Energy Update
US DOE honored better buildings partner city of Chattanooga, TN for energy efficiency achievements.
Since being dubbed the “Dirtiest City in America” by Walter Cronkite in 1969, the City of Chattanooga has worked to reverse the negative environmental impacts of local industry.
By Vinayak Walimbe, V.P. of Emerging Technologies (North America), Customized Energy Solutions
Contributed by Jason Hill, Samuel Brown, Garrett Kral and Carter Chandler Clements
As if it wasn’t enough that Texas has some of the best wind resource, best solar resource, and largest shale oil and gas deposits in the world, we also have a great geothermal resource. Unlike the others resources, though, geothermal is yet to be tapped. That’s about to change.
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.
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