Connect with us

Published

on

In this article

Aleksander Kalka | NurPhoto | Getty Images

Oil and gas giant BP said Wednesday “the production of green hydrogen and green ammonia using renewable ‎energy” was now technically feasible at scale in Australia.

The energy major’s conclusion is based on the findings of a feasibility study announced in May 2020 and supported by the Australian Renewable Energy Agency, solar developer Lightsource bp and professional services firm GHD Advisory.

In a statement, BP described the vast state of Western Australia as being “an ideal place” for the development of “large scale renewable energy assets that ‎can in turn produce green hydrogen and/or green ammonia for domestic and export markets.”

Described by the International Energy Agency as a “versatile energy carrier,” hydrogen has a diverse range of applications and can be deployed in sectors such as industry and transport.

It can be produced in a number of ways. One method includes using electrolysis, with an electric current splitting water into oxygen and hydrogen. If the electricity used in this process comes from a renewable source, such as wind or solar, then some call it green or renewable hydrogen.

BP said green ammonia could be generated through the combination of green hydrogen and nitrogen from the air. Ammonia could then be used as a “hydrogen carrier.” 

The BP report was prepared by GHD Advisory. Among other things, it looked at the “hydrogen supply chain and domestic and export markets” at different scales: a pilot facility which would produce 4,000 metric tons of hydrogen to generate as much as 20,000 metric tons of ammonia; and a commercial scale project where 200,000 metric tons of hydrogen would produce up to 1 million metric tons of ammonia.

Frédéric Baudry, BP Australia’s president, said the study confirmed “the potential for scaled-up green hydrogen in Western Australia.”

“This looks ‎particularly promising in the mid-west of WA, which has existing infrastructure, access to land and ‎abundant renewable energy resources such as wind and solar.”

While the report highlights the sector’s potential, BP acknowledged that development would need “significant infrastructure investment in ports, water and electricity ‎networks and distribution.‎” The commercial viability of “general hydrogen fuel use” would need significant scale, BP added. 

A major player in fossil fuels, BP says it’s aiming to become a net-zero company by the year 2050 or before. Among other things, the company wants to invest in and build 50 gigawatts of renewable energy capacity by 2030. Australia is a “leading exporter” of both coal and liquefied natural gas, according to the International Energy Agency.

Currently, the vast majority of hydrogen generation is based on fossil fuels, and green hydrogen is expensive to produce. The last few years have, however, seen an increasing number of major companies take an interest in the potential of hydrogen.

Just last month, the CEO of Italian infrastructure firm Snam outlined a vision for the future of hydrogen, saying the “beauty” of it was that it could be easily stored and transported.

Speaking to CNBC’s “Squawk Box Europe,” Marco Alverà spoke about how current systems would be used to facilitate the delivery of hydrogen produced using renewable sources, as well as biofuels.

“Right now, if you turn on your heater in Italy the gas is flowing from Russia, all the way from Siberia, in pipelines,” he said.

“Tomorrow, we will have hydrogen produced in North Africa, in the North Sea, with solar and wind resources,” Alverà said. “And that hydrogen can travel through the existing pipeline.”

While there is excitement about the potential of hydrogen, it has some work to do in the years ahead. In a recent interview with CNBC, Enel CEO Francesco Starace said there was “no competition for capital between hydrogen and renewables.”

“Hydrogen today is a niche, and it is a niche that needs to develop into commercial standard and into … big industry, competitive pricing,” Starace said, signaling that such a shift would probably take 10 years.

“So it’s a big effort in R&D, it’s a big effort in prototypes, a big effort in pilot plants, but nothing compared to what goes on, on the very large and competitive battlefield of renewables today.”

Continue Reading

Environment

Lucid’s (LCID) next batch of Gravity electric SUVs is ready to roll out for Saudi Arabia

Published

on

By

Lucid's (LCID) next batch of Gravity electric SUVs is ready to roll out for Saudi Arabia

Lucid’s (LCID) first electric SUV is going global. With output ramping up, Lucid is gearing up for more growth in 2025. The second batch of Lucid Gravity models is now ready to ship out to Saudi Arabia as it expands its overseas footprint.

