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Boom Supersonic and Dimensional Energy reach SAF offtake agreement

Boom is seeking to build a supersonic airliner that will travel at speeds twice as fast as today's commercial jets.

Boom Supersonic has signed a sustainable aviation fuel (SAF) offtake agreement with Dimensional Energy, which produces carbon neutral fuels and products by recycling carbon dioxide, according to a news release.

Under the agreement with Dimensional Energy, Boom will purchase up to 5 million gallons of SAF on an annual basis over the duration of the Overture flight test program. Overture is the supersonic airliner from Boom that will fly at speeds twice as fast as today’s commercial jets on 100% SAF.

“At Boom, we believe sustainable aviation fuel will be essential to the transformation of air travel,” said Kathy Savitt, president and chief business officer at Boom. “Our new collaboration with Dimensional Energy represents another important step to making sustainable supersonic flight a reality for millions of passengers in the coming years.”

Dimensional Energy is a leader in power to liquid SAF technology and production. By combining a proprietary carbon utilization technology and the Fischer-Tropsch process—a century-old proven method—Dimensional Energy expects to rapidly bring power to liquid SAF to market. At its technology center in Tucson, Arizona, Dimensional Energy has already proven that its unique method can effectively produce the net zero carbon SAF from recycled carbon dioxide.

“Boom and Dimensional Energy share a vision for the future of sustainable aviation,” said Jason Salfi, CEO and co-founder of Dimensional Energy. “Overture has the potential to completely transform how we experience the world, and we are excited to play a critical role in its net zero flight test program, and beyond.”

Boom has also collaborated with United Airlines, which has committed to helping advance the SAF industry. In 2022, United Airlines announced their own agreement to purchase at least 300 million gallons of SAF from Dimensional Energy over 20 years.

“United Airlines is committed to decarbonizing our operations by 2050, without relying on traditional carbon offsets, that’s why we have invested in the production of 5 billion gallons of SAF,” said Mike Leskinen, president of United Airlines Ventures. “Boom’s purchase agreement with Dimensional sends an important demand signal that the market for SAF has never been stronger.”

The agreement with Dimensional Energy is the latest milestone on Boom’s journey to sustainable supersonic flight. To date, Boom has secured 10 million gallons of SAF. Boom plans to achieve net zero carbon by 2025, building on the significant progress outlined in the company’s 2021 Environmental Sustainability Report. Notably, Boom achieved carbon neutrality through reduction initiatives and high-quality carbon credits in 2021. Boom’s 2022 Environmental Sustainability Report will be released in June.

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French auto supplier gets €74m in public funding for hydrogen activities

The funding will support Plastic Omnium’s growth strategy for hydrogen mobility in France.

French automotive supplier Plastic Omnium has received €74m from the national government to support its growth strategy for hydrogen mobility in France.

The award was announced by Prime Minister Élisabeth Borne during a visit to Plastic Omnium’s α-Alphatech research and development center. The  public funding is part of the PIIEC (Important Project of Common European Interest) framework and supports projects considered essential for Europe’s competitiveness.

Laurent Favre, Plastic Omnium’s CEO, welcomed the government’s decision to support development of the hydrogen industry in France, and announced the construction in Compiègne of Europe’s largest hydrogen vessels factory. The future facility will produce  80,000 vessels a year, with the  first produced as of 2025. The new plant in Compiègne and its expansion of hydrogen activities in France will in time represent around 200 jobs.

Laurent Favre also announced the signing of two major contracts with Stellantis and HYVIA. Both contracts  cover the  design  and  production, at its future Compiègne plant, of 700-bar high-pressure hydrogen vessels modules for commercial vehicles. Laurent Favre declared that: “The support of the French government allows us to accelerate the ramp-up of our industrial production of hydrogen vessels in France. The signing of two new contracts with Stellantis and HYVIA illustrates our customers’ confidence in our technological expertise in hydrogen storage. These announcements are a major step in our ambition to become the world leader in hydrogen mobility by 2030 and the preferred partner of the players in this sector, serving the profound transformation of our industry towards low-carbon mobility”.

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JERA Americas completes modifications for hydrogen firing at NJ power plant

Hydrogen co-firing of up to 40% (by volume) will be possible at Linden Unit 6.

