It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
Friday, November 29, 2024
Aluminum, steel most exposed metals to Trump tariffs, Citi says
Aluminum and steel will be the most impacted metals under President-elect Donald Trump’s threat to impose 25% tariffs on imports from top suppliers Canada and Mexico, according to Citigroup analysts.
The two US trade partners are the biggest providers of the metals to the US and Trump’s plan to levy tariffs on imports of the metals will result in higher steel and aluminum prices across the US, according to analysts led by Alexander Hacking. The US gets about 70% of its aluminum from abroad, with 60% of that from Canada. Steel imports account for 24% of the American supply, with Canada providing a quarter of the amount and Mexico about 15%.
A 25% tariff as announced by Trump on Monday would likely cause steel prices to rise by $100 to $150 a short ton, the analysts said in a Nov. 26 note. For US aluminum prices, the Midwest premium over that of the London Metal Exchange could more than double to as much as 50 cents more — a move that could benefit six US smelters. Still, the analysts warned “it could take years to reconfigure this supply chain.”
“Equity investors would likely be cautious in pricing duration on any windfall profits — assuming that this is seen as a negotiating tactic/temporary impact, in our view,” the analysts wrote. “During Trump’s first term administration, we saw steel buyers stockpile on tariff headlines and would expect something similar this time around.”
Mexican President Claudia Sheinbaum has suggested her country could respond to Trump’s threatened tariffs with levies of its own, warning the economic consequences would be dire. Given that the US is a net exporter of steel to Mexico, Citigroup said any retaliatory tariffs would hurt the US mills more, especially in sheet products.
Canada counts the US as its biggest export market for metals and minerals, with aluminum, iron and steel making up almost half of metals shipments, according to the Canadian government. The northern neighbor exported about C$59 billion ($42 billion) of metal ores, minerals and metal-and-mineral products to the US in 2022, according to Statistics Canada data.
(By Yvonne Yue Li)
Barrick says Ontario Superior Court dismisses 2022 Tanzanian security case
Canada’s Barrick Gold said on Tuesday the Ontario Superior Court has dismissed a case against the miner brought by Tanzanian residents on security incidents in the country, as the courts lacked jurisdiction to consider the claims.
A group of 21 Tanzanian nationals had filed a lawsuit in Canada in November 2022, alleging that Barrick was complicit in extrajudicial killings by police guarding its North Mara mine.
Barrick owns a majority stake in North Mara Gold Mine Limited, located in northwest Tanzania, since 2019.
The lawsuit claimed that the miner “had effective and practical control” over Tanzanian police stationed at the mine.
Barrick said on Tuesday the case should not have been brought in Canada.
(By Seher Dareen; Editing by Shilpi Majumdar)
The world’s biggest buyers of gold are now among East European central banks
National Bank of Serbia. Image courtesy of serzhile, Flickr Commons.
Earlier this year, the Czech Republic’s central bank chief flew to London to have a look at a swelling stack of gold bars stored in the Bank of England’s concrete-encased vaults beneath Threadneedle Street.
Ales Michl’s mission to inspect the precious metal held for the Czech National Bank was part of the governor’s stated ambition to double the country’s stockpile to 100 metric tons in the next three years. It’s increased fivefold since he took office in 2022 with an aim to diversify the bank’s reserves.
“We need to reduce volatility,” Michl, who grew animated when queried on the subject, told Bloomberg Television earlier this month. “And for that, we need an asset with zero correlation to stocks, and that asset is gold.”
The Czech policymaker isn’t alone in accelerating bullion purchases. Peers from Warsaw to Belgrade are joining the gold rush as a way to diversify investments and bet on future price increases, making eastern Europe one of the biggest buyers of the metal and helping to drive the gold rally.
Central banks around the world are stocking their gold arsenals as a shield against external shocks such as prospective trade wars brought on by Donald Trump’s second presidency and geopolitical tensions in Ukraine and the Middle East. But eastern European monetary guardians have made a particular show of topping up their gold piles.
In addition to Michl’s foray to London, his counterpart in Warsaw has penned a movie script on the history of Polish gold. Serbian authorities hauled their stockpile held abroad home to keep it safer in Belgrade — and help cut storage costs.
Striving for a sense of security is a powerful motive in a region that’s been ravaged by Europe’s wars of the past — and that now finds itself next door to the continent’s deadliest conflict since World War II. ‘An exclusive club’
Poland, which shares a border with Ukraine and is a staunch supporter of Kyiv’s war aims, was the largest buyer of gold globally in the second quarter, according to the World Gold Council’s latest data.
Poland’s central bank governor, Adam Glapinski, said gold and hard currency reserves are crucial to protecting the economy against catastrophic events. He increased bullion holdings to some 420 tons as of September, about half the stockpile of India or Japan.
“We are entering the exclusive club of the world’s biggest gold owners,” Glapinski gloated during a news conference last month, reinforcing his aim to raise gold’s share to 20% of all reserves.
The head of the National Bank of Poland lamented having no time to work on his draft script. A YouTube video produced by the central bank in February shows Glapinski basking in a vault lined with sealed boxes of six thousand gold bars, intoning that the stash “is the property of all Polish people.”
The Czechs are also prospective club members. The central bank in Prague boasts about $150 billion in foreign reserves — nearly half of gross domestic product — one of the world’s biggest by proportion.
Michl, whose diversification drive includes US stock purchases, has confronted some criticism for buying gold as it reached a market record this year. Monetary officials have pushed back by insisting that the long-term purchases are gradual, reducing the impact of price volatility.
With the geopolitical winds churning, gold purchases have been a good bet for monetary policymakers. Goldman Sachs Group Inc. listed the metal among top commodity trades for 2025, saying prices could extend gains during Trump’s presidency and reach $3,000 an ounce by December next year.
“Geopolitical fragmentation is favorable for gold, while gradual dollar weakening should be a further tailwind,” Bank J. Safra Sarasin said in a report from Nov. 10.
For eastern Europe’s leaders, gold is viewed as a safe harbor — and a political selling point — as they maintain often complex balancing acts between the West, Russia and China. The Hungarian central bank has boosted its gold stash by more than a 10th to 110 tons this year.
The country’s Prime Minister Viktor Orban has relished being the EU’s chief disruptor with his ties to the Kremlin and Trump.
The central bank in Budapest has also lauded the metal as a safe haven. But gold has a role in the country’s historic identity.
