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EU invests €1.1bn in clean tech innovation projects

The European Union is investing over €1.1 billion into seven large-scale innovative projects under the Innovation Fund.
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This article was originally published by Power Engineering International

The European Commission has announced an investment of over €1.1 billion ($1.2 billion) into seven large-scale innovative projects.

The funding will be used through the Innovation Fund, which was announced in 2020, and is aimed to support projects bringing breakthrough technologies to the market in energy-intensive industries, hydrogen, carbon capture, use and storage, and renewable energy. The projects are located in Belgium, Italy, Finland, France, the Netherlands, Norway, Spain and Sweden.

The European Climate, Infrastructure and Environment Executive Agency will oversee the funding.

The aim is to accelerate the energy transition across the bloc and ensure a green recovery, according to a statement.

Executive Vice-President Timmermans, said: “Innovation is crucial to provide the solutions we need this decade to keep 1.5 degrees within reach. Together with sharp emissions reductions, innovation gives us a path towards the Paris Agreement. Today’s decision gives concrete support to clean tech projects across Europe and enables them to scale up game-changing technologies that support and speed up the transition to climate neutrality.

EU Projects Centre Stage at Enlit Europe

EU funded projects that are contributing to the digitalisation of energy will be showcased at Enlit Europe under the EU Projects Zone from 30 November to 02 December in Milan.

“Our Fit for 55 package proposes to increase the Innovation Fund so that even more innovative European projects and ideas can jump ahead in the global climate innovation race.”

The projects will help decarbonise industries including chemicals, steel, cement, refineries, and power and heat. All projects are either already part of industrial hubs or kick-start decarbonisation clusters of interconnected industries. 

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The seven projects were selected for funding under the first Innovation Fund call for large-scale projects, i.e. projects with total capital costs above €7.5 million. They were evaluated by independent experts for their ability to reduce greenhouse gas emissions compared to conventional technologies and to innovate beyond the state-of-the-art while being sufficiently mature to enable their quick deployment. Other selection criteria included the projects’ potential for scalability and cost effectiveness.

Projects in brief

Energy-intensive industries: A project in Sweden aims to entirely eliminate greenhouse gas emissions from steel production by using renewable hydrogen in Gällivare and Oxelösund. Another project, in Finland, will demonstrate two ways of producing clean hydrogen at a refinery in Porvoo, through renewable energy and by capturing greenhouse gases and permanently storing it in the North Sea. In France, a project will capture unavoidable emissions in a cement plant and in part store the carbon geologically in the North Sea and in part integrate it into concrete. To reduce the emissions in the production of hydrogen and chemicals, a project in Belgium will develop complete carbon capture, transport and storage value chain in the Port of Antwerp.

Renewable energy: A project in Italy will develop an industrial-scale pilot line for the manufacture of innovative and high performance photovoltaic cells in Catania. Another project in Spain will convert the non-recyclable municipal solid waste in El Morell to methanol, a key basic chemical and low-carbon fuel. Another project in Sweden will create a full-scale bioenergy carbon capture and storage facility at its existing biomass combined heat and power plant in Stockholm.

Next steps

Successful projects are starting to prepare the individual grant agreements with the European Climate, Infrastructure and Environment Executive Agency (CINEA), the implementing body of the Fund. These are expected to be finalised in the first quarter of 2022, allowing the Commission to adopt the corresponding grant award decision and start distributing the grants.

On 26 October, the European Commission launched the second call for large-scale projects with a deadline of 3 March 2022. A total of €10 billion ($11.3 billion) will be issued through the Innovation Fund through 2030.

We can’t wait to see you in Milan

Enlit Europe will bring the energy community together during the live event in Milan (30 November – 2 December 2021). Register here

The post EU invests €1.1bn in clean tech innovation projects appeared first on Power Engineering International.


