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Tuesday, 16 May 2023

Denmark’s Topsoe to spend big on electrolyzer project in the US and the UK’s Lower Carbon spends big on solar deployments

Danish engineering group Topsoe plans to spend USD 300 mn on a hydrogen electrolyzer facility in the US, CEO Roeland Baan tells Bloomberg. Topsoe plans to make a final investment decision on the project — set to double the company’s manufacturing capacity of the machines — by the end of the year. The firm is currently holding talks with prospective customers and authorities in the US on the best location for the facility, Baan said. The facility is set to be as big as a plant that Topsoe is building in Denmark with an initial capacity of 500 MW and a potential to grow 10x larger.

The UK’s Low Carbon raises GBP 310 mn to expand solar deployments: UK renewables investment company Low Carbon has raised GBP 310 mn (c. USD 391.2 mn) in additional financing from the Commonwealth of Australia, Intesa Sanpaolo, and Dutch banking firms ABN AMRO and ING to increase solar energy deployments in the UK and the Netherlands, according to a statement. The company will use the new funding to increase solar generation capacity in both countries by 448 MW to a total of 1 GW, the statement notes. Low Carbon — which manages some 1.3 GW of operational solar assets — has a target to supply some 20 GW by the end of the decade, and its current pipeline of renewables projects stand at some 8 GW, Reuters notes.


  • Microsoft signed an agreement with renewables developer Orsted A/S to purchase 2.76 mn tons of durable carbon credits from Orsted’s biomass energy and carbon capture plants in Denmark. (Bloomberg)
  • The UK could make GBP 70 bn annually from renewable energy if it exports energy to mainland Europe. (The Guardian)
  • South Korea’s Hyundai Motor is investing USD 2.45 bn over 10 years in expanding its electric vehicle production in Tamil Nadu, India. (Reuters)
  • Vietnam plans to more than double its power generation capacity to 150 GW by 2030 by harnessing wind energy among other sources. (Reuters)
  • Canada’s Prime Minister Justin Trudeau landed in Seoul, South Korea yesterday where he is expected to explore with South Korea’s President Yoon Suk Yeol partnership agreements aimed at increasing cooperation on critical minerals essential to EV production. (Reuters)

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