The Money Museum, located in one of the palaces owned by the Hungarian National Bank, features a steam locomotive fashioned from yellow bars. The sculpture, called “The Rumble,” depicts the central bank’s staff, which fled the Soviet military at the end of World War II on a train loaded with gold reserves to prevent it from falling into foreign hands.
The associations figure no less in Serbia, where President Aleksandar Vucic, who like Orban holds a firm grip on power, had the country’s stockpile held outside the country repatriated in 2021. This year, he promised to buy bullion with “every surplus of money” that’s left in state coffers “to be safe and secure in hard times.”
Serbia’s central bank governor, Jorgovanka Tabakovic, has overseen a tripling of gold reserves to 48 tons since taking office in 2012. The accumulation was handled closely with Vucic, who provided the “strategic thinking, knowledge of global geopolitical relations and information” to back the gold purchases, she said.
“Gold is gaining value and importance in times of global turbulences, especially in geopolitical conflicts and periods of high inflation,” Tabakovic said in emailed response to questions. “Unfortunately, in recent years we’ve seen both factors at play.”
(By Peter Laca, Agnieszka Barteczko and Misha Savic)
Rise of China’s Xinjiang as coal hub undercuts climate goals
The western region of Xinjiang is emerging as a fourth hub for Chinese coal production, creating a new well of cut-price supply just as the country tries to start weaning itself off the heavily polluting fuel.
Output has surged 22% this year, the fastest growth of any region in China, and is on pace to top the half-billion ton mark by the end of December, according to data from the statistics bureau. Production costs are cheap at about 100 yuan ($13.80) a ton, far below the national average of around 370 yuan, Citigroup Inc. said.
Xinjiang’s rise up the rankings is jarring because China may be at or near its carbon peak, and cementing that shift relies heavily on using less coal. Although President Xi Jinping has vowed to start reducing nationwide consumption from 2026, several companies have announced new projects in recent months to take advantage of the region’s cheap and plentiful supply. That could undermine plans to rein in demand.
The problem historically for miners was Xinjiang’s location, thousands of kilometers from the eastern mega-cities that have traditionally consumed the most coal. But over the past decade, energy-thirsty endeavors like aluminum smelting and the production of polysilicon, used in solar panels, have shifted westward to take advantage of cheap coal and renewables.
About 80% of Xinjiang’s coal is used locally, with the rest exported to nearby provinces like Qinghai, Gansu and Ningxia, Citigroup’s analysts including Jack Shang said in a note earlier this week.
New developments in Xinjiang include plans announced in October by China Three Gorges Renewables Group Co. for six 660-megawatt coal generators to provide backup power to a massive renewables base in the south of the region. China Energy Investment Corp. also said last month it intends to spend 170 billion yuan on an integrated plant in the northwest to convert coal into oil products, a particularly intense source of emissions.
China is by far the world’s biggest producer and consumer of coal, and its other major mining hubs include Shanxi and Inner Mongolia, which each contribute over 1 billion tons a year, and Shaanxi, where output has increased to over 700 million tons.
OUTLAW DEEP SEA MINING
India to auction first offshore minerals tranche worth more than $17.8bn
Reuters | November 28, 2024 | India’s Prime Minister Narendra Modi. (Image by COP26, Flickr.)
India will auction its first tranche of offshore minerals, which is worth more than 1.5 trillion rupees ($17.8 billion), a government source directly involved in the decision making told Reuters on Thursday.
A total of 13 blocks will be auctioned as part of the first tranche, including three for construction sand and another three for lime mud.
Seven out of the 13 blocks will be polymetallic nodules and have not been valued yet, the source said.
The source did not want to be identified as they are not authorized to speak to the media.
The federal mines ministry did not immediately respond to a Reuters email seeking comment.
The ministry is expected to shortly announce the details of the auction.
($1 = 84.4470 Indian rupees)
(By Neha Arora; Editing by Sonia Cheema)
Oman firm replaces sanctioned Alrosa in Angolan diamond miner
Bloomberg News | November 28, 2024 | Credit: Catoca Mining Company
An Omani state-backed fund has acquired shares in Angola’s Catoca diamond-mining joint venture from Russia’s Alrosa PJSC.
Maaden International Investment LLC’s stake purchase was announced by Mineral Resources Minister Diamantino Azevedo on Thursday. Alrosa, which held a 41% interest in the Catoca operation, has been sanctioned by the US, EU and their allies.
Alrosa “will no longer be part of this partnership due to international sanctions imposed on Russia,” Azevedo said in the capital, Luanda. The restrictions were “affecting Angola’s credibility in the international diamond market,” he said.
While Alrosa is mainly active in Russia, it has been present in Angola since the early 1990s and helped develop Catoca – majority owned by the Angolan state – into one of the world’s largest diamond mines.
Azevedo had said earlier that the state-controlled Russian company had become a “toxic partner due to the global context.” Aysen Nikolayev, president of the Yakutia region in Russia, which owns a stake in Alrosa, said in September that the company was discussing the future of its Angolan projects and in talks with potential investors.
The Russian company vies with Anglo American Plc’s De Beers as the world’s largest producer of diamonds. Diamond prices are currently in a prolonged slump amid weak Chinese demand, too much supply and pressure from lab-grown gems.
Maaden International, which is owned by a consortium of Omani investors led by a state-owned firm, bought a 24% interest in a gold producer from Russian investors, including billionaire Alexander Nesis, in January.
Alrosa’s press service didn’t immediately respond to a request for comment.
(By William Clowes and Candido Mendes)
Botswana to become certifier in G7 Russian diamond ban
Major African diamond producer Botswana will join Antwerp as an origin certifier of rough diamonds for export to the G7 which banned imports of Russian stones from the start of this year, a joint statement said on Wednesday.
The addition of Botswana looks set to salvage implementation of the ban. The initial system would have seen all diamonds go through Europe’s diamond hub in Antwerp for verification, backed by a new tracing system.
African diamond producers Angola, Botswana and Namibia, as well as diamond miner De Beers, had said the mechanism was unfair and would hurt their economies.
“Botswana and the G7 diamond technical team are now crafting a roadmap to address any identified gaps, aiming to have the export certification node fully operational in Botswana as soon as possible next year,” the statement said.
The Group of Seven (G7) nations ban on direct Russian diamond imports took effect on Jan. 1, followed by a ban on Russia-origin diamonds via third countries from early March.
The tracing system was meant to be up and running by Sept. 1, but the EU delayed the implementation to March 2025.
