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High winds, a beaming sun, a remote landscape — the National Renewable Energy Laboratory’s (NREL’s) Flatirons Campus might be a familiar environment to military servicemembers. Here at “Fort Renewable,” down a dirt road from the main research campus, military Quonset huts are dispersed among energy assets like solar photovoltaics and battery storage.

Compared to a real military base, the Fort Renewable setup is not so much forward-operating as forward-thinking, with its own critical mission: to design high-renewable systems for secure applications. With unique cyber and physical capabilities, NREL’s microgrid research platform is the scene of large-scale grid demonstrations that are helping the military, microgrid, and energy storage industries transition past technical barriers toward extreme renewable integration.

Quonset huts at NREL replicate military microgrid environments so that DOD and partners can reliably evaluate energy security with renewables and battery storage.

Quonset huts at NREL replicate military microgrid environments so that DOD and partners can reliably evaluate energy security with renewables and battery storage.

Quonset huts at NREL replicate military microgrid environments so that DOD and partners can reliably evaluate energy security with renewables and battery storage.

A Competition To Create Quality Microgrids

Microgrids are nothing new to the military, and especially nothing new for NREL–Department of Defense (DOD) collaborations. But as new threats emerge on energy systems — generally cyber and environmental — the DOD is now looking to bolster its backup power with battery storage, in place of a current preference for diesel generators.

“We’ve had military microgrids for 20 years now,” said Brian Miller, a senior NREL researcher and microgrid research lead. “But we didn’t have batteries back then, and very little solar.”

Relying on diesel generators alone could put microgrids at risk. If a true disaster scenario takes down the grid for an extended period, the military’s old diesel generators would not survive multiweek outages.

“Renewables and battery storage have the potential to last longer on fuel supplies and provide important energy diversity,” Miller said.

To discover the best microgrid-storage implementations across its diverse sites, the DOD arranged a unique program that is half competition, half technology accelerator. Under the program, the early-stage companies have been invited to validate their microgrid solutions on progressively more realistic grid systems, and progressively more challenging platforms. This way, companies can quickly gain field experience, DOD can confidently invest in its own microgrid improvements, and the experimental results will be widely available as stakeholder resources.

The project is facilitated through the DOD Environmental Security Technology Certification Program (ESTCP) and therefore inherits the program’s goal of assisting early-stage commercial products past the difficulties of breaking into the market. Each participating company is matched with an industry principal investigator, forming teams of two that apply the commercial concepts to real microgrid operations.

The validations got underway in 2020. While each of the participating teams are ultimately striving to prove their technologies at an actual DOD base, they first must advance through two lower-fidelity trials. These initial validations are taking place at NREL, where energy systems can be emulated to exact similarity under most any scenario.

Building Military Microgrids at a Replica Base

In preparation for the program, NREL refashioned its world-class power systems research platform ARIES into a distributed military microgrid — off-grid as a DOD base might be, but with high-performance experimental assets like weather stations and six-strand fiber optic communication links. At NREL’s Fort Renewable, DOD and participating companies have now been able to truly validate and derisk commercial microgrid systems.

Each team’s microgrid-battery storage solution is tested against emulated power outages, which the microgrid controls must be capable of managing.

Each team’s microgrid-battery storage solution is tested against emulated power outages, which the microgrid controls must be capable of managing.

Phase 1 of the program brought seven teams to NREL, where their microgrid-storage concepts were plugged into virtual systems and analyzed with simulated operations. This first phase validated teams’ technologies on a model military base, testing whether the devices could respond with a baseline level of performance, and filtered the number of participating teams down to four. Phase 1 results are available on the ESTCP website.

Phase 2 of the project raised the bar higher: Teams have submitted their technologies to more rigorous validations on a near-exact approximation of DOD’s Naval Air Station Patuxent River (NAS Patuxent River) — a 34-MW Air Force base in Maryland — replicated right inside NREL.

“Our platform is built such that users can prove their designs for islandable microgrids that are able to provide power in a long-duration emergency at a reasonable cost,” said Miller, who led the development of the military microgrid research platform. “Doing a study is one thing, but you can’t pencil whip whether a power hardware is successful. That’s why these companies come to NREL. If they can leverage our capabilities, it’s huge.”

