Infinium™ Enters into Strategic Alliance with Denbury for Ultra-Low Carbon Fuels Projects in Texas, Continuing Development Momentum

Rhea-AI Summary

Infinium has formed a strategic alliance with Denbury to develop ultra-low carbon fuels projects in Texas. Utilizing Infinium's proprietary technology, the facility in Brazoria County will convert renewable energy into green hydrogen and combine it with industrial CO2 to produce clean fuels. Denbury will supply and transport CO2, with infrastructure expected to be ready by 2025, utilizing 1.5 million tons of CO2 annually. This collaboration aims to significantly reduce carbon emissions in the transportation sector, aligning with both companies' strategies for sustainable energy solutions.

Positive

• Formation of a strategic alliance with Denbury to develop ultra-low carbon fuels projects.
• Utilization of renewable energy to produce green hydrogen and clean fuels.
• Denbury's commitment to provide CO2 and necessary infrastructure by 2025, enhancing project viability.
• Production is anticipated to utilize 1.5 million tons of CO2 annually, promoting carbon reduction.

Negative

• None.

SACRAMENTO, Calif., Feb. 24, 2022 /PRNewswire/ -- Infinium, a clean fuels innovator, announced today that the company has entered into a strategic alliance with US energy leader Denbury (NYSE: DEN) to collaborate on developing ultra-low carbon fuels projects in the state of Texas. Infinium electrofuels facilities being developed in Brazoria County will convert renewable power into green hydrogen and combine it with industrial-sourced carbon dioxide (CO2) to produce ultra-low carbon fuels using Infinium proprietary technology. 

"The transportation industry is responsible for a significant portion of global carbon emissions, and Infinium's ultra-low carbon electrofuels solutions are a powerful tool to combatting climate change," said Robert Schuetzle, CEO of Infinium. "Infinium fuels are instant replacements for traditional jet and diesel fuel that may be used directly in planes, ships and truck fleets without changes in infrastructure or engine design. We are thrilled to enter into this strategic alliance with Denbury and to have the opportunity to reuse industrial CO2 waste for clean fuel production."

Under the strategic alliance, Denbury will source and transport CO2 to the Infinium facilities, which are planned to be sited near Denbury's existing and planned CO2 pipeline infrastructure. Denbury estimates that the pipeline infrastructure necessary to deliver CO2 to the Infinium facilities will be ready as early as 2025. The facilities are anticipated to utilize 1.5 million tons of CO2 per year that would otherwise be emitted into the atmosphere. 

"Our agreement with Infinium is another exciting opportunity for Denbury to partner with a company that is aligned with our strategy to develop world-leading carbon solutions, and we welcome the opportunity to potentially invest alongside Infinium in these projects," said Chris Kendall, Denbury's President and Chief Executive Officer. "This innovative and highly scalable utilization of industrial-sourced CO2 will be an important element in the spectrum of solutions that Denbury can offer to industrial CO2 emitters. Infinium's ultra-low carbon intensity electrofuels produced using industrial-sourced CO2 will provide a powerful tool to reduce the carbon intensity of transportation in our country and the world."

"Reducing the emissions profile of the Gulf Coast, and around the world, is a tremendous opportunity and the right thing to do for our economy and environment," added Schuetzle.

ABOUT INFINIUM
Infinium™ is a leading innovator in the clean fuels space. The company's proprietary technology converts carbon dioxide and hydrogen into ultra-low carbon fuels—known as electrofuels—for use in today's planes, ships and truck fleets. Infinium electrofuels can be used directly in existing engine designs, enabling transportation providers to reduce harmful emissions and meet their carbon reduction goals. Investors include Amazon, NextEra Energy, Mitsubishi Heavy Industries and AP Ventures. For more information, visit www.infiniumco.com. 

ABOUT DENBURY
Denbury is an independent energy company with operations and assets focused on Carbon Capture, Use and Storage (CCUS) and Enhanced Oil Recovery (EOR) in the Gulf Coast and Rocky Mountain regions.  For over two decades, the Company has maintained a unique strategic focus on utilizing CO_² in its EOR operations and since 2013 has been active in CCUS through the injection of captured industrial-sourced CO_².  The Company currently injects over three million tons of captured industrial-sourced CO_² annually, and its objective is to fully offset its Scope 1, 2, and 3 CO_² emissions within this decade, primarily through increasing the amount of captured industrial-sourced CO_² used in its operations. For more information about Denbury, visit www.denbury.com. 

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SOURCE Infinium

FAQ

What is the strategic alliance between Infinium and Denbury about?

The alliance involves developing ultra-low carbon fuels projects in Texas using green hydrogen and industrial-sourced CO2.

When is Denbury's CO2 pipeline infrastructure expected to be ready?

Denbury estimates the CO2 pipeline infrastructure will be ready by 2025.

How much CO2 will the Infinium facility utilize annually?

The facility is expected to utilize 1.5 million tons of CO2 per year.

What type of fuels will the Infinium and Denbury project produce?

The project will produce ultra-low carbon electrofuels that can replace traditional jet and diesel fuels.

What is Infinium's proprietary technology?

Infinium's technology converts renewable power into green hydrogen and combines it with CO2 to create clean fuels.