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Vision RNG to build 3 landfill gas facilities in Alabama and Tennessee

The three projects combined will convert LFG to RNG and will initially produce over 1 million MMbtu per year.

Vision RNG, LLC has signed definitive agreements to develop, build, own and operate three landfill gas (LFG) to renewable natural gas (RNG) facilities at three privately-owned Southeastern U.S. landfills located in Alabama and Tennessee.

The RNG will be injected into nearby natural gas transmission lines where it will be distributed to customers either in the transportation fuel market or in displacing natural gas to meet sustainability goals and reduce the consumption of fossil natural gas, according to a news release. These projects will also directly benefit the local communities by reducing the emissions of LFG flaring and creating local construction and operations jobs.

The three projects combined will convert LFG to RNG and will initially produce over 1 million MMbtu per year. With the addition of these projects, Vision RNG now has a total of 15 LFG to RNG projects that will produce over 5,600,000 MMbtu of RNG initially and grow to 6,500,000 MMbtu by 2029.

William Held, Chief Business Development Officer for Vision RNG said, “The landfill owner of the three sites has a great focus on maximizing resource value while minimizing environmental impact, and this commitment to sustainability is aligned with our own mission to provide clean, sustainable energy to users of RNG in the transportation market as well as non-transportation uses for renewable fuel and sustainability use.”

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Raven SR and H3 Dynamics sign MoU for waste-to-hydrogen supply at airports

The companies will jointly develop renewable hydrogen facilities to supply fuel for various ground operations at airports.

Raven SR Inc., a renewable fuels company, and H3 Dynamics, a developer of hydrogen aviation technologies, today announced their memorandum of understanding to globally collaborate on waste-to-hydrogen energy systems to support the decarbonization of airport operations and the adoption of hydrogen at airports.

H3 Dynamics will provide hydrogen power systems to replace conventional fuel and other energy sources at airports, especially in Asia, Europe and the US. Raven SR will provide renewable hydrogen production facilities to supply airports. The use of hydrogen to power various ground operations will help reduce emissions at airports.

“We see tremendous demand to decarbonize the aviation sector with renewable fuels, including on the ground,” said Matt Murdock, CEO of Raven SR. “By collaborating with H3 Dynamics, we can reach a broader network among airports and equipment, including a variety of aircraft operations, to install waste-to-energy hubs where there is an acute need to curb emissions.”

The Raven SR technology is a non-combustion thermal, chemical reductive process that converts organic waste and landfill gas to hydrogen and Fischer-Tropsch synthetic fuels. Unlike other hydrogen production technologies such as electrolysis, Raven SR’s Steam/CO2 reformation does not require fresh water as a feedstock. The process is more efficient than conventional hydrogen production and can deliver fuel with low to negative carbon intensity. Additionally, Raven SR’s goal is to generate as much of its own power onsite as possible to reduce reliance on the power grid and even be independent of the grid. Its modular design provides a scalable means to locally produce renewable hydrogen and synthetic liquid fuels from local waste.

“Raven SR provides a way to convert a variety of waste feedstocks into clean hydrogen, with a process that uses less energy than other renewable hydrogen production. Raven SR’s advanced waste-to-hydrogen technology offers a less intensive, more sustainable means of locally producing fuel,” said Taras Wankewycz, CEO of H3 Dynamics.

H3 Dynamics will work with its technology and manufacturing partners to configure hydrogen power systems componentry to meet certification requirements within the airport and aircraft environment.

“H3 Dynamics will deploy decarbonization use cases that have a more immediate impact, so that the infrastructure built today can also welcome hydrogen aircraft in the future,” said Wankewycz.

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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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Exclusive: Micro ammonia tech firm raising pre-IPO Series A

A micro ammonia technology firm is raising a small amount of Series A capital and plans to pursue an IPO as soon as next year.

Hydrofuel Canada, a developer of micro ammonia technology, is seeking strategic partners for a CAD 5m Series A capital raise in anticipation of an initial public offering as early as next year.

The Mississauga, Ontario-based firm recently received U.S. patents for its micro ammonia production system (MAPS), which represents a breakthrough in smaller scale on-site, low-cost ammonia production possibilities, CEO Greg Vezina said in an interview.

“Our cost to make hydrogen at end use all-in including capex, opex, and 8% financing is $1.30 per kg” before tax credits, Vezina said. “We’re pretty confident that over the next couple of months, we’re going to put together a group of investors, strategic partners, and quite frankly, a board of directors that’s going to choke a horse.”

The $1.30 per kg price for hydrogen – in ammonia – depends on an electricity price of 2 cents per kWh, Vezina said, and correlates to a price of around $456 / ton of ammonia. Cracking the ammonia at end use takes between 10% – 15% of the hydrogen, resulting in a final price of hydrogen of around $1.50 per kg.

