Empowering the Green Transition - Week 38/2024

Welcome to this week’s newsletter, covering the latest in renewable energy and electromobility. Solar energy is poised to break new records in 2024, driven by global investments and technological advancements. Columbia Engineering's recent battery breakthrough offers a cost-effective storage solution, addressing the challenge of intermittent power from renewable sources. Additionally, China continues to lead the world in renewable energy adoption, particularly in solar power and electric vehicles, significantly impacting global decarbonization efforts.???????? Enjoy the read! ?

Solar energy set to break new records in 2024

Solar power installations are projected to reach a new peak this year, fueled by robust global investments and technological advancements. This anticipated growth follows a consistent upward trend in solar capacity, supported by decreasing costs and expanding adoption. The surge in solar installations signifies increased global efforts to meet renewable energy targets, addressing both energy demand and environmental concerns.

New battery breakthrough for renewable energy storage

Scientists at Columbia Engineering have developed a new electrolyte for K-Na/S batteries, offering a more cost-effective and efficient way to store renewable energy. This innovation aims to address the challenge of inconsistent power generation from wind and solar sources by providing a longer-lasting and cheaper storage solution. The breakthrough could enhance grid stability and reduce dependence on fossil fuels.?

China powers ahead in the global green transition

China is leading the world in renewable energy, with its solar power installations alone accounting for 62% more than the rest of the world combined in 2023. Outside of China, the adoption of green energy technologies is progressing but at a slower pace, highlighting China's outsized role in global decarbonization. China’s massive investments in green technologies extend beyond solar to wind energy and electric vehicles, making it central to the future of the global green transition.

Codibly at RE+ conference in Anaheim: our key insights

Codibly attended the RE+ conference in Anaheim, from which we returned with many valuable insights. We noted a growing interest in demand response, Virtual Power Plants, and market integrations for battery storage and smart device manufacturers. Additionally, global companies face challenges adapting products to the U.S. market due to varying protocols and regulations. We also observed a trend of companies narrowing their product range to focus on key offerings, which is driving market efficiency and reducing margins.

U.S. Federal Reserve rate cut promises boost for renewables

The Federal Reserve has cut the federal funds rate by 0.5%, signaling a shift from recent high interest rates. Lower interest rates can significantly reduce renewable energy costs, with estimates showing a potential 17-28% decrease in levelized costs for wind and solar projects. This shift could make more renewable projects financially viable, increasing investment opportunities in the sector.

BYD’s $10K Seagull EV becomes China’s top-selling car in August 2024

BYD’s Seagull EV, priced at approximately $10,000, became the best-selling car in China in August 2024. The compact electric vehicle's popularity highlights the growing demand for affordable electric cars in the Chinese market. With thousands of units sold, the Seagull outperformed other vehicles in the electric market segment.

Revel introduces Face ID for DC fast chargers

Revel has introduced Face ID technology for its DC fast chargers, allowing EV drivers to start a charging session using facial recognition. This new feature is part of Revel’s effort to streamline and secure the EV charging experience. The Face ID integration provides a more seamless way for users to access charging stations without needing to use traditional methods like cards or apps. Revel continues to enhance its network of chargers with this latest upgrade.

GM Releases NACS adapter for access to Tesla charging network

General Motors has released an approved North American Charging Standard (NACS) adapter, enabling its electric vehicles to use Tesla’s Supercharger network. This move provides GM EV owners with expanded charging options and access to Tesla’s extensive infrastructure. The adapter is part of GM’s effort to enhance the charging experience for its customers as the EV market continues to grow.?

Indian government to sell 7% stake in IREDA to finance more clean energy projects across the country?

The Indian government plans to sell a 7% stake in the state-owned renewable energy lender, Indian Renewable Energy Development Agency (IREDA). This move is part of the government’s strategy to monetize assets and support its renewable energy goals. IREDA, which finances green projects, plays a key role in India’s clean energy push.

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