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Hexagon Composites seeking CEO

The Norway-based provider of composite cylinder technology for the clean energy industry is seeking a new CEO.

Norway-based Hexagon Composites CEO Jon Erik Engeset will step down as group president and chief executive officer.

The company will shortly commence a search process. Engeset will continue as CEO until the position is filled, following which he will continue to support the company in an advisory role, the company said in a news release.

Hexagon Group is a global manufacturer of Type 4 composite cylinders used for storing gas under high-and low-pressure.

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DOE selects 8 carbon capture projects for award negotiations

The DOE has selected eight carbon capture, transport, and storage projects to receive up to $189m in funding for integrated Front-End Engineering Design Studies.

The DOE has selected eight carbon capture, transport, and storage projects to receive up to $189m in funding for integrated Front-End Engineering Design (FEED) Studies.

This funding is part of OCED’s Carbon Capture Demonstration Projects Program, which seeks to address the urgent need to advance carbon management technologies. The goal of the Carbon Capture Demonstration Projects Program is to accelerate the implementation of integrated carbon capture and storage technologies and catalyze significant follow-on investments from the private sector to mitigate carbon emissions sources in industries across America.

OCED selected eight projects to begin award negotiations, which were announced on May 5, 2023.

The following provides a brief overview of the eight FEED Studies selected for award negotiation:

1. Duke Energy Indiana, LLC

Project Name: Edwardsport Flex Fuel Integrated Capture for Indiana’s ENergy Transition (EFFICIENT)

Project Manager: Peter C. Hoeflich, PE

Location: Edwardsport, Indiana

Project Summary: The proposed project includes carbon capture and sequestration at Duke Energy’s integrated gasification combined cycle facility in Edwardsport, Indiana. The proposed design uses a post combustion capture system enabling fuel flexibility from coal-gasified syngas (primary fuel), natural gas and syngas/natural gas blends. This proposed project uses Honeywell UOP CO2 capture technology with an estimated 3.6M tonnes of CO2 captured per year.

2. Entergy Services, LLC (ESL)

Project Name: Lake Charles Power Station Integrated CO2 Capture Project

Project Manager: Janelle Dana

Location: Westlake, Louisiana

Project Summary: The proposed project includes a full-scale integrated CO2 capture facility for Entergy Louisiana LLC’s natural gas combined cycle Lake Charles Power Station (LCPS). The project would use post-combustion CO2 capture technology with Mitsubishi Heavy Industries Ltd KS-21™ solvent capable of capturing a minimum of 95% of the CO2 emissions, equating to nearly 2.5M tonnes of CO2 per year. Entergy Services, LLC has partnered with Talos Energy, Inc. to develop an off-take agreement with a sequestration site approximately 23 miles from LCPS and a pipeline to transport the captured CO2 to the sequestration site for secure storage.

3. Lehigh Hanson, Inc

Project Name: Mitchell Cement Plant Integrated CO2 Capture Project

Project Manager: Gregory Ronczka

Location: Mitchell, Indiana

Project Summary: The proposed project includes integrated CO2 carbon capture, transport, and storage at the Mitchell Cement Plant in Mitchell, Indiana. The proposed project is estimated to capture a minimum of 95% of the CO2 emissions from the cement plant—approximately two million tonnes of CO2 per year. The project design uses Mitsubishi Heavy Industries Americas, Inc. technologies and an infrastructure to securely transport and sequester the CO2 in a geologic formation beneath the plant property.

4. Navajo Transitional Energy Company, LLC (NTEC)

Project Name: Four Corners Power Plant Integrated Carbon Capture and Storage

Project Manager: Harry Tipton

Co- Project Manager: Cindy Crane

Location: Navajo Nation

Project Summary: The proposed project includes an integrated CO2 capture retrofit of post-combustion CO2 capture technology, transport, and storage for the coal fired Four Corners Power Plant (FCPP) located on the Navajo Nation. The proposed project has an estimated capability of capturing a minimum of 95% of the CO2 emissions from the FCPP, representing 10M+ tonnes of CO2 per year. The project uses Mitsubishi Heavy Industries Americas, IncKS-21™ solvent for carbon capture and NTEC has partnered with Enchant Energy, LLC as the CO2 Capture Project Developer, and other institutes for development of the CO2 offtake solution, including pipeline and sequestration site development.

