Plus: More shareholders reject climate resolutions but Finance sector sharpening teeth; Newfoundland lifts wind moratorium; WA gets battery plant
Hi Everyone,
Happy Mother’s Day to all the Mom’s! Hope you have a great day!
Jump to my comments and scan the rest of the headlines at your leisure. Light on commentary this week, but I thought it is full enough to just get this into your inbox. Hope you are able to find something that you can learn from or that interests you.
Consider forwarding on to a friend or colleague and encouraging them to subscribe. It’s FREE!
Thanks and have a great week.
Peter
Observations & Comments
More money continues to pour pouring into hydrogen production – see that section for some interesting developments. Noteworthy is the EU ambition to scale up production by 10 times by 2025 – no doubt fueled by a desire to quickly reduce reliance on Russian natural gas. The EU also wants to ban imports of Russian oil within six months – a feat that if accomplished is expected to impact about 1.5 million barrels a day. If India soaks up 500,000 barrels per day, that leaves one million b/d of impacts to Russia. Using the round number of $100 barrel oil price, it works out to Russia’s oil revenue impacted to the tune of $3 billion per month.
Two stories from the State of Washington caught my eye: the state is getting a battery materials plant (see Energy Storage) and has amended its building code to require electric heating (See Buildings). On the topic of the latter – heat pumps are getting way more attention. Anyone have any direct experience with these in cold climates? If so, drop me a note.
Sorry I don’t have a lot of other comments to offer up this week. Perhaps I’ll have more in the next issue. I did listen in on the ARC Energy Podcast this week where Peter and Jackie speak to John Gorman, President and Chief Executive Officer at the Canadian Nuclear Association (CNA) about: LEADING IN A BIG WAY: THE FUTURE OF SMALL MODULAR REACTORS (SMRS) IN CANADA. Consider listening in to learn about the encouraging momentum growing for Small Modular Reactors as a source of zero emission energy – not just for electricity in the grid, but for heavy industry too.
Finance & Sentiment
Barclays and Standard Chartered shareholders reject climate plans | edie
The annual general meetings of banking giants Barclays and Standard Chartered were disrupted by climate activists calling for heightened climate targets, with shareholders failing to align with current efforts from the organisations to meet net-zero emissions.
BNP Paribas strengthens fossil fuel exclusions policy, sets sector-specific emissions targets | edie
BNP Paribas has set new targets to reduce the carbon intensity of its investments in the energy and automotive sectors, as it works to deliver a net-zero portfolio by 2050.
John Doerr Donates $1.1 Billion for Stanford Climate School | BNN Bloomberg
Venture capitalist John Doerr is giving Stanford University $1.1 billion to create a school focused on climate change and sustainability, the largest donation in its history.
Allianz to Require Net Zero Commitments from Suppliers, Energy Clients | ESG Today
Leading insurance and investment group Allianz announced today an expansion of its climate-focused sustainability commitments and initiatives, including plans to ramp emissions reductions from its operations and activities, and requesting net zero commitments from the company’s suppliers and from oil and gas underwriting clients and portfolio companies.
Technology
Hydrogen
EU Plans 10x Scale-Up in Hydrogen Capacity by 2025 | ESG Today
The European Commission and a group of leading industrial companies announced on Thursday a plans to rapidly scale hydrogen production capabilities in Europe, including a commitment to grow electrolyser manufacturing capabilities by 2025.
World’s largest green hydrogen project to get its own 5GW ‘high-current’ electrolyser factory | Recharge
Canadian company with unique electrolysis technology aims to build ‘gigalyzer’ factory in Texas to supply Green Hydrogen International’s planned 60GW Hydrogen City project.
Concord Blue Plans Hydrogen Plants in Germany Amid Gas Crisis | BNN Bloomberg
Waste-to-hydrogen technology firm Concord Blue Energy Inc. is seeking about $600 million to expand in Germany as the country rushes to replace Russian gas with new sources of energy and meet climate-change targets.
World first “super-hybrid” wind, hydro and hydrogen project planned for Queensland | RenewEconomy
A “world first” super-hybrid green hydrogen project valued at up to $5.5 billion and combining massive wind and pumped hydro facilities and hydrogen technologies has been unveiled for central Queensland.
Bosch invests €500 million to develop hydrogen electrolyzers | pv magazine
Germany’s Bosch wants to focus on green hydrogen production in Europe as a new dedicated business area. It said it will draw on its fuel cell expertise to build new productions facilities.
ScottishPower to create green hydrogen plants in Cromarty Firth | edie
ScottishPower has announced a partnership with carbon reduction and removal firm Storegga to build green hydrogen plans north of Inverness in Scotland, in a move that will enable major businesses such as Diageo, Glenmorangie to tap into clean hydrogen power.
Fortescue green hydrogen goal needs 450GW of wind and solar by 2030 | RenewEconomy
Andrew Forrest’s Fortescue Future Industries has revealed some of the extraordinary numbers behind its hugely ambitious goal to deliver 15 million tonnes of green hydrogen production a year by 2030. It will require, according to FFI’s head in NSW Joshua Moran – some 150GW of hydrogen electrolysers and a phenomenal 450GW of renewable capacity, namely wind and solar. That, to put in context, is around nine times the current capacity of large scale generation in Australia’s National Electricity Market.
Carbon Capture
Chevron signs MOU to join Talos, Carbonvert Bayou Bend CCS project | Oil & Gas Journal
Chevron signed a memorandum of understanding with Talos Energy and Carbonvert to join the companies in an expanded joint venture to develop the Bayou Bend CCS offshore carbon capture and sequestration hub off the Texas coast.
