CNX and ICE Thermal Harvesting Launch Pilot Program Generating Zero-Emission, Appalachian-Sourced Power

Rhea-AI Summary

CNX Resources Corporation (NYSE: CNX) has partnered with ICE Thermal Harvesting, LLC to create a pilot project aimed at generating 100% emission-free power for its operations. Located at CNX's Dry Ridge compressor station in West Virginia, the initiative is designed to capture and convert engine exhaust heat into electricity. In Phase One, the project aims to produce around half a megawatt of clean energy and reduce CO2 emissions by 1,325 metric tons annually. Future phases anticipate an increase in CO2 reductions to nearly 4,000 metric tons. This initiative aligns with CNX's Appalachia First vision for sustainability and operational improvement.

Positive

• Partnership with ICE aims to significantly reduce CO2 emissions in operations.
• Potential to generate approximately half a megawatt of clean, sustainable electricity.
• Alignment with CNX's Appalachia First vision focusing on sustainability and innovation.

Negative

• None.

Innovative Technology Partnership Seeks to Eliminate Emissions While Enhancing Power Reliability

PITTSBURGH and HOUSTON, Jan. 24, 2023 /PRNewswire/ -- CNX Resources Corporation (NYSE: CNX) and ICE Thermal Harvesting, LLC (ICE) have partnered on a pilot project to generate 100% emission-free, locally-sourced power for use in CNX's operations, the companies announced today.

Underway at CNX's Dry Ridge compressor station in West Virginia, Phase One of the project captures and converts engine exhaust heat produced at the compression site to supply ICE's patented heat-to-power systems.

Once fully implemented, the innovative technology project will produce approximately half a megawatt of clean and sustainable electricity to power CNX's operations. The project will reduce 1,325 metric tons of CO2 annually during Phase One, scaling up to a reduction of nearly 4,000 metric tons of CO2 annually throughout later phases.

CNX President of New Technologies Ravi Srivastava said, "Capturing waste heat from compressor stations enables CNX to generate locally-sourced, zero-emission power for our operations and further reduce overall emissions. Our initial pilot project with ICE makes good business and environmental sense – and it's part of our Appalachia First vision to identify and deploy innovative technologies that drive operational efficiencies, environmental progress, and commercial excellence."

Following a successful initial application at Dry Ridge, additional systems will be installed at the station during Phases Two and Three to harvest heat during the compression process.

Carrie Murtland, co-founder of ICE commented, "ICE Thermal Harvesting sees opportunity where others see waste. We're proud to partner with CNX, a proven sustainability leader, to deploy our heat-to-power systems that generate reliable zero-emission power. Working alongside innovators like CNX, we continue to demonstrate that energy producers can cost-effectively address on-site power needs while reducing carbon emissions."

CNX's recently released Appalachia First vision guides its sustainability-focused strategy and partnerships aimed at safely producing and using more natural gas locally, commercializing new technologies, and creating value for the company's most important stakeholders in the communities where it operates. To execute this vision, the company's New Technologies segment actively seeks partnership opportunities to further improve environmental performance and expand regional manufacturing.

About CNX Resources

CNX Resources Corporation (NYSE: CNX) is unique. We are a premier, low carbon intensive natural gas development, production, midstream, and technology company centered in Appalachia, one of the most energy abundant regions in the world. With the benefit of a 158-year regional legacy, substantial asset base, leading core operational competencies, technology development and innovation, and astute capital allocation methodologies, we responsibly develop our resources and deploy free cash flow to create long-term per share value for our shareholders, employees, and the communities where we operate. As of December 31, 2021, CNX had 9.63 trillion cubic feet equivalent of proved natural gas reserves. The company is a member of the Standard & Poor's Midcap 400 Index. Additional information is available at www.cnx.com.

About ICE Thermal Harvesting (ICE)

ICE Thermal Harvesting was founded to focus on implementing systems and processes designed to reduce carbon emissions and improve energy efficiency in industrial processes by converting waste heat into useful renewable power. 

Through the implementation of their patented, modular heat harvesting technology, ICE provides 24/7 renewable power to clients across multiple industries, helping clients reduce emissions while improving the efficiency of their operations. ICE Thermal Harvesting is based in Houston, TX. For more information about the company, visit www.ice-th.com.

Cautionary Statements

We are including the following cautionary statement in this press release to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and any other protections afforded under applicable federal securities laws for any forward-looking statements made by, or on behalf of us. With the exception of historical matters, the matters discussed in this press release are forward-looking statements (as defined in 21E of the Securities Exchange Act of 1934 (the "Exchange Act")) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income, and capital spending. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," "will," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe a strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond our control. Specific factors that could cause future actual results to differ materially from the forward-looking statements are described in detail under the captions "Forward-Looking Statements" and "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (SEC) and any subsequent reports filed with the SEC. Those risk factors discuss, among other matters, pricing volatility or pricing decline for natural gas and NGLs; local, regional and national economic conditions and the impact they may have on our customers; the impact of events beyond our control, including a global or domestic health crisis; dependence on gathering, processing and transportation facilities and other midstream facilities owned by others; conditions in the oil and gas industry; our current long-term debt obligations, and the terms of the agreements that govern that debt; strategic determinations, including the allocation of capital and other resources to strategic opportunities; cyber-incidents targeting our systems, oil and natural gas industry systems and infrastructure, or the systems of our third-party service providers; and changes in safety, health, environmental and other regulations.

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SOURCE CNX Resources Corporation; ICE Thermal Harvesting, LLC

FAQ

What is the purpose of CNX's partnership with ICE?

The partnership aims to develop a pilot project to generate 100% emission-free power and reduce CO2 emissions in CNX's operations.

Where is the pilot project located for CNX and ICE?

The pilot project is located at CNX's Dry Ridge compressor station in West Virginia.

How much CO2 will be reduced during Phase One of the project?

Phase One of the project is expected to reduce CO2 emissions by 1,325 metric tons annually.

What is the anticipated electricity generation capacity of the project?

The project aims to generate approximately half a megawatt of clean electricity.

What is CNX's 'Appalachia First' vision?

The 'Appalachia First' vision focuses on sustainability and the deployment of innovative technologies to enhance operational efficiencies.