Connect with us

Published

on

Hydrogen storage tanks photographed in Spain on May 19, 2022. Hydrogen has a diverse range of applications and can be deployed in a wide range of industries.

Angel Garcia | Bloomberg | Getty Images

The United States’ Inflation Reduction Act represents a “turning point” when it comes to the economics of technologies such as renewables and hydrogen, according to Goldman Sachs.

During an interview with CNBC’s Steve Sedgwick on Tuesday, Michele DellaVigna — who is Goldman’s commodity equity business unit leader for the EMEA region — touched upon a number of issues related to the energy sector, noting that a shift could be underway.

“All of the progress in clean-tech technology, economics, that we’ve seen for the last two, three years, had been driven by higher oil, gas and coal prices,” he said. “That is what makes, comparatively, renewables and hydrogen more profitable.”

“The exception — and I think this is where there could be green shoot[s] — is the Inflation Reduction Act in the U.S.,” he added. He went on to describe the IRA as “really a turning point on the economics of a lot of these technologies, with really generous incentives.”

The IRA was signed into law by President Joe Biden in August. According to the Department of Energy, the IRA “represents a historic, $369 billion investment in the modernization of the American energy system.” Among other things, the broad bill includes a hydrogen production tax credit.

Read more about energy from CNBC Pro

DellaVigna — who was speaking to CNBC on the sidelines of Goldman Sachs’ Carbonomics conference in London — said the IRA was “a great template.”

“It finally makes technologies like green hydrogen, local green battery production [and] carbon capture, profitable in large scale,” he added.

The use of hydrogen in the shift to a more sustainable future has become a big talking point in recent years.

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

It can be produced in a number of ways. One method includes 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.

The vast majority of hydrogen generation is still based on fossil fuels, but there is a huge amount of interest in the role green hydrogen could play going forward.

Read more about electric vehicles from CNBC Pro

Another attendee at the Carbonomics event was Elizabeth Gaines, the ex-CEO of Fortescue Metals Group, which is listed on the Australian Stock Exchange and produces iron ore.

Gaines, who is now a non-executive director at Fortescue, told CNBC there was a “genuine acceptance that green hydrogen will have a significant role to play in the green energy transition.”

Fortescue is making moves in the sector via its subsidiary, Fortescue Future Industries, which is focusing on the generation of renewable electricity and green hydrogen, among other things.

Gaines argued that Australia was well-placed to make a mark in the years ahead. “Australia is in a fantastic position to be part of the energy transition,” she said.

“In the same way that iron ore has been a significant export market for Australia, green hydrogen [and] renewable energy can play a similar role in the future — the jobs, the skills that come with that.”

Hopes for hydrogen, but hurdles remain

Over the past few years, major economies and businesses have looked to tap into the emerging green hydrogen industry in a bid to decarbonize the way sectors integral to modern life operate.

During a roundtable discussion at the COP27 climate change summit in November, German Chancellor Olaf Scholz described green hydrogen as “one of the most important technologies for a climate-neutral world.”

“Green hydrogen is the key to decarbonizing our economies, especially for hard-to-electrify sectors such as steel production, the chemical industry, heavy shipping and aviation,” Scholz added, before acknowledging that a significant amount of work was needed for the sector to mature.

“Of course, green hydrogen is still an infant industry, its production is currently too cost-intensive compared to fossil fuels,” he said.

“There’s also a ‘chicken and egg’ dilemma of supply and demand where market actors block each other, waiting for the other to move.”

Continue Reading

Environment

The first giant 15 MW turbine is up at Germany’s largest offshore wind farm

Published

on

By

The first giant 15 MW turbine is up at Germany’s largest offshore wind farm

Germany’s largest offshore wind farm under construction, EnBW’s He Dreiht, just hit a big milestone: The first enormous turbine is now up in the North Sea.

He Dreiht – which means “it spins” in Low German – is using Vestas’s massive 15 megawatt (MW) turbines, the first project in the world to install them. Just one spin of one of the rotors can generate enough electricity to power four households for an entire day.

When it’s finished, He Dreiht will have 64 mega turbines cranking out 960 megawatts (MW) of clean power – enough to supply around 1.1 million homes. And it’s being built without any government subsidies.

EnBW, one of Germany’s major energy companies, has been working in offshore wind for more than 15 years, but He Dreiht is their biggest project yet. “It will play a key role in helping us to significantly grow our renewable energy output from 6.6 GW to over 10 GW by 2030,” said Michael Class, who heads up EnBW’s generation portfolio development.

