AES invests in 5B to accelerate global solar energy shift
The AES Corporation has made a strategic investment in the solar innovator to work towards achieving better solar efficiency.
Based in Sydney, 5B has received a strategic investment from Virginia-based AES. Thanks to a revolutionary design called MAVERICK, the company is able to enable its customers to utilise a higher number of solar recourses at three-times the pace whilst being able to provide double the energy.
The partnership is set to accelerate the use of solar energy amongst customers.
The solar energy market continues to grow rapidly as the world moves away from non-renewable energy sources. Between next year and 2025, the market is estimated to hit $613 billion. 5B’s innovative MAVERICK design enables this to happen even faster whilst using smaller plots of land.
The MAVERICK design consists of a folded up, pre-wired, prefabricated solution which is rolled out when delivered to a sale. The company’s approach enables faster installation, less engineering and reduces many steps in the procurement and construction stages.
5B’s solution enables solar to be utilised to its full potential in as many places as possible, whilst adding an element of flexibility if the resources are required to be relocated.
In a statement, President and CEO of AES, Andrés Gluski, said: "Solar is the most abundant clean energy source in the world, and 5B's innovative design produces twice the energy for any given area. In addition, a project using 5B's technology can be built in a third of the time when compared with conventional solar. These significant advantages will help us meet our customers growing needs in today's everchanging environment.”
5B continues to grow following a recent $8.6mn investment round, where AES was included.
About The AES Corporation
Listed as a Fortune 500 company, AES strives to provide sustainable energy to 14 countries with affordability in mind. The company manages $34 billion in total assets as its workforce remains fully committed to meeting and exceeding the needs of power across the globe despite challenges such as the recent COVID-19 pandemic. In 2019, the company made $10 billion in revenue.
Founded seven years ago, 5B was built from the ground up by solar engineers, Chris McGrath and Eden Tehan. The company continues to play a big role in the transformation of the world’s transition to clean and renewable energy sources.
The company has made major strides in the solar industry, mainly thanks to its innovative MAVERICK plug & play solar block.
Although the company is headquartered in Sydney, Australia, it has a presence in several other countries including the US, South Africa, Germany and China.
Trafigura and Yara International explore clean ammonia usage
Reducing shipping emissions is a vital component of the fight against global climate change, yet Greenhouse Gas emissions from the global maritime sector are increasing - and at odds with the IMO's strategy to cut absolute emissions by at least 50% by 2050.
How more than 70,000 ships can decrease their reliance on carbon-based sources is one of transport's most pressing decarbonisation challenges.
Yara and Trafigura intend to collaborate on initiatives that will establish themselves in the clean ammonia value chain. Under the MoU announced today, Trafigura and Yara intend to work together in the following areas:
- The supply of clean ammonia by Yara to Trafigura Group companies
- Exploration of joint R&D initiatives for clean ammonia application as a marine fuel
- Development of new clean ammonia assets including marine fuel infrastructure and market opportunities
Magnus Krogh Ankarstrand, President of Yara Clean Ammonia, said the agreement is a good example of cross-industry collaboration to develop and promote zero-emission fuel in the form of clean ammonia for the shipping industry. "Building clean ammonia value chains is critical to facilitate the transition to zero emission fuels by enabling the hydrogen economy – not least within trade and distribution where both Yara and Trafigura have leading capabilities. Demand and supply of clean ammonia need to be developed in tandem," he said.
There is a growing consensus that hydrogen-based fuels will ultimately be the shipping fuels of the future, but clear and comprehensive regulation is essential, according to Jose Maria Larocca, Executive Director and Co-Head of Oil Trading for Trafigura.
Ammonia has a number of properties that require "further investigation," according to Wartsila. "It ignites and burns poorly compared to other fuels and is toxic and corrosive, making safe handling and storage important. Burning ammonia could also lead to higher NOx emissions unless controlled either by aftertreatment or by optimising the combustion process," it notes.
Trafigura has co-sponsored the R&D of MAN Energy Solutions’ ammonia-fuelled engine for maritime vessels, has performed in-depth studies of transport fuels with reduced greenhouse gas emissions, and has published a white paper on the need for a global carbon levy for shipping fuels to be introduced by International Maritime Organization.
Oslo-based Yara produces roughly 8.5 million tonnes of ammonia annually and employs a fleet of 11 ammonia carriers, including 5 fully owned ships, and owns 18 marine ammonia terminals with 580 kt of storage capacity – enabling it to produce and deliver ammonia across the globe.
It recently established a new clean ammonia unit to capture growth opportunities in emission-free fuel for shipping and power, carbon-free fertilizer and ammonia for industrial applications.