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      <p>
        Ambri, a developer and manufacturer of cost-effective liquid metal batteries, has signed a Memorandum of Understanding with Reliance Industries, a large Indian conglomerate and a strategic investor of Ambri, to deliver a pilot system.
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      <p>
        Reliance is considering establishing 100 GW of solar generation capacity as part of which the company is setting up supportive giga-scale battery manufacturing. The company has set a target of achieving net-zero carbon by 2035 and has committed to invest over USD 10 billion to achieve sustainable, renewable power generation with hydrogen, wind, solar, fuel cells, and batteries at their own facilities.
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      <p>
        As such, this MOU furthers the two companies&rsquo; strategic partnership, with Ambri set to ship the system by mid-2023 and with commissioning to be set up after. The companies initially established their partnership in 2021 to set up a large-scale battery manufacturing facility in India for Reliance.
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    </li>
  </ul>
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  <p>
    <a href="https://www.businesswire.com/news/home/20221018005173/en/Ambri-and-Reliance-Industries-Expand-Strategic-Alliance-to-Accelerate-Commercialization-of-Ambri-Batteries-in-India">
      Press release
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Alternative Energy

Ambri expands strategic alliance with Reliance Industries

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 <p>UK-based nuclear fusion technology firm, Tokamak Energy, has garnered USD 125 million in a funding round that included East X Ventures and Lingotto Investment Management among others. This takes the company's total funding to USD 335 million, with a combination of private and governmental investors.</p>
 <p>The funds will be allocated towards the expansion of TE Magnetics to meet with the increasing demand in the fusion energy market and expedite Tokamak's fusion pilot plant design program. It also aims to invest in the creation, testing, and validation of innovative fusion technologies, specifically in relation to its tokamak ST40 located near Oxford.</p>
 <p>Tokamak Energy is recognized as the first private firm to record a plasma ion temperature of 100 million degrees Celsius in a spherical tokamak. Founded in 2009 as a UK Atomic Energy Authority's spin-out, it boasts a decade's experience in designing, constructing, and operating tokamaks .</p>
</div>

Tokamak Energy raises USD 125 million in funding from East X Ventures and Lingotto Investment Management

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

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 <p>BP and Corteva, an agriscience company, have plans to establish a joint venture that aims to produce biofuel feedstocks from crops for sustainable aviation fuel (SAF) production. The partnership will engage farmers from North and South America and Europe to cultivate mustard seed, sunflower, and canola feedstocks. Their goal is to produce 1 million metric tonnes of biofuel feedstocks on an annual basis by the mid-2030s. The joint venture is expected to begin operations in 2025 once the definitive agreements are finalized.</p>
 <p>The initiative concurs with EU regulations, which necessitate a minimum SAF content in aviation fuel at EU airports starting in 2025, with significant increases to 20% by 2035 and 70% by 2050. The partnership will work towards creating cropping systems that satisfy EU RED III criteria and are eligible for incentives under the US Low Carbon Intensity policy.</p>
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BP and Corteva partner to develop sustainable aviation fuel feedstock production

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<p>Commonwealth Fusion Systems (CFS), a spinoff from MIT focused on fusion energy technology, has achieved successful testing on its Central Solenoid Model Coil (CSMC), a new electromagnet designed for their fusion power project named SPARC. Conducted at MIT's Plasma Science &amp; Fusion Center over several months in 2024, the tests signified important progress.</p>
<p>In the tests, the CSMC electromagnet reached several crucial performance criteria: it generated a 5.7-tesla magnetic field, which is vastly stronger than Earth's own magnetic field; it managed to ramp the electrical current up to 50,000 amps; and it achieved a record level of stored energy for pulsed magnets at 3.7 megajoules. Moreover, the magnet features an innovative system that uses fiber optics to detect any overheating events.</p>
<p>CFS stated that this accomplishment, together with the successful test of the Toroidal Field Model Coil in 2021, authenticates the two varieties of high-temperature superconducting magnets that are necessary for SPARC. Their goal is to use this technology to show net fusion power by 2026 and subsequently deliver power to the grid via their first power plant, ARC, in the early 2030s.</p>
</div>

Commonwealth Fusion Systems tests record-breaking electromagnetic coil

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 <p>Anaergia Services LLC, a part of Anaergia Inc., has entered into a 10-year contract with Rialto Bioenergy Solutions LLC, affiliated to Sevana Bioenergy. The contract involves the operation and maintenance of the largest landfill-diverted organic waste-to-renewable natural gas facility in North America, located in California. The facility can process up to 1,000 tons of waste daily, producing 985,000 MMBtu of renewable natural gas annually.</p>
 <p>The facility operates using Anaergia's unique OREX technology, extracting organic waste from municipal solid waste. This supports California's Senate Bill 1383, which has the goal of reducing greenhouse gas emissions from landfills.</p>
 
</div>

Anaergia and Sevana Bioenergy partner to operate North America's largest organic waste-to-RNG facility