Lucid preps another Gravity shipment for Saudi Arabia

Lucid delivered 3,109 vehicles in Q1 2025, its fifth straight quarter of record deliveries. This was despite “limited deliveries in Saudi Arabia” due to a system change that has since been resolved.

Production is also picking up, with 2,213 units made at its Arizona manufacturing plant. Lucid said it had another 600 vehicles in transit to Saudi Arabia, which will be included in Q2 production numbers.

Saudi Arabia is a key overseas hub for Lucid. Last year, Lucid opened its first international manufacturing plant (AMP-2) in King Abdullah Economic City (KAEC), Jeddah, Saudi Arabia. In the initial phase, the company ships vehicles from its Casa Grande, Arizona, plant for final assembly at the new AMP-2 facility.

Advertisement – scroll for more content

Lucid plans to eventually fully assemble vehicles at the plant, which will add an additional annual capacity of 150,000 cars.

Lucid-Gravity-electric-SUV
Lucid Gravity electric SUV at a Tesla Supercharger (Source: Lucid Motors)

According to Adrian Price, Lucid’s senior vice president, the second batch of Gravity models is ready to ship to Saudi Arabia.

Price posted on LinkedIn, saying, “Look at these beauties! Our second shipment of Lucid Gravity SUVs is ready to depart our factory in Arizona for Saudi Arabia!”

After reporting first-quarter earnings on Tuesday, Lucid reaffirmed its plans to produce 20,000 vehicles this year, more than double the roughly 9,000 units it made in 2024.

At its current pace, Lucid is on track to deliver around 12,500 vehicles this year, topping the roughly 10,200 it delivered in 2024.

Lucid-Gravity-lease
Lucid Gravity Grand Touring in Aurora Green (Source: Lucid)

Lucid ended the first quarter with about $5.76 billion in liquidity, which it said is enough to fund it through the second half of 2026, when it plans to launch its midsize vehicle. The company confirmed plans to launch production of its midsize platform in late 2026.

Marc Winterhoff, Interim CEO, said on the company’s earnings call that although he loves the Gravity, he thinks “the midsize platform is going to be an even bigger game change.”

Lucid-midsize-EV
Lucid midsize electric SUV teaser image (Source: Lucid)

The first two vehicles based on the platform are expected to be an electric sedan and SUV. Starting at around $50,000, Lucid’s midsize vehicles are expected to rival the Tesla Model 3 and Model Y. Former CEO Peter Rawlinson said the midsize platform will be “finally when we compete directly with Tesla.”

Lucid’s new Gravity electric SUV is available to order. The Grand Touring model starts at $94,900 and has up to 450 miles of range. A Touring trim will launch later this year, with prices starting at $79,900.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Democrats push back against Trump’s growing crypto empire

Published

on

By

Democrats push back against Trump's growing crypto empire

Jonathan Raa | Nurphoto | Getty Images

Democrats turned up the pressure on President Donald Trump‘s cryptocurrency ventures this week and the fortune that he and his family are making off the efforts as a vote rolls forward on a key crypto bill.

Thursday’s vote on the GENIUS ACT, a bill to establish federal rules for stablecoins, will be a test of how far the crypto lobby‘s influence goes after it heavily backed Trump’s 2024 presidential campaign.

Even with limited power, Democrats are calling for probes into Trump-connected coins and backers, seeking financial records and blocking legislation.

On Capitol Hill Tuesday morning, California Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, walked out of a hearing on digital asset allocation flanked by fellow Democrats, effectively shutting it down.

That same morning, Sen. Richard Blumenthal, D-Conn., sent letters announcing an initial inquiry into the Trump family’s expanding crypto empire, calling the Trump meme coin dinner contest a “pay-for-play scheme.”

Blumenthal, the ranking member of the Senate’s Permanent Subcommittee on Investigations, demanded records from Fight Fight Fight LLC. — the company behind the $TRUMP meme coin — and World Liberty Financial, a family-run crypto venture that recently announced plans to launch a stablecoin.

