Daily News Wrap-Up: Hydrogen Market Revenue Is Expected to Surpass $300 Billion by 2027
Tata Power and Social Alpha have announced an investment in Industrial IOT startup 'URJA'
Here are some noteworthy cleantech announcements of the day from around the world:
The global hydrogen market revenue is expected to surpass $300 billion by 2027, as reported in the latest study by Global Market Insights Inc. Increasing focus toward clean energy in the emerging economies coupled with rising utilization of hydrogen in new application areas comprising metal refining, power generation and heating for buildings will positively enhance the industry outlook.
Tata Power and Social Alpha have announced an investment in industrial IOT startup ‘URJA’ – an innovative solution consisting of Smart Sensors and Analytics platform founded by Saurabh Jhamb and Anant Jhawar in 2017. With the infusion of new investment, the company aims to scale up its sales strategy, expand B2B business, and strengthen its back-end technology using advanced artificial intelligence/machine learning capabilities.
Mahindra Solarize Private Limited is incorporated as a wholly-owned subsidiary of Mahindra Susten Private (MSPL), to undertake the business for distributed energy, including rooftop solar installation for the commercial, industrial, institutional and residential segment, solar water pump, and other renewable energy industry-based products, including engineering procurement & construction (EPC). MSPL is a wholly-owned subsidiary of Mahindra Holdings Limited, which in turn is a subsidiary of Mahindra & Mahindra.
Movistar Chile and ACCIONA have signed a long-term 100% renewable energy PPA, which will cover the power needs of 40% of the telecommunications company’s total network with clean energy. ACCIONA will provide electricity from its 684 MW portfolio of operating wind and solar assets in the country. This supply will allow Movistar Chile to reduce its annual CO2 emissions by 42,400 tons, equivalent to eliminating almost 23,000 cars from the roads for an entire year or the carbon capture of 75,000 trees over 25 years.
The Indian subsidiary of the Technique Solaire Group in France – JLTM Energy India (JLTM) – commissioned a part of its 675 kW AC rooftop solar PV plant installed at the Goa Institute of Management (GIM) campus in Sanquelim, Poriem, Goa. This is one of the first solar projects in North Goa. This project was built after signing a 25-year PPAin 2020.
EverEnviro Resource Management, a 100% owned subsidiary of the Green Growth Equity Fund (GGEF), India’s leading climate fund, managed by EverSource Capital, announced that it has acquired 100% of IL&FS Environmental Infrastructure & Services Limited (IEISL), one of India’s leading integrated waste management companies. This is one of the largest acquisitions in municipal solid waste management in India and includes the assets of IEISL’s subsidiaries.
The high-tech energy storage division of the WAAREE group, Waaree Energy Storage System (WESS), has raised $2 million in seed funding from an HNI investor. The newly-infused operating capital will drive the expansion of WESS’s manufacturing capabilities and aid product development with laser-sharp emphasis on smart IOT based batteries and telematics. Moreover, it will enable the company to strengthen its energy storage capacities and bolster its footing across the domestic and international frontiers.
Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. More articles from Rahul Nair.