Now, I am sure that many, or even most, of you are not as interested as me in battery prices and technologies, but the article about Geely’s new battery, below is significant: Their battery will run for 1million miles with no degradation, is powerful enough and recharges at lightning speed. What more do you need than that?
Well, I would point you towards an article by cleantech legend Auke Hoekstra who points towards another massive step change in battery prices by 2030. Avoiding the nerdy stuff about technologies he is suggesting that while batteries cost about $1,500/kWh in 2008 and c.$50/kWh now, which was thought to be the ultimate goal. Now he sees a route to $8/kWh by 2030, with the arrival of Sodium batteries. His article imagines what might flow from that. Read it HERE
COMPANY NEWS
Finally Tesla Megapacks and Energy is Delivering
Finally, Tesla Energy has arrived. Tesla installed 9.4 GWh of energy this quarter, which is over double the 4.0 GWh last quarter. This suggests about $3.8 billion in quarterly energy revenue and nearly $1.0 billion in gross profits. Tesla is officially more than a car company and Tesla Energy becomes a major thing.
Tesla car deliveries were good relative to expectations at 444k. Most were expecting 410-430k.
Tesla production was lower because they reduced shifts. Having more deliveries than production will increase margins and profits.
However, energy should keep delivering about 10 GWh per quarter with both lines at the Lathrop megapack factory producing.
The second megapack factory could complete in Q4 of this year. The China megapack factory should ramp quickly. There were previously shortages of the power management chips.
Two full megapack factories producing 20 GWh per quarter would create about $8 billion in energy revenue and $2 billion per quarter in profit. (nextbigfuture)
UK NEWS
‘Watershed moment’ against fossil fuels in Supreme Court ruling
Surrey County Council acted unlawfully by giving planning permission for oil production at Horse Hill in the Surrey countryside without considering the climate impacts when the oil is inevitably burned, the UK Supreme Court has ruled.
The landmark judgment follows a legal challenge against Surrey County Council’s decision to grant planning permission for oil drilling at Horse Hill, near Gatwick airport in the Surrey countryside. Its ramifications will be felt far beyond Surrey.
The plaintiff argued that the environmental impact assessment carried out by Surrey County Council should have considered the climate impacts that would inevitably arise from burning the oil, known as ‘Scope 3’ or ‘downstream’ emissions.
More than 10 million tonnes of carbon emissions would be produced from burning the oil, but this was not included in the environmental impact assessments.
Friends of the Earth called the ruling “groundbreaking”, and “a heavy blow” for the fossil fuel industry. The judgment is very clear that the inevitability of the end-use emissions of this oil project meant they were indirect effects of the development, and so needed to be factored into the environmental impact assessment, FoE pointed out in a statement. (theecologist)
Final coal shipment delivered to UK’s last coal-fired power station
Uniper’s Ratcliffe-on-Soar power station received the 1,650-tonne delivery, transported by GB Railfreight, which is expected to be the last before the station is decommissioned on September 30. According to Uniper, this amount of coal is enough to power around 500,000 homes for an eight-hour period.
Other countries are following Britain’s lead in phasing out coal power. The G7 group of nations has signed a landmark agreement to phase out coal power by 2035.
With the end of coal power in sight, the same efforts must be applied to moving away from gas-fired power plants to secure our clean energy future. (current-news)
photo: Uniper
Isle of Wight ferry operator Red Jet to add electric vessel to fleet
Visitors travelling on the popular Southampton to Isle of Wight high-speed Red Jet ferry service will soon be able to do so in new zero-emission electric ferries, which are due to set sail from late 2025.
Isle of Wight ferry operator Red Funnel announced yesterday it has partnered with pioneering maritime technology company Artemis Technologies (ATL) to introduce a new high-speed, emission free vessel on its Southampton to West Cowes route.
The new electric e-foiling passenger ferry – called Artemis EF-24 – will be able to carry 150 passengers on the route currently served by Red Jets 6 and 7.
According to Red Funnel, the new ferry could save up to 3,700 tonnes of CO2 equivalent a year, which could increase to around 4,150 tonnes of CO2e a year when using electricity from renewable sources to charge the ferry’s batteries. (businessgreen)
photo: Red Funnel
EV OF THE WEEK
Hyundai have big plans for tiny Inster
Hyundai were early into electric vehicles, and as they spread their offering, the knowledge gained is showing. This little car, which they call the Inster, greatly excited Jack Scarlett on the Fully Charged Show (HERE). It has been clear that EV offer opportunities for better packaging for the interiors. The mechanicals take less space, the battery is under the car and the wheels pushed to the corners. The Hyundai Inster is a masterclass in packaging. It is city car sized, but can seat four easily in its upright stance. The rear seats slide so that the boot space can stretch to 350 litres. All four seats can fold flat (see pic below). The infotech looks comprehensive, the materials funky and the range is 189 or 220 miles depending on battery size.
