Category: News

Categories
News Uncategorized

X-energy Closes Oversubscribed $700 Million Series D Financing Round to Continue Expansion to Meet Global Energy Demand

ROCKVILLE, Md.–(BUSINESS WIRE)–X-Energy Reactor Company, LLC (“X-energy”), a leader in advanced nuclear reactor and fuel technology, today announced it has closed an oversubscribed Series D financing round of approximately $700 million led by Jane Street, from new investors including ARK Invest, Galvanize, Hood River Capital Management, Point72, Reaves Asset Management, XTX Ventures and various others, as well as existing investors including Ares Management funds, Corner Capital, Emerson Collective, NGP, Segra Capital Management and others.

“The success of this financing round allows us to deepen partnerships with critical deployment partners and invest in a robust and reliable supply chain to successfully deliver projects with our customers.” -X-energy CEO J. Clay Sell

Share

“The response and commitment from the participants in this financing round is a strong affirmation of the role X-energy expects to play in shaping the future of energy,” said Kam Ghaffarian, Ph.D., Founder and Executive Chairman of X-energy. “When I founded X-energy, I envisioned a company that could redefine how to make advanced nuclear energy accessible, affordable, and essential to an energy abundant future. With the support of our investors, both new and existing, we are closer to realizing that vision.”

X-energy expects to utilize proceeds from the round to help continue the expansion of its supply chain and commercial pipeline, supporting an industry-leading orderbook of more than 11 GW, representing approximately 144 advanced small modular reactors.

“We are highly focused on building a world-class project and technology delivery platform to accelerate the commercialization of our Xe-100 reactor and TRISO-X fuel,” said X-energy CEO J. Clay Sell. “The success of this financing round allows us to deepen partnerships with critical deployment partners and invest in a robust and reliable supply chain to successfully deliver projects with our customers.”

X-energy is advancing its pioneering Xe-100 advanced small modular reactor and TRISO-X fuel in projects with Dow, Amazon, and Centrica. Its initial proposed four-unit Xe-100 plant is planned for Dow Inc.’s UCC Seadrift Operations manufacturing site on the Texas Gulf Coast, supported by the U.S. Department of Energy’s Advanced Reactor Demonstration Program, and currently under permit review with the U.S. Nuclear Regulatory Commission. Following the project with Dow, X-energy and Amazon announced Amazon’s options to deploy more than 5 GW of Xe-100 projects across United States by 2039, beginning with the Cascade Advanced Energy Facility in Washington state in partnership with Energy Northwest. Additionally, X-energy is partnered with British multinational energy and services company Centrica to deploy 6 GW in the United Kingdom.

X-energy is also constructing an advanced nuclear fuel fabrication facility to manufacture its proprietary TRISO-X fuel, a first of its kind in the United States. Together, X-energy’s portfolio is designed to deliver scalable, safer, and more reliable power to meet growing global energy demand.

Advisors

Moelis & Company LLC and J.P. Morgan Securities LLC acted as placement agents for the transaction and Latham & Watkins LLP acted as legal advisor to X-energy on the transaction.

About X-energy

X-Energy Reactor Company, LLC, is a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver reliable, zero-carbon and affordable energy to people around the world. X-energy’s simplified, modular, and intrinsically safe SMR design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com or connect with us on X or LinkedIn.

Contacts

X-energy
Robert McEntyre
+1 240.673.6565
inquiries@x-energy.com

Categories
News

EV Realty secures $75 million investment from NGP for charging expansion

Thomas Wasson

EV Realty announced Thursday it has secured $75 million in growth equity from private equity investor NGP to scale its portfolio of commercial fleet charging hubs. The company also broke ground on its first large-scale project in San Bernardino, Calif., featuring 76 DC fast-charging stalls with 9.9 MW of grid capacity that can serve more than 200 Class 8 trucks daily.

What we’ve focused on from the start is trying to address the barrier that we think really inhibits this adoption for the fleets that want to adopt, which is access to large amounts of power and a scalable solution,” said Patrick Sullivan, CEO of EV Realty, in an interview with FreightWaves.