(By Julia Payne; Editing by Ros Russell)
Codelco reaches contract agreement with project unit employees
Chile’s state-owned miner Codelco, the world’s largest copper producer, said on Thursday it had reached a new collective bargaining agreement with the union in charge of developing some of its most important mines.
The new 36-month agreement with the workers from company’s projects unit affects some 620 employees and will come into effect on Dec. 1, Codelco said, without providing financial details of the new deal.
The unit runs the development of Codelco’s major projects designed to extend the life of its key mines, compensate for a drop in ore grades and boost production levels.
(By Fabian Cambero; Editing by David Evans)
Gina Rinehart closer to opening contested coal mine in Alberta, Canada
Gina Rinehart, executive chairman of Hancock Prospecting. (Image courtesy of Gina Rinehart.)
Australian mining magnate Gina Rinehart has moved closer to reviving a contentious metallurgical coal mine in Canada’s Rocky Mountains after a local plebiscite showed strong support for the project.
Nearly 72% of the 54% of the residents who cast votes in the municipality of Crowsnest Pass, Alberta, endorsed restarting the Grassy Mountain mine, a proposal that has divided the community and sparked regional debate.
The non-binding vote, held on Monday, saw participation from nearly half of the municipality’s 6,000 residents. The project is being led by Northback Holdings, formerly known as Riversdale Resources and Benga Mining, and Rinehart’s Hancock Prospecting is the parent company.
The mine, originally closed in 1983, has the capacity to produce 4.5 million tonnes of steelmaking coal annually and spans 2,800 hectares. First proposed in 2019, the project faced its first challenge after Alberta’s government rolled back 1970s-era restrictions on open-pit coal mining in 2020, as part of the province’s efforts to boost an economy hit hard by the coronavirus pandemic and plunging oil prices.
In 2021, provincial regulators ruled that the project was “not in the public interest,” citing environmental risks, particularly concerns over selenium contamination in local waterways. That decision was upheld by three separate court rulings. Despite these setbacks, Northback Holdings has continued to push for the mine’s approval, pledging to implement management and mitigation measures to address environmental risks, including selenium discharge, during all phases of the project. The company’s campaign to restart operations has been met with allegations of undue influence. Critics claim that fossil fuel interests covertly supported local advocacy groups ahead of the plebiscite.
“Bogus” plebiscite
The referendum itself has drawn scrutiny. Andrew Nikiforuk, a contributing editor for The Tyee, described the vote as “bogus” in an opinion piece published Wednesday. He argued that the question posed—“Do you support the development and operations of the metallurgical coal mine at Grassy Mountain?”— obscured the fact that the mine is located not in Crowsnest Pass but in the neighbouring municipal district of Ranchland, which opposes the project. “Nevertheless, a community bombarded by corporate propaganda provided a resounding answer to a question impacting a different municipal district,” Nikiforuk wrote
.
Grassy Mountain is on the site of an old mine that closed about 50 years ago
Political developments have also shaped the project’s trajectory. In March 2022, Alberta’s former energy minister Sonya Savage issued a directive halting new coal exploration applications, with exceptions for advanced projects. Earlier this year, the new energy minister, Brian Jean, designated Grassy Mountain as an advanced coal project, allowing it to move forward.
The Alberta Energy Regulator is scheduled to hold public hearings on drilling permits for the project on December 3 and January 14. Meanwhile, opponents warn the mine could harm local wildlife and water resources, further escalating tensions in the debate over economic development and environmental conservation in the region.
CRIMINAL CAPITALI$M
Singapore prosecutors say trader took $360 million in metal scam
A Singapore businessman who convinced investors to put a total of S$1.5 billion ($1.1 billion) into a nickel trading scheme channeled a third of that into his own accounts, prosecutors said at the start of his trial.
Ng Yu Zhi, a former accountant, faces 42 charges including fraud, forgery and money laundering. He’s accused of leading investors in his Envy Group to believe they could profit from physical nickel trades, thanks to his purchases of discounted metal from an Australian mine. In reality, the scheme was “pure fiction,” the prosecution said in an opening statement
In fact, no cheap nickel was purchased, so there was none to sell. There was no agreement with the mine, and no forward contracts for the sale of the metal, prosecutors said.
“The Envy companies paid earlier investors not with returns generated from physical nickel trading, but with the moneys invested by other investors,” they said.
Over a period of six years, Ng’s companies received money from a total of 947 investors, including many high-profile figures in the city state, misappropriating nearly S$482 million to fund his lavish lifestyle and extravagant purchases from art and jewelry to high-end cars.
Ng faces 108 charges, but only 42 will proceed, and he pleaded not guilty to those on Tuesday. The prosecution plans to call on evidence from 58 witnesses.
The nickel scam is the latest in a series of scandals in the financial and commodities-trading hub, now working to restore a reputation for good governance.
Earlier this month, former oil tycoon Lim Oon Kuin, 82, was handed a 17-and-half year jail sentence for cheating HSBC Holdings Plc and instigating forgery. In October, S. Iswaran became the first ex-cabinet minister to be jailed in almost half a century, after pleading guilty to charges including obstruction of justice.
(By Yihui Xie)
Resolute Mining forks out further $50 million to Mali for detained employees
Australia’s Resolute Mining said on Friday it paid a further $50 million to Mali as part of negotiations to settle a tax dispute for the release of its CEO and two other executives who were detained by the government earlier this month.
Shares of the miner rose as much as 7.2% before paring some gains to trade at 5.4% higher, as of 0002 GMT.
The miner’s top boss Terence Holohan and two other employees were released by Mali government, the company had said in a statement on Nov. 21.
The executives had gone to the capital city of Bamako to hold discussions with the mining and tax authorities regarding general activities related to the company’s business practices in Mali.
After negotiating with the West African nation’s government, Resolute had agreed to pay $160 million to resolve the tax dispute, with $80 million being already paid, the company said in a statement on Nov. 18.
The Perth-headquartered company expects to pay the remaining $30 million by the end of this year, it said.
Resolute also said that operations at its Syama mine had not incurred any problems and continued as usual.
Syama gold mine – one of the company’s two operational mines – contributed nearly two-thirds of its annual sales of 329,061 ounces (9.33 metric tons) in 2023.
Resolute owns an 80% stake in the project, while Mali’s government holds the rest.
(By Rajasik Mukherjee; Editing by Rashmi Aich)
UK campaign group calls for extended operation of reactors
The Britain Remade campaign group has said hitting the UK's target for a clean energy grid by 2030 will be "almost impossible" without extending the operation of some of the country's nuclear power plants.
