Energy Update
Second-life battery company Element Energy said it reached first close of $28 million in Series B financing.
The round was co-led by Cohort Ventures and an unnamed clean energy company. The round included additional investment from existing investors Edison International, LG Technology Ventures, Prelude Ventures, and Radar Partners.
Element also said that Matt Murphy, president and CEO of Marvell Technology, joined its board of directors.
Oil major Chevron has plans to turn its drilling expertise to geothermal energy appliations.
Chevron New Energies business and Sweden-based Baseload Capital announced a joint venture to develop geothermal projects in the United States, with an initial project slated for Weepah Hills, Nevada. The companies said they will pursue development opportunities in Esmeralda County where previous geothermal research and advanced exploration already exist.
The Massachusetts Clean Energy Center (MassCEC) launched a new $50 million fund to support the advancement of clean energy and climate tech by investing in early-stage start-ups.
The 2030 Fund will target firms that are creating highly technical tools that are critical for decarbonization.
U.S. Senators Maria Cantwell (D-WA) and Lisa Murkowski (R-AK), along with Debbie Stabenow (D-MI) and Dan Sullivan (R-AK), have introduced legislation to help ensure that existing hydroelectric facilities can continue to provide emissions-free, affordable electricity.
EDF Renewables North America affiliate PowerFlex said it received a $100 million investment from Manulife Investment Management (Manulife IM) on behalf of investors.
Manulife IM now holds a minority stake in PowerFlex and has joined its board of directors. EDF Renewables retains majority ownership. Manulife IM also acquired a portfolio of existing operating assets to serve as the basis for a dedicated financing vehicle for future projects.
The U.S. added 4.6 GW of new solar capacity in the third quarter, a 17% decrease from the same quarter last year.
Trade barriers and ongoing supply chain constraints were blamed for slowing America’s clean energy progress. The disruptions are expected to cause a 23% decline in solar installations this year compared to 2021. The findings are part of the U.S. Solar Market Insight Q4 2022 report released by the Solar Energy Industries Association (SEIA) and Wood Mackenzie.
Engineers at MIT said they developed ultralight fabric solar cells that can readily turn any surface into a power source.
The durable, flexible solar cells are thinner than a human hair, and may be glued to a strong, lightweight fabric, making them easy to install on a fixed surface.
They can provide energy as a wearable power fabric or can be transported and deployed in remote locations to help in emergencies.
The U.S. Department of Energy through its Loan Programs Office closed a $2.5 billion loan to Ultium Cells to help finance the construction of new lithium-ion battery cell manufacturing facilities in Ohio, Tennessee, and Michigan.
Energy Vault Holdings said that NV Energy awarded it a project to deploy a 220 MW/440MWh short-duration Battery Energy Storage System (BESS). Work is expected to start in Q2 2023 with commercial operation expected by the end of 2023.
European renewable energy leaders have formed an alliance aimed at reviving the continent's solar supply chains.
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