Texas delegation talks energy in Mexico
The Greater Houston Partnership led a delegation of top U.S. business leaders to Mexico City on this week to discuss commerce and investment opportunities. The visit follows a resolution for energy reform implemented by the GHP that advocates a balanced approach to energy conservation, economic growth, and job creation on a global scale.
As one of Houston's largest global trade partners, Mexico shares extensive business and cultural connections with Houston. Mexico is Houston's largest international trade partner, while Houston ranks as Mexico's fourth largest U.S. gateway for international trade. In 2012, annual trade between Houston and Mexico totaled $30.6 billion.
More than 1,100 Houston companies report business or trade ties with Mexico. Of the 511 firms in the Houston region affiliated with Mexican subsidiaries, 47 are headquartered in Houston, and operating 152 subsidiary locations throughout Mexico. Firms with significant operations in Mexico include ABS Consulting, Baker Hughes Inc., BJ Services Co., Cameron International Corp., Exterran Holdings Inc., Halliburton Co., National Oilwell Varco Inc., Victory Packaging Inc., and Weatherford International Inc.
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Mexico's U.S. Consul General Luis Malpica y de la Madrid and Eduardo Aguirre, former U.S. ambassador to Spain and Andorra and the chairman and CEO of Atlantic Partners Group, were part of the Houston delegation. Delegates also included Houston-area companies with interests ranging from energy and sustainability to international trade and investments.
The delegation met with PEMEX and several high-level government officials. This was the first time a Houston business delegation has traveled to Mexico to meet with officials under President Enrique Pena Nieto's administration.
“The energy sector plays a critical role in the well-being of the world economy,” said Ambassador Aguirre, who is a member of the GHP Board of Directors and serves as the chairman of the Partnership's International Investment and Trade Committee. “It is vital that Houston continue to build strong partnerships with strategic global markets, such as Mexico.
“Mexico and Houston have consistently shared interests in balancing energy demands with sound environmental objectives, economic growth and job creation,” Aguirre said. “Partnerships across nations will secure the future of energy in Houston and ensure the continued prosperity of the world economy.”
Currently, 18 Mexican firms operate 20 subsidiary locations in the Houston metro area. According to the U.S. Census Bureau, 46.2 percent of Houston's total foreign-born population was born in Mexico.
Houston, the fourth largest city in America, is known as the "Energy Capital of the World" because of its large concentration of oil, gas, and renewable energy companies.
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.