCF has a minority position of the company, Waddington said. The founders and the management team together have a majority position.

The company’s first 139-well project in Wyoming is awaiting final approval from the federal Bureau of Land Management.

CCF is primarily VC-backed to date. The company received approximately $7.8m through the Energy Matching Funds program of the Wyoming Energy Authority early this year.

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