More Energy News | November 14th, WTI Crude stood at $88.56/bl
Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), has signed a NOK 120 million contract for alkaline electrolyser equipment with a high quality North European energy company. The contract also includes front-end engineering and design (FEED) study related to the deliveries.
This contract is for alkaline electrolyser equipment and related FEED, and includes pass-through mechanisms for steel and nickel price adjustments. Production of electrodes is estimated to be completed by end-2023.. Read More
All EPT31H2, SMO31H2 and SMO31-Pl:d series pressure sensors feature high-grade 316L stainless-steel wetted parts for extreme resistance to hydrogen embrittlement and permeation with IP67 protection as standard and IP69K optionally available. Internally, a piezo resistive sensing element coupled with the latest ASIC circuitry assures excellent accuracy and high resistance to shock and vibration across an operational temperature range of up to 125°C. Several pressure range options from 1.0 bar to 1000 bar are available for gauge or vacuum measurement (EC79 approval is limited to 700 bar for all model lines). A choice of four pressure ports include ¼ NPT, M16x1 Male, 7/16“- 20 UNF 2A Male, and 3/8“-24 UNF2A. Further application flexibility is ensured with optional 600 mm cable connection, M12x1 round connector or Packard Metri-Pack connector. All sensors feature a 4 – 20 mA output from a 10 – 32 VDC supply voltage whilst the EPT31H2 also includes a 0.5…4.5V ratiometric output from a 5V DC supply. With room temperature accuracy specified at less than 0.5% of range, the sensors are rated for more than 10 million pressure cycles.
Variohm’s ETP21H2 hydrogen temperature sensor is built to the same exacting quality as the H2 pressure series with its stainless-steel housing protecting a PT100 sensor element that has a measurement accuracy to greater than +/- 1.0 % at RT. A choice of output options cover 10…32 VDC for 4…20 mA, or 5 VDC for ratiometric 0.5…4.5 V, and the same electrical connection options as their pressure sensing counterparts ensure straightforward installation where required. Specifically targeting hydrogen powered fuel cell applications on mobile vehicles, the sensor’s low current consumption of just 7.5 mA will suit battery powered use. A working temperature range from -40 to +125 °C enables wide application flexibility whilst short-circuit and reverse voltage protection provides security.
Variohm EuroSensor’s hydrogen process pressure and temperature sensors are based on well-proven sensor design technologies developed over several year’s extensive use and application success in demanding automotive, agricultural, construction and industrial measurement tasks. They have been specially adapted and certified where appropriate for precise measurement tasks across hydrogen production, processing, storage, and distribution logistics. Read More
SDX Energy Plc announce a successful two well drilling campaign in Morocco that opens up a new producing area. Further wells are planned in Morocco for 2023 to drive production and revenue growth. In Morocco, the Company announces two discoveries from the recently completed SAK-1 and KSR-20 wells. The SAK-1 well has already been connected to the Company’s infrastructure and testing results indicate that in place volumes will be on the higher side of the pre-drill P50 estimate of 0.44 bcf. Crucially, the well opens a new production area to the north-west of the Company’s historical producing area, with several other follow-on prospects identified within the SAK cluster. The KSR-20 well has also discovered gas in this well-known area and is currently undergoing a pressure build up test. The well will be put on production as soon as permitting and tie in are completed and an announcement on anticipated in place volumes will be made in due course. Read More
Faraday Future Intelligent Electric Inc., a California-based global shared intelligent electric mobility ecosystem company, today announced that it has reached an agreement for a new standby equity line of credit (“ELOC”) with an affiliate of Yorkville Advisors Global, LP (“Yorkville”). The facility has an initial commitment of $200 million which can be increased to up to $350 million at the Company’s option. The ELOC will significantly improve Faraday Future’s financial flexibility and advance its progress toward launching the FF 91.
Under the terms of the ELOC, Faraday Future will have the right, but not the obligation, to issue and sell to Yorkville up to $200 million in shares of the Company’s Class A common stock subject to customary conditions including an effective registration statement for the resale of such shares. The Company has the right to increase the $200 million commitment by up to $150 million in one or more installments. The shares will be sold to Yorkville at a discounted price of 97% of the 3-day volume-weighted average price at the time of funding, and generally limited to one-third of the Company’s trading volume during such time period. Additional information about the ELOC can be found in our 8-K filed earlier today.
