Mux Weekly Newsletter - 8th Edition

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Mux Energy
April 21, 2024 • Estimated Reading Time: 8 minutes

Greetings, Watt Wizards!

Welcome to the Eighth edition of “Renewable Insights Weekly”—your compass in the ever-evolving world of sustainable energy. As we embark on this exciting world of sustainable energy, we’ll unveil the latest trends in wind turbines, solar panels, hydrogen cells, market Insights and Upcoming events and conferences.

Stay curious, stay green, and let’s ride the renewable wave together!

Read previous editions here: https://muxenergy.beehiiv.com/

Table of Contents

1. Global Wind Report 2024

  • In 2023, the wind industry set a record by adding 117 gigawatts of new wind power capacity worldwide. That’s like installing a bunch of giant wind turbines! But to tackle climate change, we need even more wind energy.

  • By 2030, we aim for at least 320 gigawatts—like a whole orchestra of wind turbines playing a clean energy symphony! Let’s keep those blades spinning!

2. Solar Installation in 2023

  • Solar installations are expected to reach a historic high the previous year, with 270 GW of new capacity globally.

  • China remains a leader in panel manufacturing, while the United States experiences a boom in utility and residential solar adoption.

  • The United Kingdom is leading residential solar, and Romania is making strides in distributed solar projects.

  • The levelized cost of solar energy (LCOE) is decreasing, and the industry is projected to reach 330 GW capacity by 2032

3. Renewable firms exposed to increased interest rates

  • Due to their capital-intensive nature, renewable energy companies face heightened exposure to rising interest rates. As interest rates climb, borrowing costs for renewable projects increase, impacting project economics and profitability.

  • Key considerations include the sector's reliance on debt financing, risk mitigation strategies (such as hedging), and the importance of long-term power purchase agreements. Investors should closely monitor interest rate trends and adopt effective risk management strategies. 🌿🔍 Read more …

4. Power to X Hydrogen developments

  • By 2050, clean hydrogen demand could account for up to 73% to 100% of total hydrogen demand, depending on the scenario. Hydrogen’s role in decarbonizing the energy system is pivotal, and its future hinges on technological advancements, policy enforcement, and cost competitiveness. The journey toward a sustainable hydrogen economy is both challenging and promising. 🌱🔬🌍

5. Clean Energy accounts for 10 % of GDP in 2023, IEA Reports

  • Last year, clean energy had a significant impact on the global economy. It contributed approximately $320 billion, accounting for 10% of global GDP growth.

  • Key highlights include the growth of solar photovoltaic technology, electric vehicle sales, nuclear power capacity, heat pumps, and energy efficiency improvements. These advancements drive positive change and transform our world toward a more sustainable future. 🌱💡🌏Click here to read more!

Projects & Mergers !

1. German RWE Acquires JBM Solar

  • German energy company RWE has become one of the top solar developers in the UK after acquiring JBM Solar. This strategic move reflects the growing importance of solar energy in the global market.

2. Fortescue Renewable Ammonia Project in Norway

  • The Holmaneset Project has secured a substantial grant of €203,766,000 from the European UnUnion’snnovation Fund. This ambitious project, situated on the coast of the Nordgulen Fjord in western Norway, aims to produce over 40,000 tonnes of renewable hydrogen annually, equivalent to approximately 225,000 tonnes of renewable ammonia.

  • By harnessing excess renewable energy from the Norwegian national grid, the plant will contribute to sustainable energy production. Construction is slated to commence in 2025, with commercial operations expected to begin in 2027, pending final board approvals. 🌱💡

3. Giga Storage, the most significant Europe Battery Storage plant, gets approval

  • Based in the Netherlands, Giga Storage has secured an irrevocable permit for Europe’s largest battery storage project in Belgium.

  • Known as the GIGA Green Turtle, this 600 MW/2,400 MWh battery energy storage system (BESS) will be in Dilsen-Stokkem, eastern Belgium.

  • It will store the average energy consumption of 330,000 families annually and play a crucial role in BelgiEurope’s energy transition. Construction is set to begin in 2025, with completion expected by 2028.

  • Giga Storage aims to deliver 5 GW of BESS projects in Europe by 2030. This milestone project represents a significant leap in Europe's more sustainable and resilient energy future. 🌿⚡

4. Notable offshore wind projects: Here’s a table summarizing the notable ongoing offshore wind projects:

Project Name

Location

Capacity (Megawatts)

Description

Hywind Tampen Offshore Wind Farm

Off the coast of Norway

-

Utilizes floating wind turbines anchored to the seabed, providing energy to offshore platforms.

Coastal Virginia Offshore Wind Project

Off the coast of Virginia, USA

2,500

Scheduled for monopile installation by mid-year.

Saint-Brieuc Offshore Wind Farm

Off the coast of Brittany, France

496

Involves 62 wind turbines in French waters.

Seagreen Offshore Wind Energy Project

Off the east coast of Scotland

1,075

One of the largest offshore wind farms once completed.

These projects represent significant strides in harnessing clean energy from offshore wind, contributing to a more sustainable future! 🌬️

Technology & Innovation

1. Solar cells developed from living algae by Indian Researchers

  • Amrita Vishwa Vidyapeetham University researchers in Coimbatore, India, have developed solar cells from living algae. They used freshwater filamentous macroalgae called pithophora as the photoactive material. The resulting device, with an area of 1 cm², exhibited an open-circuit voltage of 0.35 V and a short-circuit current of 10.19 μA.

  • Under UV light showed a photocurrent of 1.25 mA and a photovoltage of 0.5 V. This innovative technology has potential applications in low-power IoT devices and represents a sustainable alternative to traditional solar cells. Challenges such as low efficiency and scalability remain, but this work is a significant step toward the harnnature’s processes for clean energy production. PV-magazine🌿🌞

2. The giant blade race continues!

  • Sany Renewable Energy, a Chinese industrial giant Sany Group division, has established a groundbreaking test facility for wind turbine blades. This facility can handle the immense blades required for ultra-powerful 30MW wind turbines.

  • The dual-axis ground-based exciter allows fatigue testing of blades 100 meters or more long. While it doesn’t currently plan a 30MW turbine, it aims to bring a 15MW onshore model.

  • Pursuing more powerful wind turbines has led to an industry toward larger ratings, which some experts caution may undermine the benefits of mass industrialization. Rechargenews 🌬️💨

3. Growing Innovation In Green Hydrogen

Innovation

Description

Electrolyzers for Hydrogen Production

Improved electrolyzer design, economies of scale, and replacing scarce materials with abundant metals can significantly reduce investment costs.

Cost-Effective Green Hydrogen Technology

Groundbreaking technology replaces expensive precious metal catalysts, making green hydrogen production more efficient.

Solar-Powered Hydrogen Production

Companies like Toshiba and Panasonic use solar energy to split water molecules, producing zero-carbon green hydrogen.

Innovative Policymaking for Sustainable Hydrogen

Policymaking is vital in driving the green hydrogen market and ensuring sustainable production.

European Gigafactories for Green Hydrogen

European Gigafactories focus on green hydrogen production, accelerating the adoption of this technology.

These innovations propel the green hydrogen sector forward, contributing to a more sustainable energy future! 🌿💧🌞 

Upcoming Events & Conference  

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