Chinese Carmakers Launch Sodium-Ion Battery-Powered EVs

By Tom Kool - Jan 01, 2024

• JAC Yiwei EV features sodium-ion batteries with an energy density of 120 Wh/kg and a rapid recharge capability.
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• Sodium-ion batteries are more cost-effective due to the abundance of raw materials and potential for lower production costs.
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• The launch signals a significant shift in EV battery technology, potentially positioning Chinese EV manufacturers like BYD to lead the global market.

Two Chinese state-owned carmakers have launched electric vehicles (EVs) powered by sodium-ion batteries, considered an alternative to the conventional  lithium-ion batteries used in most EVs, Caixin Global reports. 

Yiwei, a new EV subsidiary of JAC Group and backed by Volkswagen, debuted the first sodium-ion battery-powered electric car on Wednesday. 

Back in 2021, Volkswagen invested 1 billion euros in JAC Group for a 50% stake with the giant German automaker before full control of management of the EV joint venture with a 75% stake. 

The newly-launched JAC Yiwei EV features sodium-ion cylindrical cells from HiNa Battery and will use a honey-comb battery structure by JAC’s UE module tech. JAC’s UE is similar to BYD’s popular Blade battery, which is used in Ford, Toyota and Kia EVs, and is also comparable to CATL’s CTP (cell-to-pack) technology. 

The sodium-ion-battery features 25 kWh of capacity and 120 Wh/kg of energy density. 

According to the manufacturer, the electric hatchback could recharge from 10% to 80% in 20 minutes with 3C to 4C charging. In comparison,  Tesla Inc. (NASDAQ:TSLA) current Model 3 battery comes with an energy density of about 260 Wh/kg;  Model 3 Rear-Wheel Drive has a 57.5 kWh usable battery capacity, topping out at 75 kWh for both the Model 3 Long Range and Model 3 Performance.

Deliveries of the sodium battery-powered EV are expected to kick off next month.

One of the biggest advantages of sodium-Ion batteries is that they rely on abundant and cheap raw materials. Although Li-ion batteries now average $151/kWh, about 80% cheaper compared to a decade ago, analysts contend that the cost must fall further to below $100/kWh for EVs to achieve cost parity with fossil fuel vehicles. 

This is a primary driver for the increasing competitiveness of Chinese EVs, which rely on LFP (lithium-ion phosphate) batteries costing a third less than similar NMC (lithium nickel manganese cobalt) batteries. 

Cost factors have poised China’s BYD to overtake Tesla as the world’s biggest EV manufacturer in 2024, according to InsideEVs.

 

Record Declines in Grain Prices May Ease Global Food Crisis

By ZeroHedge - Jan 02, 2024

• Corn futures fell 31%, and wheat contracts decreased 21%, the largest drop since 2013.
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• The decline in grain prices is attributed to bumper crops in Brazil, the U.S., and Russia, along with expectations of reduced costs for staple foods and animal feed.
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• Despite the decline in global food prices, there's still uncertainty about the pace of price reductions and its impact on preventing food riots in emerging markets.
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Despite the El Nino-related weather disturbances affecting key agricultural areas globally and the disruptions in the Black Sea stemming from the war in Ukraine, there is encouraging data suggesting further easing in food inflation in the new year. This development comes amid the soaring risks of food riots in emerging markets, as the weakening of EM currencies against the dollar has made staple foods increasingly more expensive for poorer populations worldwide. 

Bloomberg data shows corn and wheat prices have recorded their largest annual declines in a decade. This is primarily because of bumper crops in key ag regions and might lead to further easing of food inflation into the first half of 2024. 

Corn futures on the Chicago Board of Trade plunged 31% this year, and wheat contracts fell 21% - the largest annual declines since 2013. Soybeans were down 15%. This led the Bloomberg Grains Spot Subindex to slide 22.8%. This is good news for the United Nations Food and Agriculture Organization World Food Price Index, which has already come off record highs. 

