The News

• Green Hydrogen – US Department of Energy to boost $750 million USD via eletrolyzers and fuel cells.
  • Biden administration’s investment aims to stimulate entire hydrogen value chain, priming pump for hydrogen economy growth.
  • Materic receives $10 million to commercialize Koyla Web, aiding fuel cell production, as part of broader efforts to boost US hydrogen capacity. (read more)

• Lithium Americas expects $2.3 billion US loan for lithium mine
  • Lithium Americas secures a $2.3 billion DOE loan for Thacker Pass lithium project in Nevada, reducing US battery industry’s import reliance.
  • Backed by GM’s $650 million investment, the project aims for 40,000 metric tons of lithium carbonate production annually by 2027, scaling to 80,000 tons.
  • Additional funding needed highlights challenges in financing, permitting, and technology risks for US-based lithium developers. (read more)

• DOE Grants $60M to Chemours for Hydrogen Projects
  • The Chemours Company receives $60 million in grants from the U.S. Department of Energy to develop next-generation membranes for PEM water electrolysis and establish a circularity infrastructure for clean hydrogen materials.
  • Chemours aims to develop low-resistance Nafion membranes for PEM electrolyzers, focusing on durability and cost-effective manufacturing, while also participating in the H2CIRC consortium to advance recovery and recycling capabilities for fuel cells and electrolyzers.

• Sinopec’s 2024 Profits Declined 13% After Oil Prices Fell
  • Sinopec, China’s largest oil refining company, reported a 13% decline in 2024 profits, attributed to lower oil and gas prices, with net income at 58.3 billion yuan ($8 billion), down from 66.2 billion yuan in 2022.
  • Despite a rebound in refining margins, Sinopec’s profits were affected by a contraction in upstream profits and continued losses in its chemicals business, with lower-than-expected results missing analyst consensus. (read more)

• Novo Nordisk is set to acquire Cardior Pharmaceuticals for up to €1.025 billion Euros, including upfront and milestone payments.
  • Cardior specializes in therapies targeting non-coding RNAs for heart disease, with lead compound CDR132L in Phase 2 for heart failure treatment.
  • The acquisition aligns with Novo Nordisk’s strategy to establish a presence in cardiovascular disease, strengthening its pipeline and advancing late-stage development programs. (read more)
• AstraZeneca to Buy Fusion Pharmaceuticals for Up to $2.4 Billion
  • AstraZeneca is acquiring Fusion Pharmaceuticals, a company focused on next-generation radioconjugates (RCs) for cancer treatment.
  • AstraZeneca aims to advance the development of RCs, leveraging Fusion’s innovative actinium-based platform to improve cancer care.

• Johnson Matthey to sell its Medical Devices business for $700 million
  • Johnson Matthey Plc (JM) sells its Medical Device Components business (MDC) to Montagu Private Equity for US$700 million (£550 million) in cash.
  • MDC produces medical device components globally and will continue under Montagu’s ownership.
  • The sale concludes JM’s divestment program for its Value Businesses, exceeding the target of £300 million in proceeds.

• AkzoNobel invests $30 million in manufacturing expansions across North America
  • AkzoNobel N.V. invests over $30 million in upgrading four North American powder coatings sites, enhancing capacity and technology.
  • Upgrades include new extruders, thermoplastics, and bonding processes, aiming to boost production efficiency and application versatility. (read more)

• Dow Secures Up to $95M to Support Battery Materials Production
  • Dow plans to construct an ethylene derivatives production facility on the U.S. Gulf Coast to support the lithium-ion battery supply chain.
  • With up to $95 million in funding from the Bipartisan Infrastructure Law and Inflation Reduction Act, Dow aims to capture and use about 100,000 tons of carbon dioxide per year, contributing to decarbonization efforts and enhancing supply chain resilience for electric vehicle and power storage markets.

• UK ammonia cracking plant takes first steps in push towards hydrogen economy
  • An ammonia cracking system has begun operations at the Tyseley Energy Park in the UK, aiming to demonstrate its potential as a medium for transporting hydrogen.
  • The Ammogen consortium is using membrane reactor technology to convert transported ammonia back into hydrogen, producing 200 kg/d of hydrogen for a nearby vehicle fueling station, contributing to the UK government’s target of producing 5 GW of low carbon hydrogen by 2030. (read more)
• Oh oh! Unilever cutting 7,500 jobs and splitting off ice cream division
  • Unilever plans to split off its ice cream division, aiming to save €800 million and focus on growth in other divisions.
  • This restructuring will result in the loss of 7,500 jobs, predominantly office-based roles, with the full separation expected by the end of 2025. (read more)

• US: 16 States Sue Federal Government Over LNG Permitting Pause
  • Republican-led states, including Texas and Louisiana, are suing the federal government over the decision to pause new LNG export capacity permitting, citing negative impacts on the U.S. economy and interference with gas supply to European allies.
  • The states argue that the pause jeopardizes billions of dollars in investments, disrupts natural gas development, and leads to job losses, while climate activists continue to press for an end to the LNG industry due to environmental concerns. (read more)

• Oil Prices Under Pressure As U.S. Crude Oil Inventories Climb
  • US crude oil inventories surged by 9.337 million barrels for the week ending March 22, according to the American Petroleum Institute (API).
  • Gasoline inventories dropped by 4.437 million barrels, while distillate inventories rose by 531,000 barrels. (read more)