Heysham 2 (Image: EDF Energy)
The group - which campaigns for the time it takes to build economy-boosting infrastructure to be slashed - is calling on the government to back the process of extending the operation of the Heysham 2 and Torness plants, which are both scheduled to shut in 2028.
"Built in the 1980s, these nuclear power stations are home to some of the youngest Advanced Gas-Cooled Reactors (AGRs) in the country, making them ideal candidates to safely operate longer than originally planned," Britain Remade says. "Extending the life of the two reactors at Heysham 2 and the two at Torness, along with getting one of Hinkley Point C's power units online by the end of the decade and keeping Sizewell B running, will provide 5.3 GW of clean nuclear power each year."
This, it says, would reduce the amount of gas the UK needs to burn by 5.8 billion cubic metres and reduce carbon dioxide emissions by 8.8 million tonnes. Households would also benefit from cheaper bills, saving up to GBP95 (USD120) per year.
The group warns that failing to keep even one of the UK's remaining AGR plants in operation would push up the amount of unabated gas burned which, it says, "would breach the National Energy Systems Operator's 'less than 5% unabated gas in a normal year' definition of clean power".
"The evidence is clear, without keeping four of the nation's Advanced Gas-Cooled nuclear Reactors online it will be almost impossible for the government to deliver a clean energy grid by 2030," said Britain Remade CEO Sam Richards. "No ifs, no buts, they will have failed this major test.
"By lifting the mad ban on new onshore wind farms being built in England and approving major solar farms in its first week in office, the government has already sent a clear message about getting as much clean energy as possible connected to the grid. But ministers now urgently need to make clear that they want the life of existing reactors extended where it is safe to do so. We have done it before and we can do it again. If we don't, the result will be more burnt gas and more emissions released into the atmosphere."
Tom Greatrex, chief executive of the Nuclear Industry Association, added: "The AGR nuclear fleet has produced more clean power and cut more carbon than any other energy asset in British history and can help us achieve the 2030 target with lifetime extensions.
"What is also important is that we plan beyond 2030, which includes extending the life of Sizewell B to the 2050s and building out new large-scale GW projects, including decisions on Sizewell C and Wylfa, as well as a fleet of small modular reactors so that we don't repeat the mistakes of the past. Only nuclear gives us clean, base load power and we need to start building now."
Canada selects location for used nuclear fuel repository
Thursday, 28 November 2024
Fourteen years after beginning its consent-based siting process, Wabigoon Lake Ojibway Nation and the Township of Ignace have been selected as the host communities for Canada's proposed deep geological repository.
(Image: NWMO)
"This is a historic moment," Nuclear Waste Management Organization President and CEO Laurie Swami said. "This project will solve an environmental issue and supports Canada's climate change goals. And today's decision was driven by a consent-based siting process led by Canadians and Indigenous peoples. This is what making history looks like."
The Nuclear Waste Management Organization (NWMO) said the announcement was an important milestone in delivering on its promise to not leave Canada's used fuel as a burden for future generations to manage. There is international scientific consensus that a deep geological repository is the safest way to manage used nuclear fuel over the long term, and Canada is among the leading countries in implementing this solution, the organisation said.
Launched in 2010, the NWMO's community-driven, consent-based site selection process included clear commitments that the plan could only move forward in an area with a site that meets rigorous safety standards and has "informed and willing" hosts. By 2019, the initial list of 22 communities that had expressed an interest in learning about the project and exploring their potential to host it had been narrowed down to two, both in Ontario: the Wabigoon Lake Ojibway Nation-Township of Ignace area and the Saugeen Ojibway Nation-South Bruce area.
Earlier this month, members of Wabigoon Lake Ojibway Nation indicated their willingness to move forward with the process. The Township of Ignace confirmed its willingness to proceed in July, following a community vote.
"This important decision for Canada was possible because of the communities' leadership and active engagement over a decade of learning, as well as considering the future of their communities," NWMO said. "The safety of the site was also established through rigorous site assessment and technical studies."
There has been widescale public information and consultation over the plans (Image: NWMO)
The project will now move forward to the regulatory decision-making process. The NWMO has agreed to an Indigenous-led Regulatory Assessment and Approval Process, a sovereign regulatory process that will be developed and implemented by Wabigoon Lake Ojibway Nation to ensure that potential impacts of the project are assessed against Wabigoon Lake Ojibway Nation's Anishinaabe values, and that conditions to mitigate any impacts are designed by Wabigoon Lake Ojibway Nation and complied with by the NWMO. The project will also undergo the regulatory decision-making processes of the Canadian Nuclear Safety Commission and through the Government of Canada's impact assessment process.
Wabigoon Lake Ojibway Nation Chief Clayton Wetelainen said the nation views its role as the potential host for Canada’s used nuclear fuel as "one of the most important responsibilities of our time".
"This project will be under intense scrutiny by our Nation’s regulatory process in addition to the regulatory oversight by the Impact Assessment Agency of Canada and the CNSC," he said. "Wabigoon will ensure that safety, environmental protection and Anishnaabe values are upheld throughout this process," he added.
Township of Ignace Mayor Kim Baigrie expressed her gratitude to the Wabigoon Lake Ojibway Nation and Ignace communities and the other communities that were involved in the site selection process, for their leadership and engagement, and commended the NWMO for its progress in advancing a "safe, responsible and informed" plan. "Thanks to our commitment to health and safety, Canadian nuclear energy will continue to power communities at home and allies around the world - providing Canadians jobs and opportunities for generations," she said.
Ontario’s Minister of Energy and Electrification Stephen Lecce thanked the leaders of Wabigoon Lake Ojibway Nation and the Township of Ignace for their leadership and willingness to host the project. "As our government expands our zero-emissions nuclear fleet to meet rising energy demand, Ontario is cementing its position as a world leader in all parts of the nuclear lifecycle – this achievement by NWMO is just the latest example," he said.
How will the deep geological repository work?
Canada's used nuclear fuel is currently in interim storage at reactor and laboratory sites. NWMO's project timeline envisages construction of the repository - which will be more than 600 metres below ground and have an underground footprint of about 2 kilometres by 3 kilometres - beginning in around 2033, subject to being granted the necessary licences. Operations of the repository - which will use a series of engineered and natural barriers that work together to contain and isolate used nuclear fuel - are expected to begin in 2040-2045.
