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Plug Power completes New York manufacturing facility

The Vista facility in Albany County began manufacturing Plug’s GenDrive units in November and will be fully operational by March.

Plug Power has completed its manufacturing facility at the Vista Technology Campus in Slingerlands, New York, according to a press release from the state government.

The location expands the line of GenDrive fuel cell systems, used to power electric motors in the electric mobility market.

The Vista facility began manufacturing Plug’s GenDrive units in November and will be fully operational by March, according to a separate news release issued by the company. It will produce Plug’s entire fuel cell product line including GenDrive, Stationary, and ProGen.

Plug’s investment in the new manufacturing facility was supported by $45m in Green Excelsior Jobs Tax Credits from Empire State Development, a $5m grant from Albany County, and a $500,000 infrastructure grant from National Grid.

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California Resources merger doubles CO2 pore space

A merger with Aera Energy will roughly double the pore space for California Resources’ carbon management business, Carbon TerraVault, a JV with Brookfield Renewable.

California Resources will more than double the CO2 pore space for its carbon management business, Carbon Terravault, through its announced merger with Aera Energy, the second largest producer of oil and gas in California.

The combination will expand CRC’s leading carbon management business through the addition of surface acreage and rights, and significant new carbon dioxide (CO2) pore space to enable future carbon capture and sequestration (CCS) development, according to a news release.

Through this combination, CRC will receive interests in approximately 220,000 net mineral acres with nearly 80% of the acreage within field boundaries held in mineral fee and 100,000 fee surface acres. Pro forma, CRC will have more than 1.9 million net mineral acres.

CRC will also obtain 1 pending Environmental Protection Agency (EPA) ClassVI permit application for 27 million metric tons (MMT) of storage capacity in the Belridge Field. CRC also expects to submit an additional Class VI permit for approximately 27MMT of storage at the Coles Levee Field. The Company will have the potential to nearly double its injection rate capacity near CTV I, creating a premier “decarbonization hub” for CO2 storage.

Additionally, the combination of the Carbon TerraVault platform and Aera’s Low Carbon Solutions will enable further expansion to a variety of energy transition technologies in development including Direct Air Capture (DAC), geothermal, solar, and water treatment, and enable additional clean tech partnership opportunities with a goal to further decarbonize California, the company said.

Aera is owned by entities managed by IKAV (51%), an international asset management group, and Canada Pension Plan Investment Board (CPP Investments) (49%). Post closing, IKAV-managed entities and CPP Investments will collectively hold 22.9% of CRC’s common stock.

Citi and Jefferies are serving as financial advisors and Sullivan & Cromwell LLP is serving as legal advisor to CRC. Wells Fargo acted as lead financial advisor alongside Truist and Latham & Watkins LLP is serving as legal advisor to CPP Investments & IKAV.

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US DOE awards $118m for sustainable biofuels projects

The US Department of Energy has awarded $118m in funding for 17 projects to accelerate the production of sustainable biofuels for transportation and manufacturing needs.

The US Department of Energy (DOE) has awarded $118m in funding for 17 projects to accelerate the production of sustainable biofuels for America’s transportation and manufacturing needs, according to a news release.

The selected projects, located at universities and private companies, will drive the domestic production of biofuels and bioproducts by advancing biorefinery development, from pre-pilot to demonstration, to create sustainable fuels that reduce emissions associated with fossil fuels, the release states.

Projects selected as part of this funding opportunity will contribute to meeting DOE’s goal to achieve cost-competitive biofuels and at least a 70% reduction in greenhouse gas (GHG) emissions by 2030.

Made from widely available domestic feedstocks and advanced refining technologies, energy-dense biofuels provide a pathway for low-carbon fuels that can lower greenhouse gas emissions throughout the transportation sector and accelerate the bioeconomy. Financing for novel biorefinery process systems can be a barrier to commercializing advanced biofuels, and this funding will reduce technological uncertainties and enable industry deployment.

The selected projects include pre-pilot, pilot, and demonstration projects that will scale-up existing biomass to fuel technologies that will eventually create millions of gallons of low-carbon fuel annually. By investing in these technologies, the projects will create good-paying jobs in rural and underserved communities in nine states. Plans submitted by the selected projects show intent to collaborate with local school districts to educate and train the bioenergy workforce of tomorrow.  Additionally, the funded projects align with renewable fuels goals in the first-ever U.S. National Blueprint for Transportation Decarbonization, a multi-agency framework for reducing emissions, creating a robust transportation workforce, and securing America’s energy independence. The projects also support the U.S. Sustainable Aviation Fuel Grand Challenge goal of enabling the production of three billion gallons of sustainable aviation fuel annually by 2030 and 35 billion gallons annually by 2050.

The 17 selected projects fall into four areas:

  1. Pre-Pilot Scale-Up of Integrated Biorefineries,
  2. Pilot Scale-Up of Integrated Biorefineries,
  3. Demonstration Scale-Up of Integrated Biorefineries, and
  4. Gen-1 Corn Ethanol Emission Reduction.

The selected projects are located in nine states and Washington, DC, and focus on technologies including anaerobic digestion, conversion of cellulosic sugars to SAF, catalytic biorefining, among others.