The San Bernardino facility is strategically located in what Sullivan calls the gateway city to Southern California’s freight ecosystem. The site is positioned just two miles from the BNSF intermodal facility, with approximately 60 million square feet of industrial and distribution warehousing space and nearly 4,000 Class 8 trucks operating daily within five miles.

The location was selected using proprietary data science tools that mapped distribution power systems to identify optimal sites with available grid capacity.

“When we started the company, we built a set of proprietary data science tools—now a full software program—which at this point is probably a couple hundred different data sets, but it started with full mapping of the distribution power system in Southern California,” Sullivan said. This approach allows the company to identify areas with adequate power capacity near critical freight infrastructure.

The San Bernardino facility will be the largest grid-connected charging project in the country, with no backup generation required due to the ample grid capacity identified through EV Realty’s site selection process.

The project has received funding support from the South Coast Air Quality Management District and was selected for a conditional award from the EnergIIZE Commercial Vehicles Project, funded by the California Energy Commission.

The company’s business model focuses on private, dedicated facilities for commercial fleets rather than public truck stops. Customers typically sign multi-year contracts for dedicated portions of the property, with EV Realty providing full maintenance of both chargers and facilities.

“If a truck’s not moving, they’re not making money, and a truck that’s sitting still or has to wait for charging or has to go through a clumsy reservation or has to use a credit card, or all those things add friction. And for any company in my space to any fleet in my space, to make the switch, it has to be easy. It has to be able to let them do the same for less money or more for the same money, and any point of friction you add, especially at the driver level, is a real challenge,” Sullivan added.

Sullivan maintains that the long-term trend toward fleet electrification remains strong, particularly where the economics make sense.

“Despite the challenges, the long-term trend toward fleet electrification is unmistakable,” Sullivan noted, emphasizing that the economics are already working for some customers. “We’re seeing real customers moving real freight, not just potato chips, winning freight at market rates and operating at a positive margin to their competitors.”

This announcement builds on EV Realty’s recent strategic moves, including a partnership with Prologis to streamline fleet charging access across networks and the acquisition of assets from charging provider Gage Zero. The San Bernardino facility is scheduled to open later this year, marking a significant milestone in EV Realty’s expansion of its Powered Properties® portfolio.

The post EV Realty secures $75 million investment from NGP for charging expansion appeared first on FreightWaves.

Categories
News

Is this the tipping point VPP providers have been waiting for? Voltus CEO Dana Guernsey describes the “massive paradigm shift” underway.

Maeve Allsup

August 15, 2025
Power Plant near Baltimore Maryland Harbor
Photo credit: PTAP Aerial via Shutterstock
At the end of March, VPP provider Voltus was dispatching assets 362 days a year. As of August, Voltus is dispatching every day. It’s a small but important signal that VPPs are becoming “a backbone part of the grid,” Voltus co-founder and CEO Dana Guernsey said.

It’s a critical moment for VPPs, in which AI load growth, rising energy prices, extreme weather events, and technological advances have converged to create a “flywheel” effect, she added. “I can’t remember a time that it felt like the industry had more momentum and was more important to meeting broader [national energy] goals.”

The most visible evidence of the turning point has been the prevalence of emergency dispatches in 2025, Guernsey said. Before this summer, Voltus had seen one large PJM emergency dispatch in six years. So far this year they’ve already had at least eight.

Those types of dispatches have generally been thought of as “blunt instruments,” and that’s still partly true when compared to other types of services, Guernsey noted. But in addition to the number of dispatches, the “granularity and complexity” of the dispatches are also on the rise.

Dispatches are now regularly tailored by duration, location, and resource readiness, she added; a reflection of operational sophistication that is somewhat new in demand response.

Guernsey pointed to the power outage in the Baltimore area earlier this week as an example: When a transmission problem forced the Brandon Shores Power Plant offline from the BGE system, the local transmission network came under heavy strain, and electricity demand briefly exceeded local capacity. Even within that short emergency window, dispatches came in multiple waves based on resource readiness. “We’ll get dispatched for 120 minute resources, and then we’ll get dispatched for the 60-minute, and then ‘oh we still really need you guys for this 30 minute,” she explained.