Energy & Critical Metals

EV Nickel starts trading on TSX Venture Exchange

  TORONTO – EV Nickel Inc.’s [EVNI-TSXV] initial public offering (IPO) prospectus dated November 19, 2021, has been filed with and accepted by the…

 

TORONTO – EV Nickel Inc.’s [EVNI-TSXV] initial public offering (IPO) prospectus dated November 19, 2021, has been filed with and accepted by the TSX Venture Exchange and has begun trading on the Exchange.

The closing of the IPO, scheduled for December 2, 2021, was expected to have gross proceeds of $5,440,292 for a total of 1,442,200 flow-through (FT) common shares at 86 cents per FT common share and of 5.6 million units at 75 cents per unit. The company has 30,355,667 common shares issued and outstanding

EV Nickel, classified as a Tier 2 issuer, is a Canadian nickel exploration company, focused on the Shaw Dome area, south of Timmins, Ontario. The Shaw Dome area is home to its Langmuir project, which includes W4, the basis of a 2010 historical estimate of 677,000 tonnes at 1% nickel for approximately 15 million pounds of Class 1 nickel.

EV Nickel’s objective is to grow and advance a nickel business, targeting the growing demand for Class 1 nickel from the electric vehicle battery sector. EV Nickel has almost 9,100 hectares to explore across the Shaw Dome area and has identified 30 km of additional strike length.

“We are excited to get out into the public markets and begin telling the world about our wonderful assets, on the Shaw Dome, just south of Timmins,” said Sean Samson, president and CEO. “The world needs more nickel and especially the type of high-grade, clean nickel that we plan to build our business around. Decarbonization is the challenge of a lifetime and we plan to source the material that will help the EV [electric vehicle] companies grow and help address that challenge.”





Author: Editor

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Energy & Critical Metals

NIO Stock Alert: One Big Reason EV Maker Nio Is Plunging Today

As all eyes turn to Chinese stocks today, Chinese electric vehicle (EV) producer Nio (NYSE:NIO) is in the spotlight. Indeed, as NIO stock slides, investors…

As all eyes turn to Chinese stocks today, Chinese electric vehicle (EV) producer Nio (NYSE:NIO) is in the spotlight. Indeed, as NIO stock slides, investors are left to ponder the news coming out of the Securities and Exchange Commission (SEC) as well as what it might mean for the EV industry as a whole.

Source: Sundry Photography / Shutterstock.com

So, what is this big news?

Chinese stocks that trade on major U.S. exchanges have been sliding since markets opened this morning, a direct result of the recent news from the SEC. The regulatory agency has announced that it will be implementing a new law that will require all international companies that trade on the NYSE or Nasdaq to turn over their financial books to U.S. regulators upon request or face being delisted.

One major stock has already delisted and others seems poised to follow. These events have cast a cloud of uncertainty over markets, and investors have many questions about their Chinese investments. Investors have a lot to think about as NIO stock falls, in terms of the future of both the company and its industry.

What’s Happening With NIO Stock

Like most China-based companies that trade in the U.S., NIO stock has been falling all day. As of this writing, it is down by almost 9%. Despite an earlier uptick, it isn’t showing signs of rebounding. The stock has been declining since December began, but yesterday’s news has caused it to plunge, pulling it into the red by more than 20% for the month. It’s clear that since news broke of Chinese ride-sharing giant Didi Global (NYSE:DIDI) making the move to delist from the NYSE, investors are nervous, bracing for a selloff.

Nio isn’t the only Chinese EV manufacturer that hasn’t been enjoying the ride today. Its peers XPeng (NYSE:XPEV) and Li Auto (NASDAQ:LI) have seen worse declines. Both are down as of this writing, by 9% and 13%, respectively.

Why It Matters

While this news has sent Chinese stocks across many different sectors into a downward tailspin, there are other factors that are worth considering. Nio filed for an additional listing on a Hong Kong exchange in early 2021, but the decision was delayed for months, stretching into 2022 with little information provided by the company as to the reasons behind it. If the company was already planning to list in another market, this news from the SEC could prove the incentive it needs to delist in order to expedite the process. It’s hard to pinpoint exactly what this means for NIO stock.