The following projects were selected:

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Gentari appoints head of US hydrogen development

Gentari, the energy transition arm of Malaysian oil and gas company Petronas, has appointed a US head of hydrogen development.

Gentari, the energy transition arm of Malaysian oil and gas company Petronas, has appointed a US head of hydrogen development.

Justin Rencurel, a Houston-based energy industry veteran was appointed to the role, according to a LinkedIn post.

“Gentari is in the midst of building a competitive presence throughout the value chain for clean hydrogen and hydrogen derivatives products,” according to Rencurel’s profile.

Prior to joining Gentari, Rencurel was with Blue Pony Energy, providing project and commercial advisory services to start-ups. He also spent 10 years with Spectra Energy, a midstream natural gas firm.

Rencurel did not respond to requests for comment.

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Exclusive: Morgan Stanley mandated for green ammonia facility

Morgan Stanley is the mandated investment banker for a green ammonia developer that’s raising debt and equity for its first facility in Texas.

First Ammonia is working with Morgan Stanley as its investment banker as it seeks to raise debt and equity for a flagship green ammonia project in Texas.

The New York City-based developer is moving toward financial close this year on the first 100 MW train of a 300 MW project at the Port of Victoria, Texas. Morgan Stanley has held the mandate since last year, but it has not been previously reported.

First Ammonia did not respond to requests for comment. Morgan Stanley declined to comment.

In an interview last year, First Ammonia CEO said the 100 MW train of the Port of Victoria project is estimated to cost $300m, while the full 300 MW will cost between $900m – $1bn. Each 100 MW module will produce up to 100,000 MTPA of green ammonia.

The project is expected to be the first in First Ammonia’s global pipeline of green ammonia facilities that will eventually add up to 5 million MTPA of production within 10 years.

The firm has contracted with Haldor Topsoe for 5 GW of solid-oxide electrolysis for its project portfolio. It is seeking a partner to provide 45V-compliant renewable energy to power electrolysis at Port of Victoria, as reported exclusively by ReSource.

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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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California Resources pursuing pipeline of blue molecule projects

Through a subsidiary called Carbon TerraVault, the upstream oil and gas producer will approach carbon capture and blue molecule production investments on a project-level basis to help meet California’s lofty decarbonization goals.

Through its subsidiary Carbon TerraVault, California Resources Corporation will approach carbon capture and blue molecule production investments on a project-level basis to help meet California’s lofty decarbonization goals, Chief Sustainability Officer Chris Gould said in an interview.

Carbon TerraVault is differentiated by its nature as a CCS-as-a-service company, Gould said, as most CCS projects are owned by emitters themselves.

“We are bringing to market a solution to decarbonize other parts of the California economy,” Gould said, noting that hydrogen producers, power plants and steel and cement makers are among potential clients. “We are out across the state, working with emitters.”

Carbon TerraVault is self-mandated to return one billion tons of carbon back into the ground, first as a gas and then pressurized into liquid. Revenue comes from the federal 45Q incentive and the California LCFS and related tradeable market.

The company has a JV with Brookfield Renewable for the first 200 million tons. That JV recently formed a separate JV with Lone Cypress Energy Services for a planned blue hydrogen plant at the Elk Hills Field in Kern County.

Carbon TerraVault will provide permanent sequestration for 100,000 MTPA at the facility, and will receive an injection fee on a per ton basis, according to a December 7 presentation.

In hiring Carbon TerraVault to provide CCS as a service, LoneCypress also invited the company to invest in the production, Gould said. The JV has the right to participate in the blue hydrogen facility up to and including a majority equity stake, the presentation shows.

“You should expect to see over time as we do more and more of these that we’re going to have multiple models,” Gould said of these partnerships and financial structures. A typical model may emerge as the industry matures.

The company could repeat that effort for “many more” blue hydrogen projects in the state, Gould said. “Green [hydrogen] is a longer-term proposition that is going to be based on renewable buildout,” he said. “Blue is kind of here now.”

Target market

Carbon TerraVault estimates that California’s total CCS market opportunity is between 150 MMTPA – 210 MMTPA, and is in discussions for 8 MMTPA of CCS, of which 1 MMTPA is in advanced discussions, the presentation shows.

Through California Resources’ Elk Hills land position of 47,000 acres and CO2 sequestration reservoirs, the company could attract additional greenfield infrastructure projects like the Lone Cypress Hydrogen Project and create a Net Zero Industrial Park, according to the presentation.

In that vein, Gould noted the huge need for decarbonized ammonia in California’s central valley agriculture, which today is imported from abroad.

“There is a need for clean hydrogen in California and it is best if it is created in California,” Gould said.

The JV with Brookfield funds Carbon TerraVault’s storage needs, Gould said. Investments in the production processes, such as the deal with Lone Cypress, will likely require additional capital.

Project level financing is a “default assumption,” Gould said, though that’s not set in stone. The company is working with a financial advisor but Gould declined to name the firm.

The scale of California’s hydrogen ambitions is far beyond what any one company can do, Gould said.

“If you’re an advisor that is working with a developer likeLone Cypress that is considering locating in California, then I would say give us a ring,” Gould said. “We’re the ones who are going to be able to do the sequestration there.”

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