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CHICAGO, June 02, 2020 (GLOBE NEWSWIRE) — LanzaTech, a leading biotech company and carbon recycler, has successfully launched LanzaJet, Inc., a new company that will produce sustainable aviation fuel (SAF) for a sector requiring climate friendly fuel options as it starts to recover from the impacts of COVID-19. With its approach to commercialization of SAF, LanzaJet is creating regional jobs while enabling global decarbonization of the aviation sector.
Canada’s leading integrated energy company, Suncor Energy Inc., and leading Japanese trading and investment company, Mitsui & Co., Ltd. (Mitsui), are investing $15 million and $10 million, respectively, to establish LanzaJet. The funding will be used to build a demonstration plant that will produce 10 million gallons per year of SAF and renewable diesel starting from sustainable ethanol sources. Production is expected to start in early 2022. This initial investment coupled with participation from All Nippon Airways (ANA) will complement the existing $14 million grant from the US Department of Energy, enabling the construction of an integrated biorefinery at LanzaTech’s Freedom Pines site in Soperton, Georgia.
In addition to its equity investment, Suncor has contracted to take a significant portion of the SAF and renewable diesel produced at the facility to provide its jet fuel and distillate customers with sustainable energy solutions.
Importantly, investors Suncor and Mitsui are aiming to invest further in the construction of commercial production facilities after the demonstration meets all its technical and economic targets. This novel phased investment approach will see the initial investment followed by a capital call once all the demonstration milestones have been met. This will significantly accelerate commercial deployment at a time when reducing emissions, especially of aviation, is increasingly important and demonstrates a joint commitment to creating a resilient, climate secure future.
“Suncor is excited to join LanzaTech, Mitsui and ANA in helping LanzaJet take off,” said Mark Little, President and CEO of Suncor. “We believe this technology will provide a solid foundation for the commercial production of sustainable aviation fuel and renewable diesel. These products are very complementary to our existing product mix and we see growth potential in both North American and international markets. Suncor is committed to both a low carbon future for our own business and to helping our customers, including in the space of commercial aviation, realize their own vision of a sustainable future.”
“We are pleased to launch LanzaJet along with excellent partners LanzaTech, Suncor and ANA,” Toru Matsui, Managing Officer, COO of Mitsui said. “This partnership demonstrates our continuing commitment to improving the sustainability of the aviation industry and supports our ambition to be the first in Japan to produce SAF on a commercial scale. The SAF produced by LanzaJet will support the development of a global SAF supply chain, which has the potential to significantly reduce emissions from aviation and help to create a low carbon society.”
“ANA is thrilled to work alongside LanzaTech, Mitsui and Suncor on this new venture,” said Akihiko Miura, Executive Vice President of ANA. “We believe that this partnership is a great step forward for carbon-neutral growth initiatives. ANA is happy to share in this innovative endeavor and to be a part of a carbon-free future in the aviation industry.”
Industry leader, Jimmy Samartzis, has joined as CEO, bringing a background in clean energy, public policy, infrastructure and sustainability, as well as a decade at United Airlines including multiple executive roles in operations, commercial, corporate affairs, strategy, renewables, and safety. Currently serving as a Director on the Board for the Fermi National Accelerator Laboratory, he has held various industry roles, including with Airlines for America and the International Air Transport Association, and advised the World Travel and Tourism Council.
“The launch of LanzaJet marks an historic milestone in the clean energy transition that is underway globally. I’ve been part of many renewable energy and sustainability firsts over the last decade, and this one is the most exciting,” said Jimmy Samartzis, CEO of LanzaJet. “The commercialization of LanzaJet – built on the shoulders of LanzaTech, Suncor, Mitsui, ANA and with the support of the U.S. Department of Energy – gives our world, and aviation in particular, an important solution in shaping a cleaner future.”