Photos: Hyundai
EUROPEAN STORIES
Engie inks 118MW PPAs to supply Google in Belgium
Engie has signed five corporate power purchase agreements to supply Google with 118MW of power from its onshore wind farms in Belgium.
The technology giant will offtake electricity from four new wind farms totalling 26MW, and has agreed to extend an existing CPPA for a 92MW operational site by a further eight years.
The power will be used by Google for its digital infrastructure portfolio in the country.
Engie said it sold 2.4GW of green electricity to industry and large energy consumers in 2023, and announced 34 PPA deals across six markets during the year. (renews)
photo: Unsplash/Abby Anaday
The world’s largest supercritical heat pump
The Danish town of Esbjerg (population 100,000) has taken a bold step to replace its coal and waste fired district heating system. The district heating will be heated by a combination of wind power and two giant ETES heat pump systems supplied by MAN Energy Solutions.
With a heating capacity of 60 megawatts, the system is the world’s largest heatpump to use supercricital carbon dioxide (i.e. CO2 pressurized and heated above its critical point). And it is the first of its kind to provide thermal energy – that is, the transfer of heat – on a major industrial scale. (man-es)
photo: MAN Energy Solutions
German wind turbine maker unveils prototype electrolyser designed for green hydrogen production
Germany-based Nordex Group — one of the world’s largest wind turbine makers — has unveiled the first prototype of its 500kW pressurised alkaline electrolyser, which has been designed to work with variable renewables sources for green hydrogen production.
Nordex Electrolyzers — a joint venture between Nordex Group and the Government of Navarra in northeast Spain — aims to finalise the design of a megawatt-scale commercial product by 2026. (hydrogeninsight)
photo: Nordex
FOCUS ON: RENEWABLE ENERGY INVESTMENT TRUSTS
Please note; the following article should not be construed as investment advice.
Why the Discount to NAV?
It won’t surprise you that I have worked over the years with many UK quoted Renewable Energy Investment Trusts. One after another UK investment specialists placed holdings in renewable energy assets into quoted vehicles. In an era of low interest rates they looked like a compelling investment, they gave exposure to a growing asset class, had better than average yields and earnings were, to varying extent inflation indexed. The market got it and most of them traded at a premium to NAV.
However, since summer 2022 sentiment has changed markedly, to the point that despite the attractions listed above the premium has turned to a substantial discount. I was therefore interested to read a piece by Tom Williams, head of Energy and Infrastructure at Downing LLP, who runs such a fund, Downing Renewables & Infrastructure Trust (DORE.L). In it he looks at the drivers of the discount, and offers hope that the market will start to rerate the unloved sub-sector.
The reasons for the discount he suggests are a combination of the following. First, a distrust of the book value calculations, even though he points out that they accord well with prices paid in the market. Secondly, he notes that the yield comparison with UK treasuries are perceived to be less attractive, which was the case in mid-2023, but notes a mathematical failure of the market: Treasuries trade at 4.5% now whilst the Trusts yield between 7.5% and even 10%, a greater yield premium than when Treasuries were at 0.5% and the Trusts 5% in some cases. Add in the inflation indexing of some of the trusts’ revenues, both through Feed-in-Tariff assets and index linked PPA contracts and the proper comparator might be a blend of Treasuries and Index Linked Government bonds.
The final point Tom raises is that the UK has adopted a strict definition of MIFID 11 and PRIIPS cost disclosure rules, which has forced all Investment Trusts to disclose sometime overly conservative costs, creating market confusion.
Is there a light at the end of this discount tunnel? What might turn momentum round? Corporate activity is beginning to appear in the sector, such as the bids for Hypgnosis (not a renewables story, obviously, but a similar NAV trajectory) and Foresight Forestry. Maybe these deals will spark a revival.
Read the article HERE
NATURAL CAPITAL
Reviving Seagrass with New Technique for Climate-Resilient Oceans
Seagrasses are crucial for marine ecosystems, offering shelter and food for marine animals, preventing sediment erosion, and sequestering carbon. In fact seagrass can store carbon 35 times faster than tropical rainforest.