The Grid
SunZia, NV Energy, Pinnacle West-Berkshire transmission projects advance across the Southwest | Utility Dive
The projects could unlock 10,000 MW of renewable energy, according to the Department of the Interior.
Buildings
Washington state to require electric heating in building code update | S&P Global
Washington will require all-electric space and water heating in new commercial and multifamily construction, making it the first state to incorporate building electrification mandates into statewide energy codes.
Energy Storage
Massive big battery and solar farm proposed for NSW coal country | RenewEconomy
Image: Moaneng
Australian renewables developer Maoneng has unveiled new plans for a massive 400MW, four-hour battery, which the company hopes to build alongside a 550MW solar farm in the New South Wales Upper Hunter region, a centre for coal mining.
Eos gets investor’s US$200 million financing commitment for zinc battery storage Energy Storage News
Eos Energy Enterprises has secured a US$200 million investment commitment through an agreed share sale as the zinc-air battery energy storage company commercialises and scales up production.
Unicorn valuation for Swedish energy storage solutions provider after US$100 million investment | Energy Storage News
Polarium, a Swedish manufacturer of lithium-ion based battery energy storage systems (BESS) technology, has been valued at over a billion dollars.
Solar and Wind
Newfoundland lifts 15 year moratorium on wind power developments | The Globe and Mail
[Excerpt] Now, the provincial government is intent on harnessing that energy to help drive its economy. It lifted a 15-year moratorium on the development of wind power earlier this month, and it’s eager to develop both the on and offshore potential of a renewable resource that has been sharply felt by anyone who has lived in the province.
Norwegian developer plans up to 6GW Swedish floating offshore wind project | reNEWS.biz
Norwegian developer Deep Wind Offshore is consulting on an up to 6GW floating offshore wind farm planned for the Baltic Sea off Sweden. The company also plans to develop a fixed-bottom project in the Swedish Bothnian Sea with capacity of roughly 1.75GW.
ReNew Power signs PPAs for 2 GW in India | pv magazine
Nasdaq-listed ReNew Power has signed power purchase agreements for 1.5 GW of new utility-scale PV capacity in Rajasthan. It will also build around 0.5 GW of renewables for corporate customers.
Shell to acquire Indian solar developer for $1.55 billion | pv magazine
Shell has signed an agreement to acquire Solenergi Power, an Actis company that owns 100% of Indian developer Sprng Energy. The transaction, valued at $1.55 billion, is expected to close later this year. See also: Shell Triples Renewable Energy Capacity in $1.6 Billion Acquisition
For the first time, US renewable energy output exceeds nuclear generation, EIA finds | Utility Dive
The growing number of large solar and wind energy projects resulted in renewable generation beating out nuclear energy last year, the U.S. Energy Information Administration said on Tuesday. Utility-scale renewable generation in the U.S. reached 795 million MWh in 2021, compared to 778 million MWh of nuclear generation.
Transportation
Volta Trucks confirms it’s bringing its electric trucks to the US beginning in mid-2023 | Electrek
Commercial EV manufacturer Volta Trucks has shared a roadmap outlining plans to bring its all-electric Zero trucks to the United States next year. Its strategy will include the 16-ton Volta Zero truck to begin, followed by Class 5 and 6 variants. Additionally, Volta Trucks is searching for a manufacturing partner on US soil to begin building the Zero trucks before year’s end.
[Washington State] Sila announces a new battery material factory to support production of up to 500,000 electric vehicles | Electrek
Sila Nanotechnologies announced that they will invest a few hundreds of millions of dollars into a new battery material factory in Washington state to support the production of up to 500,000 electric vehicles.
Stellantis pouring $3.6 billion into Ontario to retool its Windsor and Brampton plants for EVs and to expand R&D | Electric Autonomy
Joint support of $1 billion from the Ontario and Canadian governments helped sweeten the pot, only weeks after Stellantis and LG Energy Solution announced a $5-billion battery factory in Windsor.
Uber’s CEO Explains How the Ride-Hailing Pioneer Is Electrifying | BNN Bloomberg
[Excerpt] Uber says more than 90% of new vehicles joining the platform in London are now fully electric, and about 5,000 drivers there are piloting EVs, a number it expects to double by year-end. Paris was one of the first cities where the company introduced Uber Green, enabling riders to book a trip only in a hybrid or EV. Although early uptake was slow, today 45% of the vehicles on the platform in the French capital are hybrid or fully electric, up from 15% two years ago.
Volkswagen Group and bp launch strategic partnership for rapid roll-out of EV fast charging in Europe | Green Car Congress
[Excerpt] Volkswagen’s Flexpole 150kW charging units, each of which features two charge points, have an integrated battery storage system, thereby overcoming one of the biggest obstacles to the rapid roll-out of fast charging infrastructure in Europe today—the need for high-powered grid connections.
Policy
US Dept of Energy announces $3 billion toward EV battery manufacturing and supply chain | Electrek
The US Department of Energy announced today a new $3 billion program going toward battery manufacturing and supply chain to support the transition to electric vehicles. The money is coming from the giant infrastructure bill from last year, which also included $7.5 billion for electric transit vehicles and another $7.5 billion for electric vehicle charging infrastructure.
EU Import Ban Could Knock Another 10% Off Russia’s Oil Output | BNN Bloomberg
The European Union’s proposal to ban imports of Russian oil could knock another 10% off the country’s production by year-end, doubling the supply loss that has already resulted from the invasion of Ukraine.