He called for documentation on ownership, revenue flows, and all communications with the White House, citing what he described as “unprecedented conflicts of interest and national security risks.”

Last month, the project ran a promotion offering top $TRUMP holders a dinner with the president and a “VIP White House tour,” a promise that sent the token’s price soaring after weeks of decline.

“President Trump’s financial entanglements to the $TRUMP coin, as well as the attempted use of the White House to host competitions to prop up the value of $TRUMP, represents an unprecedented, pay-to-play scheme to provide access to the Presidency to the highest bidder,” Blumenthal wrote.

Roughly 80% of the $TRUMP token supply is controlled by the Trump Organization and affiliates, according to the project’s website.

One of Blumenthal’s letters was addressed to Bill Zanker, the entrepreneur behind Fight Fight Fight, which controls a large portion of the $TRUMP token supply.

With the White House and both chambers of Congress controlled by Republicans, Democrats have little ability to push a legislative agenda or to lead investigations into potential malfeasance. But they’re betting that a coordinated effort to call out what they view as corruption in a formerly niche corner of the financial markets will resonate with a voter base that’s already souring on the president’s economic policies.

Top House Democrat Maxine Waters blocks crypto legislation hearing: CNBC Crypto World

The White House responded to Blumenthal’s inquiry with a short statement from Deputy Press Secretary Anna Kelly to CNBC’s “Crypto World.”

“President Trump’s assets are in a trust managed by his children. There are no conflicts of interest,” she wrote.

Waters on Tuesday convened a Democrat-only session focused squarely on Trump’s meme coin and World Liberty Financial. Her decision to derail the primary hearing came after Rep. French Hill, R-Ark., chair of the House Financial Services Committee, rejected her request to include provisions in the Digital Asset Market Structure Bill aimed at blocking Trump from further profiting off digital assets while in office.

“I object to this joint hearing because of the corruption of the president of the United States — and his ownership of crypto and his oversight of all the agencies,” Waters said.

Kelly responded to Waters, saying that Trump was working to make America the “crypto capital of the world.”

‘Cultivate influence’

Waters introduced a discussion draft that would ban the president and members of Congress from owning crypto assets or financially benefiting from them.

In the Senate, Democrats on Tuesday unveiled the “End Crypto Corruption Act,” spearheaded by Sens. Jeff Merkley of Oregon and Chuck Schumer of New York, meant to prohibit elected officials and senior executive branch personnel and their families from issuing or endorsing digital assets.

“Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls,” Merkley said. “This is a profoundly corrupt scheme. It endangers our national security and erodes public trust in government.”

“Our democracy shouldn’t be for sale,” said Schumer, the Senate minority leader.

The bill has already garnered backing from key Senate Democrats and endorsements from watchdog groups including Public Citizen and Democracy Defenders Action.

Merkley and Sen. Elizabeth Warren of Massachusetts sent a letter this week to the Office of Government Ethics, demanding an urgent review of a reported deal between World Liberty Financial, crypto exchange Binance and a UAE state-backed fund called MGX. The senators warned that the deal could represent a “staggering conflict of interest,” violate federal bribery laws and raise national security concerns.

Abu Dhabi-based MGX is using the Trump stablecoin for a $2 billion investment in Binance, Reuters reported.

Warren also sent a letter to the OGE questioning a White House waiver granted to David Sacks, the White House AI and crypto czar.

Sacks, a venture capitalist who co-hosted a $1.5 million-a-head fundraiser this week for a Trump-aligned super PAC, reportedly splits his time between advising the president on crypto policy and running a firm with active investments in the digital asset space.

Under federal ethics law, such financial entanglements would typically bar him from shaping policy in the same sector.

Read more about tech and crypto from CNBC Pro

But the Trump administration issued an ethics waiver asserting that Sacks’ holdings were “not so substantial” as to compromise his judgment — a claim Warren called unverifiable. In her letter, Warren demanded clarity from the OGE on whether it reviewed the waiver and whether Sacks still holds crypto-related financial interests that pose a conflict of interest.

