🌞 Energy Futures #46

Happy Monday 👋

Germany’s KfW invests $1.26B in Indonesia’s transition to renewable energy, advancing the country’s green energy infrastructure. Northvolt’s Chapter 11 bankruptcy filing highlights financial challenges in the battery technology sector despite rising demand for electrification. Norway’s record oil and gas investments of $22.9B in 2024 support exploration to sustain production. At COP29, 25 nations committed to no new coal plants, advancing climate goals. TransAlta strengthens its renewable portfolio with the acquisition of Heartland Generation for $542M.

What's new?

HolonIQ’s new Green Skills Map and Workforce section reveal industry-wide sustainability skills and jobs, as well as workforce development initiatives, supporting upskilling for a sustainable economy.

HolonIQ's new skills newsletter is here! Get updates on emerging skills, workforce shifts, and industry insights across impact sectors. Subscribe now to stay ahead.

🌅 New Energy

🌱 Germany's KfW invests $1.26B in Indonesia's green energy projects. KfW, a German state-owned investment and development bank, granted Indonesia $1.26B to fund the development of green energy projects in the country.

⚡ Japan's Breakthrough in Green Hydrogen Production. Japanese researchers developed a new, cost-effective manganese oxide catalyst that significantly increases hydrogen production efficiency in electrolysis, improving hydrogen output by 1000% compared to conventional methods, reducing costs, and advancing green hydrogen adoption as a clean energy source.

🌞 Saudi Arabia Announces Transformative 3.6 GW Power Projects. Saudi Arabia announced the signing of major power generation projects totaling 3.6 GW by SEC, ACWA Power, and KEPCO to support the country's sustainable energy goals.

🔌 Utilities

⚡ Northvolt Files for Chapter 11 Bankruptcy in the US. Swedish battery maker Northvolt has filed for Chapter 11 bankruptcy in the US, signaling financial struggles despite its crucial role in advancing battery technology, raising concerns about the stability of the industry amidst growing demand for vehicle electrification.

⚡ Ofgem eyes $10.1B investment fund to accelerate clean power grid expansion. Ofgem consults on a $10.1B Advanced Procurement Mechanism to accelerate the UK’s clean power grid expansion. The fund would allow transmission owners to fast-track the purchase of equipment and materials needed to speed up grid upgrades, supporting renewable energy growth.

🔋 Battery Boom and Wind Project Rebound Revive Australia's Renewable Energy Goals. Australia's renewable energy target is back on track with 10 GW of battery storage and 8 GW of wind projects expected online by 2026, driven by increased installations and wind project recoveries.

🌱 Green Hydrogen Energy Storage Enabling Grid Stability and Renewable Integration. Green hydrogen energy storage offers long-term solutions to stabilize power grids and integrate renewables by storing surplus energy for later use. The market, valued at $17.1B in 2023, is projected to grow at 8.4% CAGR. Key regions like Asia Pacific lead, while challenges like high costs and distribution remain barriers.

⛽ Oil & Gas

⛽ Norway's Oil and Gas Investments Hit Record High in 2024. Norway experienced record levels of investment in its oil and gas sector in 2024, reaching $22.9B, and is projected to rise further in 2025, with additional exploration licenses issued in 2024 to maintain production levels and offset declines from maturing offshore fields.

🔥 ADNOC Gas Plans Massive $15B Capex Amid UAE's Surging Gas Demand. ADNOC Gas, a UAE-based energy company, plans to invest $15B in capital expenditure over the next five years to meet the rising gas demand in the UAE.

⛽ Oil Prices Rise on Geopolitical Supply Concerns. The oil and gas sector faces heightened volatility as global conflicts exacerbate fears of supply disruptions. Market responses to these tensions highlight an ongoing challenge for energy stability, with potential impacts on both production and pricing trends.

💎 Mining and Metals

🌍 Wealthy Nations Pledge 'No New Coal' at COP29. At the COP29 climate summit, 25 countries pledged not to build any new unabated coal-power plants to accelerate the phase-out of the highly polluting fossil fuel. The EU climate envoy Wopke Hoekstra signed the initiative.