Separately, the Company announced that its Registration Statement on Form S-1/A, dated November 8, 2022, has been declared effective by the U.S. Securities and Exchange Commission. The company expects to file a new Form S-1 for the ELOC in the near future. “Our FF 91 vehicle program is advancing, and recent testing and validation results have exceeded our targets, including an EPA range certification of 381 miles, which is truly exceptional for a large TechLuxury car that delivers 1050 horsepower and 0-60 performance in under 2.4 seconds,” said Dr. Carsten Breitfeld, Global CEO of Faraday Future. “This new financing facility is a key part of our strategy to raise the funds we need to get the FF 91 on the road and in the hands of users as quickly as possible,” continued Dr. Breitfeld. Read More
Ricardo will apply its capability in niche volume manufacturing, battery assembly and complex supply chain management in collaboration with battery cell manufacturing experts, InoBat, to establish a secure supply of critical electric vehicle components
As part of its mission to support the decarbonisation of the global transport and energy sectors, Ricardo, a global strategic environmental and engineering consultancy company with specialisms in niche manufacturing and industrial engineering, has signed a memorandum of understanding with InoBat, a pioneer of premium electric vehicle battery R&D, engineering, production and recycling , to jointly supply battery cells, modules and packs to high performance automotive manufacturers for their electrification programmes.
Ricardo and InoBat will co-operate on the assembly, production and testing of cells, modules and full battery packs for a number of high performance automotive applications. Drawing on its expertise in proprietary battery cell R&D and large-scale battery cell production, InoBat will manufacture, test and supply cells. As a globally trusted engineering and manufacturing services pattern for clean, efficient, integrated propulsion and energy systems, Ricardo will design, assemble and test the battery packs and will supply them to customers principally in the high performance automotive market, but also in other sectors such as aerospace and defence, seeking to accelerate their product decarbonisation. Read More
Inobat Auto (InoBat), a pioneering supplier of premium batteries for electric vehicles batteries based in Europe, today announces that it has secured necessary regional incentives to progress the development of its first North American facility in Indiana, which will create up to 80 full-time manufacturing jobs focused on the green economy and power further growth in Indiana’s EV ecosystem. The planned100,000-squarefoot battery module and pack assembly and R&D facility in Indianapolis is a joint venture with Ideanomics, a global company focused on accelerating the commercial adoption of electric vehicles (EV). Read More
Petronet LNG Ltd reports Highest ever Turnover in the current quarter Q2, FY 2022-23 and current half year H1, FY 2022-23 of Rs 15,986 Cr and Rs 30,250 Cr respectively
Growth in turnover in the current quarter Q2, FY 2022-23, over turnover in the corresponding quarter Q2, FY 2021-22 and previous quarter Q1, FY 2022-23, by 48% and 12% respectively
Growth in PBT and PAT in the current quarter Q2, FY 2022-23, over the PBT and PAT in the previous quarter Q1, FY 2022-23 by 6%
During the quarter ended 30th September’ 2022 (current quarter), Dahej terminal processed 182 TBTU of LNG as against 196 TBTU during the previous quarter ended 30th June, 2022 and 225 TBTU during the corresponding quarter ended 30th September, 2021. The overall LNG volume processed by the Company in the current quarter was 192 TBTU, as against the LNG volume processed in the previous and corresponding quarters, which stood at 208 TBTU and 240 TBTU respectively.
The Company has reported PBT of Rs 994 Cr in the current quarter, as against Rs 937 Crore in the previous quarter and Rs 1,105 Cr in the corresponding quarter. The PAT of the current quarter was reported at Rs 744 Cr as against the PAT of the previous and corresponding quarters of Rs 701 Cr and Rs 823 Cr respectively.
The Company reported highest ever turnover of Rs 15,986 Cr in the current quarter, as against Rs 14,264 Cr in the previous quarter and Rs 10,813 Cr in the corresponding quarter. The Company reported highest ever turnover of Rs 30,250 Cr in the current half year H1, FY 2022-23 as against Rs 19,411 Cr in the corresponding half year H1, FY 2021-22, registering a growth of 56%.
Due to foreign exchange volatility, the lease liability has an accounting impact of foreign exchange loss amounting to Rs 98 Cr, as per the provisions of the relevant Indian Accounting Standards (Ind AS).
Considering the performance, the Board of Directors of the Company has approved a special interim dividend of Rs 7.00 per share.
The Company was able to achieve robust financial results despite high LNG prices, owing to optimization in its operation. Read More
Saudi Arabia is planning to build 328,000 electric cars per year, given its investments in the sector, Public Investment Fund (PIF) Governor Yasir Al-Rumayyan said at the Saudi Green Initiative forum held at Sharm El-Sheikh.
Earlier this month, Saudi Crown Prince Mohammed bin Salman announced the launch of “Ceer”, the country’s first electric vehicle brand, through a joint venture between PIF and Taiwanese electronics company, Foxconn.
PIF said its cars would be available in 2025, adding Ceer would draw more than $150 million in foreign direct investment, create up to 30,000 direct and indirect jobs and is projected to contribute $8 billion to the kingdom’s GDP by 2034.
