A Norwegian chemical company has received funding from a state-owned innovation hub to develop technology which enables the capture of hydrogen as a byproduct of the company’s silicon production.
Shares in the Norwegian renewables company have been trading below the $26 price linked to a recent $527 million fundraising issuance which the developer launched to fund its planned acquisition of hydropower business SN Power.
Unnamed business was the launch customer for DNV GL’s Instatrust online PPA-matching platform. The corporate client’s request prompted offers of more than 800 GWh of renewable energy.
The Norwegian hydropower business wants to pay €131 million for the London-based clean energy developer which claims to have brought to life 1.2 GWp of project capacity in seven countries since 2013.
The Norwegian polysilicon maker has been been frozen out of the Chinese solar market by political tensions between Beijing and the U.S. and mothballed its Washington State production line last year. However, two recent business agreements could change all that.
The Norwegian renewables company has already raised $300 million of the $700 million, one-year funding it has shouldered to acquire hydro business SN Power from state-owned Norfund.
The renewables business is set to acquire the SN Power hydropower operator belonging to Norwegian state-owned private equity business Norfund, with the $1.17 billion deal expected to go through in the first half of the new year. Scatec said the transaction could offer floating solar opportunities.
The company aims to raise NOK100 million by going public. It will use the funds to expand its overseas operation and reinforce engineering resources in Norway.
International researchers have analyzed the potential of sodium-based energy storage and found recent technical advances have arrived faster than those for the lithium-ion batteries which have been studied for three decades. Issues remain, however, before sodium constitutes a complementary option to lithium.
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