🏭 UK to Ban New Coal Mining Licences. The UK Government announced plans to introduce legislation to stop issuing new coal mining licenses as part of its efforts to transition to clean energy.

⚠️ Southeast Asia's Mineral Boom for Renewable Energy Sparks Social Unrest. Southeast Asia’s mineral boom, spurred by demand for renewable energy materials, has triggered social unrest as local communities protest against the environmental and livelihood impacts of mining. Governments face growing challenges in balancing economic growth with social and environmental concerns.

🛠️ Skills and Workforce

HolonIQ is now tracking reskilling and upskilling initiatives critical in bridging workforce gaps. Impact industries are rapidly evolving, fueled by technological advancements, decarbonization, geopolitical dynamics, and socio-economic factors. To that extent, these sectors require considerable workforce/professional development initiatives to enhance workers' capabilities, boost economic growth, and promote social well-being. Read on for this week’s insights, and discover more in HolonIQ's latest Skills newsletter.

🌳 Egypt Champions Green Jobs and Skills Development at COP29. Egypt's Minister Rania Al-Mashat, at COP29, spotlighted green job creation as a cornerstone of the global climate agenda. Emphasizing the critical need for skill development in renewable energy, sustainable agriculture, and circular economy sectors, Al-Mashat called for equitable climate finance to enable the Global South to bridge employment and sustainability gaps. Her address underscored the transformative potential of green skills in fostering economic resilience and environmental sustainability.

🏢 University of Tennessee Secures Funding for Green Jobs Initiative. The University of Tennessee, Knoxville, has been awarded a $750,000 grant for East Tennessee Works, a regional green jobs initiative focused on Knoxville’s inner-city and rural Southern Appalachian communities. Over the next three years, the program aims to place 5,000 East Tennesseans into green economy jobs by collaborating with community partners, industry, labor organizations, and educational institutions to provide training in advanced manufacturing and green construction.

🔋 Newcastle Energy Hub to Create Thousands of High-Impact Green Jobs. A new energy hub in Newcastle, led by Britishvolt, is set to create over 2000 green jobs, revolutionizing the local economy. The project focuses on advanced battery production, supporting the UK’s clean energy goals while driving job growth in manufacturing, technology, and sustainability. By prioritizing workforce development and renewable innovation, this initiative underscores the transformative potential of green technologies to generate sustainable employment opportunities and bolster regional economic resilience.

HolonIQ has launched the Green Skills Map, an open-source framework initiated for cataloging, evaluating, and contextualizing the different components of the rapidly expanding field of green jobs. This comprehensive taxonomy will serve as a resource for understanding the full spectrum and complexity of green skills required across various sectors, thereby enabling a cohesive approach toward achieving net zero and decarbonizing the global economy. Green Skills Map spans 11 areas, 54 sub-areas, and 243 green skills clusters. A snippet of the map covering four areas has been included above. Explore the full map on greenskills.org.

💰 Energy Deals

💰 TransAlta to Acquire Heartland Generation at Reduced Price. TransAlta acquires Heartland Generation from Energy Capital Partners for $542M, a reduced price, strengthening TransAlta’s renewable energy portfolio.

⚡ Polaris Renewable Energy Raises $175M Through Bond Issue. Polaris Renewable Energy Inc., a company listed on the Toronto Stock Exchange, completed a private placement of a $175M bond issue.

💰 Energy-focused SPAC Dynamix raises $150M in IPO. Dynamix Corporation, a special purpose acquisition company (SPAC) targeting the energy and power value chain, raised $150M through an initial public offering (IPO) by offering 15 million units at $10 per unit.

⚛️ Tokamak Energy Secures $125M Funding for Fusion Energy and Magnet Tech. Tokamak Energy, a company working on fusion energy and magnet technologies, raised $125M to accelerate its plans to commercialize these technologies.

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