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Type One Energy closes seed funding round: US-based fusion energy company Type One Energy has closed a USD 82.4 mn seed funding round, according to a statement. The funds will be directed towards their Fusion Direct program which aims to commercialize fusion energy through a pilot power-plant project with an owner/operating partner by 2030.
The financiers: The funding round saw commitments from existing investor Bill Gates-backed accelerator Breakthrough Energy Ventures and new commitments from New Zealand’s Centaurus Capital, GD1, and Australia’s Foxglove and other funds from Australia..
What they’re doing: Type One Energy is leveraging advanced stellarator fusion technology – a machine that uses magnetic fields to confine plasma in the shape of a donut to achieve controlled nuclear fusion. The technology is said to be safe, deployable anywhere, and leaves no long-term waste. It is building its prototype at one of the Tennessee Valley Authority’s shuttered coal plants. The company also collaborates with institutions like Oak Ridge National Lab and the US DOE Milestone Fusion Development Program.
Spain greenlights Enagas to develop part of H2MED hydrogen pipeline: The Spanish government has given initial approval for gas grid operator Enagas to develop the Spanish side of the H2MED trans-European hydrogen pipeline and related infrastructure projects, Reuters reported. Enagas is collaborating with counterparts in France, Germany, and Portugal, planning to invest approximately EUR 3.2 bn in hydrogen projects, including the H2MED corridor by 2030.
The approval extends to several hydrogen projects: The provisional approval covers various projects of European interest, such as the BarMar underwater pipeline between Spain and France and hydrogen storage facilities. However, further steps are required before the projects can commence, according to the government.
Enagas is switching from gas to hydrogen: Enagas, which sees the government holding a 5% stake, is transitioning from a natural gas grid operator to managing hydrogen infrastructure, leveraging Spain’s ambition to become a green hydrogen hub, according to the newswire.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Another Chinese solar company heads for bankruptcy: A subsidiary of Zhejiang Akcome New Energy Technology was forced into bankruptcy after a creditor deemed the manufacturer “not able to pay debts,” and “clearly lacks solvency.” It joins other peers in the industry who were pushed into bankruptcy as they continue to overproduce solar products despite dwindling prices. (Bloomberg)
- IFC backs reforestation efforts in Latin America: The World Bank’s private investment arm IFC has committed USD 50 mn to help mobilize USD 1 bn for BTG Pactual Timberland Investment Group ‘s reforestation efforts in Latin America. The reforestation strategy will focus on conservation, restoration, and planting in Latin American forests. (Statement)
- Air New Zealand cancels 2030 emissions goals: Air New Zealand has scrapped its 2030 climate goal due to delays in the delivery of fuel-efficient aircraft and the high cost of alternative jet fuels. The airline — the first major airline to cancel the plans — had aimed to reduce carbon intensity by 28.9% compared to 2019 levels. It said it remains committed to 2050 net zero goals. (CNBC)