The sovereign wealth fund owns more than 60% of US-based Lucid Group Inc, which has announced plans to build an electric vehicle (EV) assembly plant in Jeddah to manufacture 150,000 vehicles annually. Read More
Nigeria’s Gasoline Integrated International is planning to build a 3 billion naira ($68 million) refinery in Tongeji Island, The Punch newspaper reported, citing Ogun State Governor Dapo Abiodun. The refinery would be located at Ipokia and would refine 100,000 litres per day and other petroleum products at the beginning, and later expand to 400,000 litres per day in the future. He said, “The project would sit on 800 hectares of land that had already been acquired. Read More
BW Ideol’s Revenue for the first nine months of 2022 was EUR 5.1 million from design and engineering activities and royalties for projects in France, Scotland and Asia.
1 GW of projects under development and ~2.9 GW of substantiated pipeline
Design certification by Bureau Veritas and first steel cut on EolMed project
Signed MoU with Taiya Renewable Energy in Taiwan, targeting in particular a floating demonstration tender expected in mid-2023
Confirmation of tender application date for 250 MW South Brittany tender by French authorities and progress towards mid-2023 award
Pre-selection of the consortium EDF Renewables/Maple Power and launch of the competitive dialogue in for the 2 x 250 MW AO6 Mediterranean Tender
Signed contract for floating LIDAR deployment on Buchan Offshore Wind project
Award of feasibility study for floating wind to power a greenfield FPSO
Inauguration of the world’s first offshore hydrogen production unit which will be powered by BW Ideol’s Floatgen floating offshore wind turbine
Focusing on cash discipline
Award of EUR 2.7 million subsidies from Ademe (French government owned Agency for the Ecological Transition) to fund R&D program
Cash position of EUR 11.25 million at end of September supporting growth strategy
Positive EUR 1.07 million operating cash-flow during Q3 2022
BW Ideol’s mission is to create a sustainable future by using floating technology to unlock the vast potential of offshore wind. The Company is executing its dual-track strategy as a co-developer of offshore floating wind projects and as EPCI (engineering, procurement, construction and installation) contractor of floating wind technology. Progress is reflected in a growing project pipeline of commercial-scale projects, new cooperation agreements and participation in tenders for floating offshore wind farm developments.
The global offshore floating wind market is expanding rapidly amid energy supply concerns and increasing prices. The total project pipeline has more than doubled in the past 12 months to 185 GW as of October 2022, according to data from Renewables UK. The growth comes at a time with increased economic uncertainty due to the Russian invasion of Ukraine, continued supply chain challenges, higher interest rates and rising inflation. Read More
After releasing its all-electric T7X compact track loader earlier in 2022, Bobcat used bauma to launch its third battery-electric mini excavator, the E19e. Taking the middle ground between the E10e and E32e mini excavators, the E19e is designed to offer four hours of continuous operation or a full day of intermittent use on a lithium-ion battery pack before requiring a charge for eight hours. It’s quick to respond to controls, has immediate torque available when the operator asks for it, and runs quietly. Bobcat says its battery-electric excavators are good for working within structures where diesel exhaust would be a problem. The company says it plans to continue working towards further electrification down the line. Read More
Good Energy Limited (GE) has agreed to refund over £453,000 to Feed-In Tariff (FIT) customers who have been charged an unauthorised administration fee on a quarterly basis, and to compensate them with a goodwill payment totalling £200,000. Those charged represent 0.6% of GE’s total FIT customers.
F&S Energy Limited (F&S) has agreed to refund £94,040, inclusive of VAT, to all FIT customers who have been charged an unauthorised administration fee on a quarterly basis and a biennial meter verification charge, and to compensate them with a goodwill payment totalling £50,000, excluding VAT.
This is a total of £800,000 distributed to over 1,600 affected customers, thanks to the robust work of energy regulator Ofgem.
Cooperation between FIT Licensees and energy regulator Ofgem has uncovered that a small number of installation owners involved in renewable and low-carbon electricity generation, such as via wind and solar, are entitled to a total of £800,000 compensation. Known as ‘Feed-In Tariff (FIT) generators’ (FIT customers), these customers received an unauthorised administration charge from their licensees Good Energy Limited (GE) and F&S Energy Limited (F&S).
FIT customers are the owners of accredited installations involved in renewable and low-carbon electricity generation, and this non-compliance by the energy companies has meant that those affected received a lower FIT payment sum than they were entitled to.
The FIT scheme was introduced 1 April 2010 by government to promote the uptake of renewable and low-carbon electricity generation. The scheme requires participating licensed electricity suppliers to make payments to FIT customers for electricity generated and exported by accredited installations. FIT customers range from houses with a few solar panels (often technically referred to as MCS Scale (small scale)) to farms with a multiple panels and wind turbines (often technically called ROOFIT (larger scale)). When FIT customers receive the FIT payments at the level they are entitled to and the scheme intended for them to receive, they are provided with a financial incentive for the generation of electricity from renewable resources. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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