CNX Resources Corp. announced on July 14 a 15-year partnership with Newlight Technologies Inc. to capture methane emissions to be used in the production of AirCarbon, according to a joint press release.
Under the agreement, CNX will process captured methane and deliver it to Newlight, who will acquire contractual rights to a portion of the gas to use in the production of AirCarbon. The delivery of the methane is similar to how solar, wind and renewable natural gas are delivered contractually through new and existing grid infrastructure, allowing for large-scale carbon emissions and plastic pollution reduction.
CNX expects that the partnership will result in the development of several manufacturing facilities in the Appalachian Basin to support Newlight's manufacturing needs, as well as boost the area's economic activity, capital investment and job growth and the company's decarbonization initiatives.
"For years, government and economic development officials have worked to leverage the vast energy resources found in the Appalachian basin as a catalyst for economic growth and new manufacturing. CNX is excited to work with Newlight to immediately accelerate those efforts," CNX president of new technologies Ravi Srivastava commented in the release.
AirCarbon is a carbon-negative and biologically degradable alternative to plastic developed by Newlight. Formed from natural ocean microorganisms, the company creates a naturally occurring polyhydroxybutyrate molecule through a combination of air and greenhouse gases that can be used to replace plastic products.
Based in Huntington Beach, Calif., Newlight launched its first AirCarbon production facility in 2020 and is currently planning on building a carbon capture manufacturing facility in Ohio in a separate partnership with Long Ridge Energy Terminal. Since its inception, the company has served and partnered with consumer brands such as Ben and Jerry's, H&M, Nike, Shake Shack, Sumitomo, Sysco, Target and U.S. Foods.
"CNX is a world leader in methane capture and processing, and by partnering with their exceptional team, we will have the opportunity to meaningfully reduce the amount of carbon going into the air and plastic going into the ocean," Newlight CEO Mark Herrema added in the press release.
"Our goal is to abate methane emissions at world scale through the application of biological carbon capture, and this agreement takes us another step closer to that goal," he continued. "We're thrilled to have a strategic growth partner in CNX that shares our commitment to sustainable solutions and environmentally responsibly outcomes."
Recommended Reading
Exxon’s Payara Hits 220,000 bbl/d Ceiling in Just Three Months
2024-02-05 - ExxonMobil Corp.’s third development offshore Guyana in the Stabroek Block — the Payara project— reached its nameplate production capacity of 220,000 bbl/d in January 2024, less than three months after commencing production and ahead of schedule.
Venture Global, Grain LNG Ink Deal to Provide LNG to UK
2024-02-05 - Under the agreement, Venture Global will have the ability to access 3 million tonnes per annum of LNG storage and regasification capacity at the Isle of Grain LNG terminal.
What's Affecting Oil Prices This Week? (Feb. 5, 2024)
2024-02-05 - Stratas Advisors says the U.S.’ response (so far) to the recent attack on U.S. troops has been measured without direct confrontation of Iran, which reduces the possibility of oil flows being disrupted.
McKinsey: US Output Hinges on E&P Capital Discipline, Permian Well Trends
2024-02-07 - U.S. oil production reached record levels to close out 2023. But the future of U.S. output hinges on E&P capital discipline and well-productivity trends in the Permian Basin, according to McKinsey & Co.
EIA: Oil Prices Could Move Up as Global Tensions Threaten Crude Supply
2024-02-07 - Geopolitical tensions in the Middle East and ongoing risks that threaten global supply have experts questioning where oil prices will move next.