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Buckeye Partners closes acquisition of Bear Head Energy

Buckeye Partners has closed on the acquisition of Bear Head Energy.

Buckeye Partners has closed on the acquisition of Bear Head Energy, Inc., according to a news release.

Bear Head is developing a large-scale green hydrogen and ammonia production, storage and export project in Point Tupper, Nova Scotia with hydrogen electrolyzer capacity of more than 2 GW.

As part of the project’s phased development, Buckeye plans to partner with on-shore and off-shore renewable energy developers to build out a large-scale green hydrogen hub for Atlantic Canada.

Buckeye established its Alternative Energy operating segment as a clean energy business that focuses on the development, construction, and operation of alternative energy projects, including hydrogen, wind, and solar-powered energy solutions.

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Energy Vault appoints CFO

Energy Vault has appointed Michael Beer as chief financial officer.

Energy Vault Holdings, Inc., a provider of sustainable grid-scale energy storage solutions, announced today the appointment of Michael Beer as Chief Financial Officer.

Beer will replace Jan Kees van Gaalen, who has served in the role since November 2022 and plans to retire. The appointment is effective April 15, 2024, the company said in a news release.

Energy Vault offers proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies.

Prior to Energy Vault, Beer served as Chief Financial Officer for FreeWire Technologies, Inc. (FreeWire), an industry leader in ultra-fast EV charging, battery storage and energy management solutions, since 2021. Prior to FreeWire, he served as Head of Financial Strategy & Investor Relations at Luminar Technologies, Inc (Nasdaq: LAZR), culminating in the company’s public listing.

Before Luminar, Beer spent seven years at Citigroup Inc., serving as a Senior Research Analyst in Hong Kong and Singapore, covering the transportation, logistics and infrastructure space across Asia. Previously, he covered the North American transportation sector at Bear Stearns and Wolfe Research in New York. Beer also currently serves on the Board of Directors at UK-based venture builder, Cambridge Future Tech Ltd. (CFT) and is a Partner at Vest Coast Capital.

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Louisiana could have Class IV carbon injection primacy later this year

A U.S. Congressman said this week that Louisiana will likely have permitting authority later this year over wells designed to capture and store carbon.

Louisiana is set to receive permitting authority over wells designed to capture and store carbon by the end of the year, U.S. Congressman Garret Graves of Louisiana said this week, according to a Reuters report.

“We’re probably looking at final approval sometime in December or January,” Graves said at an event hosted by the Bipartisan Policy Center, according to the report. “If you look at the at the capacity of the state of Louisiana, they have substantially more expertise and capacity than the EPA does at this point.”

The state has been seeking control over Class VI wells from the Environmental Protection Agency (EPA), having filed its application in May, 2021.

North Dakota and Wyoming are the only two states with primacy for Class VI wells.

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Cleveland-Cliffs CEO: ‘Hydrogen is the future’

The largest producer of flat-rolled steel in North America plans to lean heavily on hydrogen to reduce its carbon footprint.

Cleveland Cliffs CEO Lourenco Goncalves is staking his company’s ability to decarbonize on large-scale use of hydrogen as a reductant in its blast furnaces.

The steelmaker is building a $9m pipeline that will feed hydrogen from the edge of its Indiana Harbor 7 plant into the blast furnace, what Goncalves called the company’s “high water mark” for hydrogen since it is the biggest plant of its kind in the Western Hemisphere.

“It’s the biggest blast furnace, the one that we use the most in terms of hydrogen because of its size,” Goncalves said on the company’s earnings call. “And it’s also because it’s our flagship, for instance, our biggest, the biggest in the Western Hemisphere and we are going to use as a demonstration plant for how to use hydrogen” in steelmaking.

Cleveland Cliffs in May completed a hydrogen injection trial at its Middletown Works blast furnace on a smaller scale.

Goncalves said previously that the company committed to offtake 200 tons per day of the 1000-ton-per-day project being developed by bp and Constellation as part of the Midwest Hydrogen Hub located in Indiana, Illinois, and Michigan.

The hub was recently awarded up to $1bn in funding from the US Department of Energy hydrogen hubs program.

“Cliffs’ commitment to buy a large portion of the output from the Midwest hub helped get this location selected by the Department of Energy,” Goncalves said.

“Hydrogen is the future,” he said. “Effectively, all of the current carbon emissions in our footprint are a result of the use of fossil fuel-based reductants or energy sources, where there is no economically feasible alternative,” he added. “Hydrogen can and ultimately will change that.”

He added that the use of hydrogen is very minimally capital intensive if you already have blast furnaces, with only minor plant additions needed, such as the Indiana Harbor pipeline.

