Insights

Pine Wave Energy Partners Sells East Texas Assets to Rockcliff Energy III

DETAILS

- Pine Wave Energy Partners has sold its East Texas assets to Rockcliff Energy III. - The sale includes approximately 29,000 net acres in San Augustine and Shelby Counties, Texas. - The assets feature ownership interests in 25 operated wells with approximately 100 MMcf/d of production. - The transaction also includes control of associated gas gathering pipelines. - This sale was executed through Pine Wave’s subsidiary, PWEP Shelby Trough. - Ben Hunter, Pine Wave CEO, highlighted the transaction as a testament to their ability to develop quality assets. - Sheldon Burleson, Rockcliff CEO, expressed excitement about acquiring high-quality integrated assets with development potential. - The transaction gives Rockcliff a significant production base and multiple years of development runway. - Alan Smith, Rockcliff Chairman, indicated the acquisition aligns with Rockcliff's strategy for quality natural gas assets. - Pine Wave plans to pursue a new platform after this sale, having already acquired over 10,000 net acres in the Haynesville Shale. - Jefferies LLC served as the financial advisor for Pine Wave, with legal counsel from Akin Gump and Kirkland & Ellis. - Pine Wave Energy Partners focuses on developing unconventional oil and natural gas resources in East Texas and Northwest Louisiana. - Old Ironsides Energy is the private equity firm backing Pine Wave, focusing on upstream and midstream opportunities. - Rockcliff Energy III is a newly formed company with extensive experience operating unconventional oil and natural gas assets. - Quantum Capital Group provides financial backing for Rockcliff Energy III, having managed over $30 billion in equity commitments since 1998.

COMPANIES

Pine Wave Energy Partners, LLC, Rockcliff Energy III LLC, Old Ironsides Energy, LLC, Quantum Capital Group, Silver Hill Energy Partners, Jefferies LLC, Akin Gump Strauss Hauer & Feld LLP, Kirkland & Ellis LLP

TAGS

oil and gas

UNDO and Microsoft to Remove 28,900 Tonnes of Carbon, Backed by Financing from Inlandsis

DETAILS

- Microsoft has purchased 28,900 tonnes of permanent carbon removal from UNDO, backed by financial support from Inlandsis, a Canadian climate fund. - This latest purchase increases Microsoft's total commitment with UNDO to nearly 49,000 tonnes, following earlier purchases of 5,000 tonnes and 15,000 tonnes in 2023 and 2024 respectively. - The financing structure provided by Inlandsis is unique, enabling the necessary capital for the carbon removal purchase while allowing for the expansion of sustainable projects globally. - Jim Mann, CEO of UNDO, emphasizes that innovative financing is crucial for achieving large-scale carbon removal, creating a viable asset class that is scalable and tradable. - Microsoft's relationship with UNDO has progressively strengthened over the seasons, reflecting growing confidence in enhanced rock weathering as a method for carbon removal. - Phillip Goodman from Microsoft asserts that enhanced rock weathering is a significant approach to reach their carbon-negative goals by 2030. - Inlandsis marks its first investment in enhanced rock weathering and its second fund, indicating a shift in climate finance towards structures supporting durable carbon removals with clear tracking. - Insurance provided by CFC enhances confidence in these projects, encouraging investment and scaling of operations. - The new financing structure aligns expectations for permanence and verification, ensuring that projected tonnes translate into actual deliveries tied to farm operations. - The collaboration with notable brands like Barclays, British Airways, and McLaren allows UNDO to expand its operations significantly with a focus on transparent measurement. - Under the agreement, 90,000 tonnes of wollastonite will be applied to improve 30,000 acres of farmland, with operations designed to fit farming schedules. - Delivery is highly organized, with field teams managing the process through GPS tracking and regular sampling to ensure data integrity. - Enhanced rock weathering involves CO₂ reacting with silicate minerals leading to CO₂ storage which is verified through detailed measurements and auditing processes. - All carbon credits issued represent actual, measured removal rather than forecasted numbers, with emissions accounted for conservatively. - Strong partnerships among Microsoft, Inlandsis, and UNDO ensure that carbon removal becomes a reliable asset class, enabling planned growth and evaluation. - The next steps involve consistent execution and measurement as the project progresses, maintaining a focus on delivering permanent, measurable carbon removal that benefits agriculture.