More extreme weather events and massive load growth related to data centers and artificial intelligence are central to the rise in capacity-based dispatches for obvious reasons. But those same factors are also contributing to the rise of other types of services, including those that are leveraged much more regularly.

Ancillary services dispatches, including fast response from building controls and batteries, “contribute the most to filling in all of the 365 days,” she explained. As prices have come down for those assets, and the technology itself has improved, Voltus has seen the number of “fast response” dispatches growing.

“We went through kind of a lull in pricing there for a bit, especially in some of the reserves products, but they tend to ebb and flow with where natural gas pricing is and where prices in general are, and so those have rebounded,” Guernsey explained. “And so we see a lot of reserve pickup dispatches, operating reserves, and spinning reserves.”

Those services are becoming particularly critical in markets with high renewables penetration like the Southwest Power Pool. In SPP, which Guernsey calls “the least well-known, best postcard from the future,” wind penetration can exceed 90% on some days. As grids push into those high penetration numbers, volatility spikes. Short bursts of operating and synchronized reserves from VPPs are indispensable in those cases, Guernsey said. Voltus, for example, dispatches those types of assets at least once a day in SPP, for between 10 and 20 minutes at a time.

“As the grid moves towards a more renewable system, that necessitates a little bit more the use of those balancing resources,” Guernsey said. Voltus’s dispatch data certainly suggests that to be the case, she added.

Making demand response pencil

The shift isn’t just technical: Over the last year, state policies and market operator rules have started to treat VPPs as core reliability resources. Guernsey pointed to New York ISO, which is advancing market reforms that increasingly integrate VPPs and aggregated resources on a level playing field with traditional generators. A handful of states have advanced legislation and mandates pushing utilities to plan for and rely on aggregated demand-side resources to meet system needs.

“They’re treating us more like traditional generators, which is a good thing in the way we want markets to go,” Guernsey said.

In July, California grid operator CAISO and PG&E coordinated what they billed as the largest-ever test of VPP capabilities. Using Tesla’s and Sunrun’s VPP program, they delivered more than half a gigawatt of flexible power into the grid.

Energy services, the third type of dispatch where Voltus has seen immense dispatch growth over the last year, is extremely price sensitive. But it also relies on customers having energy top of mind — the average consumer might not even know that curbing their energy use on a granular, device level basis is an option.

Customers need to be “more connected to their energy spend and energy bills” to be open to participating in energy services, Guernsey said.

Today that engagement is on the rise, largely because energy prices are so high, and the high-profile AI boom has the potential to push those prices even higher.

“When energy was not a big part of their spend or it wasn’t such a pain point, maybe they didn’t consider it,” Guernsey added. “Maybe the inflection point for them is now crossed…you can start to cross these thresholds of things penciling in a new way.”

  • Maeve Allsup is Latitude Media’s founding reporter. She was previously a tech reporter at Morning Brew, where she covered tech policy and regulation, as well as the EV industry.

Categories
News

ABB SELECTS NOVEON MAGNETICS FOR LONG-TERM AGREEMENT TO SUPPLY U.S.-MADE RARE EARTH MAGNETS

Noveon’s EcoFlux™ Magnets Provide High-Performance, American-Made Solutions to Power ABB’s North American Operations

SAN MARCOS, Texas, Aug. 14, 2025 /PRNewswire/ — Noveon Magnetics, an operational U.S. manufacturer of sintered rare earth magnets, today announced a long-term supply agreement with global technology leader ABB to provide high-performance NdFeB magnets for use in industrial motor applications. The multi-million-dollar deal will support ABB’s North American manufacturing operations, with a ramp-up in deliveries beginning August 2025.

“We’re proud to partner with ABB to support the motors that power essential systems across industries, supporting trends in electrification, and industrial AI,” said Scott Dunn, CEO of Noveon Magnetics. “This agreement is another example of how U.S. manufacturing leadership and smart supply chain planning are helping global companies navigate volatility and meet rising demand.”

