🔋 Energy Futures #30

HolonIQ's energy futures coverage for the week ahead.

Our Climate Tech coverage has grown significantly, and due to popular demand, we're splitting it into weekly Energy Futures, Enviro Futures, Infra Futures, and Mobility Futures newsletters over the coming weeks.

This newsletter is 'Energy Futures,' and you can update your subscriptions to any of the other weekly newsletters here.

Questions we'll look to address in Energy Futures include those around global elections and what they mean for energy markets, how far and when is peak demand for fossil fuels, the roadmap for energy transition and supply chain risks for critical minerals, among others.

Happy Monday 👋

The British Government announced a $1.4B allocation for offshore wind development, indicating the new government’s intention to boost the country's renewable energy capacity further. Meanwhile, the hydrogen industry is gaining momentum worldwide, with China announcing a $41B incentive scheme for hydrogen and other new energy options to decarbonize the transportation sector. Further exemplifying this trend, global energy giant BP invested a massive $2.3B in a green hydrogen plant in Spain. Grid investments are also rapidly taking shape worldwide due to the rising renewable energy generation and consumption, with China announcing a $83B investment in grid infrastructure and India's plan to establish subsea power interconnection with Saudi Arabia.  

🔌 Power

💨 UK Boosts Offshore Wind Budget for AR6 Auction. The UK government has increased the budget for the upcoming Allocation Round 6 offshore wind auction to $2B, with $1.4B allocated specifically for offshore wind projects.

🌱 China Boosts Subsidies for Hydrogen Vehicles. The Chinese government has announced a $41B incentive scheme to provide subsidies for replacing fossil-fuel vehicles and ships with hydrogen and other "new energy" options.

🌱 BP Invests $2.3B in Green Hydrogen Plant in Spain. BP has announced its final investment decision to build an industrial-scale green hydrogen plant at its refinery in Spain, with a planned investment of $2.3B and a potential electrolyzer capacity of 2GW by 2030.

📦 Energy Storage

🔌 China's State Grid Plans Record $83 Billion Power Grid Investment in 2024. China's State Grid, the country's top grid operator, plans to invest a record $82.7 billion in 2024 to expand its power grid and facilitate the integration of surging renewable energy generation.

⚡  Power Grid Plans Major Subsea Power Link with Middle East. Power Grid Corporation of India plans a major $4.8B investment over 5 years to establish a subsea power interconnection with the Middle East.

🔋 Libra Energy Announces Massive Battery Project in Queensland. Libra Energy has revealed plans for a giant 3.4 GWh battery storage project in southeast Queensland to help manage solar energy and grid stability.

💰 Energy Deals

🔋 Renewable energy firm secures $1.2B financing for Australian projects. Fotowatio Renewable Ventures, a renewable energy and battery storage developer, raised more than $1.2B in new debt finance for its Australian clean energy assets, including its first standalone battery project planned for Victoria.

💰 MET Group Secures Massive $1.1B Facility. MET Group, a company involved in energy trading and LNG import, secured a $1.2B Borrowing Base Facility to bolster its integrated business model.

🔋 Enlight Renewable Energy Secures Financing for Energy Storage Project. Enlight Renewable Energy Ltd. announced the financial close for the energy storage portion of its Atrisco Solar and Energy Storage project, securing $827M in financing and tax equity arrangements.

🔋 esVolta Secures $258M Financing for ERCOT Battery Storage Portfolio. esVolta, LP secured $258M in credit facilities to finance a portfolio of 980 MWh battery energy storage systems in the ERCOT market.

☀️ Recurrent Energy Secures $54M EIB Loan for Italian Solar Projects. Recurrent Energy, a solar energy company, has secured a $54M loan from the European Investment Bank (EIB) to develop a portfolio of solar energy projects in Italy.

⚛️ Fusion Reactor Component Maker Raises $96.4M in Funding. Kyoto Fusioneering, a Japanese company developing key components for fusion reactors, has raised $96.4M in total funding after completing a $11.5M Series C extension round led by US venture capital firm Lux Capital.

Thank you for reading. Have a great week ahead!
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