COMPANIES

Microsoft, UNDO, Inlandsis, Fondaction Asset Management, Barclays, British Airways, McLaren, CFC

TAGS

Carbon Capture Utilization and Storage

XNRGY Secures Investment from BlackRock- and Temasek-Backed Decarbonization Partners, Climate Investment and Activate Capital to Accelerate Expansion of Sustainable Cooling Technologies

DETAILS

- XNRGY Climate Systems announced growth equity financing from Decarbonization Partners, Climate Investment, and Activate Capital. - The investment will support XNRGY's rapid growth and expansion of its U.S. manufacturing footprint. - This funding will accelerate deployment of advanced cooling solutions for data centers and other critical infrastructure. - The financing follows earlier investments from Idealist Capital and MKB, who continue to support XNRGY as shareholders. - XNRGY manufactures high-efficiency liquid and air-cooling systems with AI capabilities designed for hyperscale data infrastructure. - Founder and CEO Wais Jalali expressed enthusiasm about the partnership with the investors to enhance innovation and efficiency in data center cooling solutions. - Dr. Meghan Sharp from Decarbonization Partners highlighted the importance of XNRGY's energy-efficient cooling solutions for digital infrastructure. - Patrick Yip from Climate Investment noted the critical need for high-performance cooling to support the growing demands of data infrastructure. - Anup Jacob from Activate Capital emphasized XNRGY's capability to deliver the necessary efficiency breakthroughs for infrastructure transformation. - XNRGY is expanding with the construction of a 330,000 sq ft facility in Mesa, Arizona, dedicated to next-generation air-cooled chillers. - The Mesa 2 expansion is the fourth significant growth initiative in three years, bringing the total operational footprint to nearly 1,000,000 sq ft. - XNRGY implements advanced production systems with digital tracking and quality control inspired by automotive standards. - The company provides comprehensive thermal management solutions for various industries, including data centers, healthcare, and electric vehicle manufacturing. - Decarbonization Partners is a joint venture focused on investments that support goals for a net zero economy by 2050. - Climate Investment focuses on driving industrial decarbonization by investing in innovative companies with measurable greenhouse gas impact. - Activate Capital invests in ventures addressing climate challenges and supporting sustainable economic transformation. - XNRGY is strategically positioned across North America with divisions in Montreal and Mesa to serve its diverse clientele.

COMPANIES

XNRGY Climate Systems, BlackRock, Temasek, Decarbonization Partners, Climate Investment, Activate Capital, Idealist Capital, MKB

TAGS

Industrial decarbonization

West Virginia and Diversified Energy Launch First-Of-Its-Kind Well Plugging Fund

DETAILS

- The Mountain State Plugging Fund is a partnership that provides financial assurance for oil and gas well retirement at no cost to taxpayers. - Governor Patrick Morrisey announced the agreement with Diversified Energy to establish the nation’s first financial assurance fund dedicated to retiring oil and gas wells. - The fund demonstrates Diversified's commitment to fiscal responsibility and environmental stewardship. - The Mountain State Plugging Fund includes a $70 million commitment over 20 years from Diversified Energy. - This initiative helps ensure that Diversified’s oil and natural gas wells in West Virginia are retired safely, positioning the state as a leader in innovative energy solutions. - Diversified Energy will invest in Next LVL Energy to increase well retirement capacity in the Appalachian Basin and create jobs. - Governor Morrisey emphasized the environmental and economic benefits of the partnership, highlighting West Virginia's leadership in energy innovation. - Diversified Energy CEO Rusty Hutson, Jr. expressed pride in deepening the company's commitment to West Virginia through this partnership. - West Virginia is the first state to partner with an energy company to proactively eliminate funding concerns for non-producing wells. - The fund's $70 million contribution from Diversified is guaranteed by OneNexus, ensuring safe plugging and retirement of wells. - Diversified plans to retire at least 1,500 wells in the first 20 years, with a target of 250 wells annually thereafter. - Other operators may establish similar funds to address the plugging of non-producing or orphan wells. - The fund aligns West Virginia's goals of sustainable development with Diversified's operations. - Next LVL Energy will manage asset retirement operations for the wells under the fund, with plans to expand its rig fleet. - By the end of 2025, Next LVL expects to have plugged 1,335 wells in the Appalachian Basin. - OneNexus provides secure financial assurance for energy operators to pre-fund their plugging and abandonment expenses. - Lockton partners with OneNexus to connect energy operators with well-retirement solutions. - Together, West Virginia and Diversified Energy are setting a model for safeguarding the environment while promoting economic growth.

