ASX Renewable Energy Stocks: ARENA drops $45m in funding towards solar PV research
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All your ASX renewable energy news for Friday, June 24.
The Australian Renewable Energy Agency (ARENA) has injected up to $45m in funding to the Australian Centre for Advanced Photovoltaics to extend operations of its solar photovoltaic research to 2030.
ACAP is a critical foundation of Australia’s world-leading research and development capability in solar PV, with benefits for emissions reductions in Australia and globally.
Solar technology developed by Professor Martin Green at UNSW is embedded in 90 per cent of the current silicon module panel production worldwide, with his research also having supported Australia holding world records for efficiency for 30 of the last 38 years.
ARENA CEO Darren Miller said the funding would ensure ACAP remains one of the world’s top research centres for innovation in solar energy and solar PV technology.
“Solar has experienced significant efficiency improvements and cost reductions over the past decade and ACAP occupies a central position in Australia’s research efforts in this area,” he said.
“For Australia to really succeed in a net zero world, we need to see continued innovation in solar PV to power the rest of the energy transition.
“Ultra-low cost solar will be key to enabling Australia’s energy transition and emissions reduction efforts, as it will help to lower the input costs for green hydrogen, low emissions metals and other large scale clean energy opportunities across all sectors as we move to net zero.”
Infrastructure Australia has revealed the Australia-Asia Powerlink (AAPowerLink) Project has met ‘all requirements’ of the Infrastructure Priority List, meaning it has now progressed to Stage-3 status, confirming the project’s economics benefits.
Developed by Sun Cable, the AAPowerLink is the world’s largest solar, storage and transmission system that will transmit renewable electricity from the Barkly Region of the Northern Territory to Darwin and Singapore.
PwC Australia CEO Tom Seymour said AAPowerlink will be transformative for the country on multiple fronts.
“This $30 plus billion project is forecast to deliver a $24 billion boost to GDP over its lifetime,” he said.
“It will generate 100 jobs on average each year, supercharging the economic development of regional and Northern Australia and communities, regional energy innovation and decarbonisation.”
Clean energy company RNE and wholly owned subsidiary, Countrywide Renewable Hydrogen (CRH) has kicked off a green hydrogen electrolysis production project in Southern Tasmania with the potential to be a ‘first mover’ in the state if it comes online by Q4, 2023.
CRH has agreed a term sheet and option to lease land at Brighton, north of Hobart and is negotiating supply of an electrolyser.
Dubbed the ‘Brighton Hydrogen Project’, Countrywide Renewable hydrogen managing director Geoffrey Ducker said it will help create local jobs and support the delivery of skills-enhanced personnel to service the fuel cell electric vehicles and gas sectors – along with storage, transport, and handling of hydrogen.
“Associated gas blending and road transport trials will help to build public awareness and acceptance of hydrogen, while proven production is expected to attract further end-use applications to enhance emissions reduction priorities in the state,” he said.
With a planned capacity of up to 2MW, or 900kg H2/day, the project will be designed to match expected hydrogen demand as well as facilitate truck refuelling with the potential to supply the TasGas Network Bridgewater city gate for blending with natural gas.
Discussions on this opportunity are at an advanced stage, RNE says.
Vulcan Energy has some huge news, after global top 5 automaker Stellantis, which includes the Opel, Peugeot, Citroen, Fiat and Chrysler brands, locked in a mega-buck equity investment.
It’s the kind of move that vehicle manufacturers in general have been talking about, chief executives have been calling for – and the market has been impatiently craving.
Leading automaker, Stellantis, will become the second largest shareholder in Vulcan with an 8pc stake following an equity investment of A$76m (€50M).
Vulcan and Stellantis have also extended their binding lithium hydroxide offtake agreement by five years to 2035.