Month: April 2025

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Mora Energy Announces Formation and Partnership With NGP and Old Ironsides Energy

  • The former LM Energy team has formed Mora Energy and made key additions to leadership
  • Over $250 million of initial equity commitments from NGP, Old Ironsides Energy, and the Mora Energy Management Team
  • Mora Energy is pursuing energy infrastructure development and acquisition opportunities

DALLAS–(BUSINESS WIRE)–Mora Energy Holdings, LLC (“Mora Energy” or “Mora”), a recently formed energy infrastructure company, announced today that it has secured more than $250 million of initial equity commitments from funds managed by NGP Energy Capital Management, LLC (“NGP”), Old Ironsides Energy, LLC (“OIE”) and Mora’s management team.

Following its recent success developing and ultimately monetizing its oil and natural gas midstream assets in the Permian Basin, the LM Energy team has rebranded as Mora Energy and is actively pursuing new energy infrastructure opportunities. In addition to the legacy LM Energy team, Drew Bredthauer, who was most recently the Chief Commercial Officer of WTG Midstream until its sale to Energy Transfer, has joined Mora Energy as its President.

Mora Energy’s management team has decades of experience successfully developing and acquiring large-scale midstream projects in major U.S. producing regions including the Delaware and Midland Basins of the Permian, East Texas/Louisiana, the DJ Basin, and South Texas.

“To succeed in the current environment requires an execution-ready team and a significant amount of capital,” said Elliot Gerson, Chief Executive of Mora. “With the addition of Drew, our already excellent team is even stronger. And our partnership with both NGP and OIE immediately offers us substantial equity capital and financial flexibility. We are extremely well positioned to capitalize on the growing demand for high-quality energy infrastructure and to provide our customers with creative, reliable and safe solutions.”

“We are thrilled to partner with the Mora team for their latest midstream venture,” said Brian Seline, Partner at NGP. “We have long-standing relationships with Elliot and Drew and have followed their success over many years. We believe the Mora team has one of the best track records in midstream and is well positioned to be successful in the current environment. The team possesses the right operational and commercial skillsets to execute at the highest level.”

Sean O’Neill, Managing Partner of OIE, commented, “We are proud to establish our third partnership with Elliot and the Mora team. Over the past decade, we’ve seen firsthand how the Mora team has built and operated premier midstream infrastructure to meet the evolving needs of its upstream customers and partners. Our investment strategy is rooted in long-term alignment with high-quality partners like Mora. Mora Energy is a first-class team, well-positioned to capitalize on midstream opportunities in today’s environment.”

About Mora

Mora Energy Holdings, LLC is an energy infrastructure company based in Dallas, Texas. For more information visit www.MoraEnergy.com.

About NGP

NGP is a premier private equity firm that believes energy is essential to progress. Founded in 1988, NGP is moving energy forward by investing in innovation and empowering energy entrepreneurs in natural resources and energy transition. With over $24 billion of cumulative equity commitments, we back portfolio companies focused on responsibly solving and securing the energy needs of today and leading the way to a cleaner, more reliable, more affordable energy future. For more information, visit www.ngpenergy.com.

About OIE

OIE is an energy-focused private equity firm that partners with experienced management teams to pursue upstream and midstream opportunities in North America. The firm has a history of creating value in the energy business through its private equity and drilling joint venture platforms. For more information on OIE, please visit www.oldironsidesenergy.com.

Contacts

Business Development Contact:
Ryan Godfrey
Mora Energy
(469) 501-2579
rsg@moraenergy.com

Media Contact:
Meggan Morrison
Redbird Communications Group
meggan@redbirdpr.com

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CO280 Signs Landmark 3.69 Million Tonne Agreement with Microsoft to Scale-up Carbon Dioxide Removal in the US Pulp and Paper Industry

Vancouver, BC – April 11th, 2025 – CO280, a leading developer of large-scale carbon dioxide removal (CDR) projects, today announced a historic offtake agreement with Microsoft from a project that will capture and permanently store biogenic carbon emissions from a U.S. pulp and paper mill. Under the agreement, Microsoft will purchase 3.685 million tonnes of CDR over 12 years.  This agreement represents one of the largest engineered CDR purchases to date.