Miller, himself once a major in the U.S. Air Force, has a career’s worth of energy resilience experience drawn from service overseas and across the United States, and used his background to build out the replica research environment.

The research platform involves about 250 kW of hardware, which is variously swapped with teams’ technologies — everything from microgrid switches and controllers to batteries. The teams rely on NREL for the rest of the microgrid environment: power and grid emulators, SCADA networks, switchgear, load banks, renewable resources, and a replica of the NAS Patuxent River grid.

And that covers just the hardware. The full platform crosses nearly every lab space in NREL’s Energy Systems Integration Facility and connects out to the Flatirons assets miles away. An integrated Cyber-Energy Emulation Platform (CEEP) digitally emulates communications and controls for the microgrids, while a vast sensor network simultaneously collects power data at all points throughout the microgrid and visualizes interactive metrics in real time. All told, the military microgrid research platform is as close to real as the teams will experience until Phase 3.

Microgrid Lessons for a Larger Grid

Each team has a different approach to microgrid-storage solutions: One is using redox-flow batteries, others bring their own microgrid controllers, and another is validating lithium iron phosphate battery storage. As of Phase 2, the participating teams are led by Ameresco, the Energy Power Research Institute, Raytheon, and SRI and Arizona State University. Cummins, which helped NREL build out the military microgrid research platform and contributed its microgrid controller to the design, has also thrown its hat into the program. NREL could not resist entering the action as well.

The teams have an important stake in the program — successful validations could carry their products from relative obscurity to energy markets anywhere, with the bonus of being proven in highly demanding applications. But the larger energy industry stands to gain something more: The demonstrations are establishing first-ever data around what works for critical applications of energy storage in microgrids.

“This project is about learning how critical loads can survive disaster and outage scenarios,” said Martha Symko-Davies, laboratory program manager of the ESIF. “We’re not validating microgrids for the military only; we want to do this for the whole country. Future campuses and microgrid systems will look to this project for examples, and to NREL for microgrid research capabilities that exist nowhere else.”

In this perspective, project teams endure the hardest tests so that future microgrids can better survive worst-case scenarios. NREL validations force difficult decisions that a critical microgrid could encounter, like choosing between multiple critical loads. For participating teams, their early-stage concepts that have scarcely seen commercial applications are up against disasters that any system would hope to never see, but nevertheless must prepare for.

“Some universities maintain billion-dollar inventories of temperature-controlled cell cultures, for example. This is a critical load compared to other buildings on campus, and a functional microgrid should be able to allocate power accordingly,” Miller said.

NREL is advancing distributed grid and microgrid control and optimization solutions through research such as Autonomous Energy Systems and products like OptGrid.

Beyond specific technologies, this ESTCP evaluation program is creating important knowledge for microgrids generally. Networked microgrids are an upcoming approach for accommodating distributed energy while enhancing resilience against future threats. Likewise, the Autonomous Energy Systems portfolio of work is developing microgrid controls for autonomous configuration and operation of connected microgrid systems. In each topic, the ESTCP program is showing what critical microgrid operations look like — the real results of applying renewable energy assets to resilience events.

As the participants move to Phase 3 of the program — installation at one of seven DOD microgrid sites — industry moves one step closer to resilient renewable microgrids. For all the expectations that microgrids and renewables could reliably support critical loads, a new class of commercial players is arriving with the first data to show exactly how.

Article courtesy of NREL.

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Fintechs like Block and PayPal are battling like never before to be your all-in-one online bank

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Fintechs like Block and PayPal are battling like never before to be your all-in-one online bank

Jack Dorsey, co-founder of Twitter Inc., speaks during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

Jack Dorsey’s Block got started as Square, offering small businesses a simple way to accept payments via smartphone. Affirm began as an online lender, giving consumers more affordable credit options for retail purchases. PayPal upended finance more than 25 years ago by letting businesses accept online payments.

The three fintechs, which were each launched by tech luminaries in different eras of Silicon Valley history, are increasingly converging as they seek to become virtual all-in-one banks. In their latest earnings reports this month, their lofty ambitions became more clear than ever.

Block was the last of the three to report, and the high-level numbers were troubling. Earnings and revenue missed estimates, sending the stock down 18%, its steepest drop in five years. But to hear Dorsey discuss the results, Block is successfully implementing a strategy of offering consumers the ability to pay businesses by smartphone, send money to friends through Cash App, and access credit and debit services while also getting more ways to invest in bitcoin.