(Images: NWMO)
Korean waste agency to cooperate with Finland, Spain
Thursday, 28 November 2024
The Korea Radioactive Waste Agency has signed agreements with Finland's Posiva Oy and Spain's Enresa to strengthen cooperation in radioactive waste management.
The signing of the MoU with Posiva (Image: Korad)
On 25 November, the Korea Radioactive Waste Agency signed a Memorandum of Understanding with Posiva and its subsidiary Posiva Solutions. The signing ceremony was attended by Ilkka Poikolainen, chairman of the board of directors of Posiva, and Mika Pohjonen, president of Posiva Solutions.
Finnish radioactive waste management company Posiva is jointly owned by Finnish nuclear power companies TVO and Fortum and has developed that country's geological disposal facility at Olkiluoto. Posiva has applied for an operating licence for the repository for a period from March 2024 to the end of 2070. Pending a final decision on its application by the government, Enresa is scheduled to begin operating the world's first high-level radioactive waste disposal facility in 2025.
"In particular, the MoU with Finland's Posiva and Posiva Solutions is expected to serve as a cornerstone for securing technological capabilities in high-level radioactive waste management projects, including sharing experiences in constructing and operating underground research facilities, promoting joint research, and operating human resource development programs through expert exchanges," the Korea Radioactive Waste Agency said.
The Korean agency on 27 November signed an MoU with Spanish decommissioning and waste management firm Enresa, attended by Enresa President Jose Luis Navarro Rivera.
The signing of the MoU with Enresa (Image: Korad)
Enresa was created in 1984 as a public, non-profit organisation responsible for the management of radioactive waste, with the aim to perform an essential public service: collecting, treating, conditioning, storing and disposing of the radioactive waste produced throughout the Spanish State. It has been operating the low and intermediate-level radioactive waste disposal facility in El Cabril since 1992, while high-level radioactive waste is managed in on-site storage facilities at the nuclear power plants.
"Through an MoU with Spain's Enresa, we plan to expand the foundation necessary for promoting the corporation's future projects by sharing information on the treatment and disposal of decommissioning waste and the operation of an interim storage facility for high-level radioactive waste," the Korea Radioactive Waste Agency said.
The agency said that, through the MoUs, it will strengthen cooperation on issues including: the establishment of radioactive waste management policy and site selection process; and the treatment, transport, storage and disposal of radioactive waste.
"I sincerely hope that productive cooperation activities will be actively carried out based on these MoUs," said Korad Chairman Cho Seong-don. "In Korea, we will also work hard to promote management projects led by the corporation, starting with the enactment of the Special Act on the Management of High-Level Radioactive Waste."
First Zhangzhou unit begins supplying power
Thursday, 28 November 2024
Unit 1 of the Zhangzhou nuclear power plant in China's Fujian province has been connected to the grid, China National Nuclear Corporation has announced. The unit is the first of four Hualong One (HPR1000) reactors under construction at the site.
(Image: CNNC)
The reactor began supplying electricity to grid at 7.46am on Thursday, CNNC said, marking "major progress in the mass production of Hualong One by China National Nuclear Corporation, and makes new contributions to the optimisation of the national energy structure and the realisation of the 'dual carbon' goals".
It added: "A series of tests will be carried out as planned to further verify the performance of the unit to meet commercial operation conditions."
In May 2014, the local government gave approval for Phase I of the Zhangzhou plant, comprising two AP1000 units. The National Nuclear Safety Administration gave approval in December 2015 for the AP1000 units and confirmed site selection in October 2016. Construction of Phase I had originally been expected to start in May 2017. However, CNNC subsequently decided to use the HPR1000 (Hualong One) design instead. Two more Hualong One units are planned for Phase II of the plant and a further two proposed for Phase III.
Four units are now under construction at Zhangzhou (Image: CNNC)
Construction of Zhangzhou 1 began in October 2019, with that of unit 2 starting in September 2020.
In September 2022, China's State Council approved the construction of two further Hualong One units as Phase II of the Zhangzhou plant. First concrete for the nuclear island of unit 3 was poured on 22 February this year. First concrete for unit 4 was poured last month.
The Zhangzhou project - with a total investment of over CNY100 billion (USD14 billion) - is owned by CNNC-Guodian Zhangzhou Energy Company, a joint venture between CNNC (51%) and China Guodian Corporation (49%).
CNNC said the Zhangzhou plant is the starting point for the mass construction of Hualong One reactors and "is currently the world's largest Hualong One nuclear power base". It plans to construct a total of six Hualong One nuclear units at the site. Currently, four Hualong One units are under construction there.
"At present, the total number of Hualong One units in operation and under construction at home and abroad has reached 33, making it the third-generation nuclear power technology with the largest number of units in operation and under construction in the world," CNNC noted.
Slovenia's GEN to intensify study of SMR options
Thursday, 28 November 2024
In the wake of the cancellation of a planned referendum on new nuclear in Slovenia, the Director General of GEN energija, Dejan Paravan, has said that alongside continuing work on the proposed JEK2 project they will also be seeking more detailed information from small modular reactor companies.
Roadshows have been held to explain the plans (Image: GEN energija)
Speaking at the Slovenian Association for Energy Economics conference at the University of Ljubljana, Paravan said that the company was continuing to prepare everything necessary for a final investment decision on the JEK2 project to be taken in 2028.
JEK2 is a plan for a new one or two-unit nuclear power plant, with up to 2400 MW capacity, next to Slovenia's existing nuclear power plant, Krško, a 696 MWe pressurised water reactor which generates about one-third of the country's electricity and which is co-owned by neighbouring Croatia. Prime Minister Robert Golob has committed to hold a referendum on the project before it goes ahead, and it had been due to be held on 24 November, before it was cancelled amid political differences. Golob's Freedom Movement said that there would still be a referendum, but it would now be later in the process, by 2028 at the latest.
At the conference, Paravan said that GEN remained committed to the project but "we cannot ignore what happened in the past months. For this reason, in addition to ongoing activities on the project, we will additionally intensify activities related to studying the possibility of using small modular reactors and ask key suppliers for detailed information".
He added: "The events of the past months have also shown the necessity of a professional and open discussion regarding the energy future of Slovenia, which is not based on emotions and takes into account the reality of possible alternatives, including the necessary interventions in space that these technologies require."
As part of the public information process ahead of the planned referendum, the option of small modular reactors (SMRs) at the JEK2 site had been considered, but it had been concluded that, given the timelines proposed for the project, SMRs were not considered suitable, compared with larger units. However, the assessment said that GEN would continue to monitor the development of SMR technology, noting that "the development of this technology is very dynamic, the promises of the providers are great" although the "technical and economic assumptions of SMR technology have not yet been proven in practice".