The LanzaJet process can use any source of sustainable ethanol for jet fuel production, including, but not limited to, ethanol made from recycled pollution, the core application of LanzaTech’s carbon recycling platform. Commercialization of this process, called Alcohol-to-Jet (AtJ) has been years in the making, starting with the partnership between LanzaTech and the U.S Energy Department’s Pacific Northwest National Laboratory (PNNL). PNNL developed a unique catalytic process to upgrade ethanol to alcohol-to-jet synthetic paraffinic kerosene (ATJ-SPK) which LanzaTech took from the laboratory to pilot scale.
“Achieving our global climate goals requires scaling new, transformative technologies rapidly. This requires new methods of financing that enable scaling from lab to pilot to demo to commercial without stopping after each step to raise more cash,” said Jennifer Holmgren, CEO of LanzaTech. “Suncor, Mitsui and ANA are stepping up to show that achieving meaningful scale will require new technologies, new business models and new approaches. I am delighted to see LanzaJet take off and to see Jimmy Samartzis lead the team as it brings this sustainable solution to market.”
Following the “Inspiration of Japan” high quality of service, ANA has been awarded the respected 5-Star rating every year since 2013 from SKYTRAX. ANA is the only Japanese airline to win this prestigious designation eight years in a row. Additionally, ANA has been recognized by Air Transport World as “Airline of the Year” three times in the past 10 years – 2007, 2013 and 2018, becoming one of the few airlines winning this prestigious award for multiple times.
ANA was founded in 1952 with two helicopters and has become the largest airline in Japan, as well as one of the most significant airlines in Asia, operating 58 international routes and 117 domestic routes. ANA offers a unique dual hub model which enables passengers to travel to Tokyo and connect through the two airports in the metropolitan Tokyo, NARITA and HANEDA, to various destinations throughout Japan, and also offers same day connections between various North American, Asian and Chinese cities.
ANA has been a member of Star Alliance since 1999 and has joint venture partnerships with United Airlines, Lufthansa German Airlines, Swiss International Airlines and Austrian Airlines.
In addition to the full service and award-winning record of ANA, the ANA Group’s subsidiary Peach Aviation Limited is the leading LCC in Japan and has expanded following the integration of Vanilla Air Inc. in late 2019. The ANA Group carried 54.4 million passengers in FY2018, has approximately 43,000 employees and a fleet of 260 aircraft. ANA is a proud launch customer and the biggest operator of the Boeing 787 Dreamliner.
Media Contact: ANA Corporate Communications, TEL +81-3-6735-1111, firstname.lastname@example.org
For more information, please refer to the following link.
Mitsui & Co (8031: JP) is one of the largest global trading and investment companies with a robust international network spanning 65 countries and a diversified business portfolio, working with an extensive network of partners that include many of the world’s most successful companies.
Its outstanding long-term performance is founded on strong and expanding core business in Energy and Resources, Machinery & Infrastructure, and Chemicals integrated with growing bold and innovative businesses in Health, Environment, Mobility, Nutrition & Agriculture, and Retail & Services. The overall strategy responds to the increasing global urgency for sustainability focusing on creating an eco-friendly society, improving living standards and providing a sustainable supply of essential products.
Mitsui’s deep roots in Asia have established a diverse and strategic portfolio of partners that gives it a strong differentiating edge in the world’s fastest growing region, providing exceptional access for its global partners while strengthening Mitsui’s international portfolio. This gives Mitsui a unique, unobstructed view of world markets allowing it to anticipate global and regional trends and turn them into growth opportunities. This creates value for partners, stakeholders, and shareholders who also benefit from Mitsui’s international marketing skills across multiple industries that have been developed through its long-term trading heritage.
For more information, please refer to the following link.
Mitsui & Co., Ltd.
