Innergex Renewable Energy revenue up 37% year on year
Canadian energy company Innergex Renewable Energy has seen its revenue rise to $113mn for Q2 2018, marking a 37% increase from the same period a year previously.
Innergex Renewable Energy was founded in 1990 and owns hydro, wind and solar facilities in North America. While most of its operations, as well as its headquarters, remain in its home region of Québec, it also has operations in Ontario and British Colombia as well as Idaho, and has recently begun expansion plans for South America.
Currently, Innergex has 28 renewable energy generation facilities, including 22 run-of-river hydro plants, five wind farms and one solar farm.
The company puts its recent success partially down to “facilities recently acquired or commissioned together with improved performance especially at our wind farms in Québec”.
Innergex president and Chief Executive, Michel Letellier, said: “The overall performance of our facilities as well as the addition of our major acquisition achieved in February 2018 are the main contributors to our strong results in the second quarter. We have made several strategic moves since the end of the quarter which will benefit Innergex in the future.
“Our recent acquisition in Québec will contribute significantly to our results while our breakthrough in Chile allows us to enter the South American market and provides us with a platform to pursue our growth in the hydroelectricity sector, an expertise of the Innergex team. We are proud to have already reached our previous objective of 2,000MW by 2020 and we now should reach 2,500MW in the same period.”
The company entered Chile in May of this year, by acquiring two hydro facilities in the country in partnership with Energía Llaima. These total 140MW in capacity and mark the first stage of Innergex’s South American expansion.
Toyota unveils electric van and Volvo opens fuel cell lab
Toyota is launching its first zero emission battery electric vehicle, the Proace Electric medium-duty panel van, across Europe.
The model, which offers a choice of 50 or 75kWh lithium-ion batteries with range of up to 205 miles, is being rolled out in the UK, Denmark, Finland, France, Germany, Italy, Spain and Sweden.
At present, alternative fuel vehicles (AFVs, including battery electric vehicles) account for only a fraction – around 1.8 per cent – of new light commercial van sales in the UK, but a number of factors are accelerating demand for practical alternatives to vans with conventional internal combustion engines.
Low and zero emission zones are coming into force to reduce local pollution and improve air quality in urban centres, at the same time as rapid growth in ecommerce is generating more day-to-day delivery traffic.
Meanwhile the opening of Volvo's first dedicated fuel cell test lab in Volvo Group, marks a significant milestone in the manufacturer’s ambition to be fossil-free by 2040.
Fuel cells work by combining hydrogen with oxygen, with the resulting chemical reaction producing electricity. The process is completely emission-free, with water vapour being the only by-product.
Toni Hagelberg, Head of Sustainable Power at Volvo CE, says fuel cell technology is a key enabler of sustainable solutions for heavier construction machines, and this investment provides another vital tool in its work to reach targets.
"The lab will also serve Volvo Group globally, as it’s the first to offer this kind of advanced testing," he said.
The Fuel Cell Test Lab is a demonstration of the same dedication to hydrogen fuel cell technology, as the recent launch of cell centric, a joint venture by Volvo Group and Daimler Truck to accelerate the development, production and commercialization of fuel cell solutions within long-haul trucking and beyond. Both form a key part of the Group’s overall ambition to be 100% fossil free by 2040.