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EverWind selects Black & Veatch for Nova Scotia project FEED services

EverWind is building a green hydrogen and ammonia production and storage facility in Point Tupper, Nova Scotia.

EverWind Fuels Company has selected Black & Veatch to provide front-end engineering design (FEED) services for its green hydrogen and ammonia production and storage facility in Point Tupper, Nova Scotia, with initial commercial operations planned for 2025, according to a news release.

EverWind is a private developer of green hydrogen and ammonia production and storage sites, and global engineering and construction company Black & Veatch is a green energy solutions leader.

In its first phase, the facility will produce green hydrogen and green ammonia through electrolysis using certified green power from the Nova Scotia Power transmission system; onshore wind generation will power production in a second phase. In future phases, EverWind will use offshore wind power to produce hydrogen through electrolysis, unlocking Nova Scotia’s offshore wind capabilities. The first two phases will produce a combined 1 million tonnes per annum of green ammonia.

“EverWind is committed to delivering on our commitment to develop Nova Scotia into a global green energy hub,” said Trent Vichie, EverWind’s CEO. “Green hydrogen and ammonia will play key roles in the fight against climate change and the desire for improved energy security in Europe, and Black & Veatch lends incredible expertise and experience in green hydrogen, ammonia and project development. By working together with Black & Veatch and our partners in government, industry and Indigenous communities, we are sending a clear message to the world that we are in this fight together.”

“This ambitious project exemplifies how green hydrogen and ammonia are continuing their trajectories in tomorrow’s reimagined energy ecosystem as a rapidly decarbonizing world transitions to cleaner energy,” added Laszlo von Lazar, president of Black & Veatch’s energy and process industries business. “As a global leader in designing and building green energy projects around the globe, Black & Veatch remains committed to delivering projects that pave the way to a lower-carbon future.”

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Spain’s ACCIONA planning large-scale green hydrogen projects in the US

A JV between Spain’s ACCIONA and Germany’s Nordex has big plans for the US.

ACCIONA & Nordex Green Hydrogen (ANGH) is developing gigawatt-scale green hydrogen projects in the United States.

The firm, a JV between Spanish renewables and infrastructure firm ACCIONA and German wind turbine maker Nordex, has several projects in development in rural America as part of a global portfolio of green hydrogen projects with targeted installed wind and solar capacity of 50 GW.

In comments to the IRS regarding 45V tax credits, the firm’s Vice President of Development Scott Baron wrote that the firm was seeking to reach FID by 2027 and complete construction by 2030 on at least one of the projects.

“Each project represents multiple billions of capital investment and gigawatts of incremental renewable energy capacity. Developing projects of this scale takes time and considerable investment, which we have committed,” Baron wrote.

In making the case for maintaining strict standards for green hydrogen production under 45V, Baron noted that Nordex has a separate business unit, Nordex Electrolyzers, that is developing an alkaline electrolyzer designed to operate under variable electricity output from renewable sources.

“Prototyping will be complete in 2025 with commercial scale-up to follow,” he said. “This experience has given us confidence that the technology (in general) will be ready and scalable in time to support the projects we and others intend to build within this decade.”

Baron declined to comment further on the projects.

Business model

Further making the argument for strict green hydrogen rules, Baron writes that there are zero emissions impacts to the grid under the business model that ANGH is pursuing, whereby renewable energy resources are directly connected to the electrolyzers.

“Our support [of strict rules] is predicated on a business model that ANGH and others are pursuing globally, which focuses on building very large-scale projects (typical projects are 1,000- 3,000 MW electrolyzer capacity, with capital cost expectations of $3-10 billion) in the best renewable energy resource areas of the world but are remote and currently lack transmission infrastructure,” the letter reads. “These projects are exclusively or primarily ‘behind-the-meter’ or ‘off-grid’ and rely on system designs that optimize sizing of the various key pieces of equipment given the wind and/or solar profile of the site. “

Baron goes on to write that the challenge of remotely sited projects is transporting the final end-product to its end user. “Within the United States, there is tremendous potential to utilize and/or develop low-cost pipelines, which is a proven successful and low-cost method of transporting molecules,” he said. “The scale of the projects ANGH is developing can support the capital costs associated with new longer distance pipelines.”

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Air Products consortium completes $8.5bn financing for Saudi green hydrogen project

Senior and mezzanine debt along with equity raised on a non-recourse basis will support the construction of 4 GW of renewables powering production of 600 tons of hydrogen per day.

Pennsylvania-based Air Products along with ACWA Power and NEOM Company have finalized and signed an $8.5bn financing agreement for a green hydrogen project in Saudi Arabia.

To be funded by a combination of long-term debt and equity, the project JV, NEOM Green Hydrogen Project, will build 4 GW of renewables powering production of up to 600 tons per day of hydrogen.

The total financing consists of $5.852bn of senior debt and $475m of mezzanine debt facilities, both arranged on a non-recourse project finance basis, as follows:

– $1,500 million from National Development Fund (NDF) on behalf of National Infrastructure Fund (NIF), under foundation.