5. Southern States Energy Board

Project Name: Ash Grove Foreman Cement Plant Carbon Capture and Storage

Project Manager: Kenneth Nemeth

Location: Foreman, Arkansas

Project Summary: The proposed project includes integrated CO2 capture and storage associated with cement manufacturing at the Ash Grove Foreman Cement Plant in Foreman, Arkansas. The proposed project includes Air Liquide’s CryocapTM technology as the basis for post-combustion and/or process system CO2 capture, and pipeline and storage field development in the Jurassic Smackover Formation.

6. Taft Carbon Capture, LLC

Project Name: Cypress Carbon Capture Project

Project Manager: Michael Searfass

Location: Hahnville, Louisiana

Project Summary: The proposed project includes a commercial carbon capture facility at the existing Taft cogeneration power plant (i.e., natural gas fired, 3×1 combined cycle, heat, and power cogeneration) facility in Hahnville, Louisiana. The proposed project uses a solvent-based absorption post-combustion carbon capture system that separates and prepares for storage up to three million tonnes of CO2 per year representing a minimum of 90% of the CO2 emissions captured from the power plant.

7. Tampa Electric Company

Project Name: Polk Power Station Integrated CO2 Capture Project

Project Manager: Kris Stryker, Tampa Electric Company

Location: Mulberry, Florida

Project Summary: The proposed project includes retrofitting ION Clean Energy, Inc.’s post-combustion CO2 capture technology with transport and secure geologic sequestration for the natural gas combined cycle power plant at the Polk Power Station in Mulberry, Florida. This technology captures a minimum of 95% of the CO2 emissions which equates to nearly 3.7 million tonnes of CO2 per year that will be stored in secure geologic sequestration that is currently in development.

8. University of Illinois at Urbana-Champaign

Project Name: Integrated Capture, Transport, and Geological Storage of CO2 Emissions from City Water, Light and Power

Project Manager: Dr. Kevin O’Brien

Location: Springfield, Illinois

Project Summary: The proposed project includes an end-to-end carbon dioxide capture, transport, and storage solution for the Dallman 4, a pulverized coal power plant at City Water, Light and Power in Springfield, Illinois. The project is estimated to capture two million tonnes of CO2 per year and transport it to a geologic storage site in the Illinois Storage Corridor. The proposed capture system uses a Linde-BASF solvent-based system.

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Amogy increases Series B round to $150m

Amogy has added $11m to its Series B fundraising round with four additional investors.

Amogy Inc., an ammonia-to-power technology startup, today announced its $11m Series B-2 fundraising, joined by Marunouchi Climate Tech Growth Fund, Mitsubishi Corporation, Mitsubishi Heavy Industries America and Synergy Marine.

This funding concludes Amogy’s Series B fundraising.

In March, Amogy announced its Series B-1 round of $139 million led by SK Innovation. The Series B-2 round further propels Amogy’s momentum to support commercialization, begin manufacturing of its innovative ammonia-to-power technology, and bring its first product to market in 2024.

Amogy CEO Seonghoon Woo said in a recent interview that the company would likely launch a Series C fundraising round targeting between $400m – $500m late next year.

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Canadian H2 infra company receives CAD 217m equity investment

HTEC, the privately held British Columbia-based hydrogen infrastructure solutions provider, has received a CAD 217m investment from Chart Industries and I Squared Capital.

HTEC, the privately held British Columbia-based hydrogen infrastructure solutions provider, has received a CAD 217m investment from Chart Industries and I Squared Capital, according to a news release.

This investment expands Chart’s ownership of HTEC to 25 percent and provides ISQ a 35 percent holding; HTEC’s original shareholders and employees will retain a 40 percent ownership in the company.  The majority of directors of HTEC remain independent of Chart and ISQ, and the Company will remain headquartered in British Columbia

Winston & Strawn and Stikeman Elliott served as legal advisors to Chart, while I Squared Capital used Stikeman Elliott, Kirkland & Ellis and Greenhill & Co. as financial advisor. Fort Capital Partners acted as financial advisor to HTEC on the transaction, and Blake, Cassels & Graydon as legal counsel.

This investment provides HTEC with significant capital to fund new green hydrogen production projects and to expand its hydrogen fueling station portfolio serving both the light-duty and heavy-duty market, the release states.

HTEC has 17 hydrogen fueling stations operating or in development in Canada and the United States today. The company also delivers engineering and design services and specialty products and solutions to customers around the world.

Chart is a global manufacturer of liquefaction and cryogenic equipment serving multiple applications in the energy and industrial gas end markets, including hydrogen. ISQ is an independent global infrastructure investment manager.

 

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See all 79 DOE hydrogen hub applicants

The list, obtained by this publication, shows whether projects were ‘encouraged’ or ‘discouraged’ to submit a final application.

