bp Completes Acquisition of Archaea Energy
Published by Todd Bush on December 28, 2022
Today bp (NYSE: BP) completed its purchase of Archaea Energy Inc., (NYSE: LFG) a leading provider of renewable natural gas (RNG), marking a milestone in the growth of bp’s strategic bioenergy business.
>> In Other News: bp Accelerates and Expands in Bioenergy, Agreeing to Buy Leading US Biogas Company Archaea Energy
>> In Company Spotlight: BP PLC
“We see enormous opportunity to grow our bioenergy business by bringing Archaea fully into bp,” said Dave Lawler, chairman and president bp America. “The talent, expertise and passion of their team has let them achieve incredible growth so far, and we're excited to support the next chapter in line with our strategy.”
In October, bp announced it had agreed to acquire Archaea, subject to regulatory and Archaea shareholder approval. Having received those approvals and with the transaction complete, Archaea expands bp’s presence in the US biogas industry, enhancing its ability to support customers’ decarbonization goals and progressing its aim to reduce the average lifecycle carbon intensity of the energy products it sells.
Bioenergy is one of five strategic transition growth engines that bp intends to grow rapidly through this decade. bp expects investment into its transition growth businesses to reach more than 40% of its total annual capital expenditure by 2025, aiming to grow this to around 50% by 2030.
With the close of the agreement, Archaea common shares will cease to be listed on the NYSE.
Additional information on the acquisition can be found in the agreement announcement.
Subscribe to the newsletter
Daily decarbonization data and news delivered to your inbox
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Companies
Latest issues
-
Avnos' Hybrid Direct Air Capture: The Future of Carbon Removal and Water Production
Inside This Issue 💧 Avnos' Hybrid Direct Air Capture: The Future of Carbon Removal and Water Production ⚡ Hanwha and Baker Hughes Enter into Joint Development Agreement for Ammonia Gas Turbines 🏭 ...
-
An Open Letter to Congress: The Economic and Environmental Case for 45Q
Inside This Issue 📜 The Economic and Environmental Case for 45Q: An Open Letter to Congress 🤝 Syensqo and Ardent Announce Strategic Partnership to Accelerate Point Source Carbon Capture Innovation...
-
Canada Moves Forward with Direct Air Capture Offset Credits
Inside This Issue 🌎 Canada Moves Forward with Direct Air Capture Offset Credits 📉 Unpacking New Developments In The Carbon Markets 🤝 E2SOL and HOGREEN AIR MOU Signing at CES25 🌿 EFT Signs Master L...
Company Announcements
-
Landus and TalusAg Deliver First Local Green Ammonia Production in North America
Located in Boone, Iowa, the first-of-its-kind facility enables local green ammonia production that is reliable, cost-competitive and sustainable The innovative solution ensures resilience in t...
-
ADNOC's US Investments Moved to International Arm XRG
DUBAI, Feb 4 (Reuters) - Abu Dhabi National Oil Company (ADNOC)'s investments in the United States now sit within its new international investment arm XRG., ADNOC's CEO said on Tuesday, as the oil ...
-
CNL’s Clean Energy Siting Program introduces collaborative approach to siting emerging energy technologies and solutions at Canada’s national nuclear laboratories CHALK RIVER, Ontario, Feb. 04, 20...
-
SunHydrogen Achieves Highest Known Efficiency for a Large-Area Hydrogen Module
CORALVILLE, IA, Feb. 05, 2025 (GLOBE NEWSWIRE) -- SunHydrogen, Inc. (OTCQB: HYSR), the developer of a breakthrough technology to produce renewable hydrogen using sunlight and water, today shared st...