🌬️ Energy Futures #33

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 👋

A massive solar project was given the green light this week in Australia. The project, valued at $13.5B, aims to transmit solar energy from northern Australia to Singapore via an undersea cable. Oil prices tumbled for the second week in a row, with Brent crude plunging towards $77 per barrel after a 2.5% decline on Monday. The US benchmark, West Texas Intermediate, also dipped below $74. The news of Israel accepting a ceasefire proposal in Gaza relieved the market, easing concerns about potential supply disruptions. However, growing worries about global demand continued to weigh on prices. China, the world's largest buyer of copper, exported an unprecedented amount of refined copper in June, signaling a potential shift in global copper demand. Atlas Renewable secured $289M in debt funding for the del Desierto battery storage project in Chile.

🌅 New Energy

🌞 Australia Approves Massive Solar Power Export Project to Singapore. Australia has given the go-ahead for a $13.5B solar project that aims to transmit solar energy from northern Australia to Singapore via an undersea cable.

🌱 BPCL's $20.3B Investment Plan for Refining and Renewable Energy. Bharat Petroleum Corporation Limited (BPCL) announced plans to invest $20.3B over the next five years in refining and renewable energy ventures through its 'Project Aspire' initiative.

🌬️ Offshore Wind Hub Planned in Brazil. Corio Generation and Estaleiros do Brasil have signed an MOU to explore using EBR's infrastructure to support two 2.4 GW offshore wind projects in southern Brazil.

🔌 Utilities

🔋 Natron Energy Plans $1.4 B Investment in Sodium-Ion Battery Plant. Natron Energy, a company working on sodium-ion battery technology, is planning to invest $1.4B to build a manufacturing facility for these batteries.

🚗 Foxconn Plans Battery Unit in India for Electric Vehicle. Foxconn, a major electronics manufacturer, is setting up a battery energy storage system unit in India to cater to the growing EV market. The company has already established a battery manufacturing plant in Taiwan as part of its expansion into this sector.

🔋 EDF Renewables Expands UK Battery Storage Capacity. EDF Renewables, a French-owned energy developer, has announced plans to build 300MW of new battery storage facilities in the UK within the next year.

⛽ Oil & Gas

⚠️ Oil Prices Drop Amid US Gaza Ceasefire Push. Oil prices fell further as the United States intensified efforts to secure a ceasefire between Israel and Palestinian militants in Gaza.

🌱 Saudi Arabia's $1 Trillion Diversification Plan. Saudi Arabia announced plans to invest $1 trillion across six sectors by 2030, focusing on clean energy and economic diversification away from oil.

⛽ Iraq Signs Major Oil and Gas Exploration Deals. Iraq's Oil Ministry signed initial deals for 13 oil and gas exploration blocks and fields with companies that won bids in recent licensing rounds, which could significantly boost the country's energy production.

💎 Mining and Metals

⚒️ China's Rare Copper Export Boom. China, the world's largest buyer of copper, exported an unprecedented amount of refined copper in June, signaling a potential shift in global copper demand.

🌱 President Murmu Calls for Greater Focus on Critical Minerals for Green Transition. During the National Geoscience Awards function, President Droupadi Murmu stressed the importance of increasing focus on critical minerals, stating that the Critical Minerals Mission can provide essential raw materials for the green transition.

⚒️ Major Coal Merger to Form Largest North American Exporter. Consol Energy and Arch Resources, two major coal companies, announced plans to merge, forming the largest coal exporter in North America.

💰 Energy Deals

🔋 Atlas Renewable Secures $289M Debt Funding for Chilean Battery Project. Atlas Renewable secured $289 million in debt funding from French banks BNP Paribas and Credit Agricole Corporate and Investment Bank for its BESS del Desierto battery storage project in Chile.

💸 Indian Renewable Energy Firm Secures $150M Investment. Continuum Green Energy, an Indian renewable energy company, has raised $150 million in equity funding from Just Climate, a firm backed by Al Gore.

🤝 UGE International Completes Acquisition by NOVA Infrastructure Fund. UGE International Ltd. has completed an arrangement where NOVA Infrastructure Fund II, LP acquired all of UGE International's outstanding common shares.

🔋 Celadyne Secures DOE Funding for Fuel Cell Expansion. Celadyne, a company, secured funding from the US Department of Energy to develop fuel cell systems for hydrogen-powered heavy-duty systems.

Thank you for reading. Have a great week ahead!
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