Corporate Communications Division
Suncor Energy is Canada’s leading integrated energy company. Suncor’s operations include oil sands development and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. A member of Dow Jones Sustainability indexes, FTSE4Good and CDP, Suncor is working to responsibly develop petroleum resources while also growing a renewable energy portfolio. Suncor is listed on the UN Global Compact 100 stock index and the Corporate Knights’ Global 100. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
For more information about Suncor, visit suncor.com
Carbon recycling company, LanzaTech is a global leader in gas fermentation, making sustainable fuels and chemicals via biological conversion of waste carbon emissions, including industrial off-gases; syngas generated from any biomass resource (e.g. municipal solid waste), organic industrial waste, agricultural waste); and reformed biogas. LanzaTech’s expertise in fermentation scale up, reactor design, machine learning and synthetic biology has enabled the company to commercialize its recycling process and demonstrate production of over 100 different chemicals. With global investors and partners, LanzaTech has a pipeline of commercial projects around the world and is working across the supply chain to provide novel circular solutions to mitigate carbon by producing consumer goods that would otherwise come from fresh fossil resources.
Founded in New Zealand, LanzaTech is based in Illinois, USA and employs more than 170 people, with locations in China, India and Europe.
Further information is available at www.lanzatech.com
+1 (630) 347 8054
Suncor: Legal Advisory – Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements in this news release include references to: the parties’ expectation that LanzaJet will create regional jobs while enabling a global decarbonization of the aviation sector; the expected use of proceeds from the funding; expectations surrounding the demonstration plant, including that it will produce 10 million gallons per year of SAF and renewable diesel starting from sustainable ethanol sources, the expected production date and the location of the demonstration plant; the expectation that the phased investment approach will significantly accelerate commercial deployment; Suncor’s belief that the LanzaJet technology will provide a solid foundation for the commercial production of sustainable aviation fuel and renewable diesel, expectations regarding the growth potential in both North American and international markets; the belief that
the SAF produced by LanzaJet will support the development of a global SAF supply chain with the potential to significantly reduce emissions from aviation and help to create a low carbon society; and similar other statements. Some of the forward-looking statements may be identified by words like “will”, “expected”, “designed”, “planned”, “believe”, “anticipated”, “potential” and similar expressions.
Forward-looking statements are based on current expectations, estimates, projections and assumptions that were made in light of information available at the time the statement was made and consider the parties experience and its perception of historical trends, including expectations and assumptions concerning: the current and potential adverse impacts of the COVID-19 pandemic; commodity prices; the performance of assets and equipment; applicable laws and government policies; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, services and infrastructure; the satisfaction by third parties of their obligations; the development and execution of projects; and the receipt, in a timely manner, of regulatory and third-party approvals. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other companies and some that are unique to each respective party.
Suncor’s actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them. Suncor’s most recently filed Management’s Discussion & Analysis, together with Suncor’s most recently filed Annual Information Form, Form 40-F and Annual Report to Shareholders and other documents Suncor files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3E3; by email request to email@example.com; by calling 1-800-558- 9071; or by referring to suncor.com/Financial Reports or to the company’s profile on SEDAR at sedar.com or EDGAR at sec.gov.
Except as required by applicable securities laws, the parties disclaim any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Indian shares hit near 4-month highs, Reliance rises on Intel investment – Financial Post
BENGALURU — Indian shares scaled near four-month highs on Friday, as upbeat data from the United States and China outweighed concerns about surging domestic cases of the novel coronavirus, while Reliance Industries climbed after Intel invested in its digital unit.
The benchmark indexes rose for a third day, with the NSE Nifty 50 index rising 0.39% to 10,592.55 by 0351 GMT and the S&P BSE Sensex by 0.34% to 35,963.73. Both indexes were set for their third straight weekly gain.
Broader Asian markets were supported by data that showed China’s services sector in June expanded at the fastest pace in over a decade, and a better-than-expected jump in U.S. nonfarm payrolls.
In Mumbai, Reliance Industries Ltd rose as much as 1.4% to its highest since June 22 after saying Intel Corp would buy a 0.39% stake in its digital unit, Jio Platforms, for 18.95 billion rupees ($253.55 million).
