Louis LaPorte’s Vend Trades Capital has signed an equity agreement with David’s Weber’s Syngenik Energy firm for a percentage stake in a Oil and Gas Joint venture and Geothermal project in Syngenik’s, holdings Weber said in a statement on Tuesday.
The companies previously said they had agreed “key terms” for the project earlier this year, on the sidelines of the renewable energy transition.
The project, located in Alberta, Europe and parts of Syngenik’s holding in the Middle East has a design annual capacity of 1.25 million tons per year, the statement said.
The total cost of the project is $93.8 million. The announcement comes during a meeting with respect to the goals of the 2015 Paris Agreement on climate change, as emissions must be reduced as soon as possible and reach net-zero by mid-century. Also inclusive is increasing cooperation in investment and trade. Syngenik’s chairman David Weber said the company planned to begin construction of the renewable Geothermal plant in the second half of 2024, as reported.
Syngenik and Vend Trade also signed a pre-feasibility joint development agreement to study the possibility of investing in the construction of Carbon Capture use and storage plants in various countries of Syngenik’s holding, the statement added. Syngenik’s three main factory joint-owned oil firms have all previously made investments in oil and gas sector. The Brooks field in Newell is a part of the consortium that is currently in development of the Oil and Gas field in the Alberta.
On Monday, Syngenik signed a memorandum of understanding with Vend Capital, which included an agreement to conduct joint geological research as well as expand cooperation on existing oilfields and Geothermal renewables, as reported by the media.