Connect with us

Published

on

The US Department of Energy (DOE) is awarding $3.46 billion in grants to upgrade the electric grid for renewable energy and shore up its resilience in the face of extreme weather.

Largest-ever investment in US grid upgrade

This is the first round of the DOE’s $10.5 billion Grid Resilience and Innovation Partnerships (GRIP) program, and the grant money comes from the Biden administration’s Bipartisan Infrastructure Law.

There are 58 projects across 44 states, and the objective is to prevent blackouts and bring more than 35 gigawatts (GW) of new clean energy energy online. There are also investments in 400 microgrids, and three out of four projects will partner with the International Brotherhood of Electrical Workers (IBEW).

Secretary of Energy Jennifer Granholm said in a call yesterday with reporters, “The grid, as it currently sits, is not equipped to handle all the new demand … we need it to be bigger, we need it to be stronger, we need it to be smarter, to bring all of these new projects online.”

Some grants will go toward grid resilience, such as at Hawaiian Electric, which includes wildfire prevention and mitigation efforts. There are smart grid grants that support such projects as Dominion Energy Virginia’s DER management capabilities. And there’s a grid innovation program that funds projects like Georgia Environmental Finance Authority’s regional grid improvement program, which is focusing on remote communities.

There are also interstate programs, such as the coordination of planning, design, and construction of five transmission projects across seven Midwest states.

Electrek’s Take

After the release of the International Energy Agency’s groundbreaking grid study three days ago that called for rapid improvement and expansion of the global grid, this is good news.

The IEA called for strengthening grid interconnections, backing large-scale transmission projects, and embracing digitalization to ensure grids can adapt and withstand future challenges. The US’s GRIP program puts this urgent need into action. How quickly these projects will be deployed and completed remains to be seen; time is of the essence.

Read more: This is what the electricity grids need now to support clean energy


If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you 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 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

Environment

Rare earth stocks surge on U.S-China trade dispute over the critical minerals

Published

on

By

Rare earth stocks surge on U.S-China trade dispute over the critical minerals

A dump truck moves raw ore inside the pit at the Mountain Pass mine, operated by MP Materials, in Mountain Pass, California, U.S., on Friday, June 7, 2019.

Joe Buglewicz | Bloomberg | Getty Images

Shares of U.S. rare earth miners surged in early trading Monday, after President Donald Trump threatened China with retaliation over its strict export controls.

USA Rare Earth soared more than 18%, Critical Metals surged 18%, Energy Fuels jumped more than 11%, and MP Materials rallied about 8%.

Trump on Friday threatened China with a “massive” increase in tariffs in retaliation for Beijing imposing strict export controls on rare earth elements. The president then dialed down his rhetoric on Sunday, saying the situation with China will “be fine.”

The Defense Department, meanwhile, is accelerating its effort to stockpile $1 billion worth of critical minerals, according to The Financial Times.

And JPMorgan Chase said Monday it would invest up to $10 billion in companies that are crucial to U.S. national security.

“It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing — all of which are essential for our national security,” JPMorgan CEO Jamie Dimon said in press release.

Rare earths are a subset of critical minerals that are crucial inputs in U.S. weapons platforms, robotics, electric vehicles and other applications.

Continue Reading

Environment

Bloom Energy shares soar more than 30% after striking deal with Brookfield to provide fuel cells to AI data centers

Published

on

By

Bloom Energy shares soar more than 30% after striking deal with Brookfield to provide fuel cells to AI data centers

Bloom Energy power storage equipment in San Ramon, California.

Smith Collection | Gado | Archive Photos | Getty Images

Shares of Bloom Energy surged Monday after striking a deal with Brookfield to deploy fuel cells for artificial intelligence data centers.

Brookfield will spend up to $5 billion to deploy Bloom Energy’s technology, the first investment in its strategy to support big AI data centers with power and computing infrastructure.

Shares of Bloom Energy were up more than 30% in early trading. Bloom’s fuel cells provide onsite power that can be deployed quickly because they do not rely on the electric grid.

Nvidia CEO Jensen Huang told CNBC last week that the AI industry will need to build power off the electric to meet demand quickly and protect consumers from rising electricity prices.

“Data center self-generated power could move a lot faster than putting it on the grid and we have to do that,” Huang told CNBC on Oct. 8.

This is breaking news. Please refresh for updates.

Continue Reading

Environment

JPMorgan Chase says it will invest $10 billion into industries critical for national security

Published

on

By

JPMorgan Chase says it will invest  billion into industries critical for national security

JPMorgan Chase says it will invest $10 billion into industries critical for national security

JPMorgan Chase on Monday said it is launching a decade-long plan to help finance and take direct stakes in companies it considers crucial to U.S. interests.

The bank said in a statement it would invest up to $10 billion into companies in four areas: defense and aerospace, “frontier” technologies including AI and quantum computing, energy technology including batteries, and supply chain and advanced manufacturing.

The money is part of a broader effort, dubbed the Security and Resiliency Initiative, in which JPMorgan said it will finance or facilitate $1.5 trillion in funding for companies it identifies as crucial. It said the total amount is 50% more than a previous plan.

“It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing — all of which are essential for our national security,” JPMorgan CEO Jamie Dimon said in the release.

As the biggest American bank by assets and a Wall Street juggernaut, JPMorgan was already raising funds and lending money to companies in those industries. But the move helps organize the company’s activities around national interests at a time of heightened tensions between the U.S. and China.

On Friday, markets tumbled as President Donald Trump announced new tariffs on Chinese imports after the major U.S. trading partner tightened export controls on rare earths.

In the release, Dimon said that the U.S. needs to “remove obstacles” including excessive regulations, “bureaucratic delay” and “partisan gridlock.”

JPMorgan said that within the four major areas, there were 27 specific industries it would look to support with advice, financing and investments. That includes areas as diverse as nanomaterials, autonomous robots, spacecraft and space launches, and nuclear and solar power.

“Our security is predicated on the strength and resiliency of America’s economy,” Dimon said. “This new initiative includes efforts like ensuring reliable access to life-saving medicines and critical minerals, defending our nation, building energy systems to meet AI-driven demand and advancing technologies like semiconductors and data centers.”

The bank said it would hire an unspecified numbers of bankers and create an external advisory council to support its initiative.

This story is developing. Please check back for updates.

Continue Reading

Trending