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Australian electrolyzer firm raises $111m

bp Ventures and Templewater each invested $10m to co-lead the $111.3m Series B round.

bp Ventures and Templewater led the recent $111.3 million investment round into Hysata, an Australian electrolyzer company, according to a news release.

The Series B capital raise had backing from existing strategic and financial investors IP Group Australia, Kiko Ventures (IP Group plc’s cleantech platform), Virescent Ventures on behalf of Clean Energy Finance Corporation, Hostplus, Vestas Ventures and BlueScopeX.

The company also welcomed new major strategic and financial investors POSCO Holdings, POSCO E&C, IMM Investment Hong Kong, Shinhan Financial Group, Twin Towers Ventures, Oman Investment Authority’s VC arm IDO and TelstraSuper.

Hysata will use the funding to expand production capacity at its iconic beachside manufacturing facility in Wollongong, New South Wales and further develop its technology as it focuses on reaching gigawatt scale manufacturing.

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Fuel cell towboat receives U.S. Coast Guard ok

The towboat is being designed as a first-of-its-kind vessel using new, cleaner, fuel cell technology that works by converting stored methanol to hydrogen.

Maritime Partners, LLC, a provider of maritime financing solutions primarily focused on Jones Act vessels, has received a Design Basis Agreement from the U.S. Coast Guard for the M/V Hydrogen One towboat that includes e1 Marine hydrogen generator technology that will be utilized for the vessel’s power plant.

M/V Hydrogen One is being designed as a first-of-its-kind vessel using new, cleaner, fuel cell technology that works by converting stored methanol to hydrogen, according to a news release. The produced hydrogen is output, on-demand, to the fuel cell to generate power for the vessel. A successful string test of this technology was completed in Gothenburg, Sweden, in June 2023, proving it to be a viable option as the sole power generation source for vessel propulsion.

“The signing of this agreement opens the pathway for us to deploy our technological capabilities,” said Bick Brooks, co-founder and CEO of Maritime Partners. “With this, Hydrogen One is one step closer to becoming the world’s first vessel to utilize hydrogen generator technology greatly reducing emissions, increasing efficiency and providing a model for cleaner energy use as the industry continues to seek ways to decarbonize.”

The DBA process was established by the U.S. Coast Guard to set the rules for new and novel technology proposed for installation on marine vessels. Maritime Partners worked with several industry leaders on the Hydrogen One project, including Seattle-based Elliott Bay Design Group, who is designing the towboat; Bourg, La.-based Intracoastal Iron Works who is the selected shipyard; e1 Marine, RIX Industries, Power Cell Group, among others, in order to work through the U.S. Coast Guard requirements.

“Maritime Partners is strongly committed to developing and utilizing sustainable, clean energy solutions, as the entire maritime industry continues to seek alternative fuel options that are cleaner, greener and more efficient. The development of Hydrogen One is part of that commitment,” said Dave Lee, Maritime Partners’ VP of Technology & Innovation.

The signing of this DBA ensures that as the M/V Hydrogen One project advances Maritime Partners will be working towards an agreed upon framework with the U.S. Coast Guard for the design, arrangement, and engineering aspects of the power system and associated safety systems for plan review, inspection, and eventual certification of the M/V Hydrogen One.

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Materials technology company opens California green cement plant

Fortera has opened the first green cement and carbon mineralization facility in North America.

Materials technology company Fortera has opened its Redding ReCarb Plant, the first industrial green cement and carbon mineralization facility in North America and one of the largest of its kind in the world, according to a press release.

Located in Redding, California, Fortera’s plant will capture carbon dioxide (CO2) emitted during cement production and permanently sequester it by mineralizing the CO2 into ready-to-use cement.

Not only will this reduce carbon emissions by 70% on a ton-for-ton basis and eliminate feedstock waste associated with traditional concrete production, but every year, the facility will capture 6,600 tons of CO2 and produce 15,000 tons of low-carbon ReAct® cement. Fortera will integrate with green energy supply at future plants, achieving true zero-COcement.

