Americans could use renewable energy from solar, wind and hydro power more than coal by 2021

TheHill | November 27, 2019

Americans could use renewable energy produced by solar, wind and hydroelectric power more than coal by 2021, according to a new report. CNN reports that solar and wind power are growing in use so quickly that for the first time ever the country is likely to get more power from renewable energy than from coal by 2021, according to projections from the Institute for Energy Economic and Financial Analysis (IEEFA). The change in American power supply comes as energy produced from coal power plants is in sharp decline while renewables are surging. CNN notes the shift away from coal is due largely to environmental concerns, aging plants and competition from other energy sources. Between 2000 and 2010, coal provided about half of America's power generation, but coal consumption has since fallen dramatically.

Spotlight

How does solar hot water work? Steven Bushong, assistant editor at Solar Power World magazine, explains the difference between huge thermal solar systems in the desert and the solar hot water systems commonly found on roofs, which heat water. He also discusses new technology from integrator Next Generation Energy.

Spotlight

How does solar hot water work? Steven Bushong, assistant editor at Solar Power World magazine, explains the difference between huge thermal solar systems in the desert and the solar hot water systems commonly found on roofs, which heat water. He also discusses new technology from integrator Next Generation Energy.

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SOLAR+STORAGE

FTC Solar Launches Voyager+

FTC Solar | February 09, 2021

FTC Solar today announced the arrival of Voyager+, the next generation of its single-hub Voyager tracker, designed to furnish similarity with new huge organization solar modules currently entering the commercial center. The huge modules entering the market are worked to consolidate bigger solar cells, which are the energy-delivering heart of each solar board. With these bigger 182mm and 210mm cells, the modules can accomplish power yield surpassing 500 watts. Voyager+ upholds these bigger organization modules and will actually want to oblige different module sizes from an assortment of solar producers. "We are seeing an increasing level of interest around large-format modules and are pleased to introduce this new Voyager line to support our customers," said Tony Etnyre, FTC Solar's CEO. "As the industry transitions to larger modules, FTC Solar is ready to deliver tracking systems that are compatible with a variety of module sizes and configurations while maintaining our two-in-portrait format and industry-leading installation speeds," he added.    FTC Solar is as of now directing tests at its examination office close to Denver, Colorado, and will assess the presentation and primary prerequisites of a wide assortment of enormous configuration modules. Huge organization modules are expected to lower solar venture improvement costs. As indicated by a Wood Mackenzie industry examination, work investment funds alone could be up to 6%, and energy creation per section of land will increase, with creation gains relying upon the module size and innovation. The change to enormous organization modules is the following stage forward in an industry that has been adjusted around smaller standard module sizes for longer than 10 years. The industry's ecosystem of electrical and primary segments has been developed around these modules and normalization has streamlined development, driving by and large framework costs down. The new large format modules will keep on driving framework level effectiveness enhancements. FTC Solar has been collaborating with module producers to identify and implement engineering changes to support larger modules such as fortified force tubes and altered damping technology. Module makers are ramping up creation of 500W modules with 600W modules expected to be deployed in the second half of 2021. About FTC Solar     FTC Solar is a fast-growing, global provider of solar tracker systems, technology, software, and engineering services.  FTC Solar's innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

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ENERGY

NOV Announces Contract to Design and Equip Two Offshore Wind Installation Vessels for Cadeler

NOV | August 24, 2021

NOV Inc. (NYSE: NOV) today announced the signing of a contract with COSCO SHIPPING Heavy Industry and Cadeler to supply two GustoMSC™ NG-20000X self-propelled wind turbine installation jack-up vessel designs, which will be known as the Cadeler X-Class. The Cadeler X-Class is designed with 5,600 m2 of deck space and a carrying capacity of more than 17,600 tons, the largest in the industry. This new hybrid, DNV-certified, cyber-secure jack-up vessel is designed to transport and install seven complete 15 MW turbine sets or five sets of 20-plus MW turbines, a significant upgrade from prior designs. This expanded carrying capacity will reduce the number of vessel trips required per development and accelerate installation speed, thereby improving project economics while reducing the total carbon footprint of the installation process. In addition to the overall jack-up design, NOV will supply the jacking system that lifts the vessel and cargo above the waterline to safely install wind turbines. The jacking systems will incorporate NOV’s proprietary advanced regenerative power system technology that will provide fuel savings and emission reductions. The first NG-20000X jack-up vessel is contracted for one of the largest offshore windfarms in the world—RWE’s 1.4 GW Sofia wind park – and is scheduled for delivery in the third quarter of 2024. Mikkel Gleerup, CEO of Cadeler A/S, says: “The expansion of our fleet is an important strategic priority for Cadeler to ensure that we can meet the demand we are seeing from clients for greater installation capacity. In order to provide energy efficient vessels with very advanced technical specifications, we need to ensure that the new vessels will be as cutting-edge as the turbines we will be installing. Therefore, we have chosen to collaborate with the best sub-suppliers in the market. NOV has proven to be a good partner in connection with other projects in the past and we are therefore confident that NOV will provide the right jacking systems for the new X-class vessels, to support the current and future demand of the industry.” Clay Williams, Chairman, President, and CEO, added, “NOV is honored to partner with Cadeler and COSCO as we design and deliver the next generation of wind turbine installation jack-up vessels. These vessels, which will be a key part of the next stage in the evolution of offshore wind energy, are a perfect example of what comes from close collaboration with our customers and an unending desire to seek improvement.” In parallel, NOV is supplying new heavy-lift cranes for Cadeler’s existing O-Class vessels, Wind Orca and Wind Osprey, to upgrade the existing fleet’s capabilities to handle the next-generation of turbines. With the upgraded O-Class and new X-Class vessels, Cadeler’s fleet will lead the industry in both loading capacity and the ability to transport, service, and install the next-generation offshore wind turbines. About NOV NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.

