Profile: Cabot - socially responsible energy
Considered to be because of the company’s focus on gas instead of oil and low operating costs, this fortuitous market activity means that CO&G’s first quarter has had a flying start - its strong full-year report for 2019 indicates the company is strong.
"Our 2019 results highlight the strength of our company, which was demonstrated by the generation of record levels for net income,” said Dan O. Dinges, Chairman, President and CEO.
Dinges followed up by stating that CO&G’s continued focus would be to “maintain our financial strength, and return capital to shareholders during these challenging times for the natural gas markets."
Linking CSR with energy
Founded in 1989, CO&G is an independent energy company focusing operations exclusively on onshore developments in the US. Striving to increase value for its shareholders in all of its activities, the company prides itself on its strategic marketing and performance.
However, not just satisfied with being a leader in its sector, CO&G is also a key proponent of ethical, safe and environmentally responsible operations in all of its activities.
Utilising what it calls “unconventional supplies of natural gas”, the company is contributing towards the US’ goal of reducing GHG (greenhouse gas) emissions whilst simultaneously meeting the nation’s increasing energy requirement.
CO&G summarises its approach to Corporate Social Responsibility (CSR) with its bespoke EHS (Environmental, Health and Safety) programme.
The programme includes minimising waste, strict compliance with environmental regulations, developing emergency response procedures, establishing goals and using its sphere of influence to encourage suppliers and partners to do the same.
Making communities stronger
In a display of its commitment to CSR, CO&G became one of the first supporters of the API initiative ‘The Environmental Partnership’, which, among other things, strives to reduce methane and volatile organic compounds in industrial work.
With a mission to make the communities it works in better for it having been there, CO&G promotes air quality monitoring, ensures the integrity of wellbores and seeks to mitigate its wastage in whatever way possible.
The company also pools its knowledge and information regarding the industry to help develop high-standard across the sector, increase operational efficiencies and ensure that regulations are adhered to at all times.
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.