Once spanning approximately 150 square kilometers in the Dutch Wadden Sea, seagrass meadows have nearly vanished, mirroring a global trend.
During the World Seagrass Conference in Naples, Italy, the BBC highlighted the work of ecologists Jeanine Olsen, Tjisse van der Heide, and Laura Govers from the University of Groningen in a mini-documentary.
Researchers and volunteers are seen using a modified caulking gun to inject a mix of mud and seagrass seeds into sediment at specific intervals. Additionally, biodegradable plastic structures are being utilized to anchor newly planted seagrasses, preventing them from washing away. These methods have yielded significant success, particularly in restoring intertidal seagrass meadows next to the small Wadden Island Griend. (environmental-leader)
photo: Unsplash
GLOBAL STUFF
American Airlines inks deal with ZeroAvia for 100 hydrogen-powered plane engines
American Airlines has entered into a conditional purchase agreement with green aviation pioneer ZeroAvia for 100 hydrogen-electric engines to power its regional jet aircrafts with zero emission engines.
The US aviation giant also announced this week that it has increased its investment in ZeroAvia following an initial investment made into the company in 2022, having participated in the company’s Series C financing round.
The deal for the engines follows a Memorandum of Understanding (MoU) initially agreed by the companies in 2022 following American Airlines’ initial investment in the company when it was first offered the opportunity to purchase the engines.
The company is currently flight testing a prototype for a 20-seat plane and designing an engine for larger aircraft such as the Bombardier CRJ700, which American Airlines operates on a number of regional routes in the US. (businessgreen)
photo: ZeroAvia
Cleaning up Geothermal Energy
Geothermal plants are much healthier for the air than fossil fuels. They produce 97% fewer sulfur compounds that cause acid rain and 99% less CO2. Additionally, closed-loop systems are better at reducing the likelihood of exposing nature to pollutants.
However, geothermal equipment may still release heavy metals into the environment, such as chlorides, nickel and mercury, among others. Open-loop systems expose the air to many more pollutants, including: CO2, methane, hydrogen sulphide and boron.
Even though the harm is less than fossil fuels, the publicity and impact remain. Experts must find ways to curb these emissions if open-loop systems continue operating. Modern researchers propose integrating direct air carbon dioxide capture (DACC) machinery. DACC tools can be cost-prohibitive, but studies show success in isolating geothermal pollutants. (renewablenergymagazine)
World’s biggest solar farm comes online in China’s Xinjiang
A Chinese state-owned company said on Monday it had connected the world’s biggest solar plant to the grid in northwestern Xinjiang.
The 3.5 GW, 32,947-acre solar farm, in a desert area of the capital Urumqi, came online on Monday, a notice on the state asset regulator’s website said, citing the Power Construction Corp of China.
The facility will generate about 6.09 billion kWh of electricity each year. That would be enough to power the country of Papua New Guinea for a year. (reuters)
TECHIE CORNER
Geely Auto Group raises the bar for LFP batteries with new short blade launch
Geely Auto Group have released their latest generation of self-developed lithium iron phosphate (LFP) short blade battery that offers best in class battery life, charging speed – and ultimate safety. Geely Auto’s New Short Blade EV Battery Technology will become the new benchmark for EV batteries with industry leading safety, compact size, higher energy density, better volume utilization, and increased flexibility in accommodating different pack designs.
The New Short Blade EV Battery Technology uses a high-strength, high-thermal stability, high-heat-resistant diaphragm, with a highly stable separator paired with safe electrodes resulting in higher energy density and safety. In addition, Geely Auto has applied its self-developed Self-Fusing technology on the electrode surfaces to block short circuits in event of accidents. If the battery cell is punctured during extreme shock, an aluminum foil layer will fuse into the battery diaphragm to create an insulating layer, preventing short circuits and thermal runaway events.
According to Geely’s tests, the cycle life of the New Short Blade EV Battery Technology can reach 3,500 cycles, equivalent to charging and driving for 1 million kilometers with minimal impact to battery range. Based on the average family driving 20,000 kilometer a year, the New Short Blade EV Battery Technology can be in service for up to 50 years, significantly extending the usage life of the battery, improving the residual value of second hand EVs, and reducing carbon emissions by more than 80,000 tons a year. (batteriesnews)
photo: Geely
