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Gulf Coast projects score DOE funding, Houston energy companies announce big deals, and more trending news

Here's what news on EnergyCapital trended this week. Photo via Getty Images

Editor's note: From the Department of Energy funding regional projects to big clean energy deals, these are the top headlines that resonated with EnergyCapital readers on social media and daily newsletter this week.

DOE deploys $6B into decarbonization projects — including 4 on the Gulf Coast

Four decarbonization projects in the region have received federal support. Photo via Getty Images

Four projects along the Gulf Coast will receive a share of up to $6 billion in federal funding for decarbonization initiatives.

The $6 billion in funding was announced March 25 by the U.S. Department of Energy. The federal agency and the award recipients still must hammer out details.

“Spurring on the next generation of decarbonization technologies in key industries like steel, paper, concrete, and glass will keep America the most competitive nation on Earth,” U.S. Energy Secretary Jennifer Granholm says in a news release. Continue reading.

SLB to consolidate carbon capture business in partnership

The combined technology portfolios will accelerate the introduction of promising early-stage decarbonization technology. Photo via Getty Images

SLB announced its plans to combine its carbon capture business with Norway company, Aker Carbon Capture.

Upon completion of the transaction, which is expected to close by the end of the second quarter of this year, SLB will own 80 percent of the combined business and ACC will own 20 percent.

According to a SLB news release, the combined technology portfolios will accelerate the introduction of promising early-stage decarbonization technology. Continue reading.

Home Depot taps Houston company as exclusive solar, battery service partner

Under this partnership, Home Depot customers will be able to buy Sunnova’s Adaptive Home products, which includes solar power, battery storage, and smart energy management. Photo via Sunnova

Houston-based clean energy company Sunnova Energy International has been tapped as the exclusive provider of solar power and battery storage services for the more than 2,000 Home Depot stores in the U.S.

Under this partnership, Home Depot customers will be able to buy Sunnova’s Adaptive Home products. The Adaptive Home line combines solar power, battery storage, and smart energy management.

Sunnova didn’t assign a value to the Home Depot deal. Continue reading.

Baker Hughes, bp team up on flare emissions monitoring tech

bp is now using Baker Hughes emissions abatement technology, flare.IQ, to quantify methane emissions from its flares. Photo via Canva

Two energy companies with Houston headquarters are collaborating on flare emissions monitoring.

According to a news release, bp is now using Baker Hughes emissions abatement technology, flare.IQ, to quantify "methane emissions from its flares, a new application for the upstream oil and gas sector." The statement goes on to explain that the industry doesn't have a to methane emission quantifying, and that bp ad Baker Hughes has facilitated a large, full-scale series of studies on the technology.

Now, bp is utilizing 65 flares across seven regions to reduce emissions. Continue reading.

Hot rocks, AI, and more — 5 themes and takeaways from CERAWeek 2024 in Houston

Here are five things to know from CERAWeek this year. Photo courtesy of CERAWeek

The 2024 edition of CERAWeek by S&P Global wrapped up last Friday in Houston, and a handful of themes emerged as topical and disruptive amid the energy transition.

Here are five takeaways from the conference, according to EnergyCapital reporting. Continue reading.

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A View From HETI

Houston American Energy Corp. has acquired Abundia Global Impact Group, which converts plastic and certified biomass waste into high-quality renewable fuels. Photo via Getty Images.

Renewable energy company Houston American Energy Corp. (NYSE: HUSA) has acquired Abundia Global Impact Group, according to a news release.

Houston American reports that the acquisition will allow it to create a combined company focused on converting waste plastics into high-value, drop-in, low-carbon fuels and chemical products. It plans to move forward with Abundia’s plans for developing large-scale recycling projects, with a new facility previously announced for the Gulf Coast, located in Cedar Port Industrial Park, near the Baytown area of Houston.

New York-based Abundia used its proprietary pyrolysis process to convert plastic and certified biomass waste into high-quality renewable fuels. Its founder, Ed Gillespie, will serve as CEO of the combined company and will join HUSA’s board of directors. Peter Longo, who previously served as HUSA's CEO, will serve as chairman of the board. Lucie Harwood was named CFO and Joseph Gasik will serve as COO.

“The completion of this acquisition represents a pivotal transformation for HUSA,” Longo said in a news release. “Abundia has a commercially ready solution for converting waste into valuable fuels and chemicals, with a backlog of development opportunities utilizing proprietary technologies and key industry partnerships. This transaction gives HUSA shareholders a ready-made platform and project pipeline for future value generation as the fuel and chemical industries accelerate their adoption of low-carbon solutions and sustainable aviation fuel.”

The combined company plans to serve what it estimates is a multi-billion-dollar global demand for renewable fuels, Sustainable Aviation Fuel (SAF) and recycled chemical feedstocks, according to the news release.

“This is a landmark moment for Abundia and a major step forward for the renewable industry,” Gillespie added in the release. “Joining forces with HUSA and entering the public capital markets positions us to accelerate growth, scale our technology and expand our influence within the renewable and recycling industries. I am proud of the hard work and determination of both the AGIG and HUSA teams to finalize this transaction. We look forward to delivering shareholder value and critical technologies to reduce carbon emissions.”

Houston American Energy announced the deal in March. The company also closed a $4.42 million registered direct offering in January.

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