Under the agreement, Noveon will begin monthly deliveries in August 2025 and scale up to supply all magnet parts used in ABB’s North American motor production facility by the end of 2026. Capacity for the deal is secured, underscoring ABB’s confidence in Noveon’s long-term capabilities and product quality.

This strategic partnership comes at a time of growing demand for industrial motors used in critical infrastructure such as cooling towers, water pumps, and building systems. As the need for efficient building technologies accelerates across North America, ABB’s ability to secure a reliable domestic magnet supply is key to ensuring long-term performance and stability.

“ABB has a long tradition of serving customers with locally manufactured technologies,” said Ryan Fitts, Executive Vice-President of Operations at ABB. “Noveon’s U.S.-based manufacturing, proven quality, and scalable capacity help make our supply chain more resilient and enable us to uphold our planned growth strategy in industries such as data centers and HVAC.”

Noveon’s proprietary EcoFlux™ magnets enable greater resource efficiency, the beneficial use of recycled materials, and the delivery of a superior high-performance product. Built on an innovative, vertically integrated manufacturing process, EcoFlux™ magnets can be tailored to meet a wide range of customer specifications. Under the multi-year agreement, Noveon will supply ABB with EcoFlux™ magnets specially engineered to meet ABB’s high-temperature performance requirements, ensuring durability and efficiency in the most demanding industrial environments.

As the only operational U.S. manufacturer of sintered NdFeB magnets, Noveon continues to scale to meet demand from sectors including industrial, clean energy, defense, and automotive, driving forward a new era of domestic critical materials manufacturing in the United States.

About Noveon Magnetics
Noveon Magnetics is a high-performance rare earth magnet manufacturer in the United States. Noveon’s product and process capability, EcoFlux™, supports a total magnet manufacturing capability which allows for (i) greater resource efficiency, (ii) beneficial use of recycled materials to directly support magnet manufacturing, and (iii) delivery of a superior high-performance finished product that meets the full range of commercial demand requirements. Noveon’s magnets offer a secure supply chain solution and support a wide range of critical applications – electric vehicles, wind turbines, robots, motors, pumps, and an array of military systems – that are key to energy efficiency, electrification, and national security. More information is available at https://noveon.co/.

About ABB
ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this ‘Engineered to Outrun’. The company has over 140 years of history and around 110,000 employees worldwide. ABB’s shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com

ABB Motion, a global leader in motors and drives, is at the core of accelerating a more productive and sustainable future. We innovate and push the boundaries of technology to contribute to energy efficient, decarbonizing and circular solutions for customers, industries and societies. With our digitally enabled drives, motors and services we support our customers and partners to achieve better performance, safety and reliability. To help the world’s industries outrun – leaner and cleaner, we deliver motor-driven solutions for a wide range of applications in all industrial segments. Building on over 140 years of domain expertise in electric powertrains, our more than 23,000 employees across 100 countries learn and improve every day. go.abb/motion

SOURCE Noveon Magnetics

Categories
News

General Motors & Noveon Magnetics Sign Multi-Year Agreement

Driving American Industry: General Motors & Noveon Magnetics Sign Multi-Year Agreement To Deliver American-Made Rare Earth Magnets

August 6, 2025

Noveon Magnetics Delivering Sintered NdFeB Magnets to Support Iconic GM Internal Combustion Engine Vehicle Lines and Fortify Domestic Supply Chains

SAN MARCOS, Texas – August 6, 2025 – Noveon Magnetics today announced a multi-year supply agreement with General Motors (NYSE: GM) to deliver rare earth magnets to support a wide range of GM vehicle components. Noveon started production immediately and magnet deliveries began in July 2025. The deal marks another major milestone to building a resilient domestic supply chain to support the future of American automotive manufacturing.

“We’re proud to be delivering critical rare earth magnets in support of some of America’s most iconic vehicles,” said Scott Dunn, CEO of Noveon Magnetics. “This agreement is a testament to what American manufacturers like GM and Noveon can do to develop supply chains and partnerships right here in the U.S.”

Under the agreement, Noveon is delivering rare earth magnets to support GM’s full-size SUVs and trucks.