Wall Street hates uncertainty. And since an important international company decided to comply with unprecedented orders from its government, uncertainty has reigned supreme. Nio’s incentive to delist is likely high, and if one industry leader makes a decision, others may follow. Adding to the turbulent market outlook is the fact that many Chinese business leaders haven’t said much since news broke of the SEC’s decision, leaving investors to wonder what the immediate future will look like.

The fact that Chinese EV stocks are slipping across the board indicates that this news is serious. The EV race, in which China’s companies have played a key role, has come to define investing in 2021 and looks set to continue into the new year. If such a prominent sector can feel the strain of this news, no industry is immune.

What It Means

The road ahead looks bumpy for all Chinese stocks that trade on U.S. markets, not just the EV sector. The emerging threat of the omicron variant was already casting doubt over markets, as investors braced for what will likely be known as the “omicron winter.” Now they have an even shorter-term concern to field.

With all this in mind, there are plenty of factors that contribute to a stock making the move to delist. We don’t know for sure what this news will mean for NIO stock, but it is certainly a name to watch as Chinese companies make decisions and trends start to develop.

On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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Author: Samuel O'Brient

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Energy & Critical Metals

Northern Graphite Snaps Up 2 Mines for US$40M

Northern Graphite Corp. [NGC-TSXV; NGPHF-OTCQB] has agreed to acquire a 100% interest in two graphite…

Northern Graphite Corp. [NGC-TSXV; NGPHF-OTCQB] has agreed to acquire a 100% interest in two graphite mines from French industrial minerals company Imerys Group for US$40 million, a move that CEO Greg Bowes described as “transformational” for the company.

The assets being acquired include the producing Lac des Iles graphite mine in Quebec and the Okanjande graphite deposit/Okorusu processing plant in Namibia. The Namibian project is held by Imerys and a joint venture partner.

Closing of the transaction is subject to a number of conditions, including the approval of the TSX Venture Exchange. The transaction is considered a “fundamental acquisition” under TSX Venture Exchange policies. As a result, trading in the company’s shares has been halted pending a satisfactory review by the TSX-V or closing of the transaction, whichever occurs firs.

Northern Graphite said it intends to raise US$55 million in financing to complete the transaction, which includes payment of the purchase price, capital improvements, reclamation bonding, working capital and transaction expenses.

The company has signed a term sheet with Sprott Resource Streaming and Royalty Corp. for US$40 million in debt/royalty/stream financing and an engagement letter with Sprott Capital Partners LP to act as lead agent with respect to an equity offering of US$15 million.

The Sprott Group intends to participate in the equity offering with an investment of US$3 million, and Imerys will receive US$3 million in equity on the same terms as the offering, as partial payment for the purchase price. Imerys is also providing other support for the transaction.

Northern Graphite is a mineral development and technology company that has been working to develop its flagship Bissett Creek graphite deposit in northern Ontario.

The company is also focused on upgrading mine concentrates into high value components used in lithium-ion batteries, electric vehicles, fuel cells, graphene and other advanced technologies.

Its aim has been to become a leading supplier of graphite, an industrial mineral that has long been associated with steel manufacturing, lead pencils and golf clubs, but is now a key ingredient used in the production of electric vehicles.

Speaking about the acquisition of the Imerys assets, Bowes said: “This is a truly transformational deal that will elevate Northern from one of over 20 junior graphite companies looking for project financing to being the only North American and the world’s third largest non-Chinese graphite-producing company.”

In addition, he said Northern will have two large-scale development projects in stable jurisdictions that will enable the company to significantly expand production to meet growing demands from the [electric vehicle]/battery markets,’’ Bowes said.

Transaction highlights include the acquisition of 40,000 to 50,000 tonnes per year of graphite concentrate production capacity. The Namibian operation will be brought back on line, enabling Northern Graphte to expand its market share in North America and Europe.

Terms of the deal were announced just before the market close on December 2, 2021, when Northern Graphite shares were priced at 83 cents and trade in a 52-week range of 92 cents and 23 cents.

 

Author: Staff Writer

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