🌞 Energy Futures #39

Happy Monday 👋

According to a report by the International Renewable Energy Agency and the International Labor Organization, China led global renewable energy job growth in 2023, with 2.5 million new jobs in the sector. In the US, grid-scale storage installations surged by 60% in Q2, driven by falling prices. India is set to increase its crude oil refining capacity by 35-40 million tonnes by 2030 to meet growing domestic demand. OPEC predicts it will be a major driver of global oil demand. The UK officially closed its last coal power station, becoming the first G7 nation to end its reliance on coal. Meanwhile, nuclear tech firm Newcleo raised $142.6M in Series A funding.

🌅 New Energy

🏭 China Leads Global Renewable Energy Job Growth. According to a report by the International Renewable Energy Agency and International Labour Organization, a record 2.5 million jobs were created in the renewable energy sector in 2023, with most of them in China.

💸 US Imposes Duties on Solar Panels from Southeast Asia. The US imposed duties on solar panel imports from Cambodia, Malaysia, Thailand, and Vietnam after determining that Chinese manufacturers circumvent existing duties by performing minor assembly in those countries.

🔃 Groundbreaking Sand-Based Thermal Storage for Renewable Energy. Magaldi Green Thermal Energy Storage in Italy developed a thermal energy storage system that uses sand to store and release renewable energy, a critical technology for achieving net-zero emissions goals.

🔌 Utilities

🔋 Record surge in US grid-scale storage installations. The US saw a 60% surge in grid-scale storage installations in the second quarter, setting a record. According to a report by the American Clean Power Association and Wood Mackenzie, this was driven by falling prices.

🪫 Ireland Set for Groundbreaking Energy Storage Project. FuturEnergy Ireland proposed building a 1 GWh iron-air battery storage facility in Ireland. This facility could be Europe's first to store energy for up to 100 hours with a 30-year operational lifespan.

🔌 Infrastructure Boosts Angola's Oil and Gas Production. S&P Global Commodity Insights says that Angola's strong utility and other infrastructure is poised to enhance its status as a major oil and gas producer in Africa.

⛽ Oil & Gas

🛢️ India to Boost Crude Oil Refining Capacity by 2030. India plans to boost crude oil refining capacity by 35-40 million tonnes by 2030 to meet rising domestic demand. OPEC predicts India will be a key driver of global oil demand growth from 2023 to 2050.

⛽ $1.7B rilling Campaign for 144 Wells Boosts Oil and Gas Production. Three companies have formed the Turnwell joint venture to handle an initial $1.7B drilling program for 144 wells, increasing oil and gas production before 2025 with more drilling potentially planned.

🛢️ ExxonMobil to Invest $10B in Nigerian Offshore Oil Projects. ExxonMobil, a US-based company, is set to invest $10B in Nigeria's deep-water oil operations, with a significant portion of the funds allocated to the Owo offshore project. Recently, the Nigerian government revised its fiscal policies to attract such investments.

💎 Mining and Metals

🏭 The UK Ends the Coal Power Era. The UK has closed its final coal power station, marking the end of the country's reliance on coal for electricity generation. This makes the UK the first G7 nation to achieve this milestone.

🏭 India's Coal Production Rises in September 2024. India's coal production increased by 2.49% to 68.94 million tonnes in September 2024 YoY. The country's coal stock levels increased significantly, by 51.07% to 33.46 MT as of September 29, 2024.

🏗️ China Disrupts Critical Minerals Market. Chinese miners have dramatically increased production of cobalt and lithium, causing prices of these critical minerals to plummet by over 75% from their recent peak.

💰 Energy Deals

⚡ Nuclear Unicorn Newcleo Raises $142.6M in Series A Funding. Newcleo, a clean nuclear technology company, announced the closure of the UK tranche of its Series A capital raise, securing $142.6M.

⚡ OPRI Secures $111.14M Financing for Italian Solar Projects. Ortus Power Resources Italy (OPRI), a joint venture between Ortus Climate Mitigation and Omnes Capital's Capenergie 4 fund, secured up to $111.14M in bond issuance to finance the development of 740MW solar projects in Italy.

🍃 Leyline Provides $28M Financing for Renewable Energy Project. Leyline Renewable Capital provided $28M in financing to Golden State Clean Energy, a renewable energy developer.

💰 Kaynes Tech Acquires Smart Meter Company Iskraemeco for $5.2M. Kaynes Technology, an Indian company, acquired Iskraemeco India, which supplies, installs, operates, and maintains smart meters, for $5.2M.

💵 Electric Car Charging Firm Secures Funding for Expansion. We Power Your Car (WPYC), an electric vehicle charging company based in West Yorkshire, secured 0.92M in funding from Finance Yorkshire's growth fund to support its expansion plans.

🔌 Kansas Solar Company Acquires Local Electrical Firm. Good Energy Solutions, a solar installer based in Kansas, acquired Laven Electric, an electrical and solar services provider also based in Kansas.

Thank you for reading. Have a great week ahead!
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