COMPANIES

Diversified Energy, Next LVL Energy, OneNexus, Munich Re, Lockton

TAGS

oil and gas

California Resources Corporation Breaks Ground on California’s First Carbon Capture and Storage Project

DETAILS

- California Resources Corporation hosted a groundbreaking ceremony for Carbon TerraVault I, the state's first carbon capture and storage project, aimed at reducing emissions and supporting carbon neutrality by 2045. - The ceremony took place at the Elk Hills Field in Kern County, attended by CRC President and CEO Francisco Leon and CTV Holdings Managing Director Chris Gould alongside state and community leaders. - Leon emphasized that the groundbreaking represents years of planning and collaboration, marking the beginning of California's carbon management economy. - Carbon TerraVault I will use existing facilities at Elk Hills as a dedicated CO₂ storage site, capable of storing up to 1.6 million metric tons of CO₂ annually, with a total capacity of 38 million metric tons in the 26R reservoir. - The first CO₂ injection is scheduled for early 2026. - Gould stated that CTV I serves as a model for cooperation among industry, government, and communities, committed to safety, efficacy, and job creation in the Central Valley. - The project is part of the Carbon TerraVault Joint Venture between CRC and Brookfield. - CTV I is the first facility in California to receive final Class VI permits from the U.S. Environmental Protection Agency and to receive unanimous approval from the Kern County Board of Supervisors. - Craig Frenette of Brookfield remarked that carbon capture is essential to their energy investments, contributing to over half a trillion dollars invested in infrastructure nationwide. - Dr. Steven Cliff from the California Air Resources Board highlighted CTV I as a significant step in California's leadership in carbon capture and storage. - Taft Mayor Dave Noerr noted that the project builds on over a century of energy innovation and advances the community's commitment to environmental responsibility. - California Resources Corporation is dedicated to energy transition and environmental stewardship while maximizing land and mineral ownership value for decarbonization through CCS and other projects. - Carbon TerraVault is working on services to capture, transport, and permanently store CO₂ for clients, injecting captured CO₂ into depleted underground reservoirs for sequestration. - The Carbon TerraVault Joint Venture focuses on CCS development, with CRC holding a 51% ownership stake and Brookfield owning 49%. - Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion in assets under management across various sectors including infrastructure and renewable power.

COMPANIES

California Resources Corporation, Carbon TerraVault, CTV Holdings, Brookfield

TAGS

Carbon Capture Utilization and Storage

AI Infrastructure Partnership (AIP), MGX, and BlackRock’s Global Infrastructure Partners (GIP) to Acquire All Equity in Aligned Data Centers

DETAILS

- The Artificial Intelligence Infrastructure Partnership, MGX, and BlackRock’s Global Infrastructure Partners have announced the acquisition of 100% equity in Aligned Data Centers from Macquarie Asset Management. - This acquisition is expected to enhance the expansion of cloud and AI infrastructure, with an enterprise value of approximately $40 billion for Aligned. - AIP was founded to expand AI infrastructure capacity and foster future economic growth, backed by investors such as the Kuwait Investment Authority and Temasek. - Aligned Data Centers has rapidly become a leading data center company, operating over 50 campuses with more than 5 gigawatts of capacity across key regions in the U.S. and Latin America. - The company's solutions utilize advanced cooling systems to support high-density AI workloads and remain adaptable in energy-constrained areas. - Aligned's growth has been driven by its management team's execution and innovation, catering to the evolving needs of hyperscalers. - The Consortium’s investment aims to provide Aligned with capital and strategic resources to accelerate growth and meet rising demand for digital infrastructure. - This investment marks AIP’s first move towards its goal of mobilizing $30 billion in equity capital, potentially reaching $100 billion including debt financing. - Aligned is expected to continue leading in sustainable data center infrastructure under the existing leadership team. - The transaction is anticipated to close in the first half of 2026, pending regulatory approvals. - Larry Fink, Chairman of BlackRock, highlights the partnership's role in meeting infrastructure needs for AI's transformative impact on the economy. - Ahmed Yahia Al Idrissi of MGX emphasizes the necessity of scalable compute infrastructure for economic progress driven by AI. - Bayo Ogunlesi of GIP speaks to the infrastructure's role in fostering innovation and sustainable growth worldwide. - Andrew Schaap, CEO of Aligned, notes that the partnership will accelerate their mission to support tomorrow's digital economy effectively.

COMPANIES

AI Infrastructure Partnership, MGX, BlackRock, Global Infrastructure Partners, Aligned Data Centers, Macquarie Asset Management, Microsoft, NVIDIA, Kuwait Investment Authority, Temasek, Cisco, GE Vernova, NextEra Energy

TAGS

Fundraising

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