Plus: Toyota gets going on batteries; Tough blueprint set for oil by investors; Battery startup raised $100 million; 6GW wind planned for Taiwan
Hi Everyone,
Another busy week or so. Start with my Comments and the Feature Stories, then give the rest of the signposts a scan. Some very important signals this week – especially from investors.
Have stories you think I should post? Send them my way please. Got comments, questions or suggestions, please reach out.
Thanks,
Peter
Observations & Comments
The pact formed among 11 Korean companies to spend $37 billion on hydrogen over the next 10 years certainly caught my eye. The fact these conglomerates managed to come together like this shows the importance placed on the future of hydrogen. Carbon capture is the focus of another pact headed by Exxon and joined by some big companies with interests along the Gulf Coast populated by a lot of refining infrastructure. Both of these will be interesting to watch in the coming years.
Next, we have a group of investors representing $10 trillion – yes, $10 trillion that have laid out a set of 10 standards for oil and gas companies to achieve net zero emissions. I’ve included links from both Reuters and GreenBiz worth reading and if you’re interested in the standards. there’s a link for them as well. In short – the standards collectively represent a high bar.
The last Feature Story gives insights into how one company is working on decarbonizing the chemicals industry – a sector for which we haven’t seen much focus. Yet in the Finance & Sentiment section, you’ll see how a $1.6 trillion investor group is pushing the sector on net zero.
All this is to say investors are sharpening their teeth when it comes to climate.
Lots of stories this past week about Chevron’s impressive moves recently. Yet for all the pomp and pageantry, it curiously has not set a net-zero aspiration like many of its peers.
Feature Stories
Hydrogen
Samsung, Hyundai and other ‘chaebols’ join forces in $37bn Korean hydrogen pact | Recharge News
Eleven of South Korea’s influential conglomerates, or chaebol — including Samsung and Hyundai — have banded together with the aim of turning the country into a major force in the global hydrogen economy, while promising to invest a combined 43.4trn won ($37.3bn) in the sector by 2030.
Carbon Capture
Exxon’s Gulf Coast Carbon Hub Gains Support of Energy Titans | BNN Bloomberg
An ambitious project aimed at capturing millions of tons of carbon emissions along the U.S. Gulf Coast in Texas garnered the support of some of the world’s biggest refiners and chemical manufacturers.
Chemicals
Solugen raises over $350M – The Series C funding will go towards making carbon negative chemicals | Biofuels Digest
Solugen, a company decarbonizing the chemicals industry, announced a Series C financing round of over $350 million. Solugen’s patented Bioforge processes produce chemicals from bio-based feedstocks and are based on breakthroughs in synthetic biology, metal catalyst engineering, and modular plant design.
Finance & Sentiment
Investor group managing $10T sets tough climate blueprint for Big Oil | Reuters
Investors managing more than $10 trillion on Wednesday published an ambitious blueprint for energy companies seeking to tackle climate change, including sharp cuts to greenhouse gas emissions and a winding down of oil and gas production
Banks, firms attracted $175 bil by issuing climate-focused green bonds in 2021 | IHS Markit
Banks and companies were able to sell $175 billion in green bonds through the end of August 2021 that were “fitted” with investments in climate risk reduction and climate-focused, clean-technology solutions, an IHS Markit analysis of the market shows.
Walmart Breaks Green-Bond Record With $2 Billion Debut Sale | Yahoo Finance
Walmart Inc. made its green bond market debut with a $2 billion offering Wednesday, the largest ever from a U.S. corporation, according to data compiled by Bloomberg.
$1.6trn investor coalition pushes chemicals sector on net-zero | edie
It is technically feasible to fully decarbonise the production of chemicals by 2050 and it is becoming increasingly economically viable to do so, according to responsible investment group ShareAction.
Harvard University pledges to divest from fossil fuels | Inhabitat
Harvard University president Lawrence Bacow has announced that the institution will divest from its fossil fuel holdings. The announcement came Tuesday, stating that the institution has already been cutting its investments in fossil fuels.
Technology
Hydrogen
Hyzon signs deal to supply 500 hydrogen fuel cell trucks to China | The Driven
New York-based hydrogen truck maker Hyzon Motors has signed an agreement to supply 500 hydrogen-powered electric trucks to a Shanghai-based logistics company.
Australian generator teams with Japanese to study 3 GW green hydrogen project | pv magazine
The Australian state of Queensland’s aim to become a leading producer and exporter of green hydrogen has received a boost, as state-owned electricity generator Stanwell has teamed up with a group of Australian and Japanese companies to launch a feasibility study for a proposed large-scale production and export project.
Geothermal powered green hydrogen proposed for WA fertiliser plant | RenewEconomy
Western Australia onshore gas company and geothermal hopeful Strike Energy is turning its hand to renewable hydrogen production, starting with the addition of a 10MW electrolyser to the urea fertiliser production facility it is developing in WA’s Mid West Region.
Energy Storage
Metal-hydrogen battery storage startup EnerVenue raises US$100 million investment | Energy Storage News
Nickel-hydrogen batteries have been used in space for several years, but a California company adapting the technology for storing energy here on earth has raised US$100 million in a Series A funding round. EnerVenue wants to disrupt the stationary energy storage industry with batteries that can store energy from 2 – 12 hours, have flexible charge and discharge rates and a “virtually unlimited number of cycles”.
A new giant Tesla Megapack project is under construction in the UK | Electrek
Tesla has started delivering new Megapack batteries for a giant new 99 MW/198 MWh energy storage project under construction in the UK.
Wood Mackenzie: US battery storage deployments worth US$5 billion forecast in record setting year | Energy Storage News
The US is likely to install record setting amounts of battery storage this year, demonstrating the acceptance the technology has found in the power sector and as an integral part of the clean energy transition.
