Finance

LG Chem’s energy storage and battery division’s US$10.7 billion (AU$14.8 billion) initial public offering received a staggering response from institutional investors, Reuters has reported.

The Queensland government has highlighted its state attracted as much as $26 billion worth of “new energy economy projects”, according to new national resources reports. The federal government, on the other hand, used the reports to pay tribute almost exclusively to coal, with resources minister Keith Pitt dubbing it a “star”.

Australian green energy company Port Anthony Renewables’ oversubscribed capital raising exercise has put a fresh $3 million directly into its commercial scale hydrogen precinct ahead of a planned Australian Securities Exchange (ASX) listing next year. Meanwhile, Longi reportedly plans to build 1.5 GW of production capacity of electrolysers next year, up from 500 MW today.

The transaction, for which Shell did not reveal the purchase price, will see the energy company pick up a U.S. project development pipeline which reportedly runs to more than 18 GW of solar generation and energy storage capacity across 26 states.

The hype surrounding green hydrogen is real, but does the cost-reduction outlook for its production technologies live up to it? Christian Roselund looks at the technology, transportation, application and enabling policies behind the promising green energy carrier.

The Victorian government has today announced it will put $5 million towards installing fast-charging stations across the state and $3 million in new charging infrastructure grants for local council and business fleets. The government also simplified access to its $3,000 electric vehicle subsidy, saying the program has led to a 200% sales increase in the last six months.

The Paris-based body expects the world will have installed almost 160 GW of solar this year, a record number, but still not enough to keep the prospect of a net zero global economy by mid century in sight.

The Chinese manufacturer appears to have shouldered higher input costs in return for carving out a larger slice of the world’s biggest solar market – although it’s not clear from the company’s third-quarter update that CEO Xiande Li received the memo.

Melbourne-based company Green Peak Energy has attracted the backing of one of the world’s largest investment firms, CBRE Investment Management. While deal’s details remain confidential, the Australian company, which focuses on operating renewable systems in the C&I segment and providing power purchasing agreements (PPAs), described the agreement as an endorsement of the problem it set out to solve.

A new Ernst & Young power and utilities overview report shows that utilities and other deep-pocketed investors are putting financial support behind their environmental, social and governance initiatives.