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
-
Frontier’s 750,000 Credits Won’t Wait For Pipelines
Inside This Issue 🌽 Frontier Infrastructure Holdings & Carbonfuture Announce Largest Ethanol BECCS Carbon Removal Partnership Agreement to Date ♻️ Puro.earth Certifies World's First Biogas BEC...
-
Could MAX Power Have Found Commercial Hydrogen?
Inside This Issue ⛏️ First Well of Lawson Commercial Validation Drill Program (Still in Progress) Encounters Continuous Natural Hydrogen Readings Over 831 Meters and Highest Readings to Date in Ma...
-
Shell Will Help Delta Reach 23 Million SAF Gallons
Inside This Issue ✈️ Delta and Shell Ink 5-Year SAF Deal Across 5 US Hubs 🌲 Plumas County Receives Top Bioenergy Rating, Opening Door for Biomass Investment 📜 Rep. Kiley Introduces Bill to Incenti...
Company Announcements
-
Alléo Energy Appoints Benjamin Cowart Chief Executive Officer
A seasoned leader in refining, renewable fuels, and clean-energy infrastructure joins Alléo as it scales its proprietary conversion technology BAY MINETTE, Ala.--(BUSINESS WIRE)--Alléo Energy, a c...
-
Agreement includes CNG fueling station upgrades and has the capacity to dispense 4 million GGE of low-carbon fuel over the next decade, expanding access for the growing agricultural hub WHITE PLAI...
-
EWPORT BEACH, Calif.--BUSINESS WIRE--Clean Energy Fuels Corp. (NASDAQ: CLNE), a leader in construction of alternative transportation stations, announced it has been awarded a $27.5 million contract...
-
NTT Data, Engie Launch Clean Energy Partnership to Decarbonize Global Data Center Footprint
Japan-based IT services and digital transformation company NTT Data announced today that it has signed a new strategic agreement with French energy company Engie, aimed at supporting the decarboniz...