
The Most Important 8 Energy News in The 2nd Week of October
Genex Secures Long-Term 337.5MW Offtake With Fortescue for Bulli Creek Solar Project
For the Bulli Creek Solar and Battery Project, Genex Power has inked a 25-year solar power purchase deal with Fortescue Metals Group. The agreement calls for the project to receive up to 337.5MW of solar energy and large-scale generating credits at a set nominal price over a 25-year term.
The solar energy will be used for Fortescue’s Gibson Island project’s green hydrogen and green ammonia facilities. This agreement allows Genex and J-POWER to commit to the BCP’s first solar stage development with a minimum capacity of 450MW.
Source: Genex
Virginia Tech Receives $80 Million Grant to Help Farmers Implement Climate-Smart Practices
The US Department of Agriculture has awarded Virginia Tech a $80 million grant to launch a programme that pays producers to undertake climate-smart practises on farms of all sizes and commodities. After ten years, the programme could lower agricultural emissions by 55% and total emissions in the United States by 8%.
The pilot programme will pay producers $100 per acre or animal unit for voluntary adoption of climate-smart practises that result in greater public environmental benefits than that amount. More than $57 million of the award will be distributed by the College of Agriculture and Life Sciences to growers in Virginia, Arkansas, Minnesota, and North Dakota.
Source: Virginia Tech
Biden Will Award $7 Billion for Hydrogen Hubs Across the US
This week, President Joe Biden will announce up to $7 billion in support for hydrogen projects around the United States. The funds will be used to establish “hydrogen hubs,” which will manufacture and consume hydrogen gas as a carbon-free fuel for enterprises and power plants.
The goal is to jump-start hydrogen production in the United States, with the potential to create 10 million metric tonnes of hydrogen by 2030. On Friday, Biden will travel to Pennsylvania, where he will speak on the clean-energy transition and visit an Appalachian hydrogen hub that plans to employ natural gas and carbon capture.
Biggest Africa Exchange Firm Wants the Continent’s Carbon Market
The JSE Ltd, Africa’s largest stock and bond exchange, has joined forces with Xpansiv Ltd to develop a market for carbon credits and renewable energy certificates. The transaction establishes JSE as a prominent player in Africa’s developing carbon market. Following the implementation of a carbon price, South Africa, the region’s top greenhouse gas emitter, is likely to witness a surge in the market for offsets.
Renewable-energy certificates represent a unit of power generated from renewable sources, whereas a single carbon credit represents one tonne of CO2 removed from or prevented from entering the atmosphere. The worldwide carbon-credit market is currently worth $2 billion and is expected to grow to $1 trillion each year within the next 15 years.
Source: JSE Ltd
MHI Invests in Syzygy Plasmonics to Advance Hydrogen Production and CO2 Utilization
MHIA has invested in Syzygy Plasmonics, a Houston-based start-up that is developing photocatalytic technology for hydrogen production and CO2 utilisation solutions. Light, rather than combustion, is used in Syzygy’s technology to reduce the expenses and emissions associated with chemical reactions.
Their solutions enable zero-emission hydrogen generation from ammonia and low-emission hydrogen production using a combustion-free method of steam methane reforming. MHI’s investment in Syzygy is part of their attempts to construct hydrogen and CO2 ecosystems, which will help to realise a decarbonized civilization.
Source: MHIA
European Commission Backs RINA’s Hydra Project to Drive 100% Hydrogen fuelled Steel Production
The Hydra project, a six-year research programme to build a 100% hydrogen-fueled pilot plant for steel manufacturing, has begun. The €88M initiative, funded by the European Commission and supported by the Italian Ministry of Enterprises, intends to bring near-zero carbon technologies to the steel industry.
The pilot plant, which is expected to be completed by 2025, will use hydrogen at every stage of the steel production cycle. RINA will also build a training facility to disseminate information on hydrogen-based decarbonization technology. The project’s goal is to reduce emissions and promote the use of hydrogen as a sustainable energy source.
Source: RINA
AVEVA and Kent strengthen collaboration to support innovation and sustainability in global energy sector
AVEVA has entered into two contracts with Kent, a leading engineering firm in the oil & gas and low-carbon energy sectors. AVEVA and Kent’s collaboration aims to improve collaboration, data quality, transparency, and project execution for energy customers. Customers may achieve on-time and on-budget capital asset delivery and enhanced operations by using Kent’s industry and digital experience, as well as AVEVA’s EPC4.0 and digital twin solutions.
This relationship enables clients to use intelligence and insight to respond to sectoral challenges in a more agile and innovative manner. AVEVA and Kent’s digital transformation aims to improve project outcomes and industry sustainability.
Source: AVEVA
DOE Supports Energy Efficiency to Improve Community Resilience
The summer of 2023 in the United States had record-breaking heat, flooding, and hurricanes, with 23 weather or climate disasters causing losses of more than $1 billion apiece. The average annual occurrence of such catastrophes has more than doubled in the last five years, according to the National Oceanic and Atmospheric Administration (NOAA).
The White House released a National Climate Resilience Framework and pledged to invest more than $50 billion in climate resilience. The Department of Energy (DOE) is playing an important role in improving energy efficiency and resilience by funding initiatives such as innovative housing projects and decentralised energy sources such as rooftop solar installations.
Source: DOE