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
-
This Electrolyzer Costs 50% Less Than PEM. It Shipped.
Inside This Issue ⚙️ Horizon's 5MW AEM Delivery to Rockcheck Steel Marks a Commercial First 🗺️ Verra Selects Data Service Providers to Produce REDD Risk Maps 🟢 More Green Hydrogen on Its Way 🔌 Ten...
-
California Bets $11m on DAC. The Catch?
Inside This Issue 🌬️ California Commits $11 Million To Advance Direct Air Capture Demonstration Projects 🤝 Colorado And Wyoming Sign Agreement To Coordinate Carbon Storage Permitting 🧪 Deep Tech S...
-
Why Boeing is Buying Crushed Rocks and Charcoal
Inside This Issue ✈️ Boeing Buys 20,000-Ton Portfolio of Biochar, ERW Carbon Removals 📄 Carbonaires Launches RFP for Offtake-Backed Financing of High-Integrity Carbon Removal Projects 🍁 Excluded N...
Company Announcements
-
Verra Selects Data Service Providers to Produce REDD Risk Maps
Verra REDD Risk Map Data Providers Verra has selected Agresta, Space Intelligence, and a consortium of TerraCarbon and Clark Center for Geospatial Analytics (CGA) to produce new jurisdictional act...
-
Delivering FEED for Dow’s Path2Zero Cogen Projectin Canada
Worley’s global team is helping Dow set a new benchmark for industrial decarbonization. Worley has been selected by Dow to provide front-end engineering design (FEED) services under a new engineer...
-
ACR Expands Eligible Sources and Storage in Update to Carbon Capture and Storage Methodology
Version 2.0 expands eligibility for geologic storage to include saline reservoirs and depleted oil and gas reservoirs and extends eligibility for CO2 sources to include biogenic and direct air capt...
-
EU Pulp Mills Face Multi-Billion Carbon Shift as Carbon Capture and Storage (CCS) Emerges
Since January 1, 2026, around 40% of European pulp mills have been excluded from the EU Emissions Trading System, ending nearly two decades of surplus allowance income. Carbon capture and storage i...