"The rout was driven by bumper crops in key crop suppliers Brazil, US and Russia following years of disruptions caused by extreme weather, the Covid-19 pandemic and Russia's war in Ukraine that pushed prices to record highs in 2022," Bloomberg wrote in a note, adding, "Lower prices for staple grains could bring down the cost of bread and make it less expensive to feed livestock, dairy herds and even biofuels. Analysts are anticipating even lower prices for corn and soybeans in 2024, while wheat is expected to rebound amid tighter supplies." 

However, there is still uncertainty about whether global food prices will decrease swiftly enough to prevent food riots in EM countries. The current food price levels are comparable to those that sparked the Arab Spring riots in the Middle East in 2010.

Sara Menker, founder and CEO of Gro Intelligence, warned last month in an interview with Bloomberg TV on the sidelines of Bloomberg's New Economy Forum in Singapore that the current food crisis surpassed the one in 2007-08. She explained this is mostly because of elevated crop prices and steep declines in local currencies against the dollar. 

By Zerohedge.com

 BIDENOMICS

U.S. Gasoline Prices Begin Falling Again

By Julianne Geiger - Jan 02, 2024,

• Gasbuddy: U.S. average gasoline prices have retreated to $3.06 per gallon on Monday.
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• The average price for a gallon of gasoline in the United States is now down 12.6 cents per gallon compared to a year ago.
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• The price of the U.S. crude oil benchmark WTI was trading down on Tuesday at $71.51 per barrel, a $0.14 slide on the day.

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The last week of the year may have seen gasoline prices rise for U.S. drivers, but the new year has kicked off another price slide, GasBuddy said on Tuesday morning.

U.S. average gasoline prices have retreated to $3.06 per gallon on Monday, according to GasBuddy data. This is a 1.6-cent decline from a week ago today. GasBuddy data is based on 12 million individual price reports from more than 150,000 gas stations across the United States.

The average price for a gallon of gasoline in the United States is now down 12.6 cents per gallon compared to a year ago.

“After a brief hiatus, the national average has moved off its recent high, again falling closer to the $3 per gallon mark, setting up a potential second attempt at slipping below $2.99 for the first time since 2021,” GasBuddy’s head of petroleum analysis, Patrick De Haan said. “While gas prices have risen in some areas, such as California after refinery snags emerged, other states have returned to declines. Illinois is one such example, falling below $3 per gallon for the first time since 2021. The Great Lakes and Gulf Coast offer some of the nation’s lowest gas prices, with the window of opportunity holding for the next few weeks to potentially re-test some of the levels seen a few weeks ago. The good news continues for average diesel prices, which slipped below $4 per gallon again and stand at their lowest level since the summer.”

According to AAA data, the national average cost for a gallon of gasoline is $3.104, compared to $3.216 per gallon a year ago, and $3.247 per gallon a month ago.

The price of the U.S. crude oil benchmark WTI was trading down on Tuesday at $71.51 per barrel, a $0.14 slide on the day, compared to $76.93 a year ago today.

By Julianne Geiger for Oilprice.com

Chevron Warns of $4 Billion Impairment to U.S. Oil and Gas Assets

By Charles Kennedy - Jan 02, 2024,

Chevron flagged on Tuesday that it would take an up to $4 billion impairment in the fourth-quarter results, due to impairments to U.S. upstream assets in California and the Gulf of Mexico.  

The continuing regulatory challenges in California have made Chevron revise down its planned investments in the state, the U.S. supermajor said in an SEC filing on Tuesday. In addition, Chevron will also impair a portion of previously sold oil and gas production assets in the U.S. Gulf of Mexico because some of the buyers of those assets have since filed for Chapter 11 bankruptcy protection and part of the decommissioning obligations may revert to Chevron.

Most of the impaired assets are in California, “due to continuing regulatory challenges in the state that have resulted in lower anticipated future investment levels in its business plans,” Chevron said, adding that it expects to continue operating the impacted assets for many years to come.

