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Infinium and Amogy sign MoU for e-fuels applications

The low-carbon fuels startups will explore e-fuels applications, with a focus on the potential integration of Amogy's ammonia-cracking technology to provide green hydrogen feedstock as an input to produce Infinium's eFuels.

Infinium and Amogy Inc. have entered into a memorandum of understanding (MOU) to explore opportunities to integrate their technologies and develop commercial applications across the eFuels and green ammonia value chain. Infinium and Amogy are also exploring collaborations with both Mitsubishi Heavy Industries (MHI) Group and SK Innovation for deployment of the integrated solution, according to a news release.

To accelerate the decarbonization of heavy industry sectors, the companies will jointly study and identify the most suitable applications to deploy their eFuels and green ammonia solutions. A key focus of this collaboration is the potential integration of Amogy’s ammonia-cracking technology to provide low-cost, accessible green hydrogen feedstock as an input to produce Infinium’s eFuels.

Infinium eFuels, also known as electrofuels or Power-to-X, are made from green hydrogen and waste carbon dioxide (CO2) in a proprietary process. Amogy’s ammonia-cracking technology leverages its state-of-the-art catalyst materials to crack ammonia into hydrogen and nitrogen at lower reaction temperatures with high durability, reducing heating and maintenance requirements.

Upon identifying promising applications, Infinium and Amogy will initiate strategic pilot programs, showcasing tangible and scalable implementations of their clean technology solutions. The partnership also entails the evaluation of additional opportunities for collaboration within the eFuels and ammonia spaces, with a focus on the development of commercial use cases.

“Ingenuity and collaboration are critical to creating decarbonization solutions today. Our partnership with Amogy will go a long way toward helping advance our ability to rapidly scale the production of ultra-low carbon Infinium eFuels, including eSAF, eDiesel and eNaphtha,” said Robert Schuetzle, CEO at Infinium.

“We are thrilled to forge this alliance with Infinium. By uniting our expertise and resources, we aim to unlock innovative opportunities that will pave the way for sustainable solutions,” says Seonghoon Woo, CEO of Amogy. “This partnership reflects a shared commitment to accelerating technologies that can contribute to the reduction of carbon emissions in the heavy industry sectors.”

Mitsubishi Heavy Industries (MHI) has invested in both Infinium and Amogy and is exploring potential collaboration for new solutions and applications in energy sector project development.

“Decarbonizing heavy industries requires numerous approaches that can concurrently and collaboratively help mitigate greenhouse gas emissions,” said Ricky Sakai, senior vice president of new business development at MHI of America. “We are excited to see how Amogy’s emission-free, energy-dense ammonia solution and Infinium’s proprietary eFuels production process might be aligned to overcome challenges and accelerate the global availability of commercial decarbonization solutions.”

SK Trading International (SKTI) invests in solutions that contribute to addressing climate change and environmental pollution and is an investor in Infinium while its parent company SK Innovation has invested in Amogy.

“Our global goals to slow the warming of the planet require significant efforts so they can quickly scale, find synergies, and explore new pathways,” said Hyunchol Park, managing director and head of global trading at SKTI. “Infinium and Amogy are leaders in their progress and proven solutions, and I believe their partnership will result in the identification of breakthrough opportunities to expand and grow access to cleaner fuels.”

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IRS seeks industry comments on clean hydrogen PTC

The IRS seeks comments related to policy changes in the Inflation Reduction Act for clean vehicles, carbon capture, and clean hydrogen and fuels.

The Internal Revenue Service has issued three notices asking for comments on different aspects of extensions and enhancements of energy tax benefits in the Inflation Reduction Act.

The IRS anticipates that constructive comments from interested parties will aid the agency in drafting the guidance items most reflective of the needs of taxpayers entitled to claim energy credits.

  • Notice 2022-56 requests comments related to the qualified commercial clean vehicles provisions and the alternative fuel vehicle refueling property.
  • Notice 2022-57 requests comments related to the credit for carbon capture.
  • Notice 2022-58 requests comments related to the credit for the production of clean hydrogen and the clean fuel production credit.

The IRS is requesting that those interested in providing feedback to the questions in the notices follow the instructions in the notices to reply by December 3, 2022.

The latest information on energy guidance and other issues related to the Inflation Reduction Act is available on a special page on IRS.gov.

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Low carbon fuels marketplace selected for Chevron incubator

The marketplace aims to streamline the buying and selling of low carbon fuels, starting with hydrogen.

Blackcurrant Inc., a marketplace to help accelerate low carbon fuel adoption by simplifying transactions and lowering costs, has been selected by Chevron Technology Ventures, LLC (CTV) as part of its Catalyst Program™.

The Blackcurrant platform is designed to streamline purchasing of hydrogen by connecting buyers, suppliers, transportation, and storage companies in a single data driven, easy to use platform. Purchases transacted on Blackcurrant can reduce the time it takes to make a hydrogen purchase from months to as little as one day.

The start-up plans to offer other low carbon fuels on the platform in the near future.

The Catalyst Program™ was launched by Chevron in 2017 to promote and accelerate innovation from early-stage companies that may benefit the energy sector. The selection of Blackcurrant marks a significant milestone for the company.

