Government steps in to finance major lithium project after Rinehart collapses $6.6 deal
Government agency Export Finance Australia will provide $220 million (USD 140 million) to help finance Liontown’s Kathleen Valley Lithium project after involvement from Australia’s richest person, mining magnate Gina Rinehart, caused its giant Albemarle deal to collapse.
Australia labelled world’s ‘most volatile’ electricity market
Australia’s power market is experiencing the most pricing fluctuations of anywhere in the world, according to research from Rystad Energy. This volatility is a result of unplanned coal plant outages, natural disasters impacting transmission lines, and high solar penetration pushing down midday prices.
Hysata to join Prime Minister in US to explore IRA opportunities
Leaders from Australian hydrogen startup Hysata are joining Prime Minister Anthony Albanese on his four-day visit to the US to meet President Joe Biden. Hysata is commercialising a hydrogen electrolysis breakthrough that claims to improve efficiency by 20%.
Tesla solar business slips 48% year-over-year
Meanwhile, the automaker’s energy storage unit boosted revenues by 40%, according to its Q3 earnings report.
Orkestra Energy to finetune growth plans with $2 million seed round
An Australian software startup that aims to make it easier for energy providers and solar installers to assess the feasibility of commercial-scale renewable energy projects will now pursue global expansion plans after completing a seed funding round.
Downward trend for PV module prices losing momentum
If demand picks up again toward the end of the year due to the current price situation, the downward trend for PV module prices could be stopped, according to pvXchange’s Martin Schachinger.
Industry groups set 2026 target for EU-US hydrogen trade
The US Department of Energy has allocated USD 7 billion ($11 billion) for seven Regional Clean Hydrogen Hubs (H2Hubs) to deploy commercial-scale clean hydrogen, while the Mission Possible Partnership, RMI, Systemiq, Power2X, and industry leaders have set up the Transatlantic Clean Hydrogen Trade Coalition (H2TC) to ship US clean hydrogen to Europe by 2026.
Massive lithium takeover deal collapses following Rinehart intervention
US giant Albemarle Corp. has withdrawn its $6.6 billion takeover bid for Australian lithium developer Liontown Resources after Gina Rinehart, via her company Hancock Prospecting, reportedly spent $1.3 billion raising its stake in Liontown to a commanding 19.9%.
CEFC rolls out first investment under $20 billion Rewiring the Nation fund
The Clean Energy Finance Corporation has made its first investment via the Australian government’s $20 billion (USD 12.67 billion) Rewiring the Nation Fund, committing $100 million to support the build-out of renewable generation, long-duration storage and grid infrastructure in New South Wales.
Global solar industry corporate funding grows 55% year-over-year
Through the first nine months of 2023, $45.56 billion (USD 28.9 billion) of venture capital, public market, and debt financing was injected into solar, says a report from Mercom Capital Group.
