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Program and construction management firm in partnership for green hydrogen projects

Bair Energy has partnered with technical workforce provider Teal Energi to collaborate on green hydrogen project management.

Bair Energy and Teal Energi have agreed to create a North American strategic partnership to support the current green hydrogen complexes led by Bair Energy and growing backlog of select industry leading clients such as Clean Energy Holdings LLC.

Bair Energy is supported by proven program and construction management experience and is backed by its technological partners within its Green Hydrogen and Technology Alliance. Together Bair Energy and the Alliance offers access to cutting-edge knowledge and innovations in the industry. The Bair Energy Team has accumulated a combined experience of building and operating over 1.3 billion standard cubic feet per day of Hydrogen complexes worldwide, including providing Program and Construction Management (PMCM) services for the Clear Fork TexasGreen Hydrogen Project.

Teal Energi brings extensive experience supporting the successful execution and operation of major capital project investments. Teal Energi provides complete project lifecycle recruitment and contractor management support services from engineering, construction and commissioning to operations and maintenance. Through decades of experience in supporting large-scale energy projects, the Teal Energi team has gained a reputation for competence, reliability, dedication, and strong core values. Their wide network of skilled professionals, specifically in the field of clean energy, ensures direct and consistent access to top talent and specialized know-how to deliver quality technical and managerial recruitment and staffing services.

Through Teal Energi’s vast network of owners and operators, this association enables rapid creation and deployment of experienced resources, ensuring that projects progress efficiently and effectively. This collaboration emphasizes the provision of tailored and customer-focused solutions, ensuring that the unique needs of each project are met with precision and dedication.

“We are excited to join with Bair Energy and leverage our combined passion for clean energy to enhance our ability to deliver best-in-class services,” added Aaron Dowds, chief executive officer of Teal Energi. “There is no doubt that, by working together, we can provide our clients with a strong, reliable, and scalable product.”

“We will continue to expand our program management and construction management services to provide soup to nuts turnkey owner operators immediate market leading basis for design and technology solutions for green hydrogen complexes,” said Bair Energy CEO Nicholas Bair. “This is really our response to the industry needs – giving the industry the much-needed ability for select clients to lead the continued delivery both domestically and internationally to lead sustainable and cost-effective, reliable and secure energy transformation.”

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EnCap and Mercuria invest in Arbor Renewable Gas

The Houston-based renewable gas developer has also entered into development and licensing agreements with SunGas Renewables and Haldor Topsoe, respectively.

Arbor Renewable Gas, the Houston, Texas-based sustainable gas developer, has taken an underlying capital commitment from EnCap Investments L.P. and Mercuria Energy Company, according to a news release.

SunGas Renewables, a subsidiary of GTI International, has entered into an exclusive Joint Development Agreement with Arbor Gas to provide its gasification systems to Arbor Gas projects and Haldor Topsoe has licensed its process and technology for methanol and gasoline synthesis.

Arbor Gas is developing industrial scale renewable gasoline and green hydrogen projects in the US. The strategy is to design, build, own, and operate facilities that efficiently convert woody biomass into renewable gasoline and green hydrogen.

Arbor Gas is led by Co-Founders, Chief Executive Officer Timothy E. Vail and John G. Kennedy III.

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Capital Power appoints new CEO

The Canadian-based power producer has appointed Avik Dey as its next CEO.

Capital Power Corporation’s board of directors has unanimously selected Avik Dey to be its next President and CEO and become a member of the board of directors, effective May 8, 2023.

The appointment follows the planned retirement of Brian Vaasjo who will support Dey to ensure a seamless transition, according to a news release.

The selection follows a rigorous North American search process conducted by a special committee of the Board, with the support of a leading executive recruiting firm. The board met with a wide range of high-quality internal and external candidates.

“Avik is a highly capable leader with deep experience in the energy and power sectors and has built a number of successful companies and teams,” said Board Chair, Jill Gardiner. “I am confident that through his knowledge, passion, and creativity he will inspire the Capital Power team to accelerate the company’s current strategic drive towards net zero. The Board looks forward to working with Avik as we continue to engage with our stakeholders and grow shareholder value. Avik will champion the team, driving the vision with our people who will own the outcomes well into the future.”

Dey spent more than two decades in executive, operational, investing and strategic advisory roles. He has invested over $12bn in growing long term value for energy and energy transition companies. Most recently Mr. Dey held key executive leadership roles with The Carlyle Group, NOVA Chemicals, and Canada Pension Plan Investment Board. Prior to these roles, he was President & CEO of Remvest Energy Partners in Houston, Texas and a Founder serving as Chief Financial Officer of Remora Energy.

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Mitsubishi Hydrogen Infrastructure appoints president and CEO

Michael Ducker has been appointed president and CEO of Mitsubishi Hydrogen Infrastructure.

Michael Ducker has been appointed president and CEO of Mitsubishi Hydrogen Infrastructure.