In 2024, we expanded Square from a payments tool into a full commerce platform, enhanced Cash App’s financial services offerings, and restructured our organization,” Dorsey said on Block’s earnings call on Thursday after the bell.

Block and an expanding roster of fintech rivals have all come to see that their moats aren’t strong enough in their core markets to keep the competition away, and that the path to growth is through a diverse set of financial services traditionally offered by banks. They’re playing to an audience of digital-first consumers who either didn’t grow up using a brick-and-mortar bank or realized at an early age that they had no need to ever set foot in a physical branch, or to meet with a loan officer or customer service rep.

“Longer term, we see a significant opportunity to grow actives, particularly among that digital-native audience like Millennial and Gen Z,” Block CFO Amrita Ahuja said on the earnings call.

Block shares drop after reporting earnings and revenue miss

As part of its expansion, Block has encroached on Affirm’s turf, with an increasing focus on buy now, pay later (BNPL) offerings that it picked up in its $29 billion purchase of Afterpay, which closed in early 2022. Block’s market share in BNPL increased by one point to 19%, while Affirm held its position at 17%, according to a recent report from Mizuho. Both companies are outperforming Klarna in BNPL, the report said.

Block’s BNPL play is now tied into Cash App, with an integration activated this week that gives users another way to make purchases through a single app. With Cash App monthly active users stagnating at 57 million for the last few quarters, the company is focused on engagement rather than rapid user acquisition.

“We think that there is significant opportunity for growth longer term, but there are some deliberate decisions we’ve made as part of our banker-based strategy in the near term” that have kept user numbers from increasing, Ahuja said. “This is a part of our continuous enhancements to drive healthy customer engagement as we bank our base.”

Compared to Block, Wall Street had a very different reaction to Affirm’s earnings earlier this month, pushing the stock up 22% after the company’s results sailed past estimates.

Affirm founder and CEO Max Levchin, who was previously a co-founder of PayPal, built his company with the promise of giving consumers lower-cost and easy-to-tap intstallment loans for purchases like electronics, jewelry and travel.

The BNPL battlefront

Watch CNBC's full interview with PayPal CEO Alex Chriss

Under the leadership of CEO Alex Chriss, who took over the company in September 2023, PayPal is in the midst of a turnaround that involves working to better monetize products like Braintree and Venmo and joining the world of physical commerce with a debit card inside its mobile app.

Investors responded positively in 2024, pushing the stock up almost 40% after a brutal few years. But the stock dropped 13% after its earnings report, even as profit and revenue were better than expected. PayPal’s total payment volume for the quarter hit $437.8 billion, slightly below projections, while transaction margins rose to 47% from 45.8% — a sign of improving profitability.

One of Chriss’ big pushes is to get more out of Venmo, which has long been a popular way for friends to pay each other but hasn’t been a big hit with businesses. Venmo’s total payment volume in the quarter rose 10% year-over-year, with increased adoption at DoorDash, Starbucks, and Ticketmaster.

PayPal is also promoting Venmo’s debit card and “Pay With Venmo,” which saw 30% and 20% monthly active growth in 2024, respectively. The company is introducing new services to improve merchant retention, including its Fastlane one-click checkout feature, designed to compete with Apple Pay and Shopify’s Shop Pay.

Last year, the company launched PayPal Everywhere, a cashback-driven initiative designed to boost engagement within its mobile app. Chriss said on the earnings call that it’s “driving significant increases in debit card adoption and opening new categories of spend.”

As with virtually all financial services products, the new offerings from Block, Affirm and PayPal are designed to produce growth but not at the expense of profit. Banks operate at low margins, in large part because there’s so much competition for lower-priced loans and better cash-back options. There’s also all the costs associated with underwriting and compliance.

That’s the environment in which fintechs have to operate, though without the costs of running a network of physical branches.

Levchin talks about helping customers spend less, not more. And Block acknowledges the need for hefty investments to reach the company’s desired outcome.

