CIT Leads $85 Million Financing for 80-Megawatt Pioneer Solar Project in Colorado

CIT Group Inc. | June 24, 2020

CIT Group Inc. today announced that its Power and Energy unit served as sole lead arranger on an $85 million financing for the 80-megawatt Pioneer Solar project near Denver, Colorado. The financing was arranged on behalf of project sponsor Idemitsu Renewables (formerly Solar Frontier Americas), a leading solar project developer that has successfully built and sold hundreds of megawatts of utility-scale solar power since 2015. The project will sell power to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative based in Sedalia, Colorado.

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INDUSTRY UPDATES

ADO ebike Laboratory has been certified as "QTL Laboratory" by SGS

A DECE OASIS(ADO) | May 31, 2022

On May 27th, A DECE OASIS(ADO) ebike laboratory passed the internationally recognized organization SGS qualification as "QTL laboratory" certification! This is undoubtedly a breakthrough achievement and this is a new chapter for ADO right after the 1st anniversary ceremony. The laboratory is about 3,300 square meters located in south of Huizhou, with a total investment of 15 million RMB .The ADO Laboratory is committed to research new technology for building a better electric bike, also incubating leading innovative products. However, SGS advanced testing technology would definitely benefit on upgrades the quality of products, enhance the product research ability, and technological innovation ability in the electric bike industry as well . This certification is a recognized benchmark for quality and integrity. It provides comprehensive testing in accordance with EU, Canadian and other standards and issues widely recognized authoritative testing reports. It is the only leading brand designated by many notaries. ADO's DECE series products have passed SGS CE certification. However, the ADO laboratory has already met the SGS facility requirements and has many advanced testing instruments that can handle testing items such as comprehensive support for new product testing, component testing, electrical system safety assessment, and mechanical fatigue testing. It will cover functional testing of product, mechanical, material, strength properties, etc. As of today, ADO has more than 16 patents and 6 software copyrights, and developed the ADO G-Drive dual-mode control system, forming a differentiated competitive advantage in product performance. Now, with the support of SGS, CE certification and QTL laboratory certific ation, it means that ADO has an international leading edge in product quality and specifications. ADO always puts users first, insists on product quality and service, and is committed to building an ebike community with full of love and growth. With the strategic goal of building a global brand of technological innovation in the pedelec vertical industry, the dream has come true and become a global trustworthy brand from China as "Crescent Moon Spring".

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ENERGY

I&M is Powering the Next Tomorrow with Plans to Add More than 2,000 MW of Solar, Wind Energy

Indiana Michigan Power | February 02, 2022

Indiana Michigan Power, an American Electric Power company, submitted a plan with the Indiana Utility Regulatory Commission that calls for adding more than 2,000 megawatts of wind and solar energy generation by 2028. The Powering the Next Tomorrow plan is designed to ensure reliable, sustainable energy for I&M customers from a resilient grid using diverse generation sources. I&M is pleased to continue its responsible, systematic transition to cleaner generation sources while ensuring we will meet our customers' needs for safe, reliable energy long into the future. I&M is Powering the Next Tomorrow by harnessing energy from the sun and wind, while ensuring we continue to have the necessary resources to power the homes, businesses and factories we serve 24/7." Steve Baker, president and chief operating officer of I&M I&M's intentions are described in its Integrated Resource Plan (IRP), which provides a detailed analysis of future energy needs and how the company will meet those needs over the next 20 years. Though long-term plans are subject to revisions, I&M's near-term plans to add more than 2,000 megawatts (MW) of wind and solar by 2028 have a higher degree of certainty. The new clean resources are expected to generate enough energy to power 400,000 typical homes. The first step will occur in coming months, when I&M issues a request for proposal (RFP) for approximately 800 MW of wind and approximately 500 MW of solar to meet customer needs, with half of those resources generating energy in 2025 and the remainder by 2026. A second RFP is planned for later seeking proposals for about 800 MW of solar, 60 MW of battery storage and 1,000 MW from gas "peaking" units to meet the needs by 2028. Together, the new resources would more than quadruple I&M's current solar and wind generation. I&M continues to evaluate the best ways to ensure customers have reliable power 24/7/365, including when the sun doesn't shine or wind doesn't blow. With the retirement of I&M's coal-fueled Rockport Plant scheduled by 2028, the company's plans include natural-gas "peaking" units that are expected to be the most cost-effective, reliable source of additional power. These resources would generate power only during periods of high energy use and would potentially utilize hydrogen as a future fuel source to optimize environmental performance. Powering the Next Tomorrow significantly reduces reliance on coal-fueled generation and is another step toward supporting parent company AEP's goals of achieving net zero carbon by 2050. Including Cook Nuclear Plant, wind and solar resources as well as power from six water-powered hydro-electric plants, 85% of the energy I&M generated in 2020 was carbon-emission free. I&M is required to submit a 20-year plan to the Indiana Utility Regulatory Commission every three years. The plan was developed during 2021 and included five meetings with stakeholders representing a variety of interests. About Indiana Michigan Power Indiana Michigan Power (I&M) is headquartered in Fort Wayne, and its approximately 2,100 employees serve more than 600,000 customers. More than 85% of its energy delivered in 2020 was emission-free. I&M has at its availability various sources of generation including 2,278 MW of nuclear generation in Michigan, 450 MW of purchased wind generation from Indiana, more than 22 MW of hydro generation in both states, nearly 35 MW of large-scale solar generation in both states, and 2,620 MW of coal-fueled generation in Indiana. About American Electric Power American Electric Power, based in Columbus, Ohio, is powering a cleaner, brighter energy future for its customers and communities. AEP's approximately 16,700 employees operate and maintain the nation's largest electricity transmission system and more than 224,000 miles of distribution lines to safely deliver reliable and affordable power to 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 5,900 megawatts of renewable energy. The company's plans include growing its renewable generation portfolio to approximately 50% of total capacity by 2030. AEP is on track to reach an 80% reduction in carbon dioxide emissions from 2000 levels by 2030 and has committed to achieving net zero by 2050. AEP is recognized consistently for its focus on sustainability, community engagement, and diversity, equity and inclusion. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide.