Ducker was previously senior vice president and head of hydrogen infrastructure at the firm, a post he held since 2022. He has also been chief operating officer of the ACES Delta hydrogen project in Utah since 2020, according to his LinkedIn profile. He joined Mitsubishi in 2012.

Mitsubishi Hydrogen Infrastructure is a wholly owned subsidiary of Mitsubishi Power Americas and a Group Company of Mitsubishi Heavy Industries (MHI), with the aim of providing high-quality solutions and projects to customers and partners as an established business in the clean hydrogen market while simultaneously enabling greater agility to keep pace with a rapidly evolving and dynamic hydrogen market.

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Exclusive: E-fuels developer raising $500m

A developer of green hydrogen for e-fuel products is looking for a more diverse set of backers for a recently launched Series C capital raise.

Ineratec, the German power-to-liquid fuels developer and technology provider, has launched a $500m Series C and could take on a US-based financial advisor to help, CEO Tim Boeltken said in an interview.

German boutique Pava Partners helped Ineratec on its $129m Series B, which was led by Piva Capital. The Series B raise, which was announced in January, also included participation from HG Ventures, TDK Ventures, Copec WIND Ventures, RockCreek, Emerald, Samsung Ventures as well as the increased support from current investors, including global corporates like ENGIE New Ventures, Safran Corporate Ventures and Honda.

The Series C can include equity, debt and project finance, Boeltken said.

The company, which takes a modular approach to fuels production, serves customers in Switzerland, Spain and Finland. Its e-fuels process involves two main steps: first, turning CO2 and hydrogen into synthesis gas, then using a second reactor to turn the synthesis gas into liquid and solid hydrocarbons, according to its website.

Growth in the US would include eventual rollout of its 100 MW commercial unit, none of which have been built to date. Now the company is focused on its 10 MW commercial units, following completion of a 1 MW industrial plant operating now.

In the next month Ineratec will be scouting locations in the US, Boeltken said, adding the the company is “hoping for many, many US installations” with eyes on additional applications in South America and Japan. The company also intends to establish a US headquarters.

Sites in New York and California are of first interest but there are also growth intentions in Texas, Washington state and Appalachia.

Ineratec is currently raising project finance for a “triple-digit” million capex project in the Europe, he said.

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exclusive

Aemetis capitalized for hydrogen and biofuel development plans

Aemetis CEO Eric McAfee said in an interview that the company has lined up financing to complete the $1.2bn in biogas and sustainable aviation fuel projects it has in development.

Aemetis is well capitalized to complete the $1.2bn in biogas and sustainable aviation fuel (SAF) projects it has in development, CEO Eric McAfee said in an interview.

Founded by McAfee in 2006 and listed on the NASDAQ in 2014, Aemetis plans to produce more than 60 million gallons per year of SAF and capture and sequester 125,000 mtpy of carbon in 2025. This is a diversification from existing ethanol, RNG and biodiesel operations in the US and India.

The company recently released an updated five-year plan including plans to generate $2bn of revenues, $496m of net income, and $682m of adjusted EBITDA by 2027.

McAfee, noting that Aemetis is well capitalized and has locked in financing for much of its plans, said, “The only thing we really need to do is just execute.”

For example, the company closed $25m of USDA loan guarantees in October at a 6.2% interest rate, McAfee said. The company has also signed a $125m USDA commitment letter for its Riverbank Biofuels Project in California, also called CarbonZero 1, which will produce SAF.

“We’ll be expanding that relationship with [the USDA],” McAfee said. “Everything else is financed.”

The Riverbank Biofuels Project has signed offtake agreements with major airlines, and the SAF segment is expected to be the biggest contributor to Aemetis’ revenues once the project is online in 2025, according to a presentation. Renewable diesel and SAF will add $348m of revenues in 2025 and $693.3m of revenues in 2026.

For its carbon sequestration projects, referring to upgrades at the existing Keyes ethanol plant in California and other operational assets, the company has an existing $100m line of credit provided by Third Eye Capital, $50m of which remains unused, McAfee said.

Projected revenues will allow the company to self-fund without new credit facilities, McAfee said. Revenues from Aemetis’ debt-free operations in India will also be available to fund new developments.

The Riverbank SAF plant will be fully engineered and permitted this year, McAfee said. Baker Hughes and ATSI are the company’s EPC partners on the new developments.

Aemetis has no plans to divest existing operational assets but could acquire California biogas assets, McAfee said. The company regularly talks to investment bankers.

McAfee is the largest single shareholder in Aemetis. JackBlock, the former US Secretary of Agriculture, sits on the company’s board. The largest institutional shareholder is BlackRock.

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Exclusive: World Energy GH2 targeting early 2025 FID

World Energy GH2 is aiming to reach FID early next year – and advancing project financing discussions with a pair of advisors – on the $5bn phase 1 green ammonia development in Newfoundland and Labrador known as Project Nujio’qonik. We spoke to Managing Director and CEO Sean Leet in detail about the project.

World Energy GH2, the developer of a green ammonia export project in Newfoundland and Labrador, Canada, is aiming to reach FID in early 2025 on phase 1 of Project Nujio’qonik, Managing Director and CEO Sean Leet said in an interview.

Phase 1 of the project entails the construction of a 1 GW wind facility and 600 MW of electrolysis for an estimated cost of $5bn, Leet said. Once complete, the first phase of Project Nujio’qonik is expected to produce approximately 400,000 tonnes of green ammonia for export.

The developer is working with Green Giraffe and RBC Capital Markets to advance a project financing deal, the same advisors that assisted World Energy GH2 on a $95m loan from Export Development Canada, announced last week.

The debt-to-equity split for the $5bn capital raise is still being iterated as the company looks at financing options with the available government subsidies and potential support from export agencies, Leet said. The company has not yet lined up an arranger for debt financing and expects to make a decision on that role at a later date, he added.

A schedule update is in progress as part of the project’s FEED readiness assessment. This update, considering factors such as long lead item availability and offtaker delivery requirements, is a required step before the start of FEED and is expected to be released around April 15. 

The FEED readiness assessment, Leet said, “is a process that we’ve undertaken with some value engineering due to some learnings from the pre-FEED deliverables and some other aspects of just making sure we’re well prepared for FEED so we can execute flawlessly on that.”

Leet expects the FEED process will take between nine and 12 months, setting the developer up for an FID in early 2025. As part of a competitive bidding process, World Energy GH2 was awarded four different Crown land sites, each capable of producing 1 GW of wind power, allowing for additional phases up to 4 GW of renewables.

Newfoundland, the distant Canadian island where Project Nujio’qonik is located, has become a hotbed of green ammonia project activity due to its exceptional wind resource, with as many eight major projects springing up (see, and zoom, on map).

Investment outlook

The Canadian government has promulgated a clean hydrogen investment tax credit of up to 40% on certain expenses, available until 2035. And in its most recent budget, the government floated the idea of providing contracts for difference to help de-risk emission-reducing projects. 

Leet believes that the CfD arrangement, which will be administered by the Canada Growth Fund, will be tied to the Canada-Germany Hydrogen Alliance, an agreement that promotes clean hydrogen trade ties between the two nations. Canadian Prime Minister Justin Trudeau and German Chancellor Olaf Scholz signed the accord at World Energy GH2’s site in Stephenville, with the aim of shipping hydrogen or ammonia by 2025 – a timeline that looks increasingly stretched. And World Energy GH2 earlier this year became the first North American member of Germany’s Port of Wilhelmshaven's energy hub.

“Those details haven’t been announced yet but we’re hopeful that the CfD mechanism is there to work alongside the ITC,” Leet said.

Additional financing could come from more export credit agencies “in the countries you would expect” that would support local companies providing equipment to Project Nujio’qonik. “That will be a very likely piece of our financing arrangement.”

World Energy GH2 is in discussions with various offtakers, but will be able to engage in greater detail once the ITC and CfD subsidies are clarified, and once the project receives its environmental permit, Leets said. 

World Energy GH2 was set up as a standalone Canadian company with the sole purpose of executing on Project Nujio’qonik. It is owned by its founders along with SK ecoplant, the environment and energy arm of Korea’s SK Group, which took a 20% stake in the company – and also the project – for $50m.

Gene Gebolys, the founder and CEO of World Energy LLC, a provider of low-carbon fuels, is also a founder of Project Nujio’qonik. And John Risley, another partner of the Canadian project, is a co-owner of World Energy LLC.

Support from existing investors along with the Export Development Canada facility announced last week make the project entity well capitalized to move “expeditiously” through FEED to FID, Leet said.

Canada to Europe

World Energy GH2 is talking to the major ammonia players about a scale-up of import capacity on European shores.

Leet noted specifically that the Antwerp-Bruges port has plans to scale up to handle the increased amounts of ammonia imports, for use in the various industries located in Belgium and potentially on to Germany from there.

Three companies – Fluxys, Advario Stolthaven Antwerp, and Advario Gas Terminal – have said they are considering constructing an open-access ammonia import terminal at the port of Antwerp-Bruges. Air Liquide also said it will build an ammonia cracking facility there.

The Port of Wilhelmshaven, Germany, where World Energy GH2 is a member of the energy hub, has similar plans to scale up, with various companies evaluating ammonia import terminals and cracking facilities.

Meanwhile, Leet said the ammonia product that it ships to Europe, in addition to benefiting from Canadian subsidies and tax credits, will also comply with the EU’s RFNBO standards.

The project has existing grid and water connections already at the Port of Stephenville, since the hydrogen plant will be built on top of a former paper mill which consumed both water and electricity. 

“So we're fortunate to have that grid connection available to us and the power in the Newfoundland grid is well over 90% existing hydro,” Leet said. “So between that and our wind power, we will have no issue meeting the standard set by the EU for green hydrogen and it will be 100% RFNBO compliant.”

The company is working on regulatory certification with multiple bodies but has not finalized a provider.

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