Green Markets is a daily series dedicated to highlighting events of interest that could impact investments within environmental markets.
Biofuels/Chemicals
Saudi Aramco and Riyadh Air have signed a memorandum of understanding (MoU) to collaborate on low-carbon fuel supply and sustainability initiatives.
Related Stock List(s): Biofuels & Chemicals Stocks
Hydrogen
Hyundai has introduced its latest hydrogen fuel cell vehicle, the Initium, targeting a launch in early 2025. Despite current challenges in hydrogen production and infrastructure, Hyundai remains committed to hydrogen technology, with CEO Jaehoon Chang emphasizing it as a core mission. The company has pledged $4 billion for hydrogen-related investments to achieve carbon neutrality by 2045.
Related Stock List(s): Hydrogen Stocks
Liquified Natural Gas (LNG)
Tokyo Gas is in discussions with Woodside Energy about acquiring a stake in Woodside's 27.6 million metric tons per year LNG export project in Louisiana, previously known as Driftwood LNG. The company aims to reach a final investment decision by the end of Q1 2025, and the project, already under construction, has regulatory approval to be completed by April 2029.
Related Stock List(s): LNG Stocks
Nuclear Energy
TerraPower has signed a strategic agreement with ASP Isotopes to establish a uranium enrichment facility in South Africa to produce high-assay low-enriched uranium (HALEU) for its nuclear reactors.
Related Stock List(s): Nuclear Energy & Uranium Stocks
Renewable Energy
ACWA Power has committed over $1.78 billion to renewable energy and battery storage projects across the Gulf, China, Central Asia, and North Africa:
$690 million partnership with the National Bank of Kuwait.
$402 million loan from the International Finance Corporation for solar projects in Uzbekistan.
$800 million will fund a wind and battery storage project in Morocco.
Hyundai Motor has signed a 20-year, 610 GWh power purchase agreement (PPA) with partners SK E&S, Hyundai Engineering & Construction, GS E&R, and ENlighten, marking the largest renewable energy deal in South Korea's history.
Deep Wind Offshore, a Norwegian developer, has unveiled plans to develop Chile's first offshore wind farms, consisting of two projects with a total capacity of 2.4 GW. The company has applied for permits for two sites off the coast of the central Biobío region.
Meta has signed a power purchase agreement with ENGIE North America to buy all output from a 260 MW solar project in Texas, expected to power its nearby Temple data center starting in late 2025.