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ENERGY

Palmetto Raises $375 Million to Accelerate Residential Clean Energy Independence

Palmetto | February 25, 2022

Palmetto, a leading clean energy marketplace and technology services platform, announced it has raised approximately $375 million to accelerate the adoption of residential solar and clean energy independence across the United States. The round was led by Social Capital, with participation from new and existing investors including ArcTern Ventures, Gaingels, Lerer Hippeau, and MacKinnon, Bennett & Co. (MKB). Palmetto's Unique Approach to Clean Energy Adoption The residential solar market primarily consists of asset-heavy, low-margin business models, which make the transition to a clean energy system expensive for both homeowners and providers. While residential solar represents a more than $100 billion total addressable market, only 3% of the more than 70 million homes across the U.S. utilize solar energy. Meanwhile, the U.S. continues to face an energy crisis on many fronts, ranging from reliance on carbon-based fuels to struggling utility companies with aging infrastructure, existential liabilities, and rising energy bills. By leveraging proven business models – such as third-party services marketplaces and subscription-based revenue models – Palmetto is able to maintain substantially lower operating costs compared to peers and pass those savings onto homeowners, ultimately making clean energy adoption more accessible and affordable for Americans. The company takes a marketplace-based approach to the most expensive aspects of the residential solar value chain – customer acquisition and installation – by facilitating a third-party network of trained sales specialists and certified technicians. Combined with Palmetto's proprietary software platform that manages the survey, design, engineering, financing, permitting, maintenance, and active system monitoring aspects of the transaction, the company offers a complete end-to-end transaction platform without the operating expenses of a vertically-integrated provider. As a result, Palmetto is able to offer its customers a path to clean energy independence at a cost up to 30% lower than its peers. This model also decouples revenue growth from operating expenses, creating a win-win-win-win for homeowners, Palmetto's network of sales and build members, shareholders, and the broader advent of clean energy independence. Palmetto will use the funds to invest in growing its marketplace of independent contractors, as well as the technology, people, and resources to maintain – and over time grow – its overall operating efficiencies in order to expand its addressable market. Management Comments Palmetto is the first distributed energy company built from a software foundation, which enables us to scale unlike any other clean energy provider and make real progress towards our mission of mitigating climate change. I honestly believe that in the same way the cell phone fundamentally changed the telecom market, Palmetto has the opportunity to do the same to the centralized fossil fuel industry." Chris Kemper, Chairman, Founder, and CEO of Palmetto Kemper added: "This is a major milestone not only for Palmetto, but for the entire clean energy sector. We remain hyper-focused on offering the best residential solar product on the market, which we aim to do through seamless execution of our unique operating model. We look forward to the next step of our evolution whereby we expand our marketplace to include other cost-saving products and services that empower homeowners to achieve energy resilience and independence." Chamath Palihapitiya, Founder and CEO of Social Capital, said: "Each year the energy crisis in the U.S. becomes more visible and urgent – utility companies are becoming even less reliable, climate calamities have exposed our aging infrastructure, and energy prices continue to rise. Palmetto is taking a fresh and unique approach to the residential solar model, making it easier than ever for homeowners to become energy independent, a major step towards a sustainable energy future. We are excited to back Chris and his team on their mission to solve one of the biggest existential threats of our generation." The company also announced that Chamath Palihapitiya and Nirav Tolia, Co-founder and former CEO of Nextdoor, have joined Palmetto's Board of Directors. They join other directors and advisors, including Joanne Bradford (former Pinterest and SoFi), Monica Wililams (Equity Project), Francis Suarez (Mayor of Miami), Will Szczerbiak (Greycroft), Kyle Burks (STR Services), Jared Wray (Palmetto, CTO & Co-Founder), and Sean Hayes (Palmetto, Founding Team). About Palmetto Palmetto is committed to the democratization of energy by putting power and control back in the hands of consumers and inspiring them to make environmentally responsible choices. The company has developed a clean energy marketplace, with proprietary technology designed to make it easier and more affordable for homeowners to source their energy from renewables like solar power. Palmetto is an award-winning company and most recently was awarded Sustainable Company of the year by Best Company. About Social Capital At Social Capital, we make big bets on transformational ideas, technology, and people. We strategically invest in smart, profit-minded opportunities and forward-thinking social investments that have the potential to shape a better future. We do this from a balance sheet of permanent capital to support entrepreneurship at all stages. This allows us more flexibility to double down on our convictions, without the limitations of traditional fund structures, and gives founders the runway and resources necessary to succeed. We believe in the outsized potential of for-profit businesses to drive impact in the world. We aim to set a new standard for what capitalism can be.

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