Shares of Cadila Healthcare Ltd rose as much as 4.6% after getting an approval from Indian regulators to begin human studies for its COVID-19 vaccine contender. (Reporting by Chris Thomas in Bengaluru; editing by Uttaresh.V)
Triggering losses by transferring investments to a TFSA – MoneySense
Q. I just transferred 200 shares of an ETF from my margin account to my TFSA at a loss. Can I claim the loss, or does it fall into the 30-day rule?
A. Investments such as stocks, exchange-traded funds (ETFs) and mutual funds can generally be transferred “in-kind” between accounts, so that the investment is transferred from one account directly to the other without selling it. When an investment is transferred from a non-registered investment account, like a cash or margin account, into a tax-free savings account, the transfer is considered an eligible TFSA contribution. The contribution amount is based on the market value of the transferred investment at the time of transfer.
The “30-day rule” you are referring to, Stavros, is called the “superficial loss rule.” A superficial loss results when a capital loss is triggered in a taxable account, but the same investment is purchased in another account within 30 days before or after the loss is incurred.
The superficial loss rule applies to not only your repurchase of the investment, but also a repurchase by your spouse, a corporation you control, or a trust with you or your spouse as a beneficiary. The rule has been put in place to prevent Canadians from avoiding tax by selling an investment, only to have a partner or corporate repurchase it on their behalf.
In the case of a transfer of an investment from your non-registered margin account to your TFSA, Stavros, this does not result in a superficial loss. However, the Income Tax Act does deny a loss triggered on a deemed disposition of an investment at a loss upon transfer to a TFSA or registered retirement savings plan (RRSP). So, although the superficial loss rule would not apply, the result would be the same—your capital loss would be ineligible.
Interestingly, if you transfer an investment in kind that is trading at a capital gain, the capital gain is triggered and is taxable.
In order to successfully claim a capital loss, Stavros, you would need to sell an investment and transfer the resulting cash proceeds to your TFSA. This may result in transaction costs to sell, and additional transaction costs to reinvest in your TFSA. If the capital loss tax savings is more than the transaction costs, it probably makes sense to trigger a loss by selling and transferring cash.
If you want to repurchase the same investment in your TFSA, remember you must wait at least 30 days in order to do so, otherwise the superficial loss rules will apply even if you sell the investment before contributing.
Russian Energy Minister Global Oil Investment To Drop By One-Third – OilPrice.com
Global investment in oil is set to plunge by one-third this year due to the coronavirus and its effect on economies and oil demand, Russia’s Energy Minister Alexander Novak said at an online conference on Thursday.
At the peak of the pandemic in April, global demand crashed by 25-28 percent, or by 28 million barrels per day (bpd), Novak said, noting that the new OPEC+ production cut agreement is helping the market rebalance. That balance, and even a deficit, could be reached this month, the Russian minister said.
Novak’s views on the market rebalancing and investments in the oil industry echo assessments of analysts and international organizations.
The COVID-19 pandemic will result in the biggest annual drop in energy investments on record—nearly US$400 billion, the International Energy Agency (IEA) said in its World Energy Investment 2020 report in May.
The oil and gas sector will see the steepest decline in investment this year compared to last year, the IEA has estimated. Investment in oil and gas is set to plunge by US$244.1 billion, or by nearly one-third, in 2020 compared to 2019.
“The shale industry was already under pressure, and investor confidence and access to capital has now dried up: investment in shale is anticipated to fall by 50% in 2020,” the IEA said in its report.
The slashed investments in the oil industry could lead to a tighter oil market than previously anticipated, according to the IEA.
Rystad Energy expects global spending on upstream oil projects to plunge by 29 percent year on year to US$383 billion in 2020, with investments in shale taking the biggest hit and plummeting by 52.2 percent to US$67.3 billion.
“As the impact will be more severe than in the previous downturn, companies are fiercely defending shareholder value and pivoting towards more conservative spending strategies in the near-term. As the global upstream sector contends with low prices, falling demand, and fluctuating exchange rates, every dollar cut will strike directly to the bone,” Rystad Energy’s upstream analyst Olga Savenkova said last month.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com:
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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