Pavilion Energy formed to Supply Asia's Rising Gas Demand
Pavilion Energy Pte. Ltd. (“Pavilion Energy”) has been incorporated by Singapore investor, Temasek, with an initial authorised capital of S$1 billion, to tap into Asia’s growing energy demand.
As the region’s economies continue to transform and urbanise, the demand for clean energy, especially Liquefied Natural Gas (LNG), is expected to increase.
According to the International Energy Agency, the global use of gas will rise 50% by 2035, from the 2010 levels. Gas will account for a quarter of the world’s energy mix, especially with increasing demands from large economies such as China which is replacing coal with gas as an energy source.
Pavilion Energy will look to partner with energy industry leaders and players to meet the region’s growing gas needs. It may also co-invest alongside Temasek, which has been stepping up its investments in the energy and resource sectors over the last few years.
Pavilion Energy has appointed one of the most respected oil and gas industry leaders, Tan Sri Mohd Hassan Marican, the former President and CEO of Petronas, as the chairman of its Board. Pavilion Energy will also enlist the expertise and experience of other well regarded industry captains and business leaders such as Mr Liew Mun Leong, former CEO of the CapitaLand Group, to reinforce its business and corporate governance leadership.
The company has also appointed Mr Seah Moon Ming as its Chief Executive Officer. Mr Seah joined Temasek in March as Senior Managing Director, Special Projects, to establish the new energy business entity. He was most recently the Deputy CEO of ST Engineering, overseeing ST Aerospace, ST Electronics, ST Kinetics and ST Marine.
Mr Seah said, “To secure long term and stable supply of LNG to our customers in Singapore and the Asian region, we will be sourcing our LNG supply from multiple sources and various partners in North America, Europe, Asia, Africa and Australia.
“We also expect to participate and invest in various parts of LNG value chain to ensure long term LNG supply. These could include LNG trading; investing alongside international oil and gas companies as partners to develop upstream LNG projects; building of LNG storage and re-gasification terminals; and investing in LNG shipping. Long term secure and reliable supply is critical to success in the LNG business.”
Over the coming months, Pavilion Energy will work to set up the various parts of its operations and it expects to be operational in September 2013.
SOURCE: Pavilion Energy Pte. Ltd.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.