Advertisement – scroll for more content

The project is a win for Vestas, too. “With the installation of the first V236-15.0 MW, we have reached an important milestone for both the He Dreiht project and our offshore ramp-up, which helps Germany build a more secure, affordable, and sustainable energy system,” said Nils de Baar, president of Vestas Northern & Central Europe.

He Dreiht is located about 85 kilometers (53 miles) northwest of Borkum and 110 kilometers (68 miles) west of Helgoland. At peak times, more than 500 workers will be out at sea building the farm, using a fleet of more than 60 ships. EnBW’s offshore team in Hamburg is running the show.

The installation process is a major operation. The 64 foundations were already set in the seabed last year. Parts for the turbines are loaded onto the installation vessel Wind Orca in Esbjerg, Denmark, and shipped out in a 12-hour journey to the construction site. From there, the turbines are lifted into place. Meanwhile, crews are also working on internal wind farm cabling.

A partner consortium made up of Allianz Capital Partners, AIP, and Norges Bank Investment Management owns 49.9% of the shares in He Dreiht.

Read more: Trump admin halts $5 billion NY offshore wind project mid-build


To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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

Continue Reading

Environment

Tesla gives update on Tesla Semi factory, says on track for volume production in 2026

Published

on

By

Tesla gives update on Tesla Semi factory, says on track for volume production in 2026

Tesla has released a quick update about its Tesla Semi factory in Nevada. It says that it is on track for volume production of the electric semi truck in 2026.

The Tesla Semi was first scheduled to go into production in 2019, but it has faced numerous delays.

Now, it appears that there is finally some momentum to bring it to volume production.

For the last two years, Tesla has been working to build a new factory next to Gigafactory Nevada, where it builds the battery packs and drive units for most of its electric vehicles built in North America.

Advertisement – scroll for more content

Today, Tesla released a “progress update on the factory, confirming that it finished building and it’s now working on deploying the production lines:

Tesla had previously mentioned aiming for volume production by 2025, but it is now only talking about starting production toward the end of the year and ramping up next year.

The automaker reiterated its planned production capacity of 50,000 units.

We recently reported that an early Tesla Semi customer, Ryder, stated that the electric truck program is experiencing more delays and a price increase described as “dramatic.”

They now expect to take deliveries of their first trucks later in 2026 and said that the price has increased “dramatically,” leading them to scale back their pilot program from 42 to 18 Tesla Semi trucks.

When originally unveiling the Tesla Semi in 2017, the automaker mentioned prices of $150,000 for a 300-mile range truck and $180,000 for the 500-mile version. Tesla also took orders for a “Founder’s Series Semi” at $200,000.

However, Tesla didn’t update the prices when launching the “production version” of the truck in late 2022. Price increases have been speculated, but the company has never confirmed them.

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

Continue Reading

Environment

Vietnamese solar giant Boviet opens first US factory in North Carolina

Published

on

By

Vietnamese solar giant Boviet opens first US factory in North Carolina

Vietnamese solar panel maker Boviet Solar just opened the doors to its first US factory — a huge new PV module plant in Greenville, North Carolina.

The company dropped $294 million into the state-of-the-art facility, which will pump out Boviet’s Gamma Series monofacial and Vega Series bifacial solar panels. They’re using advanced PERC and N-Type solar cell tech, which basically means these panels are built to deliver higher efficiency and better performance across residential, commercial, industrial, and utility-scale projects.

The Greenville factory’s first phase is now online with an annual PV module output capacity of 2 gigawatts (GW). For Phase 2, which is scheduled to come online in the second half of 2026, Boviet will invest another $100 million to add 600,000 square feet and ramp up to another 2 GW. It will make high-efficiency solar cells.

Once both phases are complete, Boviet’s campus will cover more than 1 million square feet of manufacturing and R&D space. It’s one of the biggest clean energy manufacturing projects North Carolina has ever seen.

Advertisement – scroll for more content

The jobs impact is significant, too. The first phase will create 460 skilled local jobs. Phase 2 is expected to add another 908, bringing the total to over 1,300 direct jobs, plus nearly 2,000 more indirect jobs across the region. That’s good news for Pitt County’s economy, real estate market, and workforce training programs.

“This facility is not just creating jobs, but creating opportunity, innovation, and a stronger foundation for eastern North Carolina,” said Senator Kandie Smith. Governor Josh Stein added that Boviet Solar’s move shows how North Carolina is leading the way in clean energy growth.

Read more: Thomas Built Buses debuts its next-gen electric school bus


If you’re an electric vehicle owner, charge up your car at home with rooftop solar panels. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing on solar, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –ad*

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

Continue Reading

Trending