USA, Lithuania to cooperate on SMRs
Wednesday, 27 November 2024
US Secretary of Energy Jennifer Granholm and Lithuania's interim Minister of Energy Dainius Kreivys have signed an intergovernmental agreement to cooperate on the development of Lithuania's civil nuclear power programme, with a particular focus on the deployment of small modular reactors.
The signing of the agreement (Image: Lithuanian Ministry of Energy)
Lithuania's national energy independence strategy stipulates the country must become a climate-neutral economy by the 2050s. The Ministry of Energy says the decarbonisation processes will require a large amount of additional electricity – electricity consumption is expected to increase sixfold by the 2050s, from the current 12 TWh to 74 TWh. The highest growth in electricity consumption is expected between 2030 and 2040. The ministry says that in order to balance the growing consumption, as well as large amounts of wind and solar generation, new managed generation capacities will be needed. Therefore, the National Energy Independence Strategy and the National Energy and Climate Action Plan provide for assessment of the possible construction of fourth generation small nuclear reactors (SMRs) in Lithuania. Lithuania should decide on the construction of such reactors in 2028.
The Lithuanian Ministry of Energy says the new cooperation agreement with the USA "provides that by then the United States will prepare a technology assessment report, which will include a market analysis of SMR technology, the risks of SMR technology and a life-cycle assessment of such a reactor installation, a siting analysis of new nuclear facilities, potential project financing arrangements and sources".
In addition to collaboration in the deployment of SMRs, the agreement envisions the exchange of experts to ensure the promotion of the highest standards of safety and security, the enhancement of physical and security for all civil nuclear facilities in Lithuania, and consultation regarding best practices related to decommissioning and fuel management and workforce development.
The ministry noted that the completed assessment will be used in the preparation of a report on the development of nuclear energy, predicting its development in the Lithuanian energy system, technological choice, operating model, opportunities for the local supply chain to participate in the project, necessary changes to the regulatory environment, public information and training of specialists, among other things.
"In order to make a competent decision on the development of the next generation of nuclear energy in Lithuania, we must fully assess the technical and financial possibilities of such a decision, and provide measures for managing possible risks - this agreement between the United States and Lithuania will serve this purpose," Kreivys said.
"Safe, clean and reliable civil nuclear energy will be a critical component of Lithuania's energy pathway," Granholm said. "The US remains committed to working with Lithuania to advance its national security, regional security, and democratic sovereignty."
The US Department of Energy (DOE) noted: "This agreement marks the first such intergovernmental framework led by the DOE with a specific focus on the deployment of fourth generation SMRs and represents a significant element of the United States' advancement of the development of clean, safe, and reliable nuclear power for partners and allies."
Lithuania agreed to shut down the two RBMK reactors at Ignalina as a condition of its accession to the European Union. Unit 1 was shut down in December 2004 and unit 2 in December 2009.
GLE acquires land for laser enrichment facility
Thursday, 28 November 2024
Global Laser Enrichment has acquired the land in Kentucky where it plans to build the Paducah Laser Enrichment Facility.
A conceptual rendering of the PLEF facility (Image: Silex Ltd)
The 665-acre (2.7 square kilometres) parcel of land was previously owned by the Commonwealth of Kentucky and managed by the Kentucky Department of Fish and Wildlife Resources. It was acquired by Global Laser Enrichment (GLE) through an agreement among the Commonwealth, Kentucky Department of Fish and Wildlife Resources, and the Paducah-McCracken County Industrial Development Authority. GLE entered into a set of agreements providing it with an option to purchase the plot earlier this year.
GLE is the exclusive global licensee of the SILEX laser-based uranium enrichment technology, which would be deployed commercially at PLEF. The project is underpinned by a long-term agreement signed in 2016 for the sale to GLE of some 200,000 tonnes from the US Department of Energy's inventory depleted uranium hexafluoride (DUF6) for re-enrichment to equivalent natural grade uranium hexafluoride. The DOE has a large inventory of the material - also known as tails - from the former operations of its first-generation gaseous diffusion enrichment plants.
The site acquired by GLE is adjacent to the DOE's former Paducah Gaseous Diffusion Plant, which closed in 2013. It provides access to the cylinder yard where the DUF6 tails inventories are stored, minimising transportation between the PGDP and the proposed PLEF plant.
DUF6 storage at the PGDP (Image: Silex Ltd)
GLE said it is currently on track to submit the environmental report for the plant to the US Nuclear Regulatory Commission in December and the licence application in the summer of 2025. The company's CEO Stephen Long said GLE is working towards a commercialisation decision "and maintaining our deployment target of no later than 2030."
The SILEX technology was developed by Australian company Silex Systems Ltd, which owns 51% of GLE, with the remaining 49% owned by Canadian company Cameco.
Silex CEO/Managing Director Michael Goldsworthy said the acquisition of the PLEF site is the result of "several years of dedicated efforts" from the GLE team with "considerable support" from the community of Paducah and the Commonwealth of Kentucky. The DOE tails inventory will underpin production of natural grade uranium hexafluoride at PLEF for up to 30 years, he said, with a production rate that will be "equivalent to a uranium mine with an annual output of up to 5 million pounds of uranium, which would rank in the top 10 of today's uranium mines by production volume."
The Voith Schneider propulsion system rotates on a vertical-axis and is well-proven in tug boat and ferry boat propulsion. A new-generation Austrian company has advanced that technology to rotate on a transverse-axis above water in aeronautical application, with capability for vertical lift-off. Their technology has possible application in wing-in-ground (WIG) vehicles that require vertical lift-off capability at land-based coastal terminals.
Introduction
The history of transverse-axis machinery in vessel propulsion predates the development of longitudinal-axis propellers. Side-wheel and stern-wheel propulsion technology evolved from waterwheels that had for centuries been installed along rivers to deliver mechanical power and proved quite successful in early riverboat operation. Side-wheel propulsion technology proved to be problematic in ocean operation when waves caused vessels to roll, alternately lifting one of the side-wheels above water and affecting vessel directional control. During the early 20th century, several aircraft developers attempted to adapt transverse-axis technology to airplane propulsion, with limited success.