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Siemens Energy planning new US electrolyzer capacity

The company is targeting expansion in the U.S. given the favorable policy environment following passage of the Inflation Reduction Act (IRA).

Siemens Energy North America is laying the groundwork for new electrolyzer manufacturing capacity in the United States, President Richard Voorberg said during a panel discussion recently.

Siemens Energy, a global energy technology company, makes an 18 MW PEM electrolyzer, one of the largest in the world, and is targeting expansion in the U.S. given the favorable policy environment following passage of the Inflation Reduction Act (IRA), Voorberg said.

The company is building its first gigawatt factory in Berlin, Germany via a joint venture with France’s Air Liquide. The Berlin factory is expected to produce 1 GW of PEM electrolyzers per year starting in mid-2023.

“As soon as we get that first one up and running… I’ve got a plan already to put a 1,000 MW line in the US,” Voorberg said, speaking during an event at the Delegation of German Industry and Commerce in Washington D.C. last month.

Siemens’ existing manufacturing capacity in the US could expand to accommodate that new line, or the company could look to build an entirely new facility, Voorberg said. He added that the recently passed IRA helps makes the business case to do so.

Following the IRA, customers went from asking for fractions of a megawatt to seeking 2 GW in a single order, Voorberg said. His 18 MW line is now insufficient.

“We’ve got to scale up,” he said. “Scale is everything.”

Voorberg said his company sees hydrogen being used in electricity production around 2035, but mobility can use it now.

The planned move by Siemens underscores the extent to which the IRA legislation has trained the hydrogen industry’s focus on the U.S. Norway-based electrolyzer producer Nel is speeding efforts to expand electrolyzer capacity in the U.S. And Cummins announced last month that it would add electrolyzer production space at its existing facility in Fridley, Minnesota.

Siemens Energy is independent of Siemens AG, having spun off in 2020. The company has about 10,000 employees in the US and roughly 2,000 in Canada.

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Pennsylvania blue hydrogen DevCo planning project equity raise

A natural gas company has tapped an advisor and is planning to launch a process to raise project equity in the fall for a blue hydrogen production facility with contracted offtake in Pennsylvania.

KeyState Energy, a Pennsylvania-based development company, has engaged a financial advisor to launch a $60m equity process in September, according to two sources familiar with the matter.

Young America Capital is advising on the forthcoming process, the sources said.

The capital raise is for the company’s marquee Natural Gas Synthesis blue hydrogen project in Clinton County, one of the sources said. CapEx for the project is estimated at $1.5bn. OCGI is a pre-FEED investor in the project and the coming equity raise is meant to attract a FEED investor.

The 200 mtpd project has contracted offtake with Nikola Corporation, one of the sources said. In October it was reported that Nikola and KeyState were working towards a definitive agreement to expand the hydrogen supply for Nikola’s zero-emissions heavy-duty fuel cell electric vehicles.

The 7,000-acre natural gas and geologic storage site was formerly known for coal, iron and rail, according to the company’s website.

KeyState Energy did not respond to a request for comment. YAC declined to comment.

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Solar-powered hydrogen producer raising capital for EU and US growth

A European JV developing off-grid hydrogen production units using concentrated solar power – “white hydrogen” – plans to raise capital for growth in Europe and the US.

hysun, a Spanish JV between European firms Nanogap and Tewer Engineering, will raise $15m over three years for its first industrial plant and commercialization by 2026, CEO and Co-founder Tatiana Lopez said in an interview.

hysun has not engaged a financial advisor to date, but is open to meetings, Lopez said.

The new venture, formed in November, has raised $2m and is actively seeking another $3m (pre-money valuation of $10m) equity for a100 g H2/h prototype to close by the end of the year.

The company will then need $4m for an industrial plant, locations for which are being scouted now in the US and Europe. After that, the founders intend to enter a commercialization phase.

hysun’s intellectual property allows it to produce off-grid “white hydrogen” via steam generated with concentrated solar technology, Lopez said. The lack of electrolyzers means about eight times less land is needed to generate projects as large as 200 MW assuming 2,500 hours of sunlight per year.

“You don’t need to be next to a wind farm or solar plant,” Lopez said, adding that the hydrogen is produced at $1 per kilo.

Average project sizes range between 50 and 100 tonnes per year, assuming the same amount of sunlight, though the technology is applicable on a micro scale. The company sees the end uses being for ammonia production, replacement of grey hydrogen in industry and remote location deployment.

Lopez said the company is interested in growing in the US and Europe but believes the US will develop its industry faster.

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