The Blackcurrant platform provides dynamic, artificial intelligence (AI) driven price and volume discovery, granular carbon intensity scoring per transaction, and innovative capabilities such as hydrogen credit trading. This is valuable for the currently opaque hydrogen market that historically used manual methods of transacting and could take up to 8 or more months to complete a purchase. On Blackcurrant, these offtake agreements have the potential to be executed in less than one day.

“Blackcurrant is excited to be selected by Chevron as part of the Catalyst Program,” said Akshaykumar Thakur, CEO and Co-Founder of Blackcurrant. “The program will help Blackcurrant’s mission of accelerating the low carbon hydrogen fuel market.”

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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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Exclusive: Green hydrogen developer planning capital raises for distributed portfolio

A developer of US green hydrogen projects will need to access the project equity, debt and tax equity markets in the near term for a pipeline of distributed assets nationwide.

NovoHydrogen, the Colorado-based renewable hydrogen developer, will be in the market for project financing for a portfolio of distributed green hydrogen projects in 2024, CEO Matt McMonagle said.

The company, which recently agreed to a $20m capital raise with Modern Energy, is aiming to attract additional private equity and infrastructure investors for the projects it is developing, the executive said.

“The opportunity is really there for attractive risk-adjusted returns at the project level based on how we’re structuring these projects with long-term contracted revenue,” he said.

The company plans to bring its first projects online in late 2024 or 2025.

“We don’t have the project financing set at the point that we can announce, but that’s something myself and my team have done in our careers,” McMonagle said, adding that he’s focused on bankability since founding the company. “We wanted to be as easy for the lenders to underwrite as possible.”

No financial advisors have been attached to the project financings, McMonagle said. A recently announced Series A, first reported by ReSource in February, gave the company exposure to investors that want to participate in project financings, he said.

“We’ll really be ramping that process up, likely after the new year,” McMonagle added, declining to say how much the company would need to raise in 2024.

NovoHydrogen doesn’t have a timeline on a Series B, he said.

Distributed pipeline

The company looks to do onsite projects adjacent to consumption, McMonagle said. The first projects that will go online will be 10 MW and smaller.

“Typically the permitting is straightforward in that we’re adding equipment to an already impacted industrial site,” McMonagle said. He declined to elaborate on where these projects are located or what customers they will serve.

The company also has off-site, or near-site projects, where production is decoupled from consumption. But the company still calls those distributed because they are being developed with a targeted customer in mind.

“We want to be as close as possible to that customer,” he said. Those off-site projects typically are larger and will begin coming online in 2026 and 2027.  

In Texas NovoHydrogen has two large-scale green hydrogen developments in production, co-located with greenfield renewables projects, McMonagle said. Partners, including EPC, are in place for those efforts. The company also has projects in West Virginia, Pennsylvania, New Jersey and along the west coast.

“Where can we add the most value and have the biggest competitive advantage?” McMonagle said of the company’s geographic strategy. “We have very specific go-to-markets in each of those regions which we feel play to our strengths.”

NovoHydrogen is a member of the Pacific Northwest Hydrogen Hub and is involved with the Appalachian Regional Clean Hydrogen Hub (ARCH2), though not in line to receive DOE funding through that hub.

Post-IRA, green hydrogen projects will look much like renewables deals from the equity, tax equity and debt perspectives, he said.

“We’re structuring and setting up our projects to take advantage of that existing infrastructure and knowledge base of how to finance deals,” he said. New options on transferability will enable additional financing options as well.

No flipping

NovoHydrogen does not plan to flip projects before COD, McMonagle said.

“We are planning to deploy hundreds of millions if not billions of dollars in capex for these projects, and we’ll certainly need to partner with folks to deploy that capital,” McMonagle said. “But we will remain in deals with our customers because that relationship is really the fundamental value that we bring in our business.”

Hydrogen projects are different from renewables in that the customers need greater assurances of resiliency, security of supply and performance, than in a space like solar, he said.

Flipping projects before COD would be inconsistent with the trust required to attract offtakers.

“We don’t believe doing a flip reflects that level of importance and support and, frankly, incentive, behavioral incentive, that we have to show to our customers,” he said.

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exclusive

Electrolysis start-up seeking seed money

A two-man hydrogen electrolysis and storage startup based in the southeastern US is seeking an equity investment from a strategic or venture capital investor.

Green Fuel, an early-stage hydrogen technology start-up, is seeking USD 2m in seed money from a strategic or venture capital investor to get its technology off the ground, CFO William Green said in an interview.

The Alabama LLC is comprised of the two founders: Green and inventor Gordon Marsh. Green is based in Missouri.

A patented electrolysis and storage tank system (200 psi) is currently being used for grilling on site of storage, Green said. That prototype application could be scaled up, but the company is interested in pursuing licensing applications in HVAC, fuel cell vehicles, and methanol production.

Green Fuel said in a news release that the atmospheric pressuring system can reduce the cost of hydrogen by 60% by eliminating the need for transportation and compression.

The technology can be scaled to on-site production and tank storage of between 5,000 psi and 10,000 psi, Green said. Proving out that use case is part of the investment need.

“This is a real world solution,” Green said of the invention, which addresses problems in hydrogen transportation and storage. The company is also presenting its technology to the military.

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exclusive

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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