ENERGY

Diode Ventures Launches Large-Scale Renewable Energy, Data Infrastructure Partnership in South Korea

Diode Ventures | January 13, 2022

The Republic of Korea runs on several energy-intensive industries, but a lack of sufficient natural resources means that Asia's fourth-largest economy is forced to import nearly all its energy even as it works toward aggressive net-zero goals. To answer the country’s need for sustainable infrastructure, Diode Ventures (Diode), a wholly owned subsidiary of Black & Veatch, has entered into a joint venture agreement with Energy Innovation Partners (EIP), subject to regulatory approvals and other customary closing conditions, to develop, finance, build and operate renewable energy and data infrastructure projects in the Republic of Korea.

The Republic of Korea imports nearly 96 percent of its energy, which presents a particularly tough challenge for a country that is working toward a 20-percent reduction in carbon emissions by 2030 and a net-zero economy by 2050. To get there, the country will need to significantly expand its renewable energy generation portfolio. Working together as The Green Korea Inc., the joint venture will offer the full life cycle of project development for solar, wind, battery energy storage, data centers and more, helping to advance the country’s sustainability initiatives.

We believe the growing Korean market offers substantive opportunities to add value for our clients and support the evolution of greener, more sustainable energy infrastructure. The EIP team is a trusted partner for Diode, and we are excited to work with them under the banner of The Green Korea Inc. to perform development, engineering, procurement and construction services that will bring these critical projects to life.”

Brad Hardin, president of Diode Ventures

With its Green Growth National Strategy and Korean New Deal 2.0 – which invests 220 trillion won (USD$185 billion) across the economy, including billions in green infrastructure and renewable energy – the Republic of Korea is at the forefront of green economic growth planning. The Green Korea Inc. partnership is a direct answer to the country’s needs as it embarks on these large-scale projects to reduce carbon emissions and increase sustainability across its economy.

“EIP is very confident in our ability to grow a sustainable and lasting infrastructure footprint in Korea in partnership with Diode,” said Heejun Park, president of EIP Asset Management. “This agreement marks an important milestone in our long-term relationship with Diode and Black & Veatch.”

About Diode Ventures
Diode Ventures is a developer of energy and data infrastructure, serving the commercial, industrial and technology sectors. With our partners, we offer our clients development services including site selection, capital assembly, project financing, EPC and O&M. Diode Ventures is a wholly owned subsidiary of Black & Veatch with a global presence in over 100 countries.

About Energy Innovation Partners
Energy Innovation Partners (EIP) is Korea’s No. 1 energy investment & MBA advisory firm focusing on E.G, green energy infrastructure, power generation and US Midstream. In 2021, the company expanded its business stream to Asset Management company to widen its business spectrum to perform not only the advisory services but also Private Equity Fund management and securities (debt & equity) trading. To date, EIP has successfully raised capital over $2.5 billion and assets under management of over $100 million.

Spotlight

Climate-KIC is Europe's largest public-private innovation partnership, working together to address the challenge of climate change.

Spotlight

Climate-KIC is Europe's largest public-private innovation partnership, working together to address the challenge of climate change.

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PRODUCTS

Gazelle Wind Power Teams Up with Ferrofab FZE to Manufacture a Modular Gazelle Hybrid PlatformFERROFAB FZE

Gazelle Wind Power and FERROFAB FZE | August 08, 2022

Floating offshore wind platform developer Gazelle Wind Power (Gazelle) has signed a memorandum of understanding (MOU) with Ferrofab FZE (Ferrofab), a UAE-based engineering and manufacturing firm, to establish a Center for Manufacturing Excellence at the Ferrofab Jebel Ali facility in the UAE. This Center is being established to manufacture a Gazelle hybrid modular offshore wind platform, based on Gazelle’s proprietary technology, that can be scaled to support any make and model of wind turbines, including models upwards of 20MW. “Ferrofab has a reputation for engineering, manufacturing, and execution that is needed to bring our technology to the market at the pace we need to address climate change, While many offshore wind projects originate from the oil and gas industry, Gazelle’s hybrid floating platform is designed solely to accelerate the development of the offshore wind industry and contribute to reducing the levelized cost of electricity (LCOE). Having a collaborator with experience in both sectors will allow us to deploy our solution and hasten the move to net-zero successfully.” -Gazelle CEO Jon Salazar. Ferrofab boasts a total of 800,000 square feet of state-of-the-art manufacturing facilities in Jebel Ali, which is located approximately 40 km southwest of Dubai. The company has extensive experience in engineering and manufacturing offshore and onshore process equipment and structures for the wind, oil, and gas industries, which will be leveraged to accelerate the manufacturing process for Gazelle’s floating wind platforms and the assembly and distribution to ports worldwide. “Based on our past experience in manufacturing offshore structures, Gazelle’s unique floating platform technology is on track to spur the needed evolution of the offshore wind industry, With its innovative design and modular components, the deployment of this solution will be a revolutionary step in the production of renewable energy.” -Johan Moraes, Executive Director of Ferrofab FZE Over the past year, Gazelle has been lining up top-performing partners, all leaders within their respective industries, to advance the implementation of the company’s unparalleled floating platform system, including MOUs previously signed with VCE, Bridon-Bekaert Ropes Group, and Maersk Supply Service. Gazelle also successfully completed its first-ever crowdfunding campaign and named four additional industry leaders to its board of directors. Gazelle’s unique hybrid floating wind platform splits the ‘two classical functions’ of buoyancy and stability for a lighter and more agile platform than current market designs and boasts the advantage of faster deployment in deeper waters. About Gazelle Wind Power Gazelle Wind Power Limited is unlocking the massive deep-water offshore wind market to achieve global decarbonisation. The company’s durable, disruptive hybrid floating platform with a high stability attenuated pitch surmounts the current barriers of buoyancy and geographic limitations while reducing costs and preserving fragile marine environments. The company is based in Dublin and has a presence in Dubai, London, Madrid, Paris, and Texas. For more information, visit www.gazellewindpower.com. About Ferrofab FZE Ferrofab is a global leader and a trusted name in the field of engineering and manufacturing. The company offers a full range of activities in matters of modular static and process equipment, well-testing equipment, and special dish head forming. With the endeavor toward self-development and increasing its portfolio of work, Ferrofab’s vision is to be known globally for "Engineering Excellence.” Learn more at www.ferrofab.com.