“Redding is the first of many plants in Fortera’s future as a green cement producer, and achieving this milestone brings the industry that much closer to realizing zero-carbon cement, which is critical for both our continued infrastructure and the health of our planet,” said Ryan Gilliam, CEO of Fortera. “While significant, we recognize this is one step in a much larger effort to reach commercialization globally, and we are committed to scaling our technology using existing infrastructure to mobilize widespread adoption of low and zero-carbon cement.”

Fortera’s ReCarb process is a collaborative bolt-on technology that works within existing cement production infrastructure rather than building new stand-alone plants from the ground up, providing a sustainability solution that can be implemented quickly, economically, and efficiently. In Redding, Fortera’s ReCarb facility is adjacent to CalPortland’s cement plant. Fortera captures CO2 emitted during calcination—the process occurring when limestone is heated in a kiln—and draws the gas from CalPortland’s flue gas stack into the ReCarb plant, where it undergoes mineralization to transform the gas into ReAct green cement, a rare form of calcium carbonate.

Since cement is the most significant source of CO2 emissions in concrete production, the ReCarb technology reduces carbon emissions throughout the value chain without imposing substantial capital costs and creates a product that is just as effective as ordinary cement. ReCarb also increases overall product output. When limestone is heated in a kiln to make ordinary cement, nearly half is lost as CO2. Mineralizing those emissions through ReCarb produces a ton of green cement for every ton of limestone feedstock used. Further, ReCarb reduces energy use by using a lower kiln temperature and creates a path to zero CO2 cement when combined with renewable energy.

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Air Products expands California SAF project by $500m

The Pennsylvania-based company has modified the design of the project to include more sustainable aviation fuel thanks to incentives in the Inflation Reduction Act.

Air Products will commit an additional $500m to a sustainable aviation fuel (SAF) project in California thanks to the Inflation Reduction Act, bringing the company’s investment in the facility to $2.5bn.

Pennsylvania-based Air Products teamed with World Energy earlier this year to build an expansion project at World Energy’s SAF production and distribution hub in Paramount, California.

The change in the design of the SAF facility results from the passage of the Inflation Reduction Act in the US, Air Products executives said on its fiscal 4Q22 earnings call today. The IRA includes a new $1.25 per gallon SAF credit where the fuel reduces greenhouse gas emissions by at least 50% compared to petroleum-based jet fuel.

While the total capacity at the plant remains the same at 340 million gallons per year, the portion of the output dedicated to SAF will increase, adding additional costs, company CEO Seifi Ghasemi said.

The long-term, take-or-pay agreement with World Energy includes Air Products’ construction and ownership of a new hydrogen plant to be operated by Air Products and renewable fuels manufacturing facilities to be operated by World Energy, the company said in an April news release. The project is scheduled to be onstream in 2025.

Air Products is also building a $4.5bn blue hydrogen complex in Louisiana, where plans to capture 5 million tons per year of CO2 will result in an annual benefit of roughly $425m after tax from incentives in the IRA, Ghasemi said on the call. The legislation provides a tax credit of $85 per metric ton of captured CO2.

“The numbers are very clear with regard to CO2sequestration,” Ghasemi said.

The company is conducting further evaluations of the expected impact of the IRA’s tax benefits for the Louisiana facility that could result in an expansion of the project’s scope, he added.

Also during the quarter, Air Products announced a long-term supply agreement for Imperial Oil’s proposed Strathcona renewable diesel complex, with Air Products supplying about half the low-carbon hydrogen output from its net-zero hydrogen energy complex in Edmonton, Alberta, Canada.

In addition, the company said it would invest approximately $500m to build, own and operate a 35 metric-ton-per-day facility to produce green liquid hydrogen at a greenfield site in Massena, New York, as well as liquid hydrogen distribution and dispensing operations for industrial decarbonization and mobility.

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CO2-to-SAF firm in $100m capital raise

A New York-based CO2-to-SAF firm is raising about $100m in equity and debt.

Dimensional Energy, the CO2-to-SAF startup based in Ithaca, New York, is in the late stages of a roughly $100m equity and debt round led internally, according to a source familiar with the matter.

The company is down to a shortlist of potential investors with two or three weeks until targeted close, the source said.

Dimensional did not respond to a request for comment.

