The Impact Innovator | Issue 308
In this week's The Impact Innovator edition:
IMPACT INITIATIVES
What is it: ?The IKEA Foundation is donating $100 million to boost electric vehicle (EV) adoption in developing countries through the "Leapfrogging Partnership." This initiative aims to overcome barriers like insufficient charging infrastructure and the lack of EV policies, facilitating a shift towards electric road transportation in Africa, Latin America, and Southeast Asia.
Why it's important: ?With road transport contributing to 15% of global energy-related emissions, this campaign is key to reducing carbon emissions and meeting global warming limits. Targeting emerging economies, where the majority of future vehicle demand is expected, the project aims to replace gasoline vehicles with EVs, potentially saving 43 gigatons of CO2e by 2050.
Key takeaways: ?Impact: As one of its largest donations, the IKEA Foundation's grant aims to significantly lower global carbon emissions by accelerating the EV transition in developing countries. Benefits: The shift to EVs promises economic advantages, such as improved battery technology and cleaner air, alongside environmental gains. Strategy: The effort involves addressing infrastructure and policy challenges to catalyze investment in the EV sector, drawing on successful electrification efforts in countries like India. Collaboration: The campaign underscores the importance of strong partnerships, public policy, and business leadership to maximize the impact of EV adoption on society and the environment.
What is it: Swedish steelmaker SSAB announced a 4.5 billion euro ($4.83 billion) investment in constructing a fossil-free mini-mill in Lulea, Sweden. This investment surpasses previous estimates due to inflation and increased contingencies. Despite this announcement, SSAB's shares dropped by 5.3%.
Why it's important: This project is crucial as SSAB is the largest carbon emitter in Sweden and Finland. The new mini-mill is expected to significantly reduce CO2 emissions—by closing the current blast furnace-based production system, it will cut Sweden's total CO2 emissions by 7%. Moreover, the initiative will lead to higher efficiency, lower fixed costs, shorter lead times, and the elimination of CO2 costs, positively impacting both the environment and SSAB's earnings.
Key takeaways: The mini-mill is set to start by the end of 2028, reaching full capacity by 2029, with an annual capacity of 2.5 million metric tons. SSAB anticipates the new mill will improve its annual EBITDA by more than 5 billion Swedish crowns, aligning with its goal to enhance annual profit by at least 10 billion crowns from 2030 through carbon-free metals production. The total cost for SSAB’s decarbonization, including a mini-mill in Finland, was initially estimated at around 4.5 billion euros, but current projections suggest higher expenses. The timing for the plant in Raahe, Finland, will depend on various factors, including financing, execution capacity, and learnings from the Lulea project. SSAB's transformation efforts at its Oxelosund mill to reduce emissions are on track.
What is it: ?A $325 million private investment in US-based solar power producer MN8, made by Mercuria Energy Group and Ridgewood Infrastructure to support MN8's expansion plans. The investment will help MN8 grow its portfolio across solar, storage, and electric vehicle charging projects, with Mercuria also entering a strategic collaboration with MN8 to explore opportunities for future sustainable energy systems. Why it's important: ?This content is significant as it details a substantial $325m private placement investment in US-based solar power producer MN8 by Mercuria Energy Group and Ridgewood Infrastructure. The investment is aimed at fueling MN8's expansion plans across solar, storage, and electric vehicle-charging projects, indicating a significant step towards sustainable, affordable, and reliable energy systems. Furthermore, the strategic collaboration between MN8 and Mercuria opens up potential for future commercial opportunities in the renewable energy sector. Key takeaways: ?US-based solar power producer MN8 has secured a $325m private placement to fund its expansion plans, with Mercuria Energy Group and Ridgewood Infrastructure contributing $200m and $125m respectively. This investment will enable MN8 to grow its portfolio across solar, storage, and electric vehicle charging projects. Furthermore, MN8 has entered a strategic collaboration with Mercuria to explore opportunities for future sustainable, affordable, and reliable energy systems. Both Mercuria and Ridgewood will gain observer seats on MN8's board, with Mercuria also gaining a full seat. MN8, formerly known as Goldman Sachs Renewable Power, has a solar fleet exceeding 3.2GW, spans 875 projects across 28 US states, and offers EV charging solutions.
领英推荐
What is it: ? German startup watttron has raised €12 million in Series B funding to develop its sustainable packaging solutions and expand into the American and Asian markets. Watttron specializes in digital heating systems for the packaging industry and aims to revolutionize the sector with energy-efficient and high-quality solutions that support the use of sustainable materials.
Why it's important: ?There's an increasing global demand for sustainable packaging solutions, and the need for change in the industry to preserve the environment. This funding will enable watttron to enhance its sustainable packaging technologies and expand into American and Asian markets.
Key takeaways: ?The packaging industry is at a critical point due to increasing global demand and the need for more sustainable practices, especially following the EU's adoption of the PPWR Regulation. German startup watttron, which specializes in digital heating systems for the packaging industry, has raised €12 million in Series B funding led by the Circular Innovation Fund. The funds will be used to enhance watttron's sustainable packaging technology and expand into the American and Asian markets. Watttron's technology, including its cera2seal and cera2heat systems, aims to process sustainable materials without loss of productivity or quality while saving energy. This investment indicates a commitment to a greener, more efficient future in the packaging industry.
