ADNOC looks to Asian majors to support expansion plans
The CEO of Abu Dhabi National Oil Company (ADNOC), Dr. Sultan Ahmed Al Jaber, has met with both potential and existing partners in China and Japan to explore new partnership and co-investment opportunities.
ADNOC, which recently announced the expansion of its strategic partnership model, as well as the more active management of its portfolio of assets, said the trip was also part of an effort to strengthen UAE bilateral relations with China and Japan.
ADNOC has existing partnerships with a number of Chinese and Japanese companies across its upstream, midstream and downstream businesses.
In China, Al Jaber met with the Ministry of Foreign Affairs including H.E. Wang Yi, Foreign Minister of the People’s Republic of China and Mr. Deng Li, Director-General for the MENA Region.
He also met with existing and new, potential partners to brief them about ADNOC’s new, expanded partnership approach.
In Japan, Al Jaber had a bilateral meeting with H.E. Shinzo Abe, Prime Minister of Japan. Dr. Al Jaber conveyed the greetings of the UAE leadership to Prime Minister Abe and discussed ways to deepen cooperation in the energy sector.
In addition to Prime Minister Abe, he also met with H.E. Fumio Kishida, Minister of Foreign Affairs, H.E. Hiroshige Seko, Minister of Economy, Trade and Industry. Al Jaber held further meetings and discussions with ADNOC’s Japanese partners to discuss ADNOC’s new partnership and co-investment opportunities.
Al Jaber said, “As ADNOC embarks on its new approach, we look forward to building on our successful partnerships in both China and Japan. We believe our mutual goals and objectives are aligned and that committed and long term collaboration will help meet the growing energy demand of both countries, as well as promote sustainable economic growth and trade.”
The CEO’s visit to Japan coincided with the fifth Abu Dhabi-Japan Economic Council meeting in Tokyo where a number of senior Abu Dhabi officials discussed potential areas of cooperation around key economic sectors, including oil and gas.
Form Energy receives funding power for iron-air batteries
Form Energy believes it has cracked the conundrum of commercialising grid storage through iron-air batteries - and some of the biggest names in industry are backing its potential.
The startup recently announced the battery chemistry of its first commercial product and a $200 million Series D financing round led by ArcelorMittal’s XCarb innovation fund. Founded in 2017, Form Energy is backed by investors Eni Next LLC, MIT’s The Engine, Breakthrough Energy Ventures, Prelude Ventures, Capricorn Investment Group and Macquarie Capital.
While solar and wind resources are the lowest marginal cost sources of electricity, the grid faces a challenge: how to manage the multi-day variability of renewable energy, even in periods of multi-day weather events, without sacrificing energy reliability or affordability.
Moreover, while Lithium-ion batteries are well suited to fast bursts of energy production, they run out of energy after just a few hours. Iron-air batteries, however, are predicted to have theoretical energy densities of more than 1,200 Wh/kg according to Renaissance of the iron-air battery (phys.org)
The active components of Form Energy's iron-air battery system are some of the cheapest, and most abundant materials: iron, water, and air. Iron-air batteries are the best solution to balance the multi-day variability of renewable energy due to their extremely low cost, safety, durability, and global scalability.
It claims its first commercial product is a rechargeable iron-air battery capable of delivering electricity for 100 hours at system costs competitive with conventional power plants and at less than 1/10th the cost of lithium-ion and can be optimised to store electricity for 100 hours at system costs competitive with legacy power plants.
"This product is our first step to tackling the biggest barrier to deep decarbonisation: making renewable energy available when and where it’s needed, even during multiple days of extreme weather, grid outages, or periods of low renewable generation," it states.
Mateo Jaramillo, CEO and Co-founder of Form Energy, said it conducted a broad review of available technologies and has reinvented the iron-air battery to optimise it for multi-day energy storage for the electric grid. "With this technology, we are tackling the biggest barrier to deep decarbonization: making renewable energy available when and where it’s needed, even during multiple days of extreme weather or grid outages," he said.
Form Energy and ArcelorMittal are working jointly on the development of iron materials which ArcelorMittal would non-exclusively supply for Form’s battery systems. Form Energy intends to source the iron domestically and manufacture the battery systems near where they will be sited. Form Energy’s first project is with Minnesota-based utility Great River Energy, located near the heart of the American Iron Range.
Greg Ludkovsky, Global Head of Research and Development at ArcelorMittal, believes Form Energy is at the leading edge of developments in the long-duration, grid-scale battery storage space. "The multi-day energy storage technology they have developed holds exciting potential to overcome the issue of intermittent supply of renewable energy."
Investors in Form Energy's November 2020 round included Energy Impact Partners, NGP Energy Technology Partners III, and Temasek.
In May 2020, it signed a contract with Minnesota-based utility Great River Energy to jointly deploy a 1MW / 150MWh pilot project to be located in Cambridge, MN. Great River Energy is Minnesota's second-largest electric utility and the fifth largest generation and transmission cooperative in the US.
Last week Helena and Energy Vault announced a strategic partnership to identify additional opportunities for Energy Vault’s waste remediation technologies as the company begins deployment of its energy storage system worldwide. It received new investment from Saudi Aramco Energy Ventures (SAEV) in June.
Maoneng has revealed more details of its proposed 240MWp / 480MWh Battery Energy Storage System (BESS) on Victoria’s Mornington Peninsula in Australia (click here).
The BESS represents hundreds of millions of dollars of investment that will improve electricity grid reliability and network stability by drawing energy from the grid during off-peak periods for battery storage, and dispatching energy to the grid during peak periods.