Last month, Chevron said in comments with the California Energy Commission that it has cut its spending in the state by “hundreds of millions of dollars since 2022,” due to “adversarial” policies toward fossil fuels.

In the U.S. Gulf of Mexico, Chevron “will be recognizing a loss related to abandonment and decommissioning obligations from previously sold oil and gas production assets in the U.S. Gulf of Mexico, as companies that purchased these assets have filed for protection under Chapter 11 of the U.S. Bankruptcy Code, and we believe it is now probable and estimable that a portion of these obligations will revert to the Company.”

Chevron expects it would undertake the decommissioning activities on these assets over the next decade.

Chevron expects to treat the non-cash, after-tax charges of $3.5 billion to $4.0 billion as special items and exclude them from adjusted earnings in the fourth-quarter results.

In October, Chevron reported lower-than-expected earnings for the third quarter of 2023, as international downstream weakness and maintenance at both the upstream and downstream operations weighed on profits.

PETRO IMPERIALI$M

“Oil Five” Sovereign Wealth Funds Pass $4 Trillion Mark

By Charles Kennedy - Jan 03, 2024

The sovereign wealth funds of the Gulf Cooperation Council members topped $4 trillion last year, which was an all-time high.

Called the “Oil Five”, the group of top sovereign wealth funds includes three entities from the United Arab Emirates, one from Saudi Arabia, and the Qatar Investment Authority. The five invested a total $75.6 billion last year, which was a decline on 2022 investments, the Khaleej Times reported, citing data from a report by Global SWF.

The Saudi Public Investment Fund and the Qatar Investment Authority were the most active investors, accounting for the bulk of the five’s total, at some $68 billion. The Saudi sovereign wealth fund was also the biggest investor globally last year, deploying $31.6 billion across 49 deals.

The amount was a 33% increase on 2022 and a record for any sovereign wealth fund. The total spend of sovereign wealth funds last year reached $123.8 billion. The five oil funds from the Gulf were the most active investors during the year.

The increase in investments for the Gulf oil kingdoms’ sovereign wealth funds comes amid lower oil prices and also lower production for Saudi Arabia. Based on their assets under management, however, it appears the effect of the oil price rout last year will manifest with a delay.

The UAE, meanwhile, launched a new investment fund at the COP28 climate conference in December. The entity will have a size of $30 billion and will be a partnership between the Emirates, BlackRock, TPG, and Brookfield, the Financial Times reported in late November, citing sources in the know.

A day later Reuters confirmed the news citing the official announcement of the UAE’s President, who said the fund, dubbed ALTERRA, will seek to raise up to $250 billion by the end of the decade, to invest in in climate-related initiatives.

By Charles Kennedy for Oilprice.com

Protestors Shut Down Libya's Sharara Oil Field

By Tom Kool - Jan 03, 2024,


After false rumors of the closure of the giant Libyan Sharara oil field on Tuesday, a letter from Libya’s National Oil Company on Wednesday confirms the shutdown of one of Libya’s most important oil fields.

According to Libya’s Al-Ahrar disgruntled protestors took to the field on Wednesday morning stating that the field would not be re-opened until their demands and those of the entire region of Fezzan in Southern Libya would be met.

In talks with Libya’s Al-Ahrar TV, spokesman Abu Bakr Abu Shreya of protest group the Fezzan Gathering Association demanded better services and development of Southern Libya.

Fears are that the protests may spread to the nearby 60,000 bpd El Feel field.



The 300,000 bpd Sharara field saw a short disruption for the last time in July of 2023 when protests erupted following the arrest of an official who tried to become the boss of Libya’s central bank.

During a period of relative stability following the truce between the rivaling parties in 2020, Libya’s crude oil production has risen to around 1.2 million barrels per day, and Libya’s state oil firm has plans to ramp up production to 2 million bpd by 2030 according to Minister of Oil and Gas Mohamed Oun.