Next stop, Nasdaq! EV battery-swapping network Gogoro is going public | Electrek
The battery-swapping Goliath known as Gogoro is going public on the Nasdaq stock exchange in a monumental deal set to value the company at around US $2.3 billion.
Solar and Wind
Work begins on 3.3 GW solar-CSP project linked to 500 MW of storage, in Qinghai | pv magazine
China Green Development Group is building a giant project consisting of 3 GW of photovoltaics and 300 MW of concentrating solar power. The plant is scheduled for completion in 2025 and is part of China’s 14th five-year plan.
Iberdrola plans 6 gigawatts of offshore wind development in Taiwan | IEEFA
Iberdrola has continued its expansion in the Asia-Pacific region with the announcement of three new offshore wind development projects in Taiwan, with potential capacity of approximately 6 gigawatts (GW).
Fresh grid congestion warning as almost 5 GW of solar and wind backs up in Netherlands | pv magazine
Electricity transmission system operator Tennet has been forced to notify its regulator of more bottlenecks ahead, with the 5.6 GW capacity of the Gelderland and Flevopolder regional network already contracted out.
Vineyard Wind secures $2.3 bln loan, allowing construction to start | Reuters
Vineyard Wind, which is on track to be the first major U.S. offshore wind farm, closed on a $2.3 billion loan and will begin construction in Massachusetts as soon as this week, the project’s developer said on Wednesday.
Siemens Gamesa claims world’s first recyclable offshore wind turbine blade | Electrek
Siemens Gamesa has launched what it claims is the world’s first recyclable offshore wind turbine blade. The “RecyclableBlade” is ready for commercial use offshore, and Siemens Gamesa has already made agreements with three customers.
UK invites mammoth offshore wind proposals in “biggest ever” renewables auction | RenewEconomy
The UK government has committed £265 million a year to support a range of renewable energy technologies in the upcoming fourth round of the country’s Contracts for Difference (CfD) auction system, which could help underpin up to £20 billion in new investment.
Transportation
Tesla starts testing its Full Self-Driving Beta software on Canadian roads | Electrek
Tesla has started testing its Full Self-Driving Beta software on Canadian roads ahead of the wider release in the US. Last weekend, Tesla started pushing its new Full Self-Driving (FSD) Beta v10 software update to its early access fleet.
Rivian Gets U.S. Regulatory Go-Ahead to Deliver EVs to Customers | BNN Bloomberg
Rivian Automotive Inc., the electric pickup maker backed by Amazon.com Inc., says it has received full regulatory certifications and can start delivering its debut electric vehicle to U.S. customers.
Toyota says it’s investing $13.6B in car batteries over the next decade | The Verge
Toyota will invest around $13.6 billion in battery tech over the next decade, including a $9 billion investment in production, as it attempts to electrify its vehicle lineup. It reportedly plans to have 10 battery production lines by 2025, eventually increasing to around 70 across an unannounced number of factories around the world.
GM extends Bolt EV factory shutdown amid battery pack shortage | Engadget
The company expects the production halt to extend until at least September 24th. The company blamed battery pack shortages for the extended halt to production.
GM tells Bolt owners to park 50 feet from other cars | Detroit News
As it seeks a solution to a battery fire risk, General Motors issued yet another safety recommendation Wednesday for Chevrolet Bolt owners: If you’re pulling into a parking deck, keep your car at least 50 feet away from other vehicles.
Hyundai promises a hydrogen version of all models by 2028 | edie
Hyundai has unveiled a new hydrogen strategy, including a commitment to apply hydrogen fuel cell systems to all models by 2028, in the same week that rival Toyota confirmed plans to spend more than $13.5bn on electric vehicle (EV) tech by 2030.
London Brings Forward Plan to Electrify City’s Bus Fleet | BNN Bloomberg
London Mayor Sadiq Khan brought forward by three years a pledge to electrify the city’s bus fleet, accelerating the U.K. capital’s push toward vehicles without tailpipe emissions. The city’s bus fleet will be zero-emission by 2034 instead of 2037, according to a statement Friday by the mayor’s office.
Chevron, Gevo join hands to invest in sustainable aviation fuel | Reuters
U.S oil major Chevron Corp and renewable energy firm Gevo Inc will jointly invest in building and operating one or more facilities that would process corn to produce sustainable aviation fuel, the companies said on Thursday.
Circular Economy
BMW Group’s Meue Klasse lineup to focus on circular economy to acheive reduction in CO2 emissions | Tech Crunch
The BMW Group announced Thursday its intentions to commit to a 50% reduction from 2019 levels in global carbon dioxide emissions during the use-phase of its vehicles by 2030, as well as a 40% reduction in emissions during the life cycle of the vehicle. These goals, including a plan to focus on the principles of a circular economy to achieve a more sustainable vehicle life cycle, will manifest in the company’s Neue Klasse platform, which should be available by 2025.
[Comment] As an example “Materials must be put together in a way that’s easy to disassemble at the end of life and then reuse. The automaker says it will increasingly build the interior of a car with monomaterials that can be transferred back into usable material.”
Policy
England aims to be first country to require new homes to include EV chargers | Electrek
The British government will introduce legislation in 2021 that will require all newly built homes and offices to feature electric vehicle chargers in England.
Western Australia creates new fund to kickstart renewable hydrogen industry | RenewEconomy
Western Australia’s Labor state government has created a $50 million fund to help kick-start the state’s renewable hydrogen industry, as part of a $61.5 million spend on the world’s great new green hope.
New York Bans Sale of Gasoline-Powered Cars Starting in 2035 | Bloomberg Law
The sale of new gas-powered cars and trucks will be banned in New York State in 14 years, under legislation signed by Gov. Kathy Hochul on Wednesday.