Insights

AMP Raises $91 Million in Series D Funding to Revolutionize Waste

DETAILS

- AMP Robotics Corp has raised $91 million in Series D funding led by Congruent Ventures. - The funding will accelerate the deployment of AMP ONE systems for processing municipal solid waste and single-stream recycling. - AMP operates a first-of-its-kind sorting system in Portsmouth, Virginia. - AMP has entered an agreement with Waste Connections to equip and operate a single-stream recycling facility in Colorado. - The investment aims to improve recycling rates and lower sortation costs for municipalities. - AMP's AI uses deep learning to identify recyclables and contaminants in real time. - The technology allows for near-zero manual sorting and increased safety in commodity recovery. - AMP's leadership team has been augmented with Tim Stuart as CEO and Matanya Horowitz as CTO. - The company has deployed over 400 AI systems across North America, Asia, and Europe. - Congruent Ventures focuses on early-stage investments in companies addressing climate and sustainability challenges.

COMPANIES

AMP Robotics Corp., Congruent Ventures, Sequoia Capital, XN, Blue Earth Capital, Liberty Mutual Investments, California State Teachers Retirement System, Wellington Management, Range Ventures, Tao Capital Partners, Waste Connections Inc., Republic Services Inc.

TAGS

fundraising

ArcelorMittal provides update on its European decarbonization plans - delay green hydrogen projects

DETAILS

- ArcelorMittal provides an update on its decarbonization plans in Europe. - The company intends to invest in "hydrogen ready" DRI-EAF facilities to reduce emissions by replacing blast furnaces. - Host countries have offered funding support for these projects, approved by the European Commission. - The initial plans relied on favorable policy and technological developments to offset higher costs of decarbonization investments. - The green hydrogen transition is progressing slowly and natural gas-based DRI production is currently uncompetitive. - Weaknesses in the carbon border adjustment mechanism and a lack of customer willingness to pay for low-carbon steel are concerns. - Full visibility on the policy environment is necessary before final investment decisions can be made. - Several important developments are expected in 2025, including a CBAM review and the Steel and Metals Action Plan publication. - Engineering work continues, and a phased approach towards electric arc furnaces is being analyzed. - ArcelorMittal remains committed to achieving net-zero by 2050 and is making significant progress in Europe. - In May, construction began on a 1.1 million tonne EAF in Gijón, Spain, projected to reduce CO2 emissions by 1 million tonnes. - Efforts are underway to increase production to 1.6 million tonnes at the flat products plant in Sestao, Spain, focusing on low-carbon emissions steel. - Sales of XCarb® low-carbon emissions steel are expected to double to approximately 400,000 tonnes this year. - The timeline for final investment decisions will not hinder production of low-carbon emissions steel at the Sestao revamp project. - The company's absolute emissions in Europe have decreased by 28.2% since 2018 due to lower production from weak demand. - ArcelorMittal is committed to technologies that could lead to near-zero steelmaking, including carbon capture utilization and storage. - The CEO Aditya Mittal emphasized the need for supportive policies to accelerate decarbonization efforts. - He expressed confidence in achieving net-zero by 2050 but acknowledged that the methods may change from previous plans. - Demand for low-carbon steel is limited, as most customers are unwilling to pay a premium. - Future policy decisions in 2025 are expected to clarify the path forward for decarbonization efforts.

COMPANIES

ArcelorMittal, AM/NS India

TAGS

Industrial decarbonization

IAG announces 10-year purchase agreement for ultra-low carbon Infinium sustainable aviation fuel

DETAILS

- International Airlines Group has announced a new Sustainable Aviation Fuel purchase agreement with Infinium. - The agreement is for commercial volumes of e-SAF over a ten-year period. - IAG expects to start receiving fuel deliveries from Infinium in 2026. - Infinium plans to supply the UK market with power-to-liquid e-SAF starting late 2026. - E-SAF, produced from water, waste CO2, and renewable energy, is expected to reduce lifecycle greenhouse gas emissions by approximately 90 percent compared to conventional jet fuel. - The agreement allows Infinium to supply e-SAF to all five of IAG's airlines: Aer Lingus, British Airways, Iberia, LEVEL, and Vueling. - Last year, IAG airlines used approximately 12 percent of the world's SAF supply. - E-SAF has advantages such as being produced without feedstock limitations, offering a higher degree of emissions reduction, and having a low land and water-use footprint. - It is a drop-in replacement for aviation fuel, requiring no changes to existing aircraft engine designs. - Jonathon Counsell, IAG's Group Sustainability Officer, emphasized the importance of partnerships with innovators like Infinium to meet sustainability goals. - He indicated that additional policy support is needed to attract investment for SAF plants and reduce reliance on fossil fuels. - Infinium's e-SAF will be produced at the Project Roadrunner facility in West Texas. - Project Roadrunner is expected to be the largest global producer of e-SAF when fully operational. - Infinium has received funding commitments from Brookfield Asset Management and Breakthrough Energy Catalyst for this project. - Robert Schuetzle, Infinium's CEO, highlighted the significance of long-term agreements in increasing e-SAF production. - IAG is committed to sustainability through investments in new aircraft, fuel efficiency initiatives, SAF procurement, and carbon removal efforts. - IAG is one of the world's largest airline groups, operating 582 aircraft and connecting Europe to over 250 destinations. - Infinium is an electrofuels provider focused on creating sustainable fuels to decarbonize the transport industry and beyond. - Infinium products, such as eSAF and eDiesel, can significantly reduce harmful carbon emissions compared to fossil-based fuels.

COMPANIES

IAG, Infinium, Aer Lingus, British Airways, Iberia, LEVEL, Vueling, Brookfield Asset Management, Breakthrough Energy Catalyst, Amazon, American Airlines

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