Green Markets - June 31, 2024

Aug 01, 2024

Green Markets is a daily series dedicated to highlighting events of interest that could impact investments within environmental markets.

The European Investment Bank (EIB) and Deutsche Bank have launched a €5 billion initiative to boost wind power equipment manufacturing in Europe. The EIB will provide a €500 million counter-guarantee to Deutsche Bank, which will create a €1 billion portfolio of guarantees to support investments in EU wind farms.

The Appalachian Regional Clean Hydrogen Hub (ARCH2) has signed a cooperative agreement with the U.S. Department of Energy (DOE) Office of Clean Energy Demonstrations to receive up to $925 million in federal funding to develop a clean hydrogen hub in Appalachia. This funding is expected to catalyze billions in private investments and foster a regional clean hydrogen economy.

Related Stock List(s): Hydrogen Stocks

Kairos Power has begun constructing the Hermes Low-Power Demonstration Reactor in Oak Ridge, Tennessee, marking the first fourth-generation reactor approved by the U.S. Nuclear Regulatory Commission and the first non-light-water reactor permitted in over 50 years. The Hermes reactor utilizes a TRISO fuel pebble bed design with a molten fluoride salt coolant, designed to demonstrate affordable clean heat production, and is supported by the U.S. Department of Energy’s Advanced Reactor Demonstration Program with an investment of up to $303 million. The reactor is expected to be operational by 2027.
The US Nuclear Regulatory Commission (NRC) has renewed the operating licenses of Comanche Peak units 1 and 2 for an additional 20 years. This marks the first license renewal for these reactors, which began operating in 1990 and 1993, respectively. Following a comprehensive safety evaluation and environmental impact assessment, the renewal extends Unit 1's operating license until February 2050 and Unit 2's until February 2053.
Singapore and the United States signed a 30-year agreement to deepen their understanding of nuclear technologies and safety through collaboration with American organizations. This "123 Agreement on Nuclear Cooperation" allows Singapore to access advanced information and technological expertise from the US, aiding its decision-making process regarding the potential adoption of nuclear energy as a clean power source.

Avantus, a U.S. solar and storage developer, has secured $522 million in development funding from KKR and Sumitomo Mitsui Banking. This investment follows KKR's acquisition of a majority stake in Avantus and will be used to advance its extensive pipeline of solar and storage projects in the Western U.S.
Google, PacificLight Energy, and Rexus Bioenergy have formed a 10-year partnership to supply renewable energy for Google's data centers in Singapore. Under the agreement, PacificLight will purchase energy from Rexus’ upcoming Waste Wood-to-Energy (WWtE) Plant, which will use waste wood to generate power. The plant is set to begin operations in 2026.
The UK is increasing its support for renewable energy to a record £1.5 billion to accelerate the transition to a zero-carbon grid by 2030. The funding will primarily boost offshore wind projects and comes from energy bill charges rather than the central government budget.

Helios Investment Partners and Gaia Fund Managers are raising substantial funds to drive climate investment in Africa, targeting renewable energy and drought-resistant agriculture. Helios has secured $200 million from state-linked institutions for its Climate, Energy Access, and Resilience Fund, aiming for a $400 million total, while Gaia has raised $50 million toward its $200 million goal for the Gaia Africa Climate Fund.

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