Plus: BP buys 9GW solar pipeline; Oil sands net zero alliance formed; BMW plans 360,000 EV chargers in China
Hi Everyone,
Last week I flagged for you the story of Germany committing $10B (€8B) to hydrogen, but completely forgot to include a link to the story (I think that is a first!). So sorry. I’ve included a link in this issue under Hydrogen.
As usual, start with my comments, check out the feature story and scan the rest of the headlines at your leisure.
I wish all the dads an early Happy Father’s Day. Watch for the next update in two weeks.
Thanks,
Peter
Observations and Comments
Michelin unveiled its inflatable sail which I thought was pretty cool. It’s not the first company to propose modern sails for the shipping industry though this design seems to have a lot going for it. I really encourage you to watch the 5 minute video below.
One thing I have noticed in myself: unless it has a “billion” or a “gigawatt” in the title, I pay less attention. Yet the frequency of BIG stories is in itself a notable trend. Yes, some are merely “plans”, but many are very real projects. And it is not just companies advancing these projects. When it comes to hydrogen and carbon capture, governments – particularly in Europe – are committing billions to accelerate technologies and projects. Here in North America, the US provides a CCUS tax incentive called 45Q and the Canadian government just announced a 90-day consultation for a carbon capture tax credit. Both of these are aimed at closing the gap for what remains challenging economics. Which is why Canadian oil sands companies formed the Pathways to Net Zero Initiative (see story under Carbon Capture).
For anyone paying attention to US solar opportunities, they would look with envy at BP’s deal to spend $220 million to buy a company with 9 gigawatts of solar projects in the works (See Solar and Wind). As renewables continue to see buildout, good places for wind and solar with connection to the grid proximal to demand centers are becoming harder to find. Community opposition is also building, especially for on-shore wind.
Shares in Ford rose to a five-year high as it reported record EV sales growth, driven by its Mustang Mach-E. More readers are telling me about their plans to make the switch to electric as another proof point demonstrating the growth. So I thought it was a good time to show a graph depicting the growth of electric vehicles globally.
Feature Story
MICHELIN DEBUTS INFLATABLE SAIL SYSTEM TO DECARBONIZE THE GLOBAL MARITIME INDUSTRY
Finance & Sentiment
Banking giants team up to accelerate net-zero transition for steel industry | edie
Six leading lenders to the steel industry – ING, Citi, Goldman Sachs, Societe Generale, Standard Chartered and UniCredit – have created a new working group focusing on decarbonisation.
A third of UK businesses to install EV charging at employee’s homes | Current±
Increases in home working have influenced the electric vehicle (EV) charging plans of businesses, as 34% say they plan on putting chargers in employee’s homes.
Bank of England’s ‘fiendishly complicated’ climate stress tests launched for financial sector | edie
The Bank of England has released new information on the requirements of its upcoming climate stress tests, which will require large banks and insurers to measure and disclose climate-related risks.
UK Government launches new taskforce to tackle greenwashing in finance sector | edie
The UK Government is set to launch a new advisory group tasked with creating a ‘green taxonomy’ for finance, in a bid to crack down on greenwashing in the investment space.
Keystone XL pipeline is officially dead. What does this mean for Canada? | Global News
Keystone XL, a US$8-billion oil pipeline that was set to flow from Alberta to Nebraska, is officially scrapped, the project’s owner, TC Energy, confirmed on Wednesday.
Technology
Hydrogen
Germany pledges $10 billion for hydrogen projects backed by Shell, BP, Total, others | IHS Markit
Majors BP and Shell, utilities like Vattenfall and RWE, and chemical refiners like BASF, Linde, and Dow all are likely to benefit from promised German state funding for 62 hydrogen projects. Their projects are due a share of over €8 billion ($9.73 billion) in German state and federal funds announced jointly by Germany’s Federal Ministry of Economics and Federal Ministry of Transport on 28 May.
Air Products unveils plans for a $1.3B blue hydrogen complex in Alberta by 2024 | News Release
In conjunction with the Government of Canada and the Province of Alberta, the industrial gas giant today (June 9) said plans will begin with a transformative $1.3bn net-zero hydrogen production and liquefaction facility expected onstream in 2024.
Plans for $1bn solar-powered green hydrogen and ammonia in Abu Dhabi | PV Magazine
News is breaking of a plan to develop a $1 billion, solar-powered green hydrogen facility in Abu Dhabi which would use the energy storage gas to produce green ammonia.
World’s first offshore green hydrogen plant to go online in France | Offshore Wind
An offshore hydrogen production plant powered by electricity from a floating wind turbine is scheduled to be put into operation next year in France.
BASF, RWE to build offshore wind farm for hydrogen production to serve German chemicals | Process Worldwide
BASF and RWE have signed a letter of intent which focuses on a climate-neutral chemical industry and CO2-free hydrogen. Together, they have come up with a project idea which includes the construction of an offshore wind farm with a capacity of 2 GW to produce green electricity and supply it to BASF’s Ludwigshafen chemical site in Germany for hydrogen production.