ANALYST_QUICK_TAKE

<div>
 <p>esVolta, a US energy storage developer, has received USD 110 million in tax equity funding from Greenprint Capital Management. This funding is for its Hummingbird battery energy storage project and has pushed the company's total raised money to USD 693 million. Orrick, Herrington &amp; Sutcliffe and DCH Law LLP represented esVolta, while Leverage Law Group, LLC represented Greenprint.</p>
 <p>This new funding will cover the construction costs of its 300 MWh Hummingbird battery energy storage project in San Jose, California. The project is set to be completed by 2025.</p>
 <p>Once completed, the project will offer Pacific Gas &amp; Electric a resource adequacy capacity under a long-term contract. It will also provide fast-responding energy services to the CAISO market. The construction has generated around 200 new local union jobs. esVolta's portfolio includes around 1.5 gigawatt-hours of storage capacity spread out across North America.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> Earlier in 2024, esVolta secured USD 185 million in a senior secured credit facility in <a href="https:<br>
//sp-edge.com/updates/28541"> April 2024 </a> and a further USD 258 million in credit facilities to finance its storage projects in <a href="https:<br>
//sp-edge.com/updates/34650"> July 2024 </a> .</p>

esVolta raises USD 110 million in tax equity funding from Greenprint Capital

<div>
 <p>BP has introduced renewable diesel made from hydrotreated vegetable oil (HVO) at selected service stations in Spain. This fuel is initially being offered at four service stations in Madrid, Valencia, and Navarra.</p>
 <p>The fuel stations were strategically chosen due to their positioning in the Iberian Peninsula and their links to European markets. This renewable diesel is compatible with diesel-run vehicles and BP is contemplating extending its availability throughout 2025.</p>
 <p>BP has successfully implemented this with logistics firm Lodisna, whose fleet has covered over 3 million kilometres in Spain and Europe using this renewable fuel in less than one year. The objective of BP is to lessen CO2e emissions from heavy-duty transport fleets with this alternative fuel choice.</p>
 
</div>

BP launches renewable diesel fuel sales in Spain

<div>
 <p>Anaergia, a company listed on TSX that specializes in converting waste into energy, has shared its intentions to inaugurate a new office in Tokyo, Japan. The new operations are planned to commence in the year 2025.</p>
 <p>The driving factor of this expansion is the escalating market prospects in Japan for the proprietary solutions of Anaergia. The firm has successfully completed two projects in Japan which involved turning farm and food waste into renewable sources of energy, one resulting from a collaboration with Toyo Group in <a href="https://sp-edge.com/updates/11696"> July 2022 </a>.</p>
 
</div>

Anaergia plans new office in Tokyo to expand presence in Japan

<div>
 <p>German fusion energy startup, Marvel Fusion, has successfully raised EUR 62.8 million (approximately USD 70 million) in a Series B funding round. The funding round was led by HV Capital and included participation from companies such as b2venture, Bayern Kapital, Deutsche Telekom, Earlybird, SPRIND, and Tengelmann Ventures. The startup also received a EUR 2.5 million (about USD 2.8 million) grant, along with an equity investment of up to EUR 15 million (around USD 16.8 million) from The European Innovation Council.</p>
 <p>This funding will be utilized to speed up the technological development towards building a commercial fusion power plant. In a collaboration with Colorado State University, Marvel Fusion plans to construct a demonstration plant, which is expected to be operational by the beginning of 2027.</p>
 
</div>

Marvel Fusion raises EUR 62.8 million in Series B funding to develop fusion technology

<div>
 <p>Energy storage startup Form Energy has successfully raised USD 405 million in a Series F funding round. Key participants in the round were T. Rowe Price and GE Vernova, along with others such as Breakthrough Energy Ventures, Prelude Ventures, and MIT's Engine Ventures. This fundraise has pushed Form Energy's total funding to over USD 1.2 billion.</p>
 <p>The funds secured are set to be invested in the acceleration of the startup's multi-day battery manufacturing expansion. They will also facilitate job creation, improvement of the manufacturing workforce's skills, and the progression of a more efficient, scalable process for cost-effective green iron production.</p>
 <p>The company's current focus is on the development of iron-air battery systems, capable of storing energy for up to 100 hours. The company sees progress in its commercial projects, including a 1.5 megawatt system for Great River Energy in Minnesota, and separate plans for larger systems with Georgia Power and Xcel Energy.</p>
 <p>As part of this funding round, Form Energy entered into a memorandum of understanding (MoU) with GE Vernova. The MoU is expected to support the expansion of manufacturing operations and commercial deployments of the company’s iron-air battery systems.</p>
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Form Energy raises USD 405 million in Series F funding to accelerate manufacturing expansion

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 <p>BP has decided to withdraw its targets to decrease oil production by 2030, which were first outlined as a 40% reduction in 2020 before being adjusted to a 25% reduction in 2023. Nonetheless, BP intends to continue pursuing its net-zero emissions goal by 2050.</p>
 <p>As part of BP's shift in strategy, it has put a halt to hiring in the wind energy field, revealed plans to sell off onshore wind projects in the U.S., and advocates for new fossil fuel operations investments in the Gulf of Mexico and the Middle East. These changes come under the leadership of CEO Murray Auchincloss.</p>
 <p>The withdrawal signifies a broader trend within industries, where major businesses and investors retract their commitments to adhere to ESG standards. A variety of reasons have been cited for this backward step, such as the energy crisis formed from Russia’s Ukraine invasion, a political backlash in the U.S., and a drive for businesses to preserve their profits.</p>
</div>

All Updates

Ambri expands strategic alliance with Reliance Industries

Tokamak Energy raises USD 125 million in funding from East X Ventures and Lingotto Investment Management

BP and Corteva partner to develop sustainable aviation fuel feedstock production

Commonwealth Fusion Systems tests record-breaking electromagnetic coil

Anaergia and Sevana Bioenergy partner to operate North America's largest organic waste-to-RNG facility

esVolta raises USD 110 million in tax equity funding from Greenprint Capital

BP launches renewable diesel fuel sales in Spain

Anaergia plans new office in Tokyo to expand presence in Japan

Marvel Fusion raises EUR 62.8 million in Series B funding to develop fusion technology

Form Energy raises USD 405 million in Series F funding to accelerate manufacturing expansion

BP abandons 2030 oil reduction targets amid ESG retreat

Alternative Energy

Ambri expands strategic alliance with Reliance Industries

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