JERA Co. has completed modification of the gas turbine at Linden Gas Thermal Power Station Unit 6 in the United States to enable the use of hydrogen, making possible the co-firing of natural gas with hydrogen-containing off-gas generated at the adjacent oil refinery, according to a news release.

Because it will require the procurement of hydrogen at an economically rational price and the development of carrier technology, it is expected to take some time before hydrogen can be used for power generation in Japan. By working to resolve such issues and advancing the use of hydrogen at power plants in areas where hydrogen is already available, JERA seeks to accumulate technical capabilities and experience that can be applied to future power generation projects both at home and abroad.

JERA had previously decided to move forward, through JERA Americas Inc., with modification of the gas turbine at Linden Unit 6 to enable co-firing with hydrogen-containing off-gas supplied by Bayway Oil Refinery, which is owned by the major US oil refiner Phillips 66.

With the completion of this work, hydrogen co-firing of up to 40% (by volume) will be possible at Linden Unit 6. The effective use of hydrogen-containing off-gas sourced from the adjacent oil refinery is expected to reduce CO2 emissions at both Unit 6 and the oil refinery.

Under its “JERA Zero CO2 Emissions 2050” objective, JERA has been working to eliminate CO2 emissions from its domestic and overseas businesses by 2050. By leveraging its strengths across the entire value chain from upstream fuel development through power generation, working actively to develop decarbonization technologies, and seeking to ensure economic rationality, JERA will continue its efforts to achieve zero emissions going forward.

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BlackRock’s Larry Fink underscores ‘enormous’ capital demands for infrastructure

In acquiring GIP, BlackRock believes that, over the next 10 years, infrastructure and energy investments will become a major component of the private market ecosystem.

The growth of private markets in infrastructure underpins the industrial logic of BlackRock’s $12.5bn deal for infrastructure asset manager Global Infrastructure Partners, BlackRock CEO Larry Fink said today.

In a Friday morning call with analysts, Fink emphasized the expected growth of private capital in infrastructure and energy markets over the next 10 years as a major factor in its acquisition of GIP.

“Growing public deficits, a modernizing digital world, advancing energy independence, and the energy transition are driving the mobilization of private capital to fund critical infrastructure,” Fink said.

“I believe that the amount of capital that is to be needed as we digitize everything, the need to upgrade our power grids worldwide is a must,” he said. “The capital associated with that is going to be enormous.”

BlackRock is acquiring GIP for $3bn of cash and approximately 12 million shares of BlackRock common stock. The combination creates the second-largest global infrastructure private markets business, with over $150m in client assets, according to a presentation.

Fink expects BlackRock to continue to partner with corporations in acquiring asset carve-outs or co-investing in infrastructure projects, such as its deals with Occidental Petroleum (direct air capture) and AT&T (5G buildout).

GIP Founding Partner, Chairman, and CEO Bayo Ogunlesi, who is slated to become a member of BlackRocks’ board following the transaction, highlighted the complementary aspects of the business combination.

“BlackRock has built a terrific infrastructure business,” he said. “But they make mid-market or mid-cap investments. We make large-cap investments.”

He added, “[BlackRock has] a terrific infrastructure debt business that is mostly investment grade, ours is mostly below investment grade. They have a capital solutions business that we don’t have. So if you put these two businesses together, we can go to clients, large cap clients, mid cap clients, offer them a complete array of solutions.”

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Gas-fired peaker sale touts hydrogen blend potential

An equity process for 25% ownership of a California peaker plant includes plans to blend up to 30% hydrogen as part of the sales pitch, according to a teaser.

An opportunity to acquire 25% of the Sentinel Energy Center in California includes decarbonization initiatives like blending 30% hydrogen and installation of on-site battery storage, according to two sources familiar with the matter.

Project Oasis is being run by CIBC, the sources said. Voltage Finance, an entity managed by Guggenheim Partners Investment Management, is exploring the sale of its 25% indirect equity interest in the 850 MW generating facility in Riverside County.

The facility has more than 75% of its capacity contracted through 2027, according to a teaser seen by ReSource. The potential to execute a long-term green hydrogen offtake contract on several of Sentinel’s turbines is being evaluated.

“Sentinel is pursuing the implementation of hydrogen blending capabilities and has advanced the engineering and design through an agreement with a global OEM with beta testing expected in Q1 2025,” the document states.

Sentinel is also co-located with 15 MW of battery storage.