While inventor Ernst Schneider intended to develop a turbine for hydro-electric power dams, the Voith group sought to adapt Schneider’s concept to operate as a water pump. By 1931, the water pump had been developed into a propulsion system for a ferry vessel that sailed on Lake Constance. During early 1960s, designers developed a horizontal-axis version of the Voith Schneider technology to operate on aircraft. Many decades later in Austria, designers at the Cyclo Tech group in Austria adapted modern, lightweight high-strength material to operate on a transverse-axis, in aeronautical propulsion and with prospects for future success.
Applications Above Water
The original intention by Ernst Schneider was to operate the rotary technology as a turbine. In this modern era, there may actually be potential to adapt Schneider’s concept to operate as a vertical-axis wind turbine, installed above the deck of a boat. The design allows the blades to change angle with respect to direction of fluid flow, in turn reducing the parasitic drag that is inherent in vertical-axis wind turbines. It is a concept that needs to be tested to determine whether is could efficiently activate a marine propulsion system and enable a vessel to sail into a headwind.
The transverse-axis aeronautical propulsion system offers the combination of vertical lift-off, tough-down and propulsion. It has potential application in ground effect vehicles that due to coastal wave conditions at numerous coastal locations internationally, could be designed to touch down on and lift off from land-based coastal terminals. The transverse-axis propulsion is system is compatible with ground effect wings. A forward mounted propulsion system would direct a rearward flow of air to move at low elevation directly under the ground-effect wings. Companion rear propulsion assemblies would provide a greater percentage of forward thrust.
Flying Car
Cyclo Tech of Austria is focused on developing a flying car that uses forward and rear transverse-axis propulsion assemblies based on the Voith Schneider concept adapted to aeronautical service. It is a technology that could ferry small groups of passengers between the deck of a ship anchored offshore and a coastal location, or between a ship sailing parallel to a coastline and a shore-based location. The Cyclo Tech flying car could carry ship pilots to and from the deck of a moving ship during rough sea conditions, when transfer of pilot between small boat and large vessel is problematic.
The inclusion of ground effect wings into the design of the Cyclo Tech flying car would extend its operating range across water, such as carrying passengers to and from the deck of an offshore drilling platform. The vertical lift-off and touch down capability of the Cyclo Tech vehicle enhance its attractiveness as the technology to carry ship pilots to and from the decks of vessels, or personnel to and from the land pad of an offshore platform. There may be a market for large commercial versions of the technology capable of carrying 12-people between land and offshore locations.
Future Development
While Cyclo Tech has undertaken a considerable amount of research and development into adapting the Voith Schneider propulsion system to aeronautical application, their version of the flying is a prototype with much potential for future development. The growth of airline travel at overcrowded airports provides market opportunity for a vehicle with vertical lift-off and touch-down capability, at small terminals that involve limited space. A large-scale wingless version of the technology could carry passengers over short distances across land while a winged, large-scale variant could be developed to travel over extended distances above water a water surface.
There is likely potential to increase the diameter and width of the rotors, with the option of developing a vehicle with 3-pairs and even 4-pairs of rotors spaced along a fuselage that might also include forward and rear ground-effect wings. A ground-effect winged version of the technology might feature partially enclosed rotors with variable area outlet, to increase air exit speed that would in turn increase vehicle travel speed above water. Vectored thrust that redirects the air stream would assure vertical lift-off and touch down at land-based coastal terminals that offer limited space for vehicle acceleration and deceleration.
Conclusion
The work undertaken by Cyclo Tech of Austria has greatly advanced the concept of adapting maritime-based vertical-axis propulsion technology for the combination of transverse-axis lift-off, touch down and propulsion involving aeronautical technology. As a matter of coincidence, their technology also has potential involving maritime vehicles that travel just above the water surface, using ground effect wings. There is much potential to develop the Cyclo Tech concept to ground effect vehicle application, to provide extended operating range and higher speed capability above a water surface, perhaps involving a vehicle built with the combination of forward and rear ground-effect wings.
Ernst Schneider originally envisioned the vertical-axis technology converting energy at a hydro-electric power dam, except staff at Voith envisioned the technology as a water pump with possible vessel propulsive application. The may be potential to develop a vertical-axis wind turbine based on Ernst Schneider’s original concept, for testing on the deck of a wind-powered vessel where the wind turbine drives an underwater propulsion system. So far, people such as New Zealand engineer Jim Bates, Canadian physics professor Brad Blackford and British researcher Peter Worsley have built wind-powered vessels with horizontal-axis wind rotors, that have sailed directly into headwinds.
The opinions expressed herein are the author's and not necessarily those of The Maritime Executive.
KR (Korean Register) has released insightful analysis of Carbon Intensity Indicator (CII) ratings across its fleet in the fall edition of KR Decarbonization Magazine, offering crucial insights for maritime companies navigating the industry's green transition.
First launched in 2022, the KR Decarbonization Magazine is a quarterly publication designed to provide clients with timely insights into decarbonization strategies. The magazine aims to assist the maritime sector in navigating increasingly stringent greenhouse gas regulations introduced by the International Maritime Organization (IMO) and the European Union (EU).
The latest issue provides an in-depth analysis of CII ratings across KR-classed vessels, revealing industry-wide decarbonization trends. It also includes a comprehensive overview of cutting-edge advancements in liquefied hydrogen carriers.
The issue features an exclusive interview with HD Hyundai Heavy Industries' Executive Vice President RHEE Sangkee on the development of ammonia-powered vessels. RHEE outlines the significant technical advances in ammonia engine development, safety protocols, and exhaust gas aftertreatment systems. His insights provide shipping companies with essential guidance on ammonia's viability as a marine fuel, including key considerations for vessel operations, current development milestones, and future implementation timelines. The interview offers valuable perspectives for maritime stakeholders considering ammonia-powered solutions as part of their decarbonization strategy.
SONG Kanghyun, Head of KR’s Decarbonization and Ship R&D Center, commented, “With the IMO’s mid-term measures advancing rapidly, as seen at the 28th MEPC meeting, the time has come for the industry to adopt practical and actionable strategies. KR remains committed to supporting the maritime industry in addressing the decarbonization challenges through proactive and innovative approaches.”
Auramarine Ltd., the leading fuel supply systems pioneer for the marine and other industries and Quadrise Plc, the supplier of innovative clean energy solutions have announced a collaboration agreement to develop innovative solutions that will support maritime decarbonisation The purpose of the co-operation is to leverage the expertise of both companies in emulsion fuels, biofuels and fuel supply systems, providing innovative solutions for marine customers that support them in meeting decarbonisation and sustainability targets.
