Daily News Wrap-Up: Iberdrola and bp to Invest €1 Billion to Accelerate EV Charging
Electrolyzer developer Hysata closes A$42.5 million funding round
August 3, 2022
Here are some noteworthy cleantech announcements of the day from around the world:
Iberdrola and bp will jointly invest up to €1 billion (~$1.02 billion) to deploy 11,000 fast charge points across Spain and Portugal. The investment is part of a strategic collaboration to decarbonize the transport and industrial sectors. The plan includes installing and operating an initial 5,000 fast charge points by 2025, and up to 11,000 by 2030. This will include Iberdrola’s existing fast charging hubs. The companies are also looking at options to serve EV customers in the UK jointly. The companies also intend to jointly develop large-scale production of green hydrogen, of up to 600-kilo ton per annum production capacity, integrated with new renewable power. Iberdrola and bp aim to finalize both joint venture agreements by the end of 2022.
Australia-based hydrogen electrolyzer company Hysata raised A$42.5 million (~$29.46 million) in its Series A funding round led by Virescent Ventures. The round saw participation from Kiko Ventures, IP Group Australia, Vestas Ventures, Hostplus, and BlueScopeX. Virescent Ventures led the funding round on behalf of the Clean Energy Finance Corporation (CEFC). The funding will be used to grow the Hysata team and develop a pilot manufacturing facility. The CEFC invested AU$10 million (~$7 million) into the Series A funding round, building on its initial AU$750,000 (~$519,896) investment in the early commercial development of Hysata’s research. Hysata claims its electrolyzer operates at 95% system efficiency, i.e., 41.5 kWh/kg, delivering better performance and cost over incumbent technologies, which typically operate at 75% or less.
Tata Power inks deal with real estate company JLL India to promote green energy solutions in the realty space. The two companies will jointly evaluate opportunities across JLL India’s clients’ portfolios to extend Tata Power’s green energy solutions. Tata Power will provide renewable energy through open access solutions. In addition, smart meters will be installed in all the properties. These smart meters will monitor real-time consumption and consumption prediction to help customers optimize their energy usage. The company will also install solar rooftops and encourage e-mobility solutions by providing 24×7 electric vehicle chargers, including installation and annual maintenance.
Masdar achieved the financial close of its 230 MW Garadagh solar power project in Azerbaijan. The project is co-financed by Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development, and Japan International Cooperation Agency. The Garadagh project is expected to start commercial operation in 2023. The project will help to generate 500 TWh of electricity annually. The energy generated from the project is enough to meet the needs of more than 110,000 homes and reduce emissions by more than 200,000 tons a year. Masdar has also signed agreements with Azerbaijan’s Ministry of Energy to develop clean energy projects with a combined capacity of 4 GW in the first phase, with the right to develop an additional 6 GW in the second phase.
The Ministry of Road Transport & Highways (MoRTH) notified that Okinawa had recalled 3,215 vehicles, Pure EV 2,000 units, and Ola Electric 1,441 due to safety concerns after electric scooters had gone up in flames. MoRTH had constituted an expert committee consisting of independent experts from DRDO, Indian Institute of Science, Bengaluru, and Naval Science Technological Laboratory, Visakhapatnam, to tackle the recent safety-related issues of electric vehicles. The testing of electric vehicle components is done per relevant standards, as specified in Rule 126 of the Central Motor Vehicles Rule, 1989.