For comparison, with electricity at 3 cents per kWh, the price of hydrogen in ammonia climbs to $1.57 per kg.

Hydrofuel is looking for five strategic partners that will each put in CAD 1m, which would advance its micro ammonia offering to commercialization. It already has orders in the book and expects to have $1bn of orders by the time it goes public via a planned initial public offering next year, Vezina said.

“We’ll go public in 2025, essentially to raise the money to deliver our products,” he said.

The company is also looking to partner with renewables developers with planned wind energy resources near ammonia demand centers in the U.S., so that the resulting ammonia production can qualify for 45V tax credits for clean hydrogen.

Vezina has been a proponent of ammonia solutions for decades, and reportedly drove an ammonia-fueled Chevy Impala across Canada in 1981. He believes that the MAPS technology will be a disruptive force in the emerging market for green hydrogen and ammonia. While Hydrofuel claims to produce ammonia on site at $1.50 per kg, the cost to transport ammonia alone — other than via a long-distance pipeline — is not currently less than $3 per kg, Vezina said, citing a recent study from the World Bank.

“I’m going to bankrupt everybody in the electrolyzer business worldwide,” he said, adding his view that the economics of large-scale electrolyzer projects make them unviable where they rely on expensive transportation networks.

MAPS

To date, Hydrofuel has raised CAD 5m, with management and employees still owning 40% of the business. In the current capital raise, Hydrofuel is selling 25% of the company, amounting to a $20m valuation, Vezina said.

The U.S. patent was issued for Hydrofuel’s MAPS 1.0 product, which utilizes externally produced hydrogen to synthesize with nitrogen from air to make ammonia. Vezina says the patent also covers the MAPS 2.0 product, which combines hydrogen and ammonia production in the same unit, but Hydrofuel has filed for an additional patent for MAPS 2.0.

Hydrofuel signed a licensing agreement for the MAPS technology with Georgia Tech University in April 2022, and later began collaborating on research and development with Colorado State University.

Farmers are a main target market for the technology, Vezina said, noting that farms can cut their anhydrous ammonia bill significantly. Industrial users of ammonia, including medical-grade ammonia, are also targeted customers.

The cost of the MAPS 2.0 unit, which has a capacity of 381 tonnes per year, is USD 850,000, and customers can secure a unit by making a $10,000 deposit with financing for 20 years, Vezina said. The company earns a profit of USD 425,000 for every MAPS 2.0 unit sold.

Vezinz said that accounting for US tax credits for clean hydrogen production as well as renewables could cover almost the entire cost of the micro ammonia installations and renewables, given the cost of $1.50 per kg and the $3 per kg tax credit.

“So a lot of smart farmers could be getting a lot of free fertilizer,” he said.

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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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Exclusive: Hydrogen adoption and production firm prepping capital raise

A decarbonization services provider is in development on multiple utility-owned hydrogen adoption projects in the Northeast, Texas and Georgia and is preparing to launch a capital raise in 3Q24.

Celadyne, a Chicago-based decarbonization and hydrogen solutions company, will launch a Series A this year as it continues its role in the development of several utility-owned hydrogen adoption projects in the US, founder and CEO Gary Ong told ReSource.

A $20m to $30m capital raise will likely launch in 3Q24, Ong said. The company is relying on existing investors from its recent seed round to advise, and the amount could change based on grants.

While the $4.5m seed round allowed the company to focus on transportation mobility, the Series A will be used to do more work on hydrogen production, so the company will be looking for strategics in oil and gas, renewable energy, and utilities.

DLA Piper is the company’s legal advisor, Ong said.

Celadyne has a contract signed with a utility in the Northeast for a small electrolysis demonstration and, following that, a multimillion-dollar project. Discussions on how to finance that latter project are underway.

Additional electrolysis projects in Texas and Georgia are in later discussions, while less mature deals are taking shape with a nuclear customer in Illinois and another project in Southern California, Ong said.

Fuel cell customers (typically OEMs that use hydrogen) to which Celadyne ships equipment are clustered mostly in Vancouver, Michigan and California.

Meanwhile, Celadyne has generated revenues from military contracts of about $1m, Ong said, a source of non-recurring revenue that has prodded the company to look for a fuel cell integration partner specific to the defense application.

‘Blocking hydrogen’

The company, founded in 2019, is focused on solving for the demand and supply issues for which the fledgling US hydrogen market is notorious. Thus, it is split-focused between hydrogen adoption and production.

Celadyne has developed a nanoparticle coating that can be applied to existing fuel cell and electrolyzer membranes.

