Tuesday, 13 May, 2025 / Edition 58

The private equity firm that owns Enverus, Hellman & Friedman, announced it would start the sale process for the Austin, Texas-based software company. The process could place Enverus’ valuation at roughly $6 billion 🤑Last week, Blackstone announced it would explore a similar sale of sustainability software company Sphera. Its estimated valuation was around $3 billion.

The bottom line? Tech that serves the energy sector is very valuable right now, and it seems like investors are optimistic about the nexus of energy and tech. If Enverus sells, it would be the largest energy software transaction in recent years. We will be watching.

For now, let’s look at a couple other ways that investor optimism is shining through in energy tech. 

Sarah Compton

Editor, Enspired

Google Invests Even Further in Nuclear

Tada Images/Shutterstock.com

Google and Elementl Power announced a partnership on three project sites for advanced nuclear energy. Google will provide early capital financing for these projects.

The latest:

• Washington D.C-based Elementl is a nuclear project developer and independent power producer.

  • It collaborates with utility companies in the areas where its projects are deployed, communicating with neighboring communities and prioritizing sustainability along the way.

  • The company was founded in 2022.

• The project “aims to identify and advance new projects in collaboration with utility and regulated power partners,” according to Power Technology.

  • This article suggests the money would go toward site permitting, grid interconnection, and early contract work.

• The partnership is expected to produce 1,800 megawatts of total power capacity (600 from each site), according to Google.

Background:

• The agreement follows Google’s “world’s first corporate agreement to purchase nuclear energy” with Kairos Power in October. This agreement allows the tech giant to purchase power from Kairos’ small modular reactors (SMRs).

• The first of these SMRs is expected to come online by 2030. More will come online through 2035.

• The Kairos Power agreement is expected to continuously provide up to 500 megawatts of carbon-free power to U.S. electricity grids.

🚨Trend alert: Prior to this new agreement, Microsoft announced plans to revamp a unit at Three Mile Island to meet its AI power needs; Amazon said it would invest in small nuclear reactors; and Meta joined the nuclear foray in December. Who’s next?

Demand estimates: The data center boom tends to have an ominous cloud hanging over it: We know Big Tech will need a TON of power, but we don’t know exactly how much or how we will meet the demand. Here are some of the numbers to help make the crystal ball a bit clearer.

• The International Energy Agency forecasts that data centers’ total electricity consumption could reach more than 1,000 terawatt hours in 2026, more than double that of 2022. Estimates suggest one terawatt hour can power 70,000 homes for a year.

• The United States aims to reach 100-percent clean electricity by 2035, and former Secretary of Energy Jennifer Granholm said small modular reactors are a “huge piece of how we’re going to solve this puzzle.”
• The DOE recently re-issued a $900 million solicitation to make SMRs more commercial.

What they are saying: “Innovative partnerships like this are necessary to mobilize the capital required to build new nuclear projects, which are critical to deliver safe, affordable and clean baseload power and help companies advance their long-term net zero goals,” Chris Colbert, CEO, Elementl.

What to watch:

• Google will have the option for “commercial take-off,” according to Power Technology, once these projects are complete.

• Spoiler alert! Next month’s Enspired section in AAPG’s Explorer magazine will examine this Big Tech x Nuclear trend on a global scale. Argentina wants to get in the game. You can read it on AAPG.org starting June 1.

Read more about Google’s latest partnership with Elementl here.

Sponsored

MSI Deploys CO2SeQure at CCS Site

MicroSeismic, Inc.’s advanced subsurface imaging and monitoring technology, branded as CO2SeQure®, has been deployed at an active CCS project.

Investments in CCUS and Related Tech Are Seeing More Interest

Borri_Studio/Shutterstock.com

BKV is on the hunt for more CCUS projects to invest in after entering a joint venture (JV) with Copenhagen Infrastructure Partners (CIP). CIP has agreed to commit up to $500 million in the JV.

The details:

• The money from CIP is expected to go toward design, construction, and operating CCUS projects across the United States in exchange for up to a 49-percent interest in the JV.

• BKV has contributed its ownership of the Barnett Zero and Eagle Ford projects to the JV, as well as future contributions of CCUS projects, assets, and/or cash. In exchange, it will receive a 51-percent stake in the JV.

About BKV’s projects:

• The Barnett Zero Project in North Texas has sequestered more than 200,000 tons of CO2 equivalent since its start up in November 2023, which is roughly equivalent to the emissions from about 18,000 homes annually.

• The Eagle Ford Project in South Texas is forecasted to achieve an initial injection during H1 2026. 

• According to BKV, the Barnett Zero Project will be able to sequester roughly 185,000 metric tons of CO2 equivalent per year and remove enough carbon to offset the emissions of 40,000 automobiles daily.

The math ain’t mathing: Those numbers don’t seem to add up based on my (possibly rough) Google skills, which is important given the sheer amount of the investments. I think the company meant to say 40,000 automobiles per YEAR. Google says 200,000 tons is equivalent to the emissions from roughly 37,000 cars. Given historic precedent, per year makes more sense here.

Why it matters: Regardless, even if the correct unit is per year, the focus on investing in CCUS is a good thing for us geos, and I’m sure investment in these types of project will result in further investment in the tech behind them, too. 

Read more about the JV here.

👍 If you enjoyed this edition of Enspired, consider supporting AAPG's brand of newsletters by forwarding to a friend or colleague and signing up for our other newsletters here.

➡️ Was this email forwarded to you? Sign up for Enspired here.

✉️ To get in touch with Sarah or suggest a topic for Enspired, send an email to editorial@aapg.org.