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
-
They're Burying Carbon Under the Sea. With Sewage.
Inside This Issue 🌿 Inherit Enters Operation With World's First Carbon Removal Project From Biogas in Norway 🏭 First Ammonia Bets on 2026 FID After Topsoe Exit 🧪 Hydrogen Filling With 90 Tonnes at...
-
Why Microsoft is Paying for 1 Million Tons of... Charcoal?
Inside This Issue 🌱 Liferaft Announces a 10-Year, 1 Million Carbon Removal Units Offtake Agreement with Microsoft 🏭 ExxonMobil Fires Up Second CCS Hub in Louisiana with NG3 🚢 Powering Global Marit...
-
This California Brewery Is Now Brewing With Captured CO₂
Inside This Issue 🍺 AirCapture And Almanac Beer Co. Launch World’s First Commercial Beer Carbonated With Co2 Captured From The Atmosphere With Direct Air Capture 🌱 Boeing Signs Record Carbon Remov...
Company Announcements
-
Climefi Structures The First Publicly Announced Transaction For CRCF Carbon Removal Units
The initiative will see Adyen and Nasdaq receive CRCF-aligned carbon removal units from Beccs Stockholm ClimeFi has structured the first publicly announced transaction for carbon removal units un...
-
Changhua Begins Commercial Production of CO2 Polyols Based on Econic’s Technology
Econic Technologies, a deep tech company focused on renewable carbon, announced that its partner Changhua Chemical has opened the world’s first commercial-scale production site for polycarbonate et...
-
Woodside Assumes Control Of Beaumont New Ammonia Operations
Woodside Energy has assumed operational control of the Beaumont New Ammonia (BNA) facility in southeast Texas, following successful completion of performance testing and handover from OCI Global. ...
-
Supply Agreements Between Topsoe And First Ammonia Not Extended
Topsoe and First Ammonia have worked together since 2022. In 2024, the companies signed supply and service agreements for 100 MW of SOEC electrolyzer modules to be installed in First Ammonia’s gree...