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PRODUCTS,INDUSTRY UPDATES

Octopus Energy Launches Electric Vehicle Business in Texas with New Leasing Service

Octopus Energy | July 07, 2022

Renewable energy retailer Octopus Energy U.S. announced today the launch of Octopus Electric Vehicles (OEV), its new business line that will accelerate accessibility and adoption of EVs and smart charging. OEV’s inaugural product is EV Concierge, the first-ever integrated demand response EV leasing plan offered by an energy retailer. With EV Concierge, Octopus Energy will not only help customers lease an EV of their choice, but also seamlessly integrate smart charging and billing into their existing energy plan.New and existing customers living in Texas are invited to apply for the beta leasing program at octoev.us. The Octopus Concierge team will provide qualifying customers white glove service, helping soon-to-be EV drivers through the entire search and vehicle leasing process, including selection and delivery of a new or used EV of their choice, installation of an EV home charger and education on best practices for EV ownership. “Interest in electric vehicles is at an all time high. With Texas as the third-largest market for EVs, and a global leader in energy, we will be positioned to help customers realize vehicle and energy savings all on one bill, As fossil fuel continues to be impacted by inflation, it's never made more sense to get an EV paired with smart charging to extract the lowest priced energy from the grid. EV Concierge will ensure that new EVs enter our state optimized to create a more reliable, clean and affordable energy system.” -Chris George, Director of U.S. Octopus Electric Vehicles Core to the EV Concierge program is Intelligent Octopus, which allows customers to access power when it is cheaper and greener, while helping to balance the overall stability of the grid. Intelligent Octopus is powered through Octopus Energy’s proprietary Kraken technology platform that uses advanced data and machine learning to automate a majority of the energy supply chain. Customers who lease an EV and use a smart thermostat with Intelligent Octopus will have the opportunity to take advantage of a new, discounted energy plan that is 20% to 30% lower than the average 12-month energy plan in Texas today. This reduced rate plan will launch this summer. Initially launched in the UK in 2018, OEV has grown to offer an all-in-one service where Octopus leases the cars, installs home charge points, provides specialist EV energy tariffs, and offers access to over 250,000 public charge points across Europe via the Electric Juice Network. Its most popular product is EV Salary Sacrifice, which has allowed 1,500 UK businesses to switch their staff to electric vehicles with huge discounts of 30% and above. “We’ve seen that consumers are looking for experts that can offer the full EV package to guide them through their journey, With more EV models entering the market every month, and innovative tariffs like Intelligent Octopus making charging your car as easy as your phone, we only expect the transition to accelerate. ”We’re thrilled to be able to open up our ultimate EV package to millions of new customers both in the UK and the U.S. Our roads are transforming and we plan to lead from the front, making it easy for drivers to make the switch.” -Fiona Howarth, CEO of Octopus Electric Vehicles. Increasingly, EVs are being designed to not only allow drivers to go from Point A to Point B, but to also be used as a mobile power plant. An EV can hold enough energy storage to power a home for two to three days, offering the ability to significantly power a home during an emergency and fuel critical infrastructure despite shocks to the energy system. Michael Lee, CEO of Octopus Energy U.S., said, The modern retailer is here to support customers in ways beyond just selling electricity. This is especially true when it comes to emerging technologies, such as EVs, where energy retailers can maximize the value of the vehicle on the grid, including through vehicle-to-grid as this solution grows. Octopus Energy is here to accelerate the energy transition with integrated, innovative offerings that ultimately unlock lower costs and reliable power for our customers. The launch of EV Concierge comes one year after Octopus Energy U.S. landed in Houston to provide affordable, renewable energy to Texas homes. Since then, its customer base has grown 10x while the team has launched programs, like Superpower Savings, to reward customers who conserve energy and balance the grid while demand is high. To sign up or learn more about OEV, visit octoev.us. About Octopus Energy Octopus Energy Group is a technology-driven, renewable energy retailer, directly supplying over 3.2 million customers globally with 100% green electricity at a cheaper price and with a focus on incredible customer service. Founded six years ago as a global energy retailer, Octopus Energy entered the U.S. market in 2020, forming Octopus Energy U.S. and fueling the company’s global expansion. Octopus Energy is valued at nearly $5 billion and is one of energy-tech’s fastest-growing private companies. To learn more, visit: www.octopusenergy.com. About Octopus Electric Vehicles Octopus Electric Vehicles, part of the Octopus Energy Group, was launched in 2018 to make it easy for drivers to make that switch to clean, electric transport. With over 65 electric cars now available from 28 different brands, Octopus Electric Vehicles’ team provides everything drivers need to take the road in a new EV. Offering an all-in-one service, Octopus lease the cars, install charge points, provide specialist EV energy tariffs, and offer access to over 250,000 public charge points across Europe via the Electric Juice Network. All with a 5* rating on Trustpilot. Octopus Electric Vehicles also specializes in salary sacrifice schemes - an employee benefit that makes driving a brand new electric car cheaper than the petrol or diesel equivalent through tax savings. Placing customer experience first, Octopus Electric Vehicles has designed the scheme to be simple for an employer to set up and run, and support them at every step. 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SUSTAINABILITY

