HYCO1 has signed an agreement to convert 1 million tons per year of raw CO2 into industrial-grade syngas at a new carbon capture project in Malaysia. Photo via Getty Images.

Houston-based CO2 utilization company HYCO1 has signed a memorandum of understanding with Malaysia LNG Sdn. Bhd., a subsidiary of Petronas, for a carbon capture project in Malaysia, which includes potential utilization and conversion of 1 million tons of carbon dioxide per year.

The project will be located in Bintulu in Sarawak, Malaysia, where Malaysia LNG is based, according to a news release. Malaysia LNG will supply HYCO1 with an initial 1 million tons per year of raw CO2 for 20 years starting no later than 2030. The CCU plant is expected to be completed by 2029.

"This is very exciting for all stakeholders, including HYCO1, MLNG, and Petronas, and will benefit all Malaysians," HYCO1 CEO Gregory Carr said in the release. "We approached Petronas and MLNG in the hopes of helping them solve their decarbonization needs, and we feel honored to collaborate with MLNG to meet their Net Zero Carbon Emissions by 2050.”

The project will convert CO2 into industrial-grade syngas (a versatile mixture of carbon monoxide and hydrogen) using HYCO1’s proprietary CUBE Technology. According to the company, its CUBE technology converts nearly 100 percent of CO2 feed at commercial scale.

“Our revolutionary process and catalyst are game changers in decarbonization because not only do we prevent CO2 from being emitted into the atmosphere, but we transform it into highly valuable and usable downstream products,” Carr added in the release.

As part of the MoU, the companies will conduct a feasibility study evaluating design alternatives to produce low-carbon syngas.

The companies say the project is expected to “become one of the largest CO2 utilization projects in history.”

HYCO1 also recently announced that it is providing syngas technology to UBE Corp.'s new EV electrolyte plant in New Orleans. Read more here.

PETRONAS will use Carbon Clean's scalable CCS technology as a part of the agreement. Photo via carbonclean.com

Houston carbon capture company signs MOU with PETRONAS

big deal

Carbon Clean announced a new partnership with PETRONAS CCS Solution, a subsidiary of PETRONAS, to collaborate and evaluate Carbon Clean’s carbon capture and storage technology.

The two companies will assess carbon capture technology by aiming to “identify synergies and explore future collaboration opportunities,” according to a news release.The primary focus of the MOU is Carbon Clean's CycloneCC tech, which can reduce the installed cost of carbon capture by up to 50 percent. Both companies will collaborate to develop how the modular technology can be used for post-combustion CO2 capture.

“PETRONAS has a pioneering approach to decarbonization, viewing carbon capture as a lever to transform its business,” Aniruddha Sharma, chair and CEO of Carbon Clean, says in the release. “It is turning the low-carbon energy transition into an opportunity to drive green growth. Carbon Clean is proud to support PETRONAS in achieving its net zero targets by providing a cost-effective approach to carbon capture.”

The modular design assists with easily installation and makes it more efficient to integrate with operations that are already up and running. The physical footprint of CycloneCC occupies up to 50 percent less space than conventional carbon capture solutions. The equipment itself is 10 times smaller and includes rotating packed bed (RPB) technology that uses centrifugal force to make carbon capture process run more efficiently.

“CycloneCC’s modular design enables companies to stagger their investment, adding units in line with their decarbonization goals,” Sharma said in a news release. “We are making carbon capture logistically viable and easy to scale.”

Carbon Clean also has partnered with AGRA Industries, as the biofuel industry could use Carbon Clean’s CaptureX technology. The United Kingdom-based company operates its U.S. headquarters in the Ion.

Carbon Clean’s other customers include companies in the cement, steel, refinery, and energy-to-waste sectors. Among the investors in Carbon Clean are Chevron, Samsung Ventures, Saudi Aramco Energy Ventures, and WAVE Equity Partners. Since it's founding in 2019, the company has raised $260 million in funding, according to data platform Tracxn.

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Houston's Rhythm Energy expands nationally with clean power acquisition

power deal

Houston-based Rhythm Energy Inc. has acquired Inspire Clean Energy for an undisclosed amount. The deal allows Rhythm to immediately scale outside of Texas and into the Northeast, Midwest and mid-Atlantic regions, according to a release from the company.

Inspire offers subscription-based renewable electricity plans to customers in Pennsylvania, New York, New Jersey, Massachusetts, Ohio, Delaware, Illinois, Maryland, and Washington, D.C. By combining forces, Rhythm will now be one of the largest independent green-energy retailers in the country.

“Adding Inspire to the Rhythm family gives us the geographic reach to serve millions of new customers with the highly rated customer experience Texans already enjoy,” PJ Popovic, CEO of Rhythm, said in the release. “Together we become one of the largest independent green-energy retailers in the country and can roll out innovations like our PowerShift Time-of-Use plan and device-enabled demand-response programs that put customers fully in control of their energy costs.”

Rhythm was founded by Popovic in 2020 and offers 100 percent renewable energy plans using solar power, wind power and other renewable power sources.

In addition to scaling geographically, the acquisition will "(marry) Rhythm's data-driven technology with Inspire's successful subscription model." Rhythm also plans to upgrade its digital tools and provide more advanced services to help lower clean energy costs, according to the release.

Popovic spoke with EnergyCapital in 2023 about where he thinks renewables fit into Texas’s energy consumption. Read more here.

Fervo Energy lands $200 million in capital for new geothermal project

fresh funding

Houston-based Fervo Energy, a producer of geothermal power, has secured $205.6 million in capital to help finance its geothermal project in southern Utah.

The money will go toward the first and second phases of Cape Station, a geothermal energy plant being developed in Beaver County, Utah. Beaver County is roughly an equal distance between Salt Lake City and Las Vegas.

The $205.6 million in capital came from three sources:

  • $100 million in equity from Breakthrough Energy Catalyst, a Kirkland, Washington-based platform that invests in emissions-reducing projects.
  • $60 million addition to Fervo’s existing loan from Mercuria, a Swiss energy and commodities trader. The revolving loan now totals $100 million.
  • $45.6 million in additional bridge debt financing from XRL-ALC, an affiliate of Irvington, New York-based X-Caliber Rural Capital. X-Caliber is a USDA-approved lender. The initial bridge loan was $100 million.

The first phase of Cape Station will supply 100 megawatts of carbon-free electricity to the power grid starting next year. Another 400 megawatts of capacity is supposed to go online by 2028. Fervo has permission to expand Cape Station’s capacity to as much as 2 gigawatts. On an annual basis, 2 gigawatts can supply enough electricity to power about 1.4 million homes.

“These investments demonstrate what we’ve known all along: Fervo’s combination of technical excellence, commercial readiness, and market opportunity makes us a natural partner for serious energy capital. The confidence our investors have in Fervo and in the Cape asset affirms that next-generation geothermal is ready to play a defining role in America’s energy future,” David Ulrey, Fervo’s CFO, said in a news release.