Finance

Brisbane-based battery materials and technology company Novonix has sealed a $45 million (USD 30 million) deal with South Korean battery manufacturer LG Energy Solution that is complemented by an agreement between the two parties to jointly work toward developing high-performance, synthetic graphite anode material for lithium-ion batteries.

The International Energy Agency (IEA) said in a new report that solar will remain the main source of global renewable capacity expansion in 2023, accounting for 286 GW. In 2024, the figure is set to grow to almost 310 GW, driven by lower module prices, greater uptake of distributed PV systems, and a policy push for large-scale deployment.

New entrants to solar equipment procurement may be surprised to encounter constantly amended contract terms, index-linked price rises, and near-worthless defect warranties, but they reflect recent supply chain troubles. Clean Energy Associates’ Martin Deak offers a buyers guide.

Australian redox-flow battery manufacturer Redflow will build one of the world’s largest zinc-based battery energy storage systems in the United States after inking a multi-million-dollar deal with the California Energy Commission.

For every dollar invested in fossil fuels, 1.7 dollars are invested in clean technologies. Five years ago, it was a one-to-one ratio, said the International Energy Agency.

A global race is underway to capture the manufacturing market for clean energy technologies. While lady lucky has certainly shone on Australia, competition is fierce, experts say.

A consortium led by tech billionaire Mike Cannon-Brookes’ Grok Ventures and including green energy investment manager Quinbrook Infrastructure Partners has been successful in acquiring the giant $35 billion Sun Cable renewable energy project.

Solar has been described as the “star performer” by the International Energy Agency which has forecast that global investment in clean energy is on course to rise to $2.61 trillion (USD 1.7 trillion) in 2023, with spending on solar set to eclipse outlays on oil for the first time.

Australia’s push to become a green hydrogen superpower has gained new momentum with the federal and Queensland governments teaming with consortium partners to deliver $117 million (USD 76 million) to progress a 3 GW renewable hydrogen project being developed near Gladstone on the central Queensland coast.

The numbers behind headlines of billion dollar cost blowouts and delays to New South Wales’ energy transformation appear foggy at best, with unexamined sources seemingly leading to widespread misreporting.