🌬️ Energy Futures #34

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 👋

As a result of China’s commitment to renewable energy transition in recent years, their solar and wind power capacity exceeded coal power for the first time in history,  indicating that the country is well on its way to cutting emissions. Meanwhile, the United States added a record capacity of 4.2 GW battery energy storage to the grid in H1 2024 and expects to finish the year with a 15 GW addition. The US also signed a deal with Argentina to increase cooperation on critical mineral mining to reduce the Chinese dependence on critical minerals, signifying the economic and geopolitical rivalry between the two energy giants. From South Asia, Sri Lanka started the operations of their first-ever LNG combined cycle power plant with a capacity of 350 MW, marking a crucial milestone for the country.

🌅 New Energy

☀️ China's Renewable Energy Surpasses Coal Power. China's combined wind and solar power capacity exceeded coal power capacity for the first time. China is reducing coal power projects and phasing out smaller coal plants, while solar energy is projected to become the country's primary energy source by 2026.

🌱 Major Green Hydrogen Investment in Spain. Hygreen Energy, a Chinese firm, announced a $2.2B investment into a green hydrogen production project in the Andalusian region of Spain. Additionally, the Chinese electrolyzer producer will manufacture and develop its technology in the region as part of a deal with the Spanish firm Coxabengoa.

🌞 Evren to Invest $5B in Renewable Energy Projects in India. Evren, a joint venture between Axis Energy and Brookfield, committed $5B to develop large-scale solar and wind power projects in the Indian state of Andhra Pradesh.

🔌 Utilities

🔋 Record Battery Storage Capacity Added to US Power Grid. The US power grid added 4.2 GW of battery storage capacity in the first half of 2024, with the potential for a record-breaking 15 GW to be added by the end of the year.

🔋 CPS Energy Secures 350 MW of Battery Storage Capacity. CPS Energy, a major US utility company, signed contracts to add 350 MW of battery energy storage to its generation portfolio.

⚡ UK-Ireland Greenlink Interconnector Completed. The Japanese firm Sumitomo Electric announced the completion of the Greenlink Interconnector cable project, which connects the electricity grids of the UK and Ireland.

⛽ Oil & Gas

⚡ Sri Lanka Boosts Energy Capacity with New Gas Power Plant. Sri Lanka inaugurated the Sobadhanavi gas-based power plant near Colombo, designed by Lakdhanavi, which will add 350 MW of capacity to the national grid.

⛽ ONGC Boosts Oil and Gas Output with New KG Basin Well. India's state-owned Oil and Natural Gas Corporation (ONGC) opened a new well in its deep-water project in the Krishna-Godavari (KG) basin to enhance crude oil and natural gas production.

⛽  OMV Announces Gas Discovery in Norwegian Sea. OMV (Norge) AS, the operator of the PL 1194 license, discovered gas in the Norwegian Sea with estimated recoverable volumes between 30 and 140 million barrels of oil equivalent.

💎 Mining and Metals

⛏️ US Inks Critical Minerals Deal with Argentina to Reduce China Dependence. The United States signed a deal with Argentina to cooperate on critical minerals, seeking to reduce its dependence on China for the supply of key metals.

⛏️ Sayona Mining Boosts Lithium Resource Estimate. Sayona Mining, a lithium mining company, announced an increase in the mineral resource estimate for its North American Lithium project, which is a positive development for the lithium and green energy industries.

🚆 African Rail Revival for Critical Minerals. Governments and investors are reviving decades-old rail lines across Africa to facilitate the transportation of critical minerals.

💰 Energy Deals

💰 Adani Energy Solutions Secures $1B in Largest Power Sector Fundraising. Adani Energy Solutions Limited (AESL) raised $1B through a Qualified Institutional Placement (QIP), marking the largest fundraising in India's power sector.

💰 Sibanye-Stillwater Secures $556.8M Green Financing for Lithium Project. Sibanye-Stillwater, a mining company, secured up to $556.8M in Green financing for its Keliber lithium project in Finland.

🌞 Sunly Secures $334M for Baltic and Polish Renewable Projects. Sunly, an Estonian renewable energy company, raised $334M in debt financing to accelerate the construction of 1.3 GW of solar, wind, and storage capacity in the Baltic states and Poland.

🔋Apricus Generation Secures Series A Funding for Solar and Battery Platform. Apricus Generation, a Miami-based holding company, raised an undisclosed amount in Series A funding to build a national distributed solar and battery development platform and Independent Power Producer.

🔋Korean Shipbuilder Acquires Finnish Fuel Cell Company. HD Korea Shipbuilding, a South Korean shipbuilding company, acquired Convion, a Finnish fuel cell firm, for $80.2M.

Thank you for reading. Have a great week ahead!
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