• Renewable energy capacity is set to increase by more than 8% in 2022
  • This means numbers will push through the 300GW mark for the first time
  • EGR looks to expand its TanzGraphite flake business due to growing demand for high-quality graphite 

Renewable power is set to smash another record in 2022 despite headwinds from higher costs and supply chain bottlenecks, the International Energy Agency says in its Renewable Energy Market Update for May.

While the world added a record 295 gigawatts of renewable power capacity in 2021, the Paris-based intergovernmental organisation says renewable capacity is expected to increase more than 8% in 2022, pushing through the 300GW mark for the first time.

“Solar PV is forecast to account for 60% of the increase in global renewable capacity this year with the commissioning of 190 GW, a 25% gain from last year,” the agency said.

“Utility-scale projects account for almost two-thirds of overall PV expansion in 2022, mostly driven by a strong policy environment in China and the European Union driving faster deployment.”

Interestingly, after a 32% year-on-year decline in 2021, new global onshore wind installations are also expected to reach almost 80GW.

And unless new and stronger policies are implemented in 2023, the firm says global renewable capacity additions are expected to remain stable compared with 2022.


To ASX renewable energy news

EcoGraf (ASX:EGR)

Vertically integrated ‘Hfree’ battery anode business, EcoGraf, is beginning an assessment of expansion options for its TanzGraphite flake business due to growing demand for new, high-quality graphite supplies.

This means an expansion beyond its initial 60,000tpa capacity.

One of its key priorities is to identify the preferred expansion pathway for the Epanko Graphite Project, supporting government plans for development of the Merelani-Arusha Graphite Province through the Merelani-Arusha Graphite Project.

Ecograf says it is in discussions with a group of financial institutions that have expressed interest in supporting development of Epanko with German-based KfW IPEX-Bank and in assisting plans to produce high purity, EcoGraf HFfree battery anode material for the global lithium-ion battery market.

The Tanzania Government is encouraging new development in the region, and to support its future expansion plans, EcoGraf has submitted an application for a Mining Licence at Merelani-Arusha.

Technical consultants in Australia, Tanzania and Germany will undertake the initial resource estimation, pit modelling, metallurgical testing, capital estimation, environmental and social studies.


East African supply chain hub

According to the company, demand for natural graphite, led by the global lithium-ion battery market, is forecast to increase at 31.5%pa in the current decade.

This is due to the increase in demand by customers requiring new sources of supply and seeking to reduce their reliance on existing supply chains in China.

To optimise supply chain efficiencies EcoGraf is assessing the potential to establish a future centralised mechanical shaping facility in Tanzania to process Epanko and Merelani-Arusha flake graphite into battery graphite feedstock and fines by-products.

Tanzania has access to clean hydropower and is ideally located for supplying graphite into the battery and industrial graphite markets of Asia and Europe.


Pure Hydrogen Corporation (ASX:PH2)

Clean energy company, Pure Hydrogen, has established joint venture terms with Indian based global automotive components manufacturer Advik Hi-Tech Pvt Ltd.

The JV is intended to be established as a Joint Venture Private Limited Company (JV Co) in India, with Pure Hydrogen holding a 49% share and Advik a 51% share in the Private Limited Company.

JV Co plans to establish hydrogen supply and production operations in India to sell to transport and to pursue other opportunities in India.

Those opportunities include to supply hydrogen fuel cell vehicles (HFCEV) such as buses and trucks to those that are already long term customers of Advik and then hydrogen to run these vehicles.

Pure Hydrogen sees these long-term customer relationships offering a potential pipeline of opportunities in India for the JV.


Woodside (ASX:WPL)

Following the approval of Woodside shareholders at its annual general meeting yesterday, the company has changed its name from Woodside Petroleum to Woodside Energy Group and is set to begin trading on a new ticker code – WDS.

The change will take effect from Wednesday, May 25.

Renewable Energy stocks share price today