The agreement underscores Microsoft’s confidence in CO280’s approach to scaling permanent CDR by retrofitting existing pulp and paper mills to capture biogenic CO2 from boiler stack emissions for permanent geological storage. The capture technology for this project will be supplied by CO280 partner, SLB Capturi. CO280 is developing more than 10 projects, with five high-priority projects poised to deliver CDR by 2030.

“The agreement with Microsoft is a significant milestone for CO280 and the CDR market,” stated Jonathan Rhone, co-founder and CEO of CO280. “CO280 is committed to delivering the highest quality, permanent carbon dioxide removal while supporting the economic and environmental health of the communities we serve. We’re incredibly grateful to Microsoft for their collaboration, leadership, and commitment to CDR excellence.”

Brian Marrs, Senior Director of Energy & Carbon Removal at Microsoft stated, “Microsoft is pleased to announce this deal with the team at CO280, which has proven how to combine innovative engineering with strong commercial development towards creating affordable and scalable carbon removal solutions. The CO280 strategy of adding carbon removal to existing paper mills is an efficient way to quickly scale carbon removal and bolster investment and jobs into timberland communities across the United States.”

CO280’s Practical Approach to CDR Leverages Existing Pulp and Paper Infrastructure

CO280’s strategy leverages the existing operating model of the U.S. pulp and paper industry, offering an efficient, repeatable pathway for scaling CDR. The key advantages include:

  • Rapid Scalability: U.S. pulp and paper mills emit 88 million tonnes of biogenic CO2 per year, which represents a significant opportunity to implement large-scale CDR. Retrofitting mills with carbon capture and storage leverages existing mill infrastructure and biomass supply chains reducing project complexity, cost, and risk. CO280’s approach to standardizing project design, business model, and financing with pulp and paper partners will accelerate replication and deployment.

  • Sustainable Biomass Utilization: The American pulp and paper industry is committed to sustainable biomass sourcing. These mills, which produce essential products such as packaging and sanitary products, prioritize forest health and maintain high certification standards. 97% of wood used in the industry goes to mills with Sustainable Forestry Initiative (SFI) certification, with 90% going to mills with both Forest Stewardship Council (FSC) and SFI certifications. Many mills only use residual biomass and recycled content to make pulp.  All CO280 projects will adhere to the leading voluntary carbon market biomass sustainability standards.

  • Energy Efficiency: CO280 projects can use excess waste heat and/or waste biomass to power the carbon capture plants, which minimizes environmental impact while increasing the projects’ overall sustainability.

  • Proximity to CO2 storage: The U.S. has some of the best geology in the world for CO2 storage, and more than 75% of U.S. pulp and paper mills are located within 100 miles of geologic storage sites. Additionally, the U.S. has a growing network of CO2 transportation and storage service providers that are building the infrastructure to safely and permanently sequester captured CO2.

Driving Local Economies and Creating Jobs in Mill Communities

This agreement with Microsoft will advance critical climate goals, as well as stimulate the local economies and create jobs for communities where pulp and paper mills are located. By investing in a critical American industry, CO280 helps ensure the long-term competitiveness of the forest products industry, protecting existing and creating new jobs at mill sites. CO280’s unique partnership model backed by long-term CDR offtake agreements will bring billions of new capital investment to the industry, fostering sustainable economic growth, and supporting communities that rely on the forest products industry.

About CO280

CO280 Solutions Inc. is a developer of large-scale carbon dioxide removal (CDR) projects. In partnership with CDR buyers and pulp and paper companies, we develop, finance, own, and operate carbon removal projects that deliver a new standard of permanent, verifiable, and affordable CDR credits to customers in the carbon market. Learn more at co280.com or get in touch info@co280.com

Contact:

press@CO280.com

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X-energy set to revive HALEU fuel from DOE for its project in Texas

WASHINGTON, D.C. —The U.S. Department of Energy (DOE) today made conditional commitments to provide high-assay low-enriched uranium (HALEU) to five U.S. nuclear developers to meet their near-term fuel needs. This first round of HALEU allocations brings innovative American nuclear technologies one step closer to commercialization and will expand the use of nuclear energy to deliver more secure, affordable, and reliable energy to the American people.

