TERRE HAUTE, Ind., May 20, 2019 /PRNewswire/ -- Wabash Valley Resources (WVR), an affiliate of Phibro LLC, announces the closing of an investment from OGCI Climate Investments (OGCI CI) to develop a 1.5-1.75 million tons per annum, carbon capture and sequestration (CCS) project, located outside of West Terre Haute, Indiana.
The project will capture and sequester close to 100% of the plant's CO2 approximately 7000 ft below the surface into the saline sandstone aquifer known as the Mount Simon Sandstone, and will have the capacity to be expanded to 1.75 million tons of CO2 per annum.
Fertilizer plants are a major source of green-house gas emissions, representing approximately 2% of CO2 emissions globally. WVR's carbon capture and sequestration project will facilitate the production of fertilizer, from the co-located WVR plant, with a very low carbon footprint. Low carbon ammonia production lowers the carbon intensity of ethanol produced in the United States, making it economically more competitive in California and Europe.
Simon Greenshields, President and Chief Executive Officer of Phibro LLC, commented on the transaction, "This innovative carbon capture and sequestration project will facilitate the production of green ammonia. Farmers and industrial end users alike will, for the first time, be presented with an opportunity to purchase ammonia produced in an environmentally conscious and sustainable manner and at an affordable price."
Pratima Rangarajan, CEO of OGCI Climate Investments, commented: "CCUS will be a crucial part of the low carbon economy. Our investment in Wabash Valley Resources is a tangible demonstration of our commitment to CCUS as a tool to decarbonize the industrial sector. We look forward to working with Wabash Valley Resources team as they develop this project and demonstrate that CCUS is available today as a tool to combat climate change."
Nalin Gupta, Board Member of WVR, commented, "We would like to thank the Indiana Governor Eric Holcomb and the Indiana General Assembly for their support. Indiana's business friendly environment and innovative culture were instrumental in facilitating the development of an ammonia and carbon sequestration project. The project shall utilize traditional clean energy financing vehicles, such as third party tax equity."
The project was recently selected to receive funding from the Department of Energy (DOE) as part of the Carbon Storage Program. The Program's objective is the advancement, development and validation of technologies that enable safe cost-effective, and permanent geologic storage of carbon dioxide (CO2).
About Wabash Valley Resources LLC:
Wabash Valley Resources LLC (WVR), acquired a world scale gasification plant in 2016, with plans to convert it to an ammonia production plant and carbon capture and sequestration project. For more information please visit https://www.wvresc.com/
Phibro is an independent commodity merchant company focused on renewable energy trading, asset acquisition, and project development. Founded in 1901, Philipp Brothers (or Phibro as it became known) has a long heritage of innovation in the commodities markets. It operated in the US since 1915. For more information about the firm, its current operations, and its history please visit www.phibro.com.
About OGCI Climate Investments:
Climate Investments is a $1+ billion fund investing in technologies and business models which lower the carbon footprint of the energy and industrial sectors and their value chains. The fund was created by the CEOs of the Oil and Gas Climate Initiative to take practical action on climate change. We invest in innovative companies that are ready to be commercialized. We collaborate with global co-investors and industrials to achieve speed and scale. To learn more about OGCI Climate Investments, please visit http://oilandgasclimateinitiative.com/climate-investments/
SOURCE Wabash Valley Resources