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California electrolyzer tech company hires VP

The new hire will lead NewHydrogen's business development efforts.

NewHydrogen, Inc., a developer of technology to produce low-cost green hydrogen, has hired Steven Hill as vice president and member of the company’s board of directors, effective immediately.

Hill is an accomplished sales executive with over 20 years of experience in the biopharmaceutical industry, the company said in a news release.

In this capacity, Hill will lead NewHydrogen’s business development efforts while representing the company’s mission and technologies to investors, media, public, and potential partners.

Hill has held senior management positions over the course of his career including Regional Account Manager for Relypsa Inc, a biopharmaceutical start-up in Redwood City, CA. He also served as a managing member of Hill Investments, LLC, a real estate investment and design group during which time Mr. Hill consulted on property development and managed real estate investments.

“We are excited to welcome Steve to NewHydrogen, and expect that he will immediately strengthen our management team,” said Dr. David Lee, CEO of NewHydrogen. “Steve’s vantage point coming from executive sales experience is one we believe will provide valuable insights as NewHydrogen progresses to meet its corporate objectives.”

NewHydrogen is currently funding a sponsored research program at the Department of Materials Science and Engineering at the University of California, Los Angeles (UCLA), aimed squarely at developing technologies to lower the cost of green hydrogen. The goal of NewHydrogen’s sponsored research at the UCLA is to lower the cost of green hydrogen by eliminating or drastically reducing the use of precious metals in electrolyzers. Electrolyzers currently rely on rare materials such as iridium and platinum. These materials often account for a substantial portion of the cost of electrolyzers.

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First Citizens finances acquisition of ammonia carrier

The financing supports Purus Clean Energy’s acquisition of the MV Green Power, a 40,000 cbm ammonia carrier.

The Maritime Finance group of First Citizens Bank has provided financing to Purus Clean Energy to support the acquisition of the MV Green Power, a 40,000 cbm ammonia carrier, according to a news release.

Purus Marine, the parent of Purus Clean Energy, provide slow-carbon maritime energy transportation and infrastructure systems. The company has a fleet of more than 50 low-carbon vessels in the offshore wind, LNG, ammonia, logistics and ferry sectors.

Maritime Finance, part of First Citizens’ CIT division, offers customized solutions for secured loans to a global client base of vessel owners and operators.

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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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Raven SR raises $20m from strategic investors

Wyoming-based renewable fuels company Raven SR has closed a USD 20m strategic investment.

Wyoming-based renewable fuels company Raven SR has closed a $20m strategic investment, according to a press release.

Chevron U.S.A., ITOCHU Corporation, Hyzon Motors Inc. and Ascent Hydrogen Fund participated. Raven SR plans to build modular waste-to-green hydrogen production units and renewable synthetic fuel facilities initially in California and then worldwide.

Raven SR’s Steam/CO2 Reformation process involves no combustion, unlike incineration or gasification. The company’s process can also produce other renewable energy products such as synthetic liquid fuels (diesel, Jet A, mil-spec JP-8), additives and solvents (such as acetone, butanol, and naphtha) and sustainable aviation fuel (SAF).

The investment follows an agreement between Raven and Hyzon Motors to build up to 250 hydrogen production facilities across the United States and globally. Hyzon Motors, with US operations based in Rochester, New York, is a supplier of fuel cell-powered commercial vehicles.

Raven SR’s first renewable fuel production facilities will be built at landfills and will produce fuel for Northern California hydrogen fuel stations and for Hyzon’s hydrogen hubs. These initial facilities are expected to process approximately 200 tons of organic waste daily, yielding green hydrogen and producing on-site energy.

Raven SR’s production units are modular. In addition to landfills, they can also be placed at wastewater treatment plants and agriculture sites.

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Exclusive: Seattle biomass-to-chemical firm planning equity round

A firm with plans for a biorefinery in Washington state will raise its first large equity round early next year.

Planted Materials, a Seattle-based biomass-to-chemicals company, is in early design stages for its first biorefinery in eastern Washington state and planning to raise an equity round in early 2025, co-founders Noah Belkhous and Greg Jenson said in an interview.

The company will seek to raise between $10m and $20m ahead of FID on the biorefinery, Belkhous said. The four-year-old company has raised $500k from angel investors to date and is currently raising another $1m from high net worth individuals in the Seattle region.

Planted Materials does not have a relationship with a financial advisor but is open to one, Belkhous said.

The company’s recycling model takes municipal landfill waste and converts it to chemical materials for pharmaceutical, paper, plastic and other manufacturing industries.

The proprietary recycling process is something the company would like to license to municipalities in the US and abroad, in addition to building biorefineries in the Pacific Northwest, Belkhous said. The company’s lab is currently based in the Ballard neighborhood of Seattle.