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ECONOMY

CATL launches CTP 3.0 battery "Qilin," achieves the highest integration level in the world

CATL | June 23, 2022

On June 23, CATL launched Qilin, the third generation of its CTP (cell-to-pack) technology. With a record-breaking volume utilization efficiency of 72% and an energy density of up to 255 Wh/kg, it achieves the highest integration level worldwide so far, capable of delivering a range of over 1,000 km in a breeze. Focusing on the very nature of electrochemistry, CATL continues its endeavor to push beyond the boundaries of innovations in system structure. In 2019, CATL launched the world's first module-less battery pack CTP, taking the lead in achieving a volume utilization efficiency of over 50%. Together with overall breakthroughs in the core process, algorithm and materials, CATL redefines battery structure design with "Qilin," which is named after a legendary creature in Chinese mythology. Function Integration. In the CTP 3.0 battery, the internal crossbeam, liquid-cooling plate and thermal pad have been integrated into a multifunctional elastic interlayer. It also features built-in micron bridges inside the interlayer, which flexibly accommodate the changes inside the cell, improving the battery reliability throughout its full life cycle. The integrated energy unit, which is composed of the cell and the multifunctional elastic interlayer, builds a more stable load bearing structure perpendicular to the driving direction, thus enhancing the shock and vibration resistance of the battery pack. Reshaping system structure. Powered by its precise computing and AI simulation capabilities, CATL explores the boundaries of battery design involving the battery's full life cycle application scenarios. The ingenious bottom sharing design allows the smart arrangement of various components including structural protection, high-voltage connection and a protective vent for thermal runaway, further increasing the battery capacity by 6%. Meanwhile, the CTP 3.0 battery satisfies the criteria of the battery safety tests required by national standards such as the bollard test. Disruptive Water Cooling Design . By placing liquid cooling functional parts between adjacent cells, the trailblazing large-surface cell cooling technology increases the heat transfer area by four times, cuts thermal control time in half, and supports a hot start in 5 minutes and fast charging in 10 minutes. It enables the cell to cool down rapidly in extreme circumstances, effectively preventing abnormal thermal conduction among cells. Moreover, it has achieved thermal stability and thermal safety for all chemical systems, making it compatible with materials with higher energy density. From the material, cell to system structure, the systematic engineering mindset runs through the whole chain of research and development in CATL. Supported by the above-mentioned technological innovations, the CTP 3.0 battery can increase the energy density to 255Wh/kg for ternary battery systems, and 160Wh/kg for LFP battery systems. With the same chemical system and the same pack size, it can deliver 13% more power than the 4680 battery, accomplishing an all-round improvement in range, fast-charging, safety, service life, efficiency and low-temperature performance. The CTP 3.0 batteries, or Qilin, are expected to be mass produced and come on the market in 2023. From simulated computing in the micro world to artful streamlining inside the battery structure, CATL remains focused on technological ingenuity and independent innovation, aiming to promote the overtaking of fossil fuel vehicles by electric ones.

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PRODUCTS

Hyundai Partners with One Tree Planted to Restore Forests Nationwide

Hyundai | April 26, 2022

Hyundai Motor America announced a partnership with One Tree Planted, a nonprofit organization that focuses on global reforestation. Hyundai's donation will assist in the planting of 150,000 trees across the country throughout 2022, with the partnership kicking off on April 23 during a tree planting event at the iconic Golden Gate Park in San Francisco. The initiative is the latest to underscore Hyundai Motor's commitment to sustainability, mitigating environmental impacts caused by climate change and advancing its Progress for Humanity company vision. Hyundai is making significant investments in its journey toward electrification leadership, with plans to have 23 eco-friendly vehicles globally and one million electric vehicles by 2025, and a fully electrified vehicle lineup by 2040. "Hyundai is committed to the environment and innovative mobility solutions, This means creating a more sustainable future for everyone. It's critical to take care of our planet and One Tree Planted is a natural partner for us to further this mission." -Dana W. White, chief communications officer, Hyundai Motor North America. "One Tree Planted is proud to continue our partnership with Hyundai, which includes two IONIQ 5's they have generously donated to be part of the One Tree Planted fleet, With Hyundai's support, we are restoring vital ecosystems and empowering local communities across the United States. As the trees grow, they will combat the effects of climate change and create a brighter future for the next generation." -Matt Hill, Founder & Chief Environmental Evangelist at One Tree Planted. Hyundai Motor America Hyundai Motor America focuses on 'Progress for Humanity' and smart mobility solutions. Hyundai offers U.S. consumers a technology-rich lineup of cars, SUVs, and electrified vehicles. Our 820 dealers sold more than 620,000 vehicles in the U.S. in 2020, and nearly half were built at Hyundai Motor Manufacturing Alabama. About One Tree Planted One Tree Planted is a 501(c)(3) nonprofit on a mission to make it simple for anyone to help the environment by planting trees. Their projects span the globe and are done in partnership with local communities and knowledgeable experts to create an impact for nature, people, and wildlife. Reforestation helps to rebuild forests after fires and floods, provide jobs for social impact, and restore biodiversity. Many projects have overlapping objectives, creating a combination of benefits that contribute to the UN's Sustainable Development Goals.

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