Cummins and Komatsu to Collaborate on Advancing Development of Zero Emissions Mining Haul Trucks

Cummins Inc. | June 29, 2022

Cummins Inc. (NYSE: CMI), a global power technology leader and Komatsu Ltd., a global provider of equipment and services for the construction and mining industries, have signed a memorandum of understanding to collaborate on the development of zero-emissions haulage equipment. Building on a legacy of diesel engine partnership across a wide variety of mining and construction equipment, Cummins and Komatsu will initially focus on zero emissions power technologies including hydrogen fuel cell solutions for large mining haul truck applications. “Komatsu’s deep expertise in mining and equipment design and integration paired with our advanced power technologies including hydrogen fuel cells will accelerate decarbonization of mining equipment, The mining industry has great potential to lead in adopting renewable solutions.” -Amy Davis, Vice President and President of New Power at Cummins. In August 2021, Komatsu announced its power agnostic truck concept for a haulage vehicle that can run on a variety of power sources, including diesel electric, trolley, battery power and hydrogen fuel cells. Working with Cummins is complementary to Komatsu’s development of the power agnostic truck. As a leading independent power provider in the mining segment, Cummins provides unique application understanding that is critical to introducing reliable, quality products that can withstand the harshest environments. Cummins has a broad portfolio of batteries, fuel cell systems and electrolyzers (for generating hydrogen), that are key building blocks for decarbonization. Together, the two companies have a long history in the global mining market and strong technical capabilities necessary to develop these new solutions. “Cummins has been a long-term partner of Komatsu and has been investing in the key technologies required to support the energy transition in mining,” said Masayuki Moriyama, President of Komatsu’s Mining Business Division. “These are critical technologies for helping mining customers reduce carbon emissions and accelerate carbon neutrality. Building on our partnership with Cummins, we are working to accelerate sustainable solutions for our customers.” As a company, Komatsu is committed to minimizing environmental impact through its business, targeting a 50% reduction in CO2 emissions from use of its products and production of its equipment by 2030 (compared to 2010 levels) and a challenge target of achieving carbon neutrality by 2050. Komatsu has worked to reduce greenhouse gas emissions for customers through innovative product development for decades in many areas including electric diesel dump trucks, hybrid excavators, electric power excavators, regenerative energy storage capabilities and fuel saver programs. Komatsu also announced in 2021 the creation of its Greenhouse Gas (GHG) alliance with customers to actively collaborate on product planning, development, testing and deployment of the next generation of zero-emission mining equipment and infrastructure. The alliance’s initial target is advancing Komatsu’s power-agnostic truck concept, with a goal of commercial offering in 2030. The collaboration with Komatsu is part of Cummins’ Destination Zero strategy to reduce the greenhouse gas (GHG) and air quality impacts of its products and reach net zero emissions by 2050. This commitment requires changes to Cummins’ products and the energy sources that power them. Additionally, Komatsu intends to explore further possibilities in zero emissions mining haul truck development. About Cummins Inc. Cummins Inc., a global power technology leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from internal combustion, electric and hybrid integrated power solutions and components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, microgrid controls, batteries, electrolyzers and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 59,900 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.1 billion on sales of $24 billion in 2021. Learn more at cummins.com. About Komatsu Komatsu manufactures and sells construction and mining equipment, utilities (small equipment), forest machines, industrial machinery and others. For a century, the company has been creating value through manufacturing and technology innovation to empower a sustainable future where people, businesses, and our planet thrive together. Front-line industries worldwide use Komatsu solutions to develop modern infrastructure, extract fundamental minerals, maintain forests and create consumer products. The company's global service and distributor networks support customer operations to enhance safety and productivity while optimizing performance.

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