🌞 Energy Futures #37

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 👋

Global solar capacity reached 2 TW, outpacing nuclear power fivefold, as noted in the World Nuclear Industry Status Report 2024. At COP29, a major proposal aims to expand global energy storage to 1.5 TW by 2030, requiring 158 GW of new capacity annually. India secured $387.37B in renewable energy investments, targeting an additional 570 GW by 2030. However, outdated electrical grids are struggling to support the rise of renewable energy. Italy halts new oil exploration permits while the U.S. imposes tariffs on Chinese metals and minerals. Lastly, VivoPower International announced a merger with FAST, valued at $1.13B.

🌅 New Energy

☀️ Solar power surpasses nuclear power fivefold globally. The World Nuclear Industry Status Report 2024 authors state that the world's cumulative photovoltaic (PV) solar power capacity reached around 2 TW, five times greater than the 367 GW of nuclear power capacity from 408 operational reactors.

🔋 COP29 proposes a massive increase in global energy storage by 2030. The upcoming UN Climate Change Conference (COP29) plans to set a target to drastically increase global energy storage capacity to 1.5 TW by 2030, requiring the addition of over 158 GW of storage annually.

🌍 India Secures Massive Renewable Energy Investment Pledges. India secured substantial investment pledges totaling $387.37B for renewable energy projects to be completed by 2030, with developers committing to an additional capacity of 570 GW.

🔌 Utilities

⚡ Electrical Grid Struggles to Accommodate Renewable Energy. According to Marketplace, existing electrical grid infrastructure, designed in the 20th century, is struggling to accommodate the increasing use of renewable energy sources like wind and solar power. Upgrading the system to meet modern energy needs is a significant challenge.

🔋 CATL Unveils Extra-Long-Life Battery for Electric Buses. The Chinese battery company CATL announced a new battery designed for electric buses lasting up to 15 years or 1.5 million kilometers.

💡 Major Automakers Launch Vehicle-to-Grid Company. Ford, BMW, and Honda launched ChargeScape, enabling electric vehicles to return energy to the grid through bidirectional charging capabilities.

⛽ Oil & Gas

🛢️ China's first deepwater oil field secondary development project was completed. China launched its first self-developed deepwater oil field infrastructure, including the Haikui No. 1 FPSO and Haiji-2 deepwater jacket, marking a breakthrough in deepwater oil and gas extraction technology. 

⛽ Turkmenistan and Afghanistan Restart TAPI Gas Pipeline Project. Turkmenistan and Afghanistan announced the restart of work on the $10B TAPI gas pipeline project, which will transport Turkmen natural gas to India via Afghanistan and Pakistan.

🛢️ Italy Halts New Oil Exploration Permits. According to a draft government decree, Italy decided to stop granting new concessions for oil and condensate exploration and production.

💎 Mining and Metals

🪨 The US Imposes Tariffs on Chinese Metals and Minerals. The United States government imposed modified tariffs under Section 301 on steel, aluminum, and critical mineral imports from China.

⚡️ Aramco and Lihytech Partner to Extract Lithium from Brine. Saudi Aramco and Lihytech partnered to recover lithium from oilfield brine to meet Saudi Arabia's increasing demand for lithium, a key material for electric vehicle batteries.

💰 Energy Deals

⚡ VivoPower International Announces Major Merger Deal. VivoPower International, a company in the energy industry, has announced a strategic merger agreement with FAST at a combined equity value of $1.13B.

✈️ Air Company secures $69M to scale CO2-to-Jet Fuel production. Air Company, a Brooklyn startup, raised $69M to expand its production of converting carbon dioxide into sustainable aviation fuel.

🍃 Climate Tech Startup Reonic Raises $14M in Series A Funding. Reonic, a climate tech SaaS startup, raised $14M in Series A funding led by Northzone to enable the deployment of sustainable energy solutions across Europe.

🔋 Smalt Raises $8.56M to Train Workforce for Energy Transition. Smalt, a Berlin-based company, raised $8.56M in seed funding to expand its platform, which provides talent development and technology services for the green energy sector.

🏭 Hgen Raises $5M to Decarbonize Heavy Industry with Clean Hydrogen. Hgen, a Hawthorne, CA-based company that makes clean hydrogen to decarbonize heavy industry, raised $5M in seed funding.

Thank you for reading. Have a great week ahead!
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