Icelandic power plant builder Reykjavik Geothermal announced plans to commence drilling in Ethiopia by the middle of this year. The project will use steam escaping from a collapsed volcano to power the turbines more
The White House launched a climate plan to cut methane gas emissions from landfill sites. The American Petroleum Institute opposed the new rules suggesting voluntary efforts as an alternative more
Plans to build a cable from Norway to Germany to trade renewable energy looked doubtful as concerns were raised over the profitability of the project more
Biofuel manufactures in the US were lobbying the the Environmental Protection Agency to try and prevent a watering down of the US renewable fuel mandate. Pressure from fossil-fuel producers resulted in the EPA proposing a reduction in the amount of renewable fuel that refines must blend with gasoline more
Apple’s announced that their new plant based in Arizona will run entirely on renewable energy. The plant will create 2,000 jobs and is part of a policy to boost manufacturing in the US more
UK power producer RWE Innogy shelved plans for a 240 turbine wind farm. The 1,200 MW Atlantic Array project would have produced enough electricity for 900,000 homes more
The Scottish government published results from an independent study into the potential for geothermal energy production in Scotland read study
American car rental customers are failing to embrace electric cars because of fears that they will run out of power between charging stations. Hybrids however have been much more popular as they lack the “range anxiety” associated with electric cars more
DuPont Co beat analysts estimates of third quarter earnings thanks to higher sales of materials used to make solar panels. The electronics unit delivered a 67% increase in operating profit driven by the performance of films and metal pastes used in the production of solar panels more
The UK government aims to increase solar more than 700% by 2020. The government hopes that by working with companies the price of solar can be brought down to a similar level to fossil fuels more
Australia’s new prime minister Tony Abbott has vowed to close the profitable Australian Clean Energy Bank. The development bank helps green projects raise debt and equity has a loan portfolio of AUD $536 m earning an average of 7% more
Here is your round up of greentech news…
UK based installer Solinium used solar slate tiles to enable Buckingham Group Contracting to generating their own local electricity at a new office in Amersham. We really like these tiles which overcome a lot of the aesthetic problems associated with traditional PV panels. Keep an eye on this blog for a more in depth look at solar slate tiles later this year…
California Governor Jerry Brown announced plans to ‘bottle sunlight’. In other words the state is looking at large scale storage solutions to enable power to be provided through peaks in demand more
Clarkson University has teamed up with The Centre for Evaluation of Clean Energy Technology (CECET) and the New York State Energy Research and Development Authority (NYSERDA) in opening a $1.2m wind turbine test facility more
Three years after President Obama pledged to install solar panels on the White House work has commenced on the project. A White House official stated that the installation is “part of an energy retrofit that will improve the overall energy efficiency of the building”. Jimmy Carter first installed solar panels in the 1970s but these were removed by Ronald Regan during the environmentally unenlightened 1980s.
Nepal – The 456-MW Upper Tamakoshi Hydro power station appointed (CIT) to float shares within the current fiscal year.
The UK government approved a large onshore windfarm for Lincolnshire.
Electricity production from Spanish wind mills topped that of nuclear, coal and solar for the first time.
Unsubsidised renewable energy in Australia passed a significant milestone to become cheaper than electricity from new-build coal and gas power stations.
This weeks round-up of greentech news
The UK govenment launched the Green Deal scheme which will provide loans to homeowners to help make their homes more energy efficient
The French government introduced a new law that will require businesses to turn off lights at night
Two wind turbines in the UK collapsed in strong winds raising concerns about safety
Saudi Arabia completed a 3.5 MW photovoltaic plant as part of it’s goal of sourcing one third of it’s energy requirements from the sun by 2032
And NASA announced plans to launch a giant solar sail next year to demonstrate propellantless propulsion
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A round-up of greentech news from around the globe
UK scientists announced plans to mimic photosynthesis as a way to make more efficient biofuel.
Sweedish furniture retailer Ikea announced plans to invest $4bn in renewable energy as a way of keeping costs down.
German car manufacturer VW turned on a 9.5MW solar power plant at it’s Tennessee manufacturing plant.
The UK and Ireland signed an agreement for Irish windfarms to support power directly to Britain’s national grid.
Construction started at the world’s largest windfarm at Dogger Bank off the British coast.
And finally a UK supermarket has announced that frozen burgers withdrawn from sale after they were found to contain horse meat will be sent to anaerobic digestion plants to be converted into fuel.
2013 is shaping up to be a tipping point for Greentech investments.
We previously predicted that the second half of 2013 would see a rush of Greentech IPOs come to market. Buoyed by an improving world economy and positive sentiment around the Greentech sector in particular. We have not seen anything in the first week of the year to make us doubt this prediction. The only factor that may require revision is the timing. Going by the current positive sentiment in the market it is possible that there may be some significant IPO activity around the middle of the year.
The extension of the wind energy tax credits as part of the fiscal cliff deal last week ensured that construction of wind plants across the US can continue. The American Wind Energy Association claims that move will save 37,000 jobs.
MidAmerican Energy is expected to make further additions to it’s renewable energy portfolio in 2013. The Berkshire Hathaway subsidiary has already acquired the 579 MW SunPower Corp for $2.0m – $2.5m and we expect further acquisitions during the year.
American car rental giants Avis Budget have agreed to buy the car sharing network Zipcar for US $500m.
Zipcar the world’s largest car sharing network has over 750,000 members in the USA, Canada, the UK, Spain and Austria. Members are able to reserve cars up to a year in advance. Access to the car is automated using an access card or smarthone app.
In 2007 Zipcar merged with Flexcar in the US. Further expansion followed in 2010 when Zipcar aquired UK basd Streetcar. In 2012 Zipcar completed the integration of Avancar the largest car sharing network in Spain.
SolarCity Corp (SCTY) shares jumped 47% in two days following it’s 12 December IPO which raised $92m. The offer price valued the company at $585m.
SolarCity installs solar systems on customers rooftops and sells them the electricity at a price 10%-15% lower than from a utility company. SolarCity says it has provided systems for more than 45,000 buildings in 14 states.
The California based company headed by Elon Musk had originally hoped to raise $151m in the IPO. However pressure from investors led to a lower offer price of $8 from an original range of $13 – $15. The number of shares offered increased from 10.1m to 11.5m representing 16% of the company.