The complete list of 79 applicants to the US Department of Energy’s hydrogen hub funding opportunity includes previously unreported projects from oil majors and renewable energy giants.

The list, obtained by this publication via a FOIA request, shows whether or not projects were ‘encouraged’ or ‘discouraged’ by the DOE to submit a final application before the April 7, 2023 deadline. The program is expected to offer $8bn in federal funding for six to 10 clean hydrogen hubs, with no single project receiving more than $1.25bn. A decision of funding recipients is expected this fall.

Over nearly nine months, the DOE FOIA office was unwilling to send information about the initial 79 applications that were submitted last year, citing confidential materials in the concept papers. The resulting list is therefore scant in details, showing only the name of the project and the lead entity.

While many of the concepts have been publicly announced by proponents, several major projects that have not been reported previously appear on the list: among others, ExxonMobil was encouraged to apply for funding for a project called “Hydrogen Liftoff Hub”; and NextEra has a “Southeast Hydrogen Network” project, which was also encouraged to apply.

The full list of project names and proponents has been added to The Hydrogen Source’s project database, which now showcases over 370 projects in North America, including hydrogen, ammonia, and sustainable aviation fuel as well as eFuels, carbon capture, direct air capture, and more.

The full database is available only to paid subscribers. Simply click over to the database and select the “DOE applicants” filter for the full list.

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Mobility solutions provider to raise up to EUR 200m

Quantron, the German and US-based mobility solutions provider, is set to launch a capital raise that could entail the sale of up to 20% equity.

Quantron, the German and US-based mobility solutions provider, is set to launch a capital raise that could entail the sale of up to 20% equity, according to three sources familiar with the matter.

The company is seeking between EUR 150m and EUR 200m in the process, the sources said, implying a valuation of up to EUR 1bn.

Quantron, which recently expanded into North America with the opening of an office in Detroit, will also consider debt as a part of the raise, one of the sources said.

At a ceremony at the Delegation of German Industry and Commerce (DGIC) in Washington D.C. on 12 October, Quantron signed a deal to supply TMP Logistics with 500 Class 8 trucks. The trucks will be operated by Quantron’s as-a-service (QaaS) vertical; they are scheduled for delivery in 2024.

Quantron AG CEO Michael Perschke told ReSource at that event that the company is in discussions with US investors about the capital raise, which has not formally launched but is tentatively scheduled to wrap up in 2Q23. Quantron is also in pre-closure discussions with several US law firms.

A fourth source said Quantron has worked with Danish consulting firm Ramboll Group on past deals.

Perschke said his company has relationships with PwC and EY, the latter especially on IPO readiness.

Quantron in September closed on a EUR 50m Series A with NASDAQ-listed Ballard Power Systems and German machinery manufacturer Neuman & Esser as investors.

Looking forward the company would like to work with a US strategic or private equity interest committed to hydrogen.

Utilities or corporates investing in hydrogen production but still building out the offtake structure would be of interest to Quantron, Perschke said. He noted that private equity interest like Ardian’s HY24 and Beam Capital are also active in the space.

Quantron is in the final stages of a deal with an oil company that Perschke declined to name, but said the company has 2,000 fueling stations across Europe that they are considering for conversion to hydrogen.

Perschke said his company plans to build out its presence in California and then could look for expansion in the northeast, Gulf Coast or Canada. The company aims to be an early mover in US hydrogen-fueled long-haul trucking along with peer Nikola Motor.

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Hydrogen technology firm hires advisor for capital raise

A firm with a technology to produce green hydrogen from sunlight without electrolysis is prepping a capital raise.

BoMax Hydrogen, a Florida-based hydrogen technology firm, is preparing to launch a capital raise later this month, according to two sources familiar with the matter.

Boutique advisory firm Taylor DeJongh has been retained to run the process, the sources said. Teasers will likely go out in two weeks.

BoMax is seeking to raise around $15m in a Series A round, the sources added.

The company touts e a novel technology making hydrogen from visible light without the need for solar electrolysis, according to a pre-teaser marketing document seen by ReSource. An alpha prototype has been awarded by the US Department of Energy.

The technology, which does not require rare earth minerals, produces hydrogen at point of need and has been reviewed by scientists at Utah State University.

To date the company has raised about $5m, one of the sources said. That came mostly from friends and family and one Japanese investor.

Funds from the Series A will be used to make a beta prototype, scale operations at the company’s labs in Orlando and prepare for commercial production.

BoMax and Taylor DeJonghe did not respond to requests for comment.

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