On the heavy-duty side, such as diesel generators or back-up power, the company improves durability of engines between 3X and 5X, Ong said.

On the electrolysis side, the technology improves rote efficiency by 15%. In production, Celadyne is looking for pilot projects and verification studies.

“We’re very good at blocking hydrogen,” he said. “In a fuel cell or electrolyzer, when you have hydrogen on one side and oxygen on the other side, you need something to make sure the hydrogen never sees the oxygen,” noting that it improves safety, reduces side reaction chemistry and improves efficiency.

Hydrogen adoption now will lead to green proliferation later should the economics prove out, according to Ong. If not, blue hydrogen and other decarbonized sources will still pave the way to climate stability.

The only negative for that is the apparent cost-floor for blue hydrogen in fuel cell technologies, Ong said, as carbon capture can only be so cost efficient.

“So, if the price floor is say, $3.25 or $3.50 per kg, it doesn’t mean that you cannot use it for things like transportation, it just means that it might be hard to use it for things like shipping, where the fuel just has to be cheaper,” Ong said.

Three companies

Celadyne is split into three focus applications: defense, materials, and production. If only one of those wings works, Ong said he could see selling to a strategic at some point.

“If any of those things work out, we ought to become a billion-dollar company,” he said.

If all three work out, Ong will likely seek to do an IPO.

An acquisition could be driven by an acquiror that can help Celadyne commercialize its products faster, he said.

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Exclusive: Glenfarne exploring hydrogen projects on existing asset base

Glenfarne Energy Transition is advancing its flagship liquefied natural gas project, Texas LNG, and evaluating hydrogen projects on or near its existing asset base on the Gulf Coast.

The Biden administration’s pause on permits for new US liquefied natural gas facilities hasn’t hurt all unbuilt projects.

Glenfarne Energy Transition, a subsidiary of Glenfarne Group, is moving ahead with its fully permitted lower-carbon flagship LNG export facility, Texas LNG, as the project is now set up to be the only such US project to reach FID this year.

Texas LNG, a 4 million MTPA facility proposed for Brownsville, Texas, will be the lowest carbon emitting LNG facility approved in the US, largely due to its use of electric motors in refrigerated compression. 

As designed, the plant would emit .15 metric tons of CO2e per ton of LNG produced, placing it slightly lower than the much larger Freeport LNG facility, which also has electric motors and emits around .17 metric tons of CO2 per ton of LNG.

The carbon intensity measurement counts emissions at the Texas LNG plant only, and not related emissions from the electric grid, which is why Glenfarne is seeking to source power for the project from wind and solar generation in south Texas, Adam Prestidge, senior vice president at Glenfarne, said in an interview.

In fact, the lower carbon aspects of Texas LNG helps with every element of the project, Prestidge said, including conversations with European offtakers and potential debt investors.

“Having a focus on sustainability is table stakes for every conversation,” he added. “It’s the finance side, it’s the offtake side, it’s our conversations with regulatory agencies.”

LNG pause

Glenfarne is seeking to raise up to $5bn of equity and debt for the project, according to news reports, a process that could benefit from the Biden administration’s pause on issuing permits for LNG projects that export to countries without free-trade agreements with the US.

“Our confidence and our timetable for that has probably been accelerated and cemented by the fact we are fully permitted, despite the Biden LNG pause impacting the broader market,” Prestidge said.

“The market has pretty quickly recognized that if you want to invest in LNG or buy LNG from a project that’s going to FID in 2024, you really don’t have very many fully permitted options right now.”

Glenfarne’s other US LNG project, called Magnolia LNG, has not yet received the required federal approvals and is therefore on pause along with a handful of other projects.

For Magnolia, Glenfarne is proposing to use a technology for which it owns the patent: optimized single mixed refrigerant, or OSMR, which uses ammonia instead of propane for cooling, resulting in less feed gas needed to run the facility and thus about 30% lower emissions than the average gas-powered LNG facility, Prestidge said.

Hydrogen projects

Glenfarne Energy Transition last year announced the formation of its hydrogen initiative, saying that projects in Chile, Texas, and Louisiana would eventually produce 1,500 kilotons of ammonia. 

“We’ve got existing infrastructure in the US Gulf Coast, and in Chile. A lot of the infrastructure required to produce LNG is similar or can be easily adapted to the infrastructure needed to produce ammonia,” Prestidge said. “And so, we’ve looked at locating hydrogen and ammonia production at sites in or near the ports of Brownsville and Lake Charles,” where Texas LNG and Magnolia LNG are located, respectively.

“The familiarity with the sites and the infrastructure and the local elements, make those pretty good fits for us,” he added.

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