Empowering the Green Transition - Week 31/2024

Welcome to this week’s Codibly newsletter, highlighting pivotal advancements in renewable energy and electromobility. The EU now sources 30% of its electricity from renewables, marking a significant shift towards sustainability. China's solar and wind capacity has surpassed coal, reflecting a major transition in its energy landscape. California has achieved 100 days of 100% renewable energy, underscoring its green leadership. NIO and BYD have set new records in EV deliveries, showcasing robust growth in China's EV market. Lastly, the UK has announced a record ￡1.5bn budget for its renewable energy auction, aiming to quadruple offshore wind power by 2030.???????? Enjoy the read! ?

EU hits a new green milestone: renewables now power 30% of electricity

In a groundbreaking shift towards sustainable energy, renewable sources have overtaken fossil fuels to supply 30% of the European Union's electricity . This milestone highlights the EU’s commitment to reducing carbon emissions and transitioning to cleaner energy, driven by significant investments in wind, solar, and hydroelectric power. In recent years, the EU has made remarkable strides in renewable energy innovation, solidifying its leadership in the global energy transition.

China reaches new era in renewable energy as solar and wind surpass coal

For the first time, China’s combined solar and wind power capacity has overtaken coal, marking a significant shift towards renewable energy. According to Rystad Energy, solar power is expected to become China’s primary electricity source by 2026, with capacity surpassing 1.38 TW. In recent years, China has significantly advanced its renewable energy infrastructure, showcasing its commitment to reducing carbon emissions and leading the global energy transition.

Did you miss our webinar on latest trends in battery storage?

In our latest? webinar, we explored "Rising Trends in Battery Storage: The Confluence of Data, Grids, and Customers". We were joined by Codibly’s top battery storage advisor Aric Saunders and Spencer Borison from our Renewable Energy Practice, who delved into the latest advancements, technology impacts, and future projections in the battery storage and renewables sector. This insightful session covered key topics such as Energy Management Systems, Connected Devices, Virtual Power Plants (VPPs), and Demand Response. If you missed the event, don’t worry! The recording is available here.

NIO and BYD set records in EV deliveries amid market shifts

In July, NIO crossed the 20,000 delivery mark for the third consecutive month, showcasing its robust growth in the electric vehicle market. Meanwhile, BYD achieved a record by selling 342,000 new energy vehicles (NEVs), although its EV sales slightly decreased compared to the previous month. These milestones highlight the dynamic landscape of the Chinese EV market, with both companies making significant strides in expanding their market presence and advancing green technology.

Goldman Sachs commits $440 million to boost renewable energy with BrightNight

Goldman Sachs Asset Management’s alternative investments platform has announced a $440 million strategic investment in renewable power company BrightNight . This funding will support BrightNight's independent power producer (IPP) business model and expand its utility-scale portfolio across the U.S. In recent years, BrightNight has significantly advanced its renewable energy projects, demonstrating strong growth and innovation in the sector.

UK Government sets record budget for green energy auction

The UK government has announced a record budget of ￡1.5bn for this year's renewable energy auction, a significant increase of ￡500m from last year. This funding boost aims to quadruple the country's offshore wind power by 2030, although industry experts warn that additional changes are needed to ensure timely project delivery. In recent years, the UK has made remarkable strides in renewable energy, positioning itself as a leader in green technologies.

Norway installs first Wireless EV charging road

In a significant leap towards sustainable transportation, Israeli tech company Electreon Wireless has launched Norway’s first wireless charging road, designed to charge electric vehicles (EVs) as they drive. This pilot project, funded by the Norwegian government, will test the technology's performance and efficiency over a 100-meter stretch in Trondheim using a diverse fleet of electric buses. In recent years, Electreon has significantly advanced its innovation and leadership in EV technology, aiming to revolutionize urban mobility.

Wallbox secures $45 million investment to boost global EV charging expansion

Wallbox, a leader in smart EV charging, has secured a $45 million investment led by Generac Power Systems. This funding will enhance Wallbox’s production and market reach, particularly in North America, while strengthening its partnership with Generac to integrate energy management systems. The collaboration positions Wallbox for long-term growth and demonstrates strong shareholder confidence. In recent years, Wallbox has significantly advanced its innovation and leadership in the electromobility sector.

Nissan and Honda team up to compete with Tesla in the EV software race

Nissan and Honda have announced a partnership to develop next-generation software-defined electric vehicles (SDVs), aiming to keep pace with Tesla's advancements. This collaboration focuses on integrating autonomous driving, connectivity, and AI technologies, with plans to complete basic research within a year and potentially move to mass production. The alliance, which now includes Mitsubishi, highlights the rapid evolution of the EV industry and the need for traditional automakers to innovate and remain competitive.

Sunrun launches US's first Vehicle-to-Home power plant with Ford F-150 lightnings

Sunrun has introduced the first vehicle-to-home power plant in the US, utilizing customer-owned Ford F-150 Lightning electric trucks . This innovative setup allows the trucks to store and send energy back to homes, enhancing energy resilience during power outages. In recent years, advancements in EV battery technology have made such systems viable, marking a significant step towards a more stable and sustainable power grid.

California achieves 100 days of 100% renewable energy

California has reached a significant milestone, achieving 100 days where renewable sources met 100% of the state's electricity demand. This unprecedented achievement, driven by solar, wind, hydro, and battery storage, showcases the state's progress in reducing fossil fuel reliance and enhancing energy sustainability. In recent years, California has significantly advanced its renewable infrastructure, positioning itself as a leader in green energy.

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