Quadrise will provide its expertise in MSAR®; (Multiphase Superfine Atomized Residue) and bioMSAR™ fuels. MSAR®; is a more environmentally friendly emulsion fuel that offers a lower-cost and is a cleaner alternative to heavy fuel oil (HFO) used in the marine and power generation industries. The Quadrise oil-in-water emulsion technology blends residual oils, water and additives to create a lower cost synthetic fuel oil that is more efficient. bioMSAR™ is the renewable biofuel version of MSAR®; incorporating sustainable components such as water-based glycerin and other lower-cost biofuels.
Auramarine will provide its expertise in designing and installing fuel supply systems (including Quadrise’s blend-on-board technology) for the conversion of marine vessels to support the use of Quadrise fuels. Auramarine’s vast experience in retrofits and modular fuel supply systems will enable it to find markets for Quadrise’s fuel technology on a wider scale and across multiple vessel types. Auramarine’s retrofit solutions do not require dry docking which makes implementation easier and more efficient, which provides further value to ship owners.
As part of the co-operation, Quadrise and Auramarine will work together to combine their resources and networks, jointly developing and promoting new sales opportunities that offer a comprehensive value proposition to the shipping industry to help them comply with new environmental regulations.
Commenting on the development, John Bergman, CEO of Auramarine, said: "We are pleased to announce this collaboration agreement with Quadrise, who are driving a positive shift in the marine sector with their proven emulsion technology to improve efficiency, lower emissions and supply new sustainable fuels. The current uptake of future fuels needs to be accelerated to meet decarbonisation targets within the maritime industry and new, viable innovations are essential to delivering this. By combining our strengths and expertise, we are confident that this partnership will drive further innovation and create significant value for our customers and other stakeholders.”
Jason Miles, CEO of Quadrise, continued: "We are delighted to sign this collaboration agreement with Auramarine, who have extensive experience and an enviable track record in the design, supply and servicing of fuel systems for conventional and future fuels. This collaboration is in line with our strategy of working with new channel partners to decarbonise shipping, adding the necessary expertise, network and resources of Auramarine in marine fuel systems to accelerate the implementation of MSAR®; and bioMSAR™ fuel conversions globally."
The products and services herein described in this press release are not endorsed by The Maritime Executive.
Value Group New €2 Million Investment from Energy Transition Fund Rotterdam
Installation of the Filtree System at the VM quayside in Rotterdam
Rotterdam-based sustainability innovator Value Group (Value Maritime and Value Carbon) announces that it has secured Energietransitiefonds Rotterdam (‘ETF-R’) as an investor. The fund’s investment will drive the further development of the Value Hub for CO2 offloading and processing in Rotterdam. The technology captures CO2, stores it, and allows it to be effectively reused or stored elsewhere. In the Port of Rotterdam, the maritime industry benefits from emissions reduction enabled by the technology.
Carbon care Value Maritime, part of the Value Group, is the innovative developer and installer of one of the first commercially viable hybrid CO2 capture and exhaust gas cleaning systems, known as Filtree. This system not only captures and stores CO2 but also cleans sulphur, ultra-fine particulate matter, and CO2 from ships’ exhaust emissions as well as oil residue and particulate matter from the vessels’ washing water. As a result, the Filtree System supports compliance with current and future environmental regulations.
The key to the Filtree System is its integrated carbon capture feature which allows ships to store the CO2 they collect onboard in dedicated fixed tanks or non-fixed battery containers. These onboard storage facilities can then be sustainably offloaded in port for reuse or further storage, managed by Value Maritime’s sister company, Value Carbon.
Value Group Co-Founder and Director Maarten Lodewijks says, “With InnovationQuarter as a new shareholder, Value Group gains a strong strategic partner to accelerate the development of our Value Hub in Rotterdam for CO2 offloading and processing. This partnership not only strengthens the realisation of this Value Hub as a blueprint for future Value Hubs but also drives the ongoing expansion and innovation of our patented Carbon Capture technology.”
Accelerating CO2 handling With ETF-R’s €2 million investment and further active support from InnovationQuarter, Value Group aims to accelerate the development of its Value Hub in Rotterdam. The Value Hub will manage the CO2 offloading from ships and ensure efficient, sustainable processing.
Meanwhile, a pilot programme in Westland greenhouses demonstrates the technology's practical application. Captured CO2 is released during the day to enhance photosynthesis and plant growth, showcasing a sustainable solution for agriculture.
InnovationQuarter/ ETF-R Senior Investment Manager Reinaud Struycken says, “We are very happy to be able to invest in a sustainable company that supports the reduction of CO2 emissions in Rotterdam and beyond. Their innovative 'catch & release' technology perfectly aligns with our vision for a cleaner and more sustainable Rotterdam. They serve as a prime example of how carbon capture and storage technology can benefit this and other sectors. ETF-R is looking forward to helping Value Group grow.”
Value Group The Value Group unites two innovative sister companies—Value Maritime and Value Carbon—working together to drive decarbonisation across shipping and industry.
Since 2017, Value Maritime has been at the forefront of maritime sustainability, helping dozens of shipowners and operators boost competitiveness through significant emissions reductions and cost savings. Its cutting-edge technology is designed to reduce the environmental footprint of shipping, contributing to a more sustainable future for the entire maritime industry. The goal is to help transform the way the sector operates, combining cleaner solutions with tangible financial benefits.
Meanwhile, Value Carbon focuses on land-based carbon management, addressing the entire carbon value chain. From carbon capture and handling to innovative reuse strategies, it aims to create efficient systems for storage and “catch and release” initiatives, all with a focus on generating both environmental and financial dividends. Together, the mission is clear: to help our clients achieve valuable emission reductions through sustainable, innovative technologies, backed by a team that is committed to making a real impact.
Rotterdam Energy Transition Fund The ‘Energietransitiefonds Rotterdam’ is a €100 million investment fund of the City of Rotterdam. The fund finances innovative companies and large sustainable projects that can contribute to Rotterdam's energy transition and circular economy. With the fund, the city aims to reduce CO2 emissions, improve air quality and reduce the use of raw materials. InnovationQuarter acts as fund manager for the Rotterdam Energy Transition Fund.
InnovationQuarter InnovationQuarter is the regional economic development agency for South Holland. InnovationQuarter manages funds worth more than €300 million. We finance disruptive startups and scale-ups that contribute to a cleaner, smarter, and healthier world. High risk, but also high impact.
The products and services herein described in this press release are not endorsed by The Maritime Executive.
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