(Reuters) – U.S. Alternative fuel supplier Klein Energy and its largest partner, Oil and Gas Group, on Thursday announced a new joint venture focused on renewable natural gas production.
The topic of clean energy rose 7.5% to $ 13.15 (9 10.93) before officially opening the New York Stock Exchange.
The joint venture, in which the two companies are equal partners, will benefit from the $ 100 million initial corporate commitment to build the infrastructure needed to produce renewable natural gas. “This amount could be raised to $ 400 million depending on the improvement in growth opportunities,” Clean Energy said in a statement.
According to the US panel, Total will support funding “downstream” infrastructure, especially refineries and service stations.
Renewable natural gas is produced by converting carbon emissions from dairy farms into fuel used in transportation, thus reducing the impact of global warming.
Amid growing pressure from investors and operators, major energy companies have set goals to reduce their greenhouse gas emissions, while others are exploring the possibility of doing so. Investments in Renewable Energies and Green Technologies.
Total CEO Patrick Payanna explained in January that the company would maintain its investment in renewable energy by 2021, while continuing its efforts to reduce its reliance on oil and switch to electricity and renewable energy.
(Edited by Arundhati Sarkar, French edition by Lucinda Longlands-Berry, Jean-Michel Bellot)