30 GW power-to-X project in Mauritania | PV Magazine
The government of Mauritania and renewable energy developer CWP Global have signed a memorandum of understanding to develop a 30 GW power-to-X project. A 8,500 km2 desert site is proposed for a $40B hybrid wind and solar development to produce electricity that could be used for exporting green hydrogen to global markets.
Ørsted moves to use offshore wind power for 1.3GW hydrogen project in Denmark | Renewables Now
Denmark’s Ørsted A/S said it signed an agreement with Greater Copenhagen utility HOFOR to secure offshore wind power for a portion of the potential 1.3-GW Green Fuels for Denmark hydrogen project.
Carbon Capture
Stripe, Shopify, and the E-Commerce Approach to Drawing Down Carbon | Bloomberg Green
The two online shopping platforms are both investing in carbon removal—and more importantly, they’re showing their work.
Netherlands allocates €2 billion to carbon capture project in Rotterdam | PV Magazine
The fall 2020 round of the Dutch SDE++ program awarded €2.12 billion of state funds to support a CO2 capture project that an international consortium is building in Rotterdam.
Canada’s oilsands producers form alliance to achieve net-zero emissions by 2050 through CCUS | News Release
Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy and Suncor Energy formally announced the Oil Sands Pathways to Net Zero initiative. These companies operate approximately 90% of Canada’s oil sands production. The goal of this unique alliance, working collectively with the federal and Alberta governments, is to achieve net zero greenhouse gas (GHG) emissions from oil sands operations by 2050 to help Canada meet its climate goals, including its Paris Agreement commitments and 2050 net zero aspirations. The Pathways vision is anchored by a major Carbon Capture, Utilization and Storage (CCUS) trunkline connected to a carbon sequestration hub to enable multi-sector ‘tie-in’ projects for expanded emissions reductions.
Canadian Natural hopes to extend carbon capture lead over rivals with carbon-based fuel cells pilot | Financial Post
Amid a spike in interest for hydrogen fuel cells, Canada’s largest oil and gas producer Canadian Natural Resources Ltd. is betting that a different type of fuel cell can both generate electricity and help reduce its emissions at the same time.
Energy Storage
Tesla to buy more than $1 bln of Australian battery minerals a year | Reuters
Tesla said it expects to spend more than $1 billion a year on battery raw materials from Australia given the country’s reliable mining industry and responsible production practices. Tesla already sources three quarter of its lithium from Australia.
Solar-plus-batteries chosen to replace 522MW Nevada coal plant | Energy Storage News
Nevada utility NV Energy has proposed building two large-scale solar-plus-storage plants to replace a coal plant as part of the company’s triennial Integrated Resource Plan (IRP) filing.
Canada Infrastructure Bank to invest in 250 MW/1,000 MWh storage project | PV Magazine
The massive Oneida Energy Storage project in Ontario will store surplus energy during off-peak periods and provide grid-balancing services to reduce renewables curtailment.
Solarwatt, BMW launch new storage system for residential PV | PV Magazine
After two years of development, German solar module and battery manufacturer Solarwatt has unveiled its residential storage system – the Battery flex AC-1.
World’s Top Oil Storer Turns to Large-Scale Batteries for Grid | BNN Bloomberg
The world’s biggest independent oil storage company Royal Vopak NV is partnering with battery startup Elestor BV to develop a battery that they think could to be one of the cheapest ways to store electricity in large quantities: a hydrogen bromine flow battery.
Northvolt raises $3.6 billion to lift production of “greenest” battery | RenewEconomy
Swedish battery maker Northvolt has raised $US2.75 billion ($A3.55 billion) from investors, including Goldman Sachs and Volkswagen, to supercharge the company’s battery production.
Scatec awarded solar projects with 1,140MWh battery storage in South Africa government tender | Energy Storage News
Scatec has been awarded Preferred Bidder status for 540MW of solar projects with 225MW / 1,140MWh of battery storage through a government tender in South Africa.
Grid Improvements
A 623 kilometer cable connects 3.6 million German households to green power | Power Technology
The commissioning of the NordLink transmission project, a 623 kilometer high voltage direct current (HVDC) cable enables Norway to export surplus renewable power, mostly hydro to Europe’s largest economies. The cable $2.2B has the capacity to transit 1,400MW electricity.
Solar and Wind
BP acquires 9GW solar pipeline in US in biggest green power deal | RenewEconomy
British oil and gas supermajor BP says it has struck a deal to purchase 9GW of solar development projects in the United States from independent US solar developer 7X Energy – described as the biggest green energy deal to date.
30 GW power-to-X project in Mauritania | PV Magazine
The government of Mauritania and renewable energy developer CWP Global have signed a memorandum of understanding to develop a 30 GW power-to-X project. A 8,500 km2 desert site is proposed for a $40B hybrid wind and solar development to produce electricity that could be used for exporting green hydrogen to global markets.
