Infinium and Kinetik Reach Innovative CO2 Utilization Agreement to Advance eFuels Production

Rhea-AI Summary

Infinium and Kinetik have reached an agreement to utilize captured CO2 for the production of ultra-low carbon electrofuels, showcasing a unique long-term partnership with significant decarbonization benefits for the transportation industry.

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

FAQ

What is the agreement between Infinium and Kinetik about?

The agreement involves utilizing captured CO2 from Kinetik's gas gathering and processing system for the production of ultra-low carbon electrofuels by Infinium.

What are Infinium eFuels created from?

Infinium eFuels are created through a proprietary process using waste CO2 and green hydrogen derived from renewable power.

What is the name of Infinium's second eFuels project?

Infinium's second eFuels project is called Project Roadrunner.

Who is the CEO of Kinetik?

Jamie Welch is the President and CEO of Kinetik.

Which airline is the first announced offtake partner for eSAF produced at Project Roadrunner?

American Airlines is the first announced offtake partner for eSAF produced at Project Roadrunner.