“This is a part of our continuous enhancements to drive healthy customer engagement as we bank our base,” Ahuja said. “We’ve made investments in critical areas like compliance, support and risk. And as we’ve done that, we’ve progressed more of our actives through our identity verification process, which in turn, unlocks greater access to those actives to our full suite of financial tools.”

WATCH: CNBC’s full interview with PayPal CEO Alex Chriss

Watch CNBC's full interview with PayPal CEO Alex Chriss

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Trump to shut down all 8,000 EV charging ports at federal govt buildings

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Trump to shut down all 8,000 EV charging ports at federal govt buildings

The Trump administration is shutting down EV chargers at all federal government buildings and is also expected to sell off the General Services Administration‘s (GSA) newly bought EVs.

GSA, which manages all federal government-owned buildings, also operates the federal buildings’ EV chargers. Federally owned EVs and federal employee-owned personal EVs are charged on those 8,000 charging ports.

The Verge reports it’s been told by a source that plans will be officially announced internally next week, and it’s seen an email that GSA has already sent to regional offices about the plans:

“As GSA has worked to align with the current administration, we have received direction that all GSA-owned charging stations are not mission-critical.”

The GSA is working on the timing of canceling current network contracts that keep the EV chargers operational. Once those contracts are canceled, the stations will be taken out of service and “turned off at the breaker,” the email reads. Other chargers will be turned off starting next week.

“Neither Government Owned Vehicles nor Privately Owned Vehicles will be able to charge at these charging stations once they’re out of service.” 

Colorado Public Radio first reported yesterday that it had seen the email that was sent to the Denver Federal Center, which has 22 EV charging stations at 11 locations.

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The Trump/Elon Musk administration has taken the GSA’s fleet electrification webpage offline entirely. (An archived version is available here.)

The Verge‘s source also said that the GSA will offload the EVs it bought during the Biden administration, although it’s unknown whether they’ll be sold or stored.

Read more: Trump just canceled the federal NEVI EV charger program


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Hackers steal $1.5 billion from exchange Bybit in biggest-ever crypto heist

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Hackers steal .5 billion from exchange Bybit in biggest-ever crypto heist

Ben Zhou, chief executive officer of ByBit, during the Token2049 conference in Singapore, on Thursday, Sept. 14, 2023. 

Joseph Nair | Bloomberg | Getty Images

Bybit, a major cryptocurrency exchange, has been hacked to the tune of $1.5 billion in digital assets, in what’s estimated to be the largest crypto heist in history.

The attack compromised Bybit’s cold wallet, an offline storage system designed for security. The stolen funds, primarily in ether, were quickly transferred across multiple wallets and liquidated through various platforms.

“Please rest assured that all other cold wallets are secure,” Ben Zhou, CEO of Bybit, posted on X. “All withdrawals are NORMAL.”

Blockchain analysis firms, including Elliptic and Arkham Intelligence, traced the stolen crypto as it was moved to various accounts and swiftly offloaded. The hack far surpasses previous thefts in the sector, according to Elliptic. That includes the $611 million stolen from Poly Network in 2021 and the $570 million drained from Binance in 2022.

Analysts at Elliptic later linked the attack to North Korea’s Lazarus Group, a state-sponsored hacking collective notorious for siphoning billions of dollars from the cryptocurrency industry. The group is known for exploiting security vulnerabilities to finance North Korea’s regime, often using sophisticated laundering methods to obscure the flow of funds.

“We’ve labelled the thief’s addresses in our software, to help to prevent these funds from being cashed-out through any other exchanges,” said Tom Robinson, chief scientist at Elliptic, in an email.

The breach immediately triggered a rush of withdrawals from Bybit as users feared potential insolvency. Zhou said outflows had stabilized. To reassure customers, he announced that Bybit had secured a bridge loan from undisclosed partners to cover any unrecoverable losses and maintain operations.

The Lazarus Group’s history of targeting crypto platforms dates back to 2017, when the group infiltrated four South Korean exchanges and stole $200 million worth of bitcoin. As law enforcement agencies and crypto tracking firms work to trace the stolen assets, industry experts warn that large-scale thefts remain a fundamental risk.

“The more difficult we make it to benefit from crimes such as this, the less frequently they will take place,” Elliptic’s Robinson wrote in a post.

WATCH: Crypto stocks plunge

Crypto stocks plunge despite SEC dropping suit against Coinbase

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