🌞 Energy Futures #38

Happy Monday 👋

The IEA has set an ambitious goal to triple global renewable energy capacity by 2030, emphasizing the need for countries to enhance power grid infrastructure and streamline permitting processes. In the US, the Department of Energy allocated $3B to support 25 projects aimed at boosting domestic manufacturing of advanced battery storage technologies. Meanwhile, OPEC's World Oil Outlook 2024 predicts that global oil demand will exceed 120 million barrels per day by 2050. S&P Global launched the first daily carbon-accounted iron ore price assessments to monitor emissions in mining and transportation. Additionally, Masdar acquired the renewable energy platform Saeta for $1.4B from Brookfield.

🌅 New Energy

⚡ International Energy Agency (IEA) Sets Ambitious Goals to Triple Renewable Energy Capacity by 2030. The IEA stated that a global target of tripling renewable energy capacity by 2030 is achievable. To reach this goal, countries must focus on expanding and upgrading their power grids and invest heavily in infrastructure development and permitting process improvements.

💸 Financial Institutions Back Nuclear Energy Expansion. At Climate Week in New York City, 14 major financial institutions committed to supporting the tripling of global nuclear energy capacity by 2050.

🏭 Poland's First Nuclear Power Plant. Poland, a NATO member, announced a $16B investment to build its first nuclear power plant, welcomed by Westinghouse Electric Company and Bechtel.

🔌 Utilities

🔋 DOE Boosts Battery Storage Manufacturing with $3B Funding. The US Department of Energy allocated $3B to support 25 projects to expand domestic manufacturing capabilities for advanced battery storage technologies.

🪫 Swedish battery giant Northvolt announces major layoffs. Northvolt, a Swedish battery maker, announced that it would lay off almost a quarter of its workforce due to struggles in the European electric vehicle industry.

🔌 EV Charging Companies Raise $14B in Funding. Since the start of 2022, electric vehicle (EV) charging companies have raised nearly $14B to expand the infrastructure needed to support the growing adoption of EV charging.

⛽ Oil & Gas

🛢️ OPEC Forecasts Rising Global Oil Demand by 2050. OPEC, the Organization of the Petroleum Exporting Countries, released its World Oil Outlook 2024, projecting that global oil demand will surpass 120 million barrels per day by 2050.

⛽ Namibia emerges as an Energy Hotspot with Massive Oil Reserves. Recent exploration has uncovered massive crude oil reserves, attracting major oil companies to invest in the country's energy sector. Namibia is also attracting investments in green hydrogen production.

🛢️ TotalEnergies' Suriname Offshore Project Drives $31B Oil & Gas Spend. TotalEnergies' Block 58 development offshore Suriname will contribute significantly to a forecasted $31B offshore oil and gas expenditure for the rest of 2024. The project will tap into an estimated 700M barrels of recoverable resources.

💎 Mining and Metals

🪨 S&P Global Launches First Carbon-Accounted Iron Ore Prices. S&P Global Commodity Insights, part of S&P Global launched the world's first daily carbon-accounted iron ore price assessments to track emissions from mining and transportation.

🏭 UK's Last Coal Plant to Close After 60 Years. Ratcliffe-on-Soar, the UK's last coal-fired power plant, is closing after 60 years of operation, following the new Labour government's policy to phase out coal power generation.

🏗️ Global Steel Production Declines in August 2024. The World Steel Association, an industry body, announced worldwide crude steel production in August 2024 fell by 6.5% YoY.

💰 Energy Deals

🚘 Masdar Buys Renewable Energy Platform Saeta for $1.4B. Masdar, a renewable energy company, acquired Saeta, a renewable energy platform, from Brookfield for $1.4B.

⚡ Fourth Partner Energy Secures $275M for Renewable Energy Expansion. Fourth Partner Energy, a renewable energy company, secured a $275M equity investment from a consortium consisting of IFC, ADB, and DEG to support its expansion plans in the renewable energy sector.

🍃 Rare Earth Recycler Cyclic Materials Secures $53M Series B Funding. Cyclic Materials, a Canadian company, raised $53M in Series B funding to develop a circular supply chain for recycling rare earth elements (REEs).

💰 Google Ventures-led $40M funding for geothermal HVAC startup. Dandelion Energy, a geothermal HVAC startup that originated from Google X, secured $40M in funding led by Google Ventures. The company is now operating across the United States.

💵 David Energy Raises $23M to Power Grid with Clean Energy 24/7. David Energy, a grid tech company, raised $23M in funding to enable the power grid to run continuously on clean energy.

🔌 Berlin EV Charging Startup Cariqa Raises $1.1M Pre-Seed. Cariqa, a Berlin-based startup set to transform the electric vehicle charging landscape, announced the close of its $1.1M pre-seed funding round.

Thank you for reading. Have a great week ahead!
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