Good Morning. This is the Sunya Scoop. The newsletter that takes energy transition news and turns it into an easy-to-read email for you.
While we normally publish Tuesday and Thursday morning, we’re experimenting a bit on frequency and send times. Voice your thoughts through the poll at the end or hit us with a reply.
Here’s what we have for you today:
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FUNDRAISING
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Hamilton Lane, a private markets investment management firm, has raised over $850 million in impact and sustainable capital since early 2021.
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The final closing of Hamilton Lane Impact Fund II brought total commitments to the fund to $370 million, over 3.75 times larger than its predecessor fund.
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In addition to the fund, Hamilton Lane raised over $500 million in sustainable-focused investment capital within separate accounts as part of its broader sustainable investment platform.
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Fund II aims to generate attractive private equity returns while making a positive social and environmental impact by investing in businesses focused on clean energy transition, sustainable processes, health and wellness, and community development.
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The fund has made nine investments so far, with a focus on growth investments leveraging transformative technologies and innovation.
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Hamilton Lane’s sustainable investment platform has a strong pipeline of opportunities, with deal flow in 2023 tracking at 30% above the record deal flow numbers from the previous year.
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The firm manages more than $2.9 billion in impact strategies, generating significant environmental impact, including over 10 million metric tons of CO2e reduced or avoided.
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Hamilton Lane’s sustainable investment platform is part of its broader private markets investment platform, which oversees nearly $832 billion in assets under management and supervision.
RENEWABLE FUELS
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Neste, the Finnish refiner, expects its new renewable fuels facilities in Singapore and the U.S. to drive its growth this year.
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Despite lower oil product margins expected in the second quarter, Neste remains optimistic about its expansion.
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The opening of a second renewable fuels plant in Singapore brings the total capacity of sustainable aviation fuel (SAF) to 1 million tonnes per year at the site.
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Neste plans to start up the second and third phases of its U.S. renewable diesel joint venture with Marathon Oil Corp in the autumn.
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The company is investing in a fuel storage and infrastructure joint venture at Singapore’s Changi Airport to support SAF blending and supply.
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Neste primarily produces renewable fuels from waste and residues such as used cooking oil and animal fat, with over 90% of its feedstock coming from these sources.
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The company is researching new feedstocks like algae and hydrogen while facing challenges in sourcing sustainable raw materials.
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Neste aims to make a final investment decision on its green hydrogen project in Finland in early 2024, with production potentially starting in 2026.
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The commercialization of synthetic fuels from green hydrogen and carbon dioxide is not yet realized and remains costly.
HYDROGEN
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Carlton Power and Schroders Greencoat have formed a joint venture called Green Hydrogen Energy Company Ltd (GHECO) to develop green hydrogen projects in the UK.
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The joint venture aims to build a portfolio of 500 MW of green hydrogen projects in the UK by 2030.
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The initial projects in GHECO’s portfolio, including Trafford, Barrow-in-Furness, and Langage, have been shortlisted for financial support from the UK government’s Hydrogen Business Model / Net Zero Hydrogen Fund.
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Carlton Power and Schroders Greencoat are making an initial funding commitment of £200 million from funds managed by Schroders Greencoat to build these projects and future projects in Carlton’s pipeline.
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The projects are expected to enter commercial operation in 2025, supplying green hydrogen to local industrial and manufacturing companies.
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GHECO aims to become a leading green hydrogen production company in the UK, contributing to the country’s energy transition and net-zero ambitions.
HYDROGEN
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Raven SR’s organic waste-to-hydrogen bioenergy project in Richmond, California, has received unanimous approval from the Richmond City Council for its California Environmental Quality Act (CEQA) permit.
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This project marks the world’s first Steam/CO2 Reforming hydrogen production facility using diverted waste as a feedstock.
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The facility aims to produce clean hydrogen by diverting organic waste from Republic Services’ closed West Contra Costa Sanitary Landfill, reducing greenhouse gases and cumulative risks in the community.
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It is expected to divert up to 99 wet tons of green and food waste per day, producing up to 2,400 metric tons of renewable hydrogen annually and potentially avoiding 7,200 metric tons of CO2 emissions from the landfill.
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The project will contribute to California’s SB 1383 mandates and create new green jobs in the Richmond community.
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Raven SR’s non-combustion thermal process is less energy-intensive than electrolysis and does not use fresh water for feedstock.
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Off-take agreements are in place with companies such as Hyzon Motors and Chevron New Energies to market the hydrogen in Bay Area and Northern California fueling stations.
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The technology used by Raven SR converts organic waste and landfill gas into hydrogen and synthetic fuels with low to negative carbon intensity.
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The Richmond facility, owned by Raven SR S1 LLC, plans to break ground this summer and start full commercial operations in Q1 2024.
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Strategic investors in Raven SR include Chevron, Hyzon Motors, ITOCHU, Ascent Hydrogen Fund, and Samsung Ventures.
“It is highly unlikely that society would accept the degradation in global standard of living required to permanently achieve a scenario like the IEA NZE”
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.