– $1,250 million is in the form of SAR denominated financing from Saudi Industrial Development Fund (SIDF),

The balance is from a consortium of financiers, structured as a combination of long term uncovered tranches and a Euler Hermes covered tranche, comprising, in no particular order, First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Mitsubishi UFJ Financial Group, BNP Paribas, Abu Dhabi Commercial Bank, Natixis, Saudi British Bank, Sumitomo Mitsui Banking Corporation, Saudi National Bank, KFW, Riyad Bank, Norinchukin Bank, Mizuho Bank, Banque Saudi Fransi, Alinma Bank, APICORP, JP Morgan, DZ Bank, Korea Development Bank and Credit Agricole.

Air Products, which is the sole offtaker for the project, recently disclosed that the cost of the facility has climbed to $8.5bn compared to an original capital estimate of $5bn.

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Raven SR to supply SAF to Japan Airlines

The agreement provides for an initial 50,000 tons of SAF supply in 2025 with annual incremental increases to 200,000 tons for year 10.

Raven SR has sign a memorandum of understanding to supply SAF to Japan Airlines for global routes, according to a news release.

The agreement provides for an initial 50,000 tons of SAF supply in 2025 with annual incremental increases to 200,000 tons for year 10. The supply will be produced by Raven SR at facilities planned for markets outside Japan.

“We expect that our agreement with JAL to supply SAF in strategic markets globally will enable buying local fuel produced from local waste,” Matt Murdock, CEO of Raven, said in the release. “We see growing interest in such efficiency and circularity in renewable fuel distribution for aviation and other transportation sectors.”

ITOCHU is one of several strategic investors in privately held Raven SR, which is currently undergoing a Series C with bank of America and Barclays.

The Japanese airline industry is required by the country’s General Assembly of the International Civil Aviation Organization (ICAO) to reach a goal of achieving net-zero CO2 emissions from aircraft by 2050. Starting in 2024, Japanese airlines must reduce or offset 15% of emissions from 2019 levels.

Global SAF supply currently comprises 0.03% of total jet fuel consumption due to a limited supply of feedstock like used cooking oils and tallow.

Raven SR plans to commence commercial production of SAF by 2025 in California and expand SAF production by 200,000 tons/year until 2034 in the US and Europe.

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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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Renewable hydrogen developer in exclusivity with strategic investor

A renewable hydrogen developer based in the western US is reaching the final stages of a capital raise with an investor in exclusivity.

NovoHydrogen, the Colorado-based renewable hydrogen developer, is in exclusivity with clean energy investment platform Modern Energy, according to two sources familiar with the matter.

ReSource reported in February that GreenFront Energy Partners was advising the company on a Series A.

NovoHydrogen CEO Matt McMonagle said previously that the company has about 30 projects in development in the US, ranging from a few megawatts to hundreds of megawatts. Its most active markets are the West coast, Northeast, Appalachia, Texas and the Rocky Mountains, though the company is not geographically constrained.

The company aims to begin construction on its first projects by the end of this year, the executive had said.

NovoHydrogen declined to comment. GreenFront and Modern Energy did not respond to requests for comment.

Modern Energy, a certified B-Corporation, recently put $90m into net metered solar developer Industrial Sun along with partner EIG. In 2020 EIG committed USD 100m to Modern Energy through a debt facility to fund the development of clean energy assets.

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Waste-to-hydrogen developer to close $100m capital raise this month

Raven SR’s C-round of financing is being run by two bulge-bracket banks, and the firm has received widespread interest from private equity and corporate strategics.

Raven SR, a US waste-to-hydrogen developer, is working on a $100m capital raise that’s expected to wrap up this month, according to four sources familiar with the matter.

Raven’s C-round of financing is being run by Barclays and Bank of America. The firm has received widespread interest from private equity and corporate strategics.

Raven CEO Matt Murdock said on the sidelines of the Hydrogen Americas event in Washington D.C. that he was hoping to have the raise done by Thanksgiving.

Headquartered in Wyoming with projects in California and Spain, the company uses a steam/CO2 reforming process that transforms municipal solid waste, organic waste and methane into clean fuels.

In August, 2021, Raven closed on a $20m strategic investment from Chevron U.S.A., ITOCHU Corporation, Hyzon Motors Inc. and Ascent Hydrogen Fund. Samsung Ventures made a strategic investment earlier this year, allowing the company to expand into the Asia-Pacific market.

The company has partnered with INNIO to use its Jenbacher engines to provide renewable power and heat to Raven SR’s first waste-to-hydrogen production facility at the Republic Services West Contra Costa Sanitary Landfill in Richmond, California.

Raven SR plans to bring the plant online in the first quarter of 2023, initially processing up to 99.9 tons of organic waste per day and producing up to 2,000 metric tons per year of hydrogen.

In Aragón, Spain, Raven SR is aiming to bring a second project online in 2023 that will produce 1,600 metric tons per year of renewable hydrogen from approximately 75 tons of organic solid waste per day.

Raven SR recently announced the election of Mark Gordon of Ascent Fund and Michael Hoban of Chevron New Energies to its Board of Directors.

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