Entropy

Entropy, a Calgary-based subsidiary of Advantage Energy, will expand its carbon capture and storage operations through a $35 million acquisition of three Western Canadian carbon hubs. The definitive agreement includes Belle Plaine and North Battleford hubs in Saskatchewan and a 50% stake in Alberta’s Rolling Hills hub.

The $20 million cash transaction includes $15 million in milestone payments and is expected to close in July. TD Securities advised the unnamed seller. Funding is via Entropy’s $500 million backing from Brookfield and the Canada Growth Fund. CEO Sanjay Bishnoi called it a milestone in commercial CCS growth.

Want to know more? Check out the source code on Calgary.tech.

Calgary’s Entropy has inked a groundbreaking carbon offtake deal with the federal government, marking a significant stride in Canada’s decarbonization efforts.

The Canada Growth Fund is investing $200 million in Entropy, also offering a fixed-price carbon credit framework. This 15-year agreement involves purchasing up to 185,000 tonnes of carbon credits annually at $86.50 per tonne.

Entropy’s CEO, Mike Belenkie, highlights the deal’s role in mitigating investment risks, enabling the advancement of their $49 million carbon capture project in Alberta. This pact reflects the government’s commitment to bolstering clean technology, promising a stable future for similar investments.

Want to know more? Check out the source code on The Canadian Press. Image: Entropy