Lightsource BP builds 1.35 GW of PV in Portugal, 640 MW in Greece | PV Magazine
The U.K.-based solar developer has joined forces with Portugal’s Insun to build solar parks totaling 1.35 GW over the next five years. In Greece, it wants to build another 640 MW in partnership with Kiefer TEK.
Netherlands allocates 3.53 GW of PV | PV Magazine
The Dutch Ministry of Economic Affairs and Climate Policy said this week that it selected 3,426 PV projects with a combined capacity of 3,535 MW in the second round of its 2020 program. About 1,803 MW of the total will be deployed in 1,120 rooftop PV projects, while ground-mounted and floating PV plants will account for another 1,732 MW of capacity.
North Carolina unveils ambitious offshore wind power plan, targeting 8 GW by 2040 | Utility Dive
North Carolina Gov. Roy Cooper, D, laid out ambitious offshore wind goals Wednesday as the state pushes toward its aim of reducing greenhouse gas emissions 70% below 2005 levels by 2030. Cooper’s executive order calls for the state to develop 2.8 GW of offshore wind projects by 2030 and 8 GW by 2040, or enough turbines to power 2.3 million homes.
Ambitious $14B plan to supply offshore wind power for North Sea oil and gas | Pollution Solutions
Green infrastructure developer Cerulean Winds has revealed an ambitious plan to accelerate decarbonisation of oil and gas assets through an integrated 200-turbine floating wind and hydrogen development that would shift the dial on emissions targets and create significant jobs.
Autonomous Tech
Meet the world’s first electric autonomous container ship | Electrek
The Yara Birkeland, the world’s first net-zero, battery-powered autonomous container ship, was delivered to Norwegian fertilizer company Yara Norge AS in November 2020. It’s currently in the Norwegian port of Horten, where it’s undergoing further preparations for autonomous operation and a late 2021 launch.
Waabi, the rare autonomous vehicle startup with a woman CEO, raises $83.5 million | The Verge
Waabi’s approach will be to focus on trucking, using its proprietary software to automate driving on commercial delivery routes. And with its innovative approach to simulation and machine learning, Waabi says it’s poised to commercialize its technology faster and cheaper than most of the AV startups working today.
Transportation
Global EV Battery Sales more than doubled from January to April | BNN Bloomberg
Global electric-vehicle battery sales more than doubled in the first four months of the year as the switch to environmentally-friendly cars gathers pace.
BMW to Build 360,000 Charging Points in China to Juice Electric Car Sales | Caixin Global($)
BMW plans to add 360,000 electric vehicle chargin points across China this year as it aims to become a major EV player in the world’s largest car market.
Toyota to recycle hybrid and EV batteries for renewable energy use | Nikkei Asia via 24hTech
[Comment] What appears to be unique is the pairing of different battery chemistries to achieve better efficiency when used in a second-life purpose of grid energy storage. The two types to be combined: lithium-ion battery and a nickel-metal hydride batteries.
Duke Energy will install 1,000 EV charging ports in North Carolina | Electrek
Duke Energy has filed a $56 million proposal of Phase II programs to continue the advancement of transportation electrification in North Carolina.
Fiat plans to become an EV-only automaker by 2030 | Engadget
Fiat is the latest automaker to announce a move entirely to electric vehicles by 2030. The company plans to phase out combustion engine vehicles starting in 2025.
Circular Economy
Etsy is buying Gen Z-focused fashion resale app Depop for $1.62 billion | CNBC
E-commerce firm Etsy announced Wednesday that it is buying the secondhand fashion app Depop for $1.62 billion. Founded in the U.K. in 2011, Depop lets people buy and sell used clothes through its online marketplace.
Nissan invests £52m into closed-loop aluminium production at Sunderland facility | edie
Nissan has confirmed a new £52m investment into its Sunderland facility that will enable the use of recycled and lightweight aluminium for the production of Qashqai vehicles to reduce the energy required for material processing.
Policy
EU countries give final approval to multibillion euro green transition fund | Reuters
European Union countries on Monday approved the bloc’s flagship fund to wean them off fossil fuels and protect communities most affected, paving the way for members to start receiving the cash.
EU’s carbon border tariff to target steel, cement, power, Bloomberg News says | Reuters
The European Union plans to impose carbon emission costs on imports of goods including steel, cement and electricity, Bloomberg News reported. The European Commission is due to propose its carbon border tariff policy on July 14, a move designed to put EU firms on an equal footing with competitors in countries with weaker carbon policies than those of the bloc.
EU Carbon Border Levy Will Not Be a Quick Fix, Researchers Say | BNN Bloomberg
The European Union plan to put a levy on certain emissions-intensive commodity imports may offer only limited protection against the relocation of production to countries with laxer climate policies.
The Queensland government has announced that it will establish a $2 billion clean energy fund as part of the state’s economic response to Covid-19 that will “supercharge” the state’s expansion of its renewable energy and green manufacturing industries.
South Australia to install free Tesla batteries in homes without rooftop solar | RenewEconomy
South Australia to extend its virtual power plant scheme to state housing homes that do not have rooftop solar in effort to create a big solar sponge.