Guggenheim and CIBC did not respond to requests for comment.

Diamond Generating holds a 50% stake in Sentinel. The remaining 25% interest is owned by California-based fund manager Climate Adaptive Infrastructure (CAI), which bought its stake from Partners Group last year.

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Exclusive: Additional details revealed on e-fuels equity raise

A US e-fuels developer is in the midst of a Series C raise with BofA Securities advising.

E-fuels developer Infinium is raising $300m in a Series C capital raise that launched last year, according to a source familiar with the matter.

BofA Securities has been engaged to advise on the process, as previously reported by ReSource. The amount of the capital raise was not previously reported.

Infinium and BofA did not respond to requests for comment. 

Infinium recently announced the existence of Project Roadrunner, located in West Texas, which will convert an existing brownfield gas-to-liquids project into an e-fuels facility delivering products to both US and international markets. Breakthrough Energy Catalyst has contributed $75m in project equity.

Infinium, which launched in 2020, closed a $69m Series B in 2021, with Amazon, NextEra and Mitsubishi Heavy Industries participating. Its Project Pathfinder in Corpus Christi is fully capitalized.

About a dozen projects, split roughly 50/50 between North America and the rest of the world, are in development now. The company is always scouting new projects and is looking for partners to provide CO2, develop power generation and offtake end products, an executive said previously.

A CO2 feedstock agreement for a US Midwest project with BlackRock-backed Navigator CO2 Ventures was recently scrapped after the latter developer cancelled its CO2 pipeline project.

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It’s an electrolyzer – but for CO2

A New Jersey-based start-up is seeking to commercialize an electrocatalytic technology that transforms CO2 into a monomer for the plastics industry.

RenewCO2 is developing and seeking to commercialize a modular technology that converts waste CO2 into a usable product.

The New Jersey-based company is advancing a pilot project at an Ace Ethanol plant in Wisconsin that will take CO2 and convert it to monoethylene glycol, which can be used by the plastics industry.

The project was recently selected by the US DOE to receive a $500,000 grant. It seeks to demonstrate the technology’s ability to reduce the ethanol plant’s carbon footprint and produce a carbon-negative chemical.

In an interview, RenewCO2 co-founders Anders Laursen and Karin Calvinho said their technology, which was developed at Rutgers University, is geared toward carbon emitters who can not easily pipe away their CO2 and who may have use for the resulting product.


“It’s a matter of economics,” said Calvinho, who serves as the company’s CTO. Using the RenewCO2 technology, the ethanol plant or other user is able to keep 45Q tax incentives for capturing CO2 while also creating a product that generates an additional revenue stream.

Additionally, the modular design of the technology prevents emitters from having to build expensive pipeline infrastructure for CO2, she added. “We want to help to facilitate the use of the CO2 on site,” she said.

One of the goals of the project is to measure the carbon intensity of these technologies in combination, which ultimately depends on the electricity source for the electrochemical process, similar to an electrolyzer, Laursen, who is the CEO, said.

“The main constraint from a location point of view is the availability of reliable and affordable green power,” Laursen added.

Creating a market

The principal target market for RenewCO2’s technology is existing producers of monoethylene glycol (MEG), which is used to make recycled plastics, as well as ethanol producers and other emitters with purified CO2 streams.

Producers of polyethylene terephthalate (PET) – one of the most recycled plastics globally – are also potential customers since they use MEG in their production process and have CO2 sources on site.

“Right now, MEG produced in the US is, for the most part, not polymerized into PET – it’s shipped overseas for making PET plastics used in textiles, and then made into fibers or shipped further,” Laursen said. “So if you can shorten that transport chain, you can reduce the CO2 emissions associated with the final product.”

RenewCO2 is looking for partners to help build the modular units, and is evaluating the purchase of existing PEM electrolyzer units that can be reconfigured, or having the units custom manufactured.

“We’re talking to potential manufacturing partners and evaluating whether we should do the manufacturing ourselves,” Calvinho said. And if they choose the latter route, she added, “we will have to build our own facilities, but it’s early to say.”

The company has raised a total of $10m in venture investment and grant funding, including a pre-seed round of over $2m from Energy Transition Ventures, a Houston-based venture capital fund.

While not currently fundraising, Laursen said they are always taking calls to get to know the investors that are interested in the space. He added that the company may need to raise additional capital in 12 to 18 months.

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