“The Trump Administration is unleashing all sources of affordable, reliable and secure American energy – and this includes accelerating the deployment of advanced nuclear reactors,” Energy Secretary Chris Wright said. “Allocating this HALEU material will help U.S. nuclear developers deploy their advanced reactors with materials sourced from secure supply chains, marking an important step forward in President Trump’s program to revitalize America’s nuclear sector.”

Many advanced reactors will need HALEU to achieve smaller designs, longer operating cycles, and increased efficiencies over current technologies, but HALEU is not currently available from domestic suppliers.

To help fill this gap, DOE created the HALEU allocation process for nuclear developers to request HALEU material from DOE sources, including material from the National Nuclear Security Administration (NNSA). DOE received HALEU requests from 15 companies. For this first round, DOE identified five of those companies that met prioritization criteria, with three of them requiring fuel delivery in 2025.

The five companies that received conditional commitments are:
•    TRISO-X, LLC.
•    Kairos Power, LLC.
•    Radiant Industries, Inc.
•    Westinghouse Electric Company, LLC
•    TerraPower, LLC.

The allocated HALEU supports both Advanced Reactor Demonstration Program (ARDP) Pathway 1 award recipients, companies planning to demonstrate in the DOME test bed, along with some ARDP risk reduction awardees – reinforcing DOE’s commitment to our industry partnerships.

As a next step, DOE will initiate the contracting process to allocate the material to the five companies, some of which could receive their HALEU as early as this fall. The allocation process is ongoing, and DOE plans to continue HALEU allocations to additional companies in the future.

The first round of conditional commitments of HALEU were made through the HALEU Availability Program, which was established in 2020 to secure a domestic supply of HALEU for civilian domestic research, development, demonstration, and commercial use.

Learn more about DOE’s HALEU Availability Program at HALEU Availability Program | Department of Energy.

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NGP and Wing Resources Announce Formation of Wing Resources VIII, LLC with $100 Million in Equity Commitments

DALLAS–(BUSINESS WIRE)–Wing Resources VIII, LLC (“Wing VIII”) is proud to announce the formation of its newest mineral and royalty acquisition platform, backed by $100 million in equity commitments from NGP Royalty Partners III, L.P., the latest NGP fund focused exclusively on acquiring mineral and royalty interests.

Founded and led by President and CEO Nick Varel, Wing VIII builds on the success of its predecessors, continuing the firm’s mission to acquire high-quality mineral and royalty interests across the Permian Basin—the most prolific oil and gas region in North America. Today, Wing Resources manages more than 3,000 horizontal wells across the Midland and Delaware Basins, making it one of the largest private holders of mineral and royalty interests in the basin.

“We’re excited to continue our partnership with NGP and launch Wing VIII with fresh capital and renewed momentum,” said Varel. “Our track record speaks for itself—our team’s deep technical and transactional expertise, paired with patient capital and long-term vision, allows us to offer mineral and royalty owners competitive, upfront value in a market where certainty and speed matter.”

With over 70 years of combined experience, Wing’s leadership team has consistently demonstrated an ability to execute complex acquisitions, manage a high-quality asset base, and deliver superior risk-adjusted returns to stakeholders.

About Wing Resources

Founded in 2016, Wing Resources is a mineral and royalty acquisition firm focused exclusively on the Permian Basin. Backed by NGP, Wing distinguishes itself through its long-term investment horizon, large-scale capital resources, and deep industry expertise. The company provides mineral and royalty owners with upfront, lump-sum payments—offering an attractive alternative to the uncertainty of declining monthly royalty checks.

About NGP

NGP is a premier private equity firm that believes energy is essential to progress. Founded in 1988, NGP is moving energy forward by investing in innovation and empowering energy entrepreneurs in natural resources and energy transition. With over $24 billion of cumulative equity commitments, we back portfolio companies focused on responsibly solving and securing the energy needs of today and leading the way to a cleaner, more reliable, more affordable energy future. For more information, visit www.ngpenergy.com

Contacts

Wing Resources
2100 McKinney Ave, Suite 1540
Dallas, Texas 75201
(214) 389-1060
info@wingoilandgas.com