Four EU Countries Want to Get All of Their Power From Clean Sources by 2030
The eastern Europe conflict has highlighted the risks of Europes reliance on imported fossil resources. Decarbonization targets and the transition to renewable energy have accelerated in certain EU countries (Portugal, Netherlands, Denmark, and Austria) as they seek to lessen reliance in reaction to the war. The EU as a whole is currently aiming for 82% renewable energy by 2030. According to energy research tank Embers EU power objectives tracker, a handful of EU governments are expediting fossil fuel phase-outs to reach 100% clean power by the end of the decade. Meanwhile, DevvStream, NRG Energy (NYSE:NRG), Ballard Power Systems Inc (TSX:BLDP) (NASDAQ:BLDP), Fluor Corporation (NYSE:FLR), and FuelCell Energy Inc (NASDAQ:FCEL) are taking significant action to reduce emissions.
DevvStream is a carbon stream investment company focused on tech-based solutions. DevvStream provides upfront cash for sustainability projects in exchange for carbon credit rights. It creates and maintains carbon credits through these rights by leveraging the most technologically advanced, blockchain-based platform.
DevvStream and its affiliate Devvio, Inc., a leading provider of advanced Web3 solutions, announced a $2.5 million initial investment and partnership agreement with TS-Nano, an ESG company providing solutions to the oil and gas industry by designing, manufacturing and supplying next-generation polymer nanocomposite sealants. This investment marks the start of a joint effort to stop methane emissions through wellbore plugging and abandonment (P&A), wellbore cleanup, and repairs to oil and gas infrastructure, all of which use TS-Nanos unique line of sealant materials.
It is estimated that about 300 kilotons of methane are leaked into the environment each year by more than 3 million abandoned wells in the US alone.
It is thought that abandoned wells around the world release 2.5 million tonnes of methane each year. Since methane is thought to be responsible for about 30% of the rise in global temperatures since the pre-industrial era, reducing methane emissions is a key part of the fight against climate change.
TS-Nano will be in charge of all tasks to seal the wellbore. Devvio will use its blockchain-based DevvESG platform to manage the resulting data, measuring and confirming the carbon credit inputs made by each abatement operation. DevvStream, one of the first companies to invest in green technology projects that generate carbon credits, will be a streaming partner in the joint venture.
“DevvStream is proud to be a partner in this important methane-reduction initiative,” said Sunny Trinh, CEO of DevvStream. “As a carbon streaming company, we look for projects that take a unique, technology-focused approach to climate improvement that provides our stakeholders with the opportunity to purchase high-quality carbon offsets. TS-Nano’s innovative sealant technologies, combined with Devvio’s DevvX Web3 platform, offer an ideal opportunity for our Company to further its world-changing goals.”
For more information about DevvStream, click here.
Carbon Companies Enter Partnerships and Expand Operations
NRG Energy (NYSE:NRG), in cooperation with Smart Energy Decisions, released in August new data that identifies reputational risk and cost reduction as the top motivators for firms adopting decarbonization solutions. The 2022 State of Decarbonization Study delves into the many elements influencing businesses as they strive for net-zero emissions. When asked what motivates their decarbonization journey, 65% of respondents cited reputational risk as a significant issue, closely followed by cost savings at over 60%. Regulatory and legal risks rounded out the top three, accounting for 47% of the total. The study found that many organizations are now making major environmental commitments, with 85% of respondents setting emissions reduction objectives and nearly half committing to net-zero emissions. While meeting targets can be difficult, an expert energy partner can assist in facilitating substantial progress. The survey collected responses from more than 170 energy leaders about the problems and opportunities involved with cutting emissions.
Ballard Power Systems Inc (TSX:BLDP) (NASDAQ:BLDP) announced on September 30 its local for local strategy, which seeks to expand its worldwide manufacturing base in Europe, the United States, and China to support the global market demand growth through 2030. As part of this strategy, Ballard has entered into an investment agreement with the Government of Anting in Shanghais Jiading District to establish its new China headquarters, MEA manufacturing facility, and R&D centre at the Jiading Hydrogen Port, which is strategically located in one of Chinas leading automotive industry clusters. Ballard intends to invest around $130 million over the next three years, allowing for an annual manufacturing capacity of approximately 13 million MEAs at the new MEA production facility, which will supply about 20,000 engines. This investment is projected to lower MEA production costs, match Chinas fuel cell value chain localization policy, and strengthen Ballards position in hydrogen fuel cell demonstration cluster regions and the post-subsidy market.
On October 3, Fluor Corporation (NYSE:FLR) announced that BASF had awarded the Company two reimbursable engineering, procurement, and construction management contracts for the ethylene oxide/ethylene glycol and infrastructure, offsites, and utilities packages as part of the Companys new Verbund programme in Zhanjiang, Guangdong province, China. Fluor will receive a contract worth more than $2 billion in the third quarter of 2022. Fluors project scope of work for BASFs Zhanjiang Verbund site project includes two core packages: the ethylene oxide/ethylene glycol derivative unit and the infrastructure, offsites, and utilities scope, which includes site infrastructure, utility generation, and site logistics. Fluor also provides services as part of the centralized program management teams duties. The Company’s Shanghai office will lead the project.
FuelCell Energy Inc (NASDAQ:FCEL) reported revenues of $43.1 million in the third quarter, a 61% increase over the same prior-year quarter. Operating expenses grew to $23.8 million in the third quarter of fiscal 2022, up from $11.7 million in the third quarter of fiscal 2021. Administrative and selling expenses increased to $14.2 million from $8.7 million due to higher sales, marketing, and consulting costs as the Company invests in rebranding and accelerating its sales and commercialization efforts. This includes expanding the size of its sales and marketing teams, resulting in increased compensation expense due to headcount growth. Research and development expenses of $9.7 million during the quarter, up from $3.0 million in the same prior year period, represent increased spending on FuelCells ongoing commercial development initiatives relating to its solid oxide platform and carbon capture solutions. The net loss in Q3 2022 was $(29.0) million, compared to a net loss of $(12.0) million in Q3 2021, principally due to a gross loss (compared to a gross profit in Q3 2021) and higher operating expenses.
DevvStream (NEO:DESG) invests in technology-based, green projects that generate renewable energy, enhance energy efficiency, eliminate or reduce emissions and waste, or directly sequester carbon from the atmosphere.
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