Siemens signs energy agreement with Iraq
Siemens has signed a Memorandum of Understanding (MoU) with the Federal Government of the Republic of Iraq to modernise the country's energy infrastructure and strengthen the collaboration with the Ministry of Energy as well as Ministry of Oil & Gas.
In the presence of the Prime Minister of Iraq, Mr. Haider al Abadi, the Memorandum of Understanding was signed by Qassim al-Fahdawi, Minister of Electricity, and Siegfried Russwurm, Member of the Managing Board of Siemens AG.
Siemens will advise the Iraqi government on the development and optimisation of the country's power generation and grid infrastructure including power generation mix. "With this important agreement we intensify the long lasting partnership between Siemens and Iraq," said Siegfried Russwurm. "With our broad portfolio and comprehensive expertise in power generation, transmission as well as in Oil and Gas sector we will assist and support the Iraqi Government to develop a sustainable and modern electricity system to ensure the country's economic and social development."
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.