By Tom Kool for Oilprice.com

 

Grid connection for second Shin Hanul Reactor unit

02 January 2024

Unit 2 of the Shin Hanul nuclear power plant in South Korea has began supplying its first electricity to the grid, Korea Hydro & Nuclear Power (KHNP) announced. The unit is the second of two APR-1400 reactors at the site, with a further two planned.

Shin Hanul units 1 and 2 (Image: KHNP)

In a LinkedIn post, KHNP said the 1350 MWe pressurised water reactor was connected to the grid on 21 December. "Grid connection means connecting the electricity generated at the nuclear power plant to the transmission line and sending it to general households and industrial sites," it noted.

The company added: "Shin Hanul unit 2 is the 28th nuclear power unit in Korea, and plans to contribute to the winter power peak with the power generated from today."

Workers celebrate the grid connection of Shin Hanul 2 (Image: KHNP)

Ground breaking for the first two units at the Shin Hanul (formerly Shin Ulchin) site took place in May 2012. First concrete for unit 1 was poured two months later, with that for unit 2 following in June 2013. Shin Hanul 1 achieved first criticality on 22 May 2022 and was connected to the grid on 9 June last year.

Shin Hanul 2 received an operating licence from the Nuclear Safety and Security Commission on 7 September, after which it completed a preliminary inspection by the regulator. The loading of 241 fuel assemblies into the reactor's core was carried out between 11 and 18 September. High-temperature functional tests were subsequently conducted.

Unit 2 reached first criticality - a sustained chain reaction - on 6 December.

After major tests at each power output stage, it is scheduled to begin full-scale commercial operation in the first half of 2024.

Shin Hanul 2 becomes south Korea's fourth operational APR1400 - after Saeul units 1 and 2 (formerly Shin Kori 3 and 4) and Shin Hanul unit 1. Two further APR1400s are under construction as Saeul units 3 and 4, with two more units planned as Shin Hanul units 3 and 4.

Four APR1400 units have been built at the Barakah nuclear power plant in the UAE, three of which are now in operation, with the fourth currently in its commissioning phase.

Researched and written by World Nuclear News

 

NuScale SMR meets Polish safety requirements, says regulator

02 January 2024

NuScale Power's NPM-20 small modular reactor (SMR) technology is compliant with Polish nuclear safety and radiological protection standards, the president of the National Atomic Energy Agency (Państwowa Agencja Atomistyki PAA) said in a general opinion.

A model of a NuScale SMR (Image: KGHM)

The PAA President assessed, among others: assumptions of the design of the reactor control room, reactor core, as well as the following systems: electrical power supply, command and control, fire protection, reactor cooling, auxiliary systems, radioactive waste and used nuclear fuel management, and the reactor containment used in the NuScale NPM-20 reactor with a power of 77 MWe.

Aspects related to the design and operation of a multi-module nuclear facility, the methodology for classifying the safety of systems and elements of the structure and equipment of a nuclear facility were also analysed.

According to the PAA, a general opinion, "as a pre-licence instrument, may apply to any solutions planned by the investor, including design, technological and organisational solutions, which will have a direct impact on the issues of nuclear safety and radiological protection". The opinion aims to determine whether the planned organisational and technical solutions comply with the requirements of nuclear safety and radiological protection resulting from the provisions of the country's Atomic Law Act, or whether the investor should make appropriate modifications.

In an opinion issued on 22 December, the PAA president concludes that the assumptions adopted in the design of the NuScale technology are correct and meet the requirements of Poland's Atomic Law and selected regulations on the safety of nuclear facilities. The conclusions published by the PAA will be taken into account in the standard and detailed design process of the NuScale reactors that are planned to be constructed in Poland.