Early design work on the first biorefinery is underway. The duo expects CapEx to cap at $50m, reaching FID in 2026 and beginning construction that year.

While the majority of the company’s feedstock will likely come from the major metropolitan regions in the western PNW, refining capacity is more attractive in the east for reasons of space and existing waste management infrastructure. Jenson noted the presence of the relevant research campus of Washington State University in Pullman, as well as the Pacific Northwest National Laboratory in Richland.

Recently, the team accompanied Washington Governor Jay Inslee and members of the Washington State Department of Commerce on a trip to Sydney and Melbourne in Australia. The company has applied to a pair of $350k grants from the state.
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Exclusive: American Clean Power to advocate for ‘grandfathering’ in 45V rules

The clean energy trade group plans to continue promoting the concept of “grandfathering” for early-mover green hydrogen projects in response to IRS guidance for 45V rules, according to industry sources familiar with the plans.

Clean energy industry trade group American Clean Power (ACP) plans to continue championing the concept of “grandfathering” in the green hydrogen sector, arguing that it is critical for the economic viability of early green hydrogen projects under the Inflation Reduction Act’s clean hydrogen tax credits, according to sources familiar with the group’s plans.

Grandfathering would allow these projects to adhere to less stringent annual time-matching requirements before transitioning to an hourly regime.

ACP, through its previously released Green Hydrogen Framework, has proposed to grandfather in the early-mover projects under annual time-matching as long as they start construction before January 1, 2029. That’s in contrast to guidance for the 45V clean hydrogen tax credit that would require renewable energy generation associated with green hydrogen projects to be matched hourly beginning in 2028.

The trade group, which consists of 800 clean energy companies, previously argued against too-soon hourly matching in a November white paper. Representatives of ACP did not immediately respond to requests for comment.

In response to the IRS guidance, ACP is seeking to underscore that, without grandfathering, early projects will have to be designed from the start to meet hourly matching requirements, significantly increasing costs and negating the benefits of annual time matching, sources said.

The notice of public rulemaking on 45V was issued on December 26, and is open for public comment for 60 days. The tax credit rules, which would require strict adherence to the so-called three pillars approach for incrementality, temporal matching, and deliverability, are viewed by some in the industry as overly burdensome.

ACP’s position is that the project finance market can handle some changes midstream in long-term agreements, but not fundamental shifts like transitioning from annual to hourly time matching. 

This switch could lead to a dramatic decrease in green hydrogen production and a concurrent exponential increase in production costs. Investors, anticipating these risks, might finance green hydrogen production agreements as if they were under an hourly regime from the beginning, thereby eliminating the initial benefits of annual time matching, according to the sources familiar.

A Wood Mackenzie study estimates that hourly time matching requirements could result in a price increase of 68% in Texas and 175% in Arizona, for example.

ACP, according to sources, stresses that the absence of grandfathering would create an economic cliff for agreements straddling both accounting systems. This would add to project costs, potentially discourage customer interest in green hydrogen, and hinder the industry’s maturation, the sources explained. In contrast, grandfathering first-mover projects under an annual time matching regime would ensure competitive production costs, driving demand for green hydrogen, the trade group believes.

Moreover, sources explained that ACP’s position is that the transition from annual to hourly matching without grandfathering would likely necessitate assuming hourly matching from the onset in power purchase agreements, leading to higher hydrogen costs from the start. This could delay green hydrogen industry development and give an advantage to blue hydrogen with early adopters, potentially excluding green hydrogen from the market.

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Carbon-negative materials firm in $40m equity raise

A Texas-based manufacturer of renewable plastics is developing its first plant in the Midwest, with a commercialization date set for 2026.

Citroniq Chemicals, a maker of renewable and carbon-negative plastics, is undergoing a $40m equity raise, according to two sources familiar with the matter.

The process has launched and is being led by Young America Capital, the sources said. The company’s projects account for about $1bn in CapEx.

Based in Houston, Citroniq uses bio-based feedstocks to produce plastics at scale. The company recently signed a Letter of Intent with Lummus Technology for the development of Citroniq’s green polypropylene projects in North America.

“With a projected investment of over $5bn and a combined polypropylene annual capacity of over 3.5 billion pounds, Citroniq is prepared to execute a rapid expansion plan of its E2O process, to meet the market’s growing need for sustainable, carbon negative polypropylene at a competitive price,” Mel Badheka, Principal and Co-Founder of Citroniq Chemicals, said in a press release announcing the LOI. “Located in the Midwest, Citroniq’s first plant is scheduled to start production in 2026 and provide identical, drop-in products that can be directly certified as biogenic through physical testing.”

In January Citroniq announced a separate LOI with Mitsui Plastics for a large-scale supply agreement for sustainable polypropylene.

Citronia and Young America Capital did not respond to requests for comment.

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