Sacks said he sold over $200 million worth of digital asset-related investments personally and through his firm, Craft Ventures, before starting the job, according to a memo from the White House in March.

Legislation is becoming harder

Chris Dixon, General Partner at Andreessen Horowitz, discusses cryptocurrency during the TechCrunch Disrupt forum in San Francisco, October 2, 2019.

Kate Munsch | Reuters

The crypto industry is lobbying to push it forward.

“The GENIUS Act will protect consumers and increase transparency — a significant improvement on the status quo,” said Chris Dixon, managing partner in Andreessen Horowitz’s crypto practice, in a post on X. “Moving quickly on this and a market structure bill would provide long-overdue clarity for consumers and the industry so that we entrench dollar dominance and the U.S. remains the leader in blockchain technology.”

Stripe, which recently acquired stablecoin infrastructure startup Bridge Network for $1.1 billion, has also backed the bill. The company said as part of a press release on Tuesday that it “supports the development of a clear, consistent regulatory framework for stablecoins and welcomes the growing bipartisan interest in this issue.”

WATCH: Jack Mallers looks to rival Strategy with new bitcoin company backed by Tether and SoftBank

Jack Mallers looks to rival Strategy with new bitcoin company backed by Tether and SoftBank

Continue Reading

Environment

Arc is developing a 26-foot dual motor electric tugboat for the Port of Los Angeles

Published

on

By

Arc is developing a 26-foot dual motor electric tugboat for the Port of Los Angeles

Electric boat developer Arc is venturing into the commercial sector by building an electric tugboat that will serve the Port of Los Angeles later this year. The retrofitted 26-foot ship will feature Arc Boats‘ electric powertrain and software technology.

Arc Boat Company was founded in January 2021 as a venture-backed startup based in Los Angeles, California, led by a team of former rocket engineers and EV experts from companies like SpaceX, Tesla, Rivian, and Lyft.

The company made (small, quiet waves ) in June 2022 with its first product – the Arc One, a limited edition all-electric cruiser. Less than 20 were built in total and quickly sold out. As an encore, the boatbuilder unveiled the Arc Sport – an electric wake boat with more power, technology, and ballast than its predecessor, back in February 2024.

That following May, we were invited aboard the Arc Sport and were (nearly) floored by the jolt of its 500 hp electric powertrain. Recently, Arc announced a new venture into the commercial segment, in which it is implementing its technology into an electric tugboat.

Advertisement – scroll for more content

Electric tugboat
Source: Arc Boats

Arc to launch an electric tugboat in LA this summer

According to an update from Arc Boats, it is retrofitting a 26-foot tugboat with electric motors and massive lithium-ion battery packs to serve the Port of Los Angeles. The tugboat is being developed through a new partnership with Portland shipyard Diversified Marine Inc. and will feature the same high-voltage architecture in the Arc Sport.

In addition to the large batteries, the electric tugboat will be propelled by a 600 hp dual motor drivetrain and will be equipped with a modernized captain’s helm and real-time performance monitoring using Arc’s proprietary software.

When completed, the electric tugboat will operate around the Los Angeles and Long Beach port complex in California, which processes approximately 76% of all waterborne goods that move in and out of the West Coast, and 31% nationally.

As a leading port in the Western Hemisphere, Los Angeles and Long Beach have set goals to transition to zero-emission equipment by 2030 and zero-emission trucks by 2035, with harbor craft to follow thereafter. Arc’s research and development lead, Robert Binkowski, spoke about the company’s decision to retrofit a commercial tugboat with all-electric technology:

It just makes sense. This is the future of every port in the world. We’re not starting from scratch. We’re leveraging our substantial engineering resources and IP from our consumer platform. We want to make anything that lives full-time in the harbor zero-emission.

Arc said the electric tugboat features split assembly construction, enabling land transport via truck and crane. Arc shared that this initial retrofit will serve as a lesson in electrified boat integration that is already “informing designs for larger tugs.”

The revamped electric tugboat is expected to launch operations in the Port of Los Angeles as early as this summer, before Arc begins working on larger vessels later this year.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending