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Veteran legal advisor joins new firm

Mona Dajani, a veteran legal advisor heavily involved in hydrogen dealmaking, has left Pillsbury Winthrop for a new role.

Mona Dajani, a prominent legal advisor in infrastructure, mobility, renewables and water, has left Pillsbury Winthrop to become global head of renewables, hydrogen and ammonia at Shearman & Sterling, according to a post on LinkedIn.

She will take a dual title as global co-head of energy and infrastructure at the firm as well.

Her post mentions Jorge Medina, partner and head of renewables at Shearman, who is also leaving Pillsbury for a new role.

In numerous public appearances Dajani has been bullish on the proliferation of blue hydrogen as a transition fuel and the use of renewable natural gas. Her clients have included major multinationals and US energy producers.

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SLB acquires majority ownership in carbon capture firm

SLB will pay $380m to purchase 80% of Aker Carbon Capture Holding AS (ACCH), which holds the business of ACC, and will contribute the SLB carbon capture business to the combined entity.

NYSE-listed SLB has agreed to combine its carbon capture business with Aker Carbon Capture (ACC) to support accelerated industrial decarbonization at scale.

The combination will leverage ACC’s commercial carbon capture product offering and SLB’s new technology developments and industrialization capability, according to a news release. It will create a vehicle for accelerating the introduction of disruptive early-stage technology into the global market on a commercial, proven platform. Following the transaction, SLB will own 80% of the combined business and ACC will own 20%.

SLB will pay NOK 4.12 billion ($380m) to purchase 80% of Aker Carbon Capture Holding AS (ACCH), which holds the business of ACC, and will contribute the SLB carbon capture business to the combined entity. SLB may also make additional payments of up to NOK 1.36 billion over the next three years based on the performance of the business.

The transaction is subject to regulatory approvals and is expected to close by the end of the second quarter, 2024.

“For CCUS to have the expected impact on supporting global net-zero ambitions, it will need to scale up 100-200 times in less than three decades,” said Olivier Le Peuch, chief executive officer, SLB. “Crucial to this scale-up is the ability to lower capture costs, which often represent as much as 50-70% of the total spend of a CCUS project. We are excited to create this business with ACC to accelerate the deployment of carbon capture technologies that will shift the economics of carbon capture across high-emitting industrial sectors.”

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Gulf Coast ammonia plant transacts

CF Industries purchased the Waggaman ammonia plant in Louisiana from Incitec Pivot for $1.675bn.

CF Industries Holdings, Inc., a global manufacturer of hydrogen and nitrogen products, has signed a definitive purchase agreement with Incitec Pivot Limited for IPL’s ammonia production complex located in Waggaman, Louisiana, according to a news release.

The facility has a nameplate capacity of 880,000 tons of ammonia annually.

Under the terms of the agreement, CF Industries will purchase the Waggaman ammonia plant and related assets for $1.675bn. The companies will allocate approximately $425m of the purchase price to a long-term ammonia offtake agreement under which CF Industries will supply up to 200,000 tons of ammonia per year to IPL’s Dyno Nobel subsidiary. CF Industries expects to fund the remaining $1.25bn of the purchase price with cash on hand.

“We are pleased to reach this agreement with Incitec Pivot Limited that benefits from our industry-leading ammonia production capabilities, deploys our capital efficiently and provides long-term value for both companies’ shareholders,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “We believe the Waggaman facility will fit seamlessly into our network, as well as our strategic focus on ammonia as a clean energy source, given its proximity and pipeline connection to our Donaldsonville, Louisiana, Complex, its distribution and logistics flexibility, and its favorable characteristics for the addition of carbon capture and sequestration (CCS) technologies to enable low-carbon ammonia production.”

Ammonia produced at the Waggaman facility today is distributed ratably to three customers, including Dyno Nobel, with approximately 75% used in industrial applications. Based on the nature of the medium- to long-term offtake agreements in place with these customers, CF Industries estimates that the plant will generate gross margin per ton commensurate with its existing ammonia segment prior to synergies, which the company expects to capture through greater capacity utilization and operational and logistics optimization. Over the last five years, CF Industries’ operational capabilities have resulted in ammonia asset utilization that is approximately 10% higher than the average utilization rate of the company’s North American peers.

Additionally, CF Industries anticipates implementing CCS at the site on an accelerated timeline, increasing its network’s low-carbon ammonia production capability, supporting Louisiana’s and the country’s climate goals, and earning 45Q tax credits for sequestered carbon dioxide.

The transaction has been unanimously approved by the boards of directors of both companies and is subject to receipt of certain regulatory approvals and other customary closing conditions.

Goldman Sachs & Co. LLC is serving as the financial advisor to CF Industries on the transaction. Skadden, Arps, Slate, Meagher & Flom LLP is acting as its legal advisor. Latham & Watkins served as legal advisor to the seller while JP Morgan was financial advisor.

About the Waggaman Ammonia Production Complex

The Waggaman, Louisiana, ammonia production complex is situated on an integrated chemicals complex owned by Cornerstone Chemical Company.

  • Commissioned October 2016
  • Nameplate capacity: 880,000 tons of ammonia per year
  • Approximately 90 employees
  • 38,500-ton ammonia storage tank onsite
  • Ability to load and transport ammonia by NuStar Pipeline, barge, truck and rail
  • Located in Jefferson Parish on the Mississippi River with potential for vessel loading capabilities for low-carbon ammonia exports
  • Site is 60 miles southeast of CF Industries’ Donaldsonville Complex, facilitating resource and best practice sharing between the complexes

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United Airlines invests in microalgae-to-SAF startup

The investment comes from the new UAV Sustainable Flight Fund and will support the production of SAF made from algae.

United Airlines has invested $5m in algae biofuel company Viridos, a microalgae-to-fuels startup, according to a news release.

The investment comes from the new UAV Sustainable Flight Fund and will support the production of SAF made from algae.

Viridos has achieved seven times the oil productivity compared to typical wild-type algae, the release states. The company’s algae are grown in vessels containing seawater. This reduces the need for freshwater and eliminates runoff.

“By establishing production sites to grow Viridos-engineered microalgae in saltwater, we are creating the foundation for a biofuel future that moves away from fossil fuels without competing for precious resources such as fresh water and arable land, Oliver Fetzer, Viridos CEO, said in the release.

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Hydrogen firm launches equity raise

A US hydrogen infrastructure and project development outfit has mandated a banker to conduct a raise for equity and project capital.

Lifte H2, the Boston-based hydrogen infrastructure and project developer, has mandated a banker to conduct a Series A capital raise, according to two sources familiar with the matter.

Energy & Industrial Advisory Partners is running the process, which launched recently, the sources said. Lifte H2 is seeking equity in the topco and development capital for its first project.

Talks with strategic and financial investors are being conducted now.

Lifte H2, which also has offices in Berlin, is led by Co-founder and CEO Matthew Blieske, who served as global hydrogen product manager for Shell before starting Lifte H2 in 2021. The founding team also includes Jeremy Manaus, Angela Akroyd, Richard Zhang, Paul Karzel, and Richard Wiens, all of whom previously worked at Shell.

In January, the company launched two hydrogen transport and dispensing products, the MACH₂ Mobile Refueler, which is a combination dispenser and high-capacity trailer; and the MACH2 High-Capacity Hydrogen Trailer, which has a capacity of 1,330 kg at approximately 550 bar and, according to the company, enables the lowest cost per kilogram for over-the-road transport.

The company signed an MOU last year with Swiss compressor manufacturer Burckhardt Compression to develop a joint offering of hydrogen solutions.

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Quantron kicks off Series B equity raise

The German and American mobility provider is seeking to raise EUR 200m in a Series B equity raise, as the company plans to become a one-stop-shop for hydrogen-powered commercial vehicles, according to a teaser.

Quantron, the Germany and US-based hydrogen trucking manufacturer, is seeking to raise EUR 200m in a Series B capital raise, and has further plans to raise money in a Series C in 2024 or 2025, followed by an anticipated IPO beyond 2025.

The company plans to use proceeds from the Series B accelerate the roll-out of existing production and make additional market entries included expanding its operations in the US, according to a sale teaser seen by The Hydrogen Source. Stifel is leading the capital raise, as previously reported.

By advancing a full-scale zero-emission ecosystem, Quantron is seeking to take part in the sourcing and distribution of green energy and hydrogen, as well as building fuel cell and battery electric vehicles and components and offering customer solutions like aftersales, the teaser notes.

Quantron, which has offices in Augsburg, Germany and Detroit, Michigan, has brought in about EUR 28m in revenues since inception and expects EUR 60m in revenue this year, fueled by a EUR 100m order book and pipeline. The company has put 150 vehicles on the road to date and has 130 employees.

Its Series A capital raise of EUR 45m, completed in September, 2022, implied a EUR 250m pre-money valuation. The ongoing EUR 200m capital raise will come in the form of the Series B financing as well as working capital facilities.

The company recently announced commitments with FirstElement Fuel and Goldstone Technologies Limited. Quantron debuted its Class 8 hydrogen fuel-cell truck in the US at the Advanced Clean Transportation Expo in Anaheim, California in April.

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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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