Long-term agreement represents a new model for
delivering decarbonization benefits across heavy transport and
chemical industries
SACRAMENTO, Calif., April 16,
2024 /PRNewswire/ -- eFuels leader, Infinium,
has reached an agreement with a subsidiary of midstream energy
company Kinetik Holdings Inc. (NYSE: KNTK) ("Kinetik")
to purchase carbon dioxide ("CO2") captured from
Kinetik's gas gathering and processing system in the Permian Basin
for use as a feedstock in the production of ultra-low carbon
electrofuels ("eFuels"). Infinium eFuels are created through a
proprietary process using waste CO2 and green
hydrogen derived from renewable power.
The agreement is unique in its long-term nature and broad
decarbonization benefits, providing measurable impacts for
transportation alternatives. It provides a model for the industry
to rethink how to contract waste streams such as CO2 for
use in solutions that provide beneficial reuse of emissions.
"There are many roles to be played in the energy transition, and
this partnership shows that eFuels production and utilization is
truly a win-win for all in the energy industry," said Infinium CEO
Robert Schuetzle. "It's great to
welcome Kinetik into our community of companies seeking beneficial
reuse solutions for its CO2. The agreement demonstrates
major progress and shows Kinetik's leadership relative to the
existing traditional oil and gas sector's carbon emissions
strategies."
Under the terms of the agreement, a subsidiary of Kinetik will
dedicate CO2 from one of its amine gas processing
facilities in West Texas to
Infinium for use at its previously announced second eFuels project
called Project Roadrunner. Project Roadrunner will deliver products
into both U.S. and international markets. It will primarily produce
Infinium eSAF, a sustainable aviation fuel with the potential to
significantly reduce the lifecycle greenhouse gas emissions ("GHG")
associated with air transportation.
"Our partnership with Infinium reinforces Kinetik's commitment
to sustainability and our role as an agent for change. As the first
step of Kinetik's New Energy Ventures, I am excited to announce our
participation in Project Roadrunner and strongly support Infinium's
mission to significantly reduce carbon emissions. Kinetik remains
committed to further decarbonize our footprint and advance new low
carbon technologies as part of our strategy of 'energy for
change,'" said Jamie Welch,
Kinetik's President and CEO.
Infinium previously announced a $75
million equity commitment from Breakthrough Energy Catalyst
for investment in Project Roadrunner, the first for the novel
Bill Gates-founded platform that
funds and invests in first-of-a-kind commercial projects for
emerging climate technologies. American Airlines is the first
announced offtake partner for eSAF produced at Project Roadrunner
with emission reductions going to Citi, further modeling how
long-term, innovative agreements contribute to decarbonization
across multiple industries' value chains.
Infinium operates the world's first commercial scale eFuels
facility in Corpus Christi, Texas
and has more than a dozen projects in various stages of development
globally.
About Infinium
Infinium is an electrofuels provider on
a mission to decarbonize the world. Electrofuels are a new class of
synthetic fuels made using renewable power and waste carbon
dioxide, not petroleum or resources needed to produce food.
Infinium electrofuels can be dropped into existing trucks, planes,
and ships, significantly reducing harmful carbon dioxide emissions
compared to fossil-based fuels. In addition to helping the
transport industry meet carbon reduction goals, Infinium
electrofuels are a lower carbon alternative for chemical
processing, including plastics production. Learn why Amazon and
other leading cleantech investors have chosen Infinium
at www.infiniumco.com.
About Kinetik Holdings Inc.
Kinetik is a fully
integrated, pure-play, Permian-to-Gulf Coast midstream
C-corporation operating in the Delaware Basin. Kinetik is headquartered in
Midland, Texas and has a
significant presence in Houston,
Texas. Kinetik provides comprehensive gathering,
transportation, compression, processing and treating services for
companies that produce natural gas, natural gas liquids, crude oil
and water. Kinetik posts announcements, operational updates,
investor information and press releases on its
website, www.kinetik.com.
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SOURCE Infinium