In July last year, Polish copper and silver producer KGHM Polska Miedź SA's plan to construct a power plant based on NuScale's SMR was approved by the country's Ministry of Climate and Environment. The decision-in-principle issued by the ministry is a general opinion on selected conditions enabling the construction of a VOYGR modular nuclear power plant with a capacity of 462 MWe consisting of six modules, each with a capacity of 77 MWe.

The decision-in-principle represents official state approval for the planned investment in accordance with the assumptions and concept presented by the company. It is the first decision in the process of administrative permits for investments in nuclear power facilities in Poland that an investor may apply for. Obtaining it entitles KGHM to apply for a number of further administrative arrangements, such as a siting decision or construction licence.

In February 2022, KGHM signed a definitive agreement with NuScale to initiate work towards deploying a first NuScale VOYGR SMR power plant in Poland as early as 2029. In July last year, KGHM submitted an application to the PAA to evaluate NuScale's SMR technology and prepare a site study. Under a task order signed in September, NuScale will continue to support KGHM's application to the PAA through activities including drafting additional preliminary safety analysis reports and coordinating with the PAA. The task order also sets the stage for the subsequent tasks in the Early Works Agreement as proposed by NuScale to KGHM.

NuScale's SMR technology was the first to have gained approval from the US Nuclear Regulatory Commission, in August 2020. NuScale offers VOYGR plants in four, six and 12-module configurations.

Researched and written by World Nuclear News

Fortescue says iron ore cars derailed at Western Australia operations

Reuters | January 2, 2024 

Eliwana project, Pilbara, Western Australia. Credit: Fortescue Metals Group

Australia’s Fortescue Ltd said on Wednesday that multiple iron ore cars had been derailed from the company’s tracks on Saturday at its Western Australia operations.


Local media earlier reported that the Fortescue rail line into Port Hedland, Australia’s iron ore export epicentre, remained out of action on Tuesday.

“The incident did not impact December or H1 shipped tonnes. Normal rail operations will be up and running tomorrow (Thursday),” a Fortescue spokesperson told Reuters.

Shares in the world’s fourth-largest iron-ore maker dipped 1.1%, at A$29.06, by 2315 GMT in tandem with a nearly 1% fall in the broader mining sub-index.

The mining giant did not say how many wagons were involved in the derailment.

The company said it had started an investigation into the cause of the incident.

No injuries were reported, Fortescue added.

(By Roushni Nair; Editing by Jonathan Oatis, Mark Potter and Pooja Desai)

Ionic Rare Earths granted mining licence in Uganda

Staff Writer | January 2, 2024 

The license clears the way for mining at the Makuutu Rare Earths Project and marks the first large-scale mining license to be awarded in Uganda. (Image: Ionic Rare Earths)

Australia’s Ionic Rare Earths Ltd (ASX: IXR) has been provisionally granted a mining licence for its Makuutu project in Uganda, marking the first large-scale mining licence to be awarded in the African nation.


The Stage 1 mining licence covers approximately 44 square kilometers of the project’s near 300 square kilometers of tenements at Makuutu.

“This is an important step forward for Ionic Rare Earths in mining, refining and recycling the heavy rare earths critical for the energy transition, advanced manufacturing and defense,” Ionic Rare Earths managing director Tim Harrison said in a news release.

“This reinforces the Makuutu heavy rare earth project as one of the world’s largest and most advanced development-ready heavy rare earth element assets.”

Currently, the company’s greater Makuutu mineral resource estimate is estimated at 532 million tonnes grading 640 parts per million (ppm) total rare earth oxide (TREO) with a cut-off grade of 200 ppm TREO minus cerium oxide (CeO2).

In March 2023, Ionic announced a positive Stage 1 definitive feasibility study (DFS) for the first of six tenements to progress to a mining licence application, which is pending in Uganda.

The Makuutu Stage 1 DFS defined a 35-year life initial project producing a 71% rich magnet and heavy rare earth carbonate product basket and the potential for significant scale-up through additional tenements, according to the company.