“Working with domestic manufacturers like Noveon allows us to increase the resiliency of our supply chain while supporting American jobs and strengthening our industry and economic security,” said Jeff Morrison, General Motors global chief procurement officer. “Noveon’s magnets will support our most popular vehicles and help continue to deliver a leading portfolio of choice for our customers.”

Noveon is the only operational manufacturer of sintered NdFeB rare earth magnets in the United States, offering a fully domestic, vertically integrated solution for critical magnet supply. Its proprietary EcoFlux™ magnets enable greater resource efficiency, the beneficial use of recycled materials, and delivery of a superior high-performance product.

As demand accelerates across the automotive, defense, energy, and industrial sectors, Noveon continues to scale its capacity to build resilient supply chains.

# # #

About Noveon Magnetics

Noveon Magnetics is a high-performance rare earth magnet manufacturer in the United States. Noveon’s product and process capability, EcoFlux™, supports a total magnet manufacturing capability which allows for (i) greater resource efficiency, (ii) beneficial use of recycled materials to directly support magnet manufacturing, and (iii) delivery of a superior high-performance finished product that meets the full range of commercial demand requirements. Noveon’s magnets offer a secure supply chain solution and support a wide range of critical applications – electric vehicles, wind turbines, robots, motors, pumps, and an array of military systems – that are key to energy efficiency, electrification, and national security. More information is available at https://noveon.co/.

About General Motors

General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM’s Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry’s widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

Contact:

Noveon Magnetics

Noveon@teamavoq.com

Categories
News

Greenlake Energy Announces Formation of Greenlake Energy II with a Capital Commitment from NGP and Expands Portfolio with Strategic Acquisition in the Delaware Basin

AUSTIN, Texas–(BUSINESS WIRE)–Greenlake Energy is proud to announce the formation of its newest E&P acquisition platform, Greenlake Energy II, LLC (“Greenlake II”), backed by over $200 million in equity commitments from funds managed by NGP Energy Capital Management, LLC (“NGP”) and Greenlake’s management team.

Greenlake II is led by current President and CEO, Matt Gallagher, who previously served as the CEO of Parsley Energy until its sale to Pioneer Natural Resources in 2021. The new capital commitment enables Greenlake to continue its operational and commercial momentum generated at Greenlake Energy I where the management team has successfully drilled over 60 horizontal wells in the Delaware Basin. The Greenlake team prides itself on being at the forefront of technical innovation in the industry, which has been recently demonstrated by completing three U-shaped horizontal wells.

Chris Carter, Managing Partner of NGP, shared, “We are very excited to continue our partnership with the Greenlake team that dates back 14 years to our initial investment in Parsley Energy. Matt and the entire Greenlake team have an extensive network in the industry which provides differentiated deal flow and a unique track record of operational excellence with more than 750 horizontal wells drilled in the Permian Basin.”

Gallagher commented, “Greenlake has built a strong investment alongside the NGP team, and we are excited to carry that momentum forward with Greenlake Energy II. Backed by a world-class technical and field team, we are positioned to execute a disciplined, multi-basin growth strategy. Our modern operator mindset gives Greenlake a distinct advantage in today’s energy landscape. I am proud of the recent technical success of our ops team and vendor partners, completing three U-Shaped horizontal wells — two of which with a single-run bottom hole assembly.”

About Greenlake

Greenlake embodies the modern operator approach by adhering to its core values. Greenlake was founded in 2021, with former operations personnel and executives from Parsley Energy. The Company’s ‘modern operator vision’ has served as an anchor to optimize capital efficiency and base production. The Greenlake Energy team has accelerated value with, and brought development solutions to, several of the largest E&P operators in the world through unique operational partnerships. Greenlake has ample dry powder and remains focused on growth opportunities in the Permian Basin and other core North American basins. For more information, visit www.greenlakeenergy.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 $25 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

Kyle Rhodes
512.291.7799
info@greenlakeenergy.com

Greenlake Energy Announces Formation of Greenlake Energy II with a Capital Commitment from NGP and Expands Portfolio with Strategic Acquisition in the Delaware Basin

Categories
News

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

Categories
News

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

Categories
News

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.

Categories
News

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