CNH Industrial Takes Controlling Stake in Bennamann
03/17/2023 - 04:25 PM
NORTHAMPTON, MA / ACCESSWIRE / March 17, 2023 / Today, CNH Industrial is expanding its alternative fuel capabilities by taking a majority stake in Bennamann - a UK-based expert in solutions to capture, repurpose and store fugitive methane emissions for energy use. In conjunction with CNH Industrial equipment, Bennamann's infrastructure delivers a carbon negative system that fully supports a circular economy in farming. This move boosts our leading position and portfolio in alternative fuels for the agriculture industry.
"By consolidating our share in Bennamann, we are offering our customers a full energy production, storage and distribution service," says Derek Neilson, President Agriculture at CNH Industrial. "This solution can transform farms into mini energy hubs that can satisfy their own energy needs, produce their own natural fertilizer and sell any excess gas on the open market. It also enables them to generate their own electricity. This makes us a true alternative energy enabler, able to serve myriad applications and contribute to a carbon negative future."
Reducing emissions such as methane and CO2 from biowaste and operations is one of agriculture's greatest environmental issues. To help farmers meet this challenge, CNH Industrial has been pioneering sustainable alternative power solutions in agriculture for over two decades, including the world's first tractor running on compressed natural gas - the New Holland T6.180 Methane Power. Alternative fuels and electrification can enhance a farmer's operational flexibility, efficiency, and even profitability, while dramatically offsetting their carbon footprint.
Our relationship with Bennamann began in 2019 when we jointly developed a liquefied natural gas fuel tank for our tractor prototype. In 2021, our Ventures investment arm acquired a minority stake in the business. On a pilot farm in the UK, our shared technologies are capturing fugitive emissions from farm biowaste - specifically livestock manure slurry - which are then purified into biomethane that is subsequently either compressed or liquefied. Both can be used as vehicle fuel, to generate electricity, and even supply household or farm power, while the byproducts of the conversion process can be used as a natural fertilizer. In total, the system provides energy independence for the farm, reduces input costs, and potentially generates additional revenue streams. This work has also led to the introduction of the world's first liquefied fugitive methane tractor prototype, the New Holland T7 Methane Power LNG , which is operationally carbon negative when fueled by Bennamann's system.
This latest strategic investment furthers our commitment to the Science Based Targets initiative by reducing CO2 emissions in agriculture. Our research has found that a 120-cow farm operating our shared methane capture technology can reduce the CO2 equivalent of 100 western European households - about 780 tons annually.
Together, we have progressed beyond the prototype phase and will install the CNH Industrial-Bennamann solution on multiple farms over the next year. This will start with compressed fugitive methane solutions, moving to liquefied in the future.
Why Liquefied Fugitive Methane?
Due to its high energy density, liquefied methane (a natural gas) is much easier to store and efficiently distribute than renewable energy sources such as Hydrogen and compressed natural gas. This makes liquefied methane a direct and suitable replacement for fossil fuels in high power applications, even in the most remote locations such as construction sites.
Our strategic and sustainable solutions see CNH Industrial continue Breaking New Ground in energy independence to keep our customers competitive while facilitating climate-friendly practices in farming.
Click here to view the full Press Release.
Caption: New Holland T7 Methane Power LNG Tractor with Bennamann system at pilot farm in the UK
View additional multimedia and more ESG storytelling from CNH Industrial on 3blmedia.com.
Contact Info: info@3blmedia.com
SOURCE: CNH Industrial
https://www.accesswire.com/744461/CNH-Industrial-Takes-Controlling-Stake-in-Bennamann
CNHI Rankings
#3094 Ranked by Stock Gains
CNHI Stock Data
Industry
Construction Machinery Manufacturing
Sector
Manufacturing
Tags
Producer Manufacturing, Trucks/Construction/Farm Machinery, Manufacturing, Construction Machinery Manufacturing
Country
UK
City
London
About CNHI
cnh industrial is a global leader in the capital goods sector with established industrial experience, a wide range of products and a worldwide presence. each of the individual brands belonging to the group is a major international force in its specific industrial sector: case ih, new holland agriculture and steyr for tractors and agricultural machinery; case and new holland construction for earth moving equipment; iveco for commercial vehicles; iveco bus and helieuz bus for buses and coaches; iveco astra for quarry and construction vehicles; magirus for firefighting vehicles; iveco defence vehicles for defence and civil protection; and fpt industrial for engines and transmissions. more information can be found on the corporate website: www.cnhindustrial.com for more information about careers at cnh industrial, please visit cnh industrial section on linkedin or careers section on the www.cnhindustrial.com website.
