Green Markets - December 17, 2024
News in environmental markets.
Green Markets is a daily series dedicated to highlighting events of interest that could impact investments within environmental markets.
Hydrogen
Axon Partners Group, through its ISETEC fund, has made a strategic investment in Powercell AB, a Swedish leader in hydrogen fuel cell technology. Powercell, founded in 2008 as a Volvo Group spin-off, specializes in high-power-density hydrogen systems for aviation, maritime, transport, and power generation sectors.
Related Stock List(s): Hydrogen Stocks
Recycling Technology
Vitol B.V. has agreed to acquire a controlling 66.84% interest in Waste Plastic Upcycling A/S (WPU), which will increase Vitol's total ownership to 90.36% upon completion. WPU, a Denmark-based company, uses batch pyrolysis technology to convert end-of-life plastic waste into oil, which can be used as full-range naphtha or distilled into kerosene/jet fuel. WPU currently operates a commercial-scale facility in Farevejle with a 30,000 tpy recycling capacity and plans to expand to two additional sites, raising capacity to 180,000 tpy by 2026.
Related Stock List(s): Recycling Stocks
Renewable Energy
Japan has set a target to increase the share of renewable energy in its power mix to 40-50% by 2040, up from 22.9% in 2023. The country also plans to maintain nuclear power at 20-22% to support energy security and industrial needs. The strategy includes building next-generation nuclear reactors and using LNG as a transition fuel to mitigate supply risks. This move is part of Japan's broader climate goals, aiming for a 60% reduction in greenhouse gas emissions by 2035 and net-zero emissions by 2050.
The US Department of Energy’s Loan Programs Office (LPO) has offered a conditional loan of up to $2.5 billion to Wisconsin Electric Power Company (WEPCO), a subsidiary of WEC Energy Group. The funding will support over 1,650 MW of utility-scale renewable energy and energy storage projects in Wisconsin.
The U.S. Department of Energy has conditionally approved a $15 billion loan for Pacific Gas & Electric (PG&E). The funding will support clean energy initiatives in Northern and Central California, including expanding battery energy storage systems, upgrading transmission infrastructure, and enhancing PG&E's hydroelectric fleet.
Google, alongside TPG Rise Climate and other investors, has committed to over $800 million in funding for clean energy developer Intersect Power. This investment aims to support the development of industrial parks that will house data centers powered by clean energy. Google will be a key customer for the clean energy produced by Intersect Power’s facilities, with the first phase of the project expected to be operational by 2026.