Jul 24, 2020

Tesla’s growth could reach trillions - Chamath Palihapitiya

Tesla
Elon Musk
Chamath Palihapitiya
Renewable Energy
Jonathan Campion
1 min
The CEO of Virgin Galactic has said that Elon Musk’s company is best placed to capitalise on the renewable energy boom.
The CEO of Virgin Galactic has said that Elon Musk’s company is best placed to capitalise on the renewable energy boom...

Speaking to CNBC on Thursday 23 July, Mr Palihaptiya, who is also the CEO of Social Capital, commented that Tesla’s potential lies away from the cars that have brought the company its first wave of success. He thinks that the company will become synonymous in future with renewable energy.

"This is no longer about cars, that's the first wave of growth. I think people are pricing in an evisceration of traditional autos and an enormous shift to EVs, of which Tesla will get the disproportionate share. This is worth trillions of dollars."

Mr Palihaptiya went on to comment on Tesla’s worth to the business of decarbonization: "It is the leading hedge when it comes to electrification and decarbonization.

Tesla's expansion will only accelerate once more customers buy into its energy business. Utilities are among the most predictable, reasonable businesses, and Tesla's business portfolio will democratize energy generation and storage as the country shifts further to promoting renewable energy”.

"I underwrite this stock as a bet towards decarbonization, towards unregulated energy, and towards the ability for all of us to become our little micro utilities”.

Tesla’s phenomenal rise continues to gather pace. Its market cap is currently over $290bn, and its shares are up 280% year-to-date.

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Apr 12, 2021

ScottishPower submits plans for UK's largest electrolyser

Hydrogen
Renewables
scotland
UK
Dominic Ellis
3 min
The 20MW electrolyser will be the key component of a green hydrogen facility close to ScottishPower’s Whitelee windfarm
The 20MW electrolyser will be the key component of a green hydrogen facility close to ScottishPower’s Whitelee windfarm...

ScottishPower has submitted a planning application to deliver the UK’s largest electrolyser which will be the key component of a green hydrogen facility located close to its Whitelee windfarm. 

Alongside the 20MW electrolyser, the application also includes proposals for a combined solar and battery energy storage scheme - up to 40MW and 50MW respectively - to power the electrolyser. They will be installed about 5km west of Lochgoin Reservoir and next to the existing Whitelee Extension substation.

The submission marks an important step for Green Hydrogen for Scotland, a partnership between ScottishPower, BOC and ITM Power, to create green hydrogen production facilities with clusters of refuelling stations across Scotland.

The proposed green hydrogen project will be engineered and operated by BOC, using wind and solar power produced by ScottishPower Renewables, and the electrolyser will be delivered by ITM Power. The project aims to supply hydrogen to the commercial market before 2023.

Green Hydrogen for Glasgow aims to provide carbon-free transport and clean air for communities across Glasgow as well as helping support industrial hydrogen demand in the region. The city, set to host the United Nations 26th Climate Change Conference, COP26, later this year, aims to become the first net zero city in the UK by 2030.   

Barry Carruthers, ScottishPower’s Hydrogen Director, said: “With all eyes set to be on Glasgow later this year as the city hosts the UN’s 26th climate change conference, COP26, it’s fantastic to be making this next important step towards delivering green hydrogen for Glasgow.

“Whitelee keeps breaking barriers, first the UK’s largest onshore windfarm, and soon to be home to the UK’s largest electrolyser. The site has played a vital role in helping the UK to decarbonise and we look forward to delivering another vital form of zero carbon energy generation at the site to help Glasgow and Scotland achieve their net zero goals.”

He added green hydrogen has a vital role to play in Scotland and the wider UK’s journey to Net Zero emissions, providing a sustainable energy source that can provide clean, renewable energy for industries, heavy transport and companies for future decades.

Green hydrogen is a zero carbon energy source which can be used by industries and companies that cannot fully electrify their operations to help them lower their emissions, for example, heavy duty transport like buses and bin lorries.

The technology gets its name from the green power source, normally wind or solar, used to power an electrolyser to split water into its core elements; hydrogen and oxygen gas. The hydrogen can then be stored and transported for use as needed.

The green hydrogen facility at Whitelee, the UK’s largest onshore windfarm, will house a 20MW electrolyser and would be able to produce up to 8 tonnes of green hydrogen per day, roughly equivalent to fuelling over 550 buses to travel from Glasgow to Edinburgh and back again each day.

Graham Cooley, CEO ITM Power, said it marks an exciting milestone based on market development for green hydrogen for the city of Glasgow, that will see the UK’s largest electrolyser deployment to date being realised in Scotland.

Mark Griffin, Hydrogen Market Development Manager for Clean Fuels at BOC said: “The scale of this project demonstrates the growing demand for clean hydrogen and as a member of the Green Hydrogen for Scotland partnership, we’re delighted to bring our hydrogen mobility and refuelling project expertise to help deliver a ground-breaking facility in Glasgow.”

The hydrogen production facility could support Glasgow City Council as well as surrounding local authorities and industries in their ambitions to create a zero emissions vehicle fleet, using only electric and hydrogen-powered vehicles by the end of 2029.

ScottishPower expects a decision on the planning application in autumn.

The UK recently announced a £3 million investment to develop the Tees Valley hydrogen transport hub (click here). 

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