Norway discovers giant phosphate deposit: Norway’s publicly traded mining company Norge Mining has discovered 70 mn tons of phosphate rock deposit which it says contains enough minerals to meet the global demand for batteries and solar panels for the next 100 years, The Independent reports. Norway may fast-track extraction of a giant mine in Helleland once analysis is completed, slating an operational date by 2028. Phosphate rock is an essential component in lithium-iron phosphate batteries used in electric cars, as well as in the manufacturing of solar panels making them a crucial resource for the energy transition. The discovery is expected to ease concerns of a growing supply crunch and a high dependence on Russian imports.

Our region is currently on the leaderboards for phosphate supply: Currently, the largest phosphate deposit is located in the western Sahara region of Morocco with a capacity of around 50 bn tons. This is followed by China with 3.2 bn tons, Egypt with 2.8 bn tons, and Algeria with 2.2 bn tonnes, Mining Technology said, citing US Geological Survey estimates.

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India is looking to export 10 mn tons of green hydrogen to the EU: India is in talks with the European Union to export some 10 mn tons of green hydrogen to the bloc in exchange for EU investments in its clean energy and carbon credit sectors, Reuters reports, citing people with knowledge of ongoing negotiations. Earlier this week, India said it would seek bilateral agreements aimed at bringing in foreign direct investments for green hydrogen projects in return for carbon credits generated from clean hydrogen ventures in the country.

Italy-based renewables-focused investment firm NextEnergy Capital raised USD 480 mn in its latest solar energy and BESS-centered investment fund, Reuters reports. The company will use the funding to invest in its 14 GW pipeline of solar energy projects in Europe, North America, and Chile over 10 years. The company is in talks with other investors and may raise another funding round later in 2023 as part of its target to unlock USD 1.5 bn in climate financing.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• German solar energy farms generated so much power this week electricity prices fell below zero in the country for a two-hour period. Grid operators paid power consumers to offtake electricity they do not have storage capacity for. (Bloomberg)
• Amazon is rolling out 300 of its Rivian electric vans in Munich, Berlin, and Dusseldorf over the next few years. This comes as part of Amazon’s plan to invest EUR 1 bn in electrifying its transportation network in Europe. (Statement)