What is it: :Founded by Michael Herbert and Rory Jones, Lightshift develops energy storage projects across North America, helping utilities cut costs and manage growth while addressing rising electricity demand and the growing need for renewable energy. The funding will be used for growth equity and capital expenditure and operations.
Why it's important: The founders of Lightshift, Michael Herbert and Rory Jones, are veterans in the energy transition sector, and the company's projects aim to address the increasing demand for electricity and the need for sustainable, cost-efficient energy solutions. This funding underscores the importance of such initiatives in the context of current energy challenges and the move towards sustainable practices.
Key takeaways: Lightshift Energy, formerly known as Delorean Power, has secured $100 million in funding from Greenbacker Capital Management. The funding includes $20 million in growth equity and $80 million for capital expenditure and operations. Founded in 2019 by Michael Herbert and Rory Jones, Lightshift develops energy storage projects across North America, helping utilities manage growth and reduce costs. The company's solutions address the increasing demand for electricity and the growing interest in renewable energy. This deal reaffirms Greenbacker's commitment to promoting sustainable energy across the United States.
What is it: :The article discusses the use of wave energy converters to power remote ocean-going buoys in US waters. The US Department of Energy has assigned Sandia National Laboratories to study how these converters can be used to prevent brownouts at the Coastal Pioneer Array of marine buoys. The article also mentions the challenges of commercial deployment of wave energy converters, such as resistance to harsh ocean environments and severe storms, and the need for them to be economically viable.
Why it's important: This article highlights the importance of new wave energy converters in powering remote ocean-going buoys and aiding in critical data collection. The US Department of Energy is studying how these converters can avoid power shortages at the Coastal Pioneer Array of marine buoys, with a focus on durability, resilience, and non-interference with data collection. This research could revolutionize the way we harness ocean-based energy resources, enabling more consistent and reliable data collection from these instruments.
Key takeaways: The US Department of Energy has commissioned Sandia National Laboratories to explore how wave energy converters can be used to prevent power outages at the Coastal Pioneer Array of marine buoys. These buoys, part of the Ocean Observatories Initiative, collect valuable data but currently only have enough power from small-scale wind and solar harvesters to run full blast 70% of the time. Wave energy converters could provide a more reliable source of power, but they must be durable, economical, and able to operate without interfering with data collection or the buoy's mooring system. Sandia has narrowed down the options to two potential concepts, one of which is a pitch resonator wave energy converter, a "moving mass wave energy system concept" that can continue to operate even in storm conditions. The final choice will be based on prototype deployment at sea.
What is it: ?The article, written by Steve Smith, President of National Grid Partners, discusses the global shift to renewable energy and the challenges and opportunities it presents. Smith offers his perspective on how to ensure the renewable energy economy is financially viable as well as environmentally friendly, highlighting the need for smarter, more targeted investments in renewable energy technologies and companies. He outlines what he sees as the four pillars of the clean energy transition: digitally enabled electricity networks, enhanced operational efficiency, decarbonizing gas pipelines, and putting customers first. Why it's important: ?It highlights the need for smarter, more targeted investments in renewable energy technologies, and outlines four key areas for success: digitally enabled electricity networks, enhanced operational efficiency, decarbonizing gas pipelines, and customer-centric approaches. This offers valuable insights for stakeholders in the renewable energy sector, from power companies to investors. Key takeaways: ?The global shift to renewable energy is accelerating, with an agreement among over 130 governments to triple renewable energy capacity by 2030. However, the demand for renewable energy currently outpaces the ability to deliver it, necessitating smarter and more targeted investments in companies and technologies. Steve Smith, the President of National Grid Partners, suggests four key areas for successful investment: digitally enabled electricity networks, enhanced operational efficiency, decarbonizing gas pipelines, and a customer-first approach. The transition to clean energy must be financially viable as well as environmentally beneficial, and the power grid needs more automation to match supply to demand.
What is it: ?Engineers at The University of Texas at Austin have developed a universal brain-computer interface that allows users to play games like racing simulations using only their thoughts. This system, designed to assist people with motor disabilities, utilizes a cap with electrodes to measure brain signals, which are then translated into in-game actions through a decoder. A notable advancement is the incorporation of machine learning, enabling the interface to self-calibrate and adapt to individual users without the need for lengthy setup processes. Why it's important: ?This innovation represents a significant leap in brain-computer interface technology by eliminating the need for extensive calibration for each user, a process that has previously impeded widespread adoption. The capability for self-calibration means the technology can swiftly adjust to different patients, making it more accessible and practical for clinical use. By enhancing neural plasticity and improving brain function, this technology aims to significantly improve the quality of life for individuals with motor impairments. Key takeaways: ?The research underscores the potential of brain-computer interfaces to revolutionize assistive technologies, promising a future where individuals with motor impairments can interact with and control devices directly through thought, enhancing their independence and quality of life.