Proprietary reactor technology powered by renewables is the core of Dimension’s regenerative process. According to its website, the company can make 15 barrels of fuel from every 10 tons of carbon sources form the atmosphere and hydrogen derived form electrolysis.

In May, the company signed an offtake agreement for 5 million gallons per year with Boom Supersonic, which is seeking to build a supersonic airliner that will travel at speeds twice as fast as today’s commercial jets.

Dimensional started production at a pilot-scale COutilization plant in Tucson, Arizona last year.

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Exclusive: Advanced Ionics raising $12.5m, seeking pilot project partners

Advanced Ionics, an electrolyzer developer based in the Midwest, is approaching a close on the second tranche of its Series A and is seeking sponsors for pilot projects in Texas and elsewhere.

The company’s Symbiotic electrolyzers use steam by tapping into excess heat from industrial settings, thereby lowering electricity needs for water splitting to 35 kWh per kg, with 30 kWh per kg possible. That compares to industry averages over 50 kWh per kg.

Advanced Ionics, the Milwaukee-based electrolyzer developer, is about six weeks out from closing a second tranche of its Series A and is seeking new partnerships for pilot projects in the US, Chief Commercial Officer Ignacio Bincaz told ReSource.

Bincaz, based in Houston, is working to close the second $12.5m tranche, which is roughly the same size as the first tranche. The company has technical teams in Wisconsin but could build out those as well as commercial capabilities in Houston.
The company’s Symbiotic electrolyzers use steam by tapping into excess heat from industrial settings, thereby lowering electricity needs for water splitting to 35 kWh per kg, with 30 kWh per kg possible. That compares to industry averages over 50 kWh per kg.

“We just put together our first stack, Generation One, which are 100 square centimeters,” Bincaz said. Generation Two stacks will come later this year, but to get to Generation Three — commercial size, producing between 7 and 16 tons per day — the company will have to conduct a Series B about one year from now.

“For that, we need to hit certain benchmarks on durability of a stack,” he said. “The money will go toward scaling up and getting the data expected by investors to get us to Series B.”

Aside from equity provisions, Advanced Ionics is looking for sponsors for pilots and related studies, Bincaz said. “There’s different ways that we’re looking for collaboration.”

Between 2027 and 2028 the company expects to have commercial-size Generation Three stacks in the market.

Pilot projects

Advanced Ionics has two pilot projects in development with Repsol Foundation and Arpa-E (US Department of Energy), respectively.

The Repsol project is a Generation One development producing 1 kilogram per day, Bincaz said. The government project will be the first Generation Two project.

Another pilot is in development with a large energy company that Bincaz declined to name. The company is also exploring pilot projects with bp, which is an investor in the company.

After four or so pilot projects of ascending scale, the company will look to do its first industrial-scale project using real process heat or steam, integrated into a hydrogen-use process like ammonia manufacturing or chemical refining.

“We’re talking to companies in Asia, companies in Europe, companies in the US,” he said, specifically naming Japan and Singapore. “I’m in early conversations.”

Advanced Ionics’ first tranche Series A was led by bp ventures, with participation from Clean Energy Ventures, Mitsubishi Heavy Industries, and GVP Climate.

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Midwestern SAF developer in capital raise

A municipal solid waste solutions firm based in the midwestern US is undergoing a $30m capital raise ahead of its first SAF project with plans to launch another raise late this year or early next.

Illinois Clean Fuels, the municipal solid waste solutions firm in Deerfield, Illinois, has mandated two advisors to run a capital raise, according to two sources familiar with the matter.

Chabina Energy Partners and Weild & Co. are assisting on the process, which the company plans to have finished by October, the sources said.

The equity will be put toward six recovery facilities to supply feedstock for an unannounced project located in the Chicagoland region, one of the sources said. Following two years or so of engineering and permitting, that project should enter construction.

In December or early 1Q24 ICF plans to launch another equity raise for development capital.

ICF, Chabina and Weild & Co. declined to comment.

Illinois Clean Fuels has a synthetic fuel plant under development that will convert municipal solid waste into sustainable aviation fuel in combination with carbon capture and storage, according to its website.

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