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US DOE allocates over $3 billion for battery manufacturing projects across 14 states
The US Department of Energy (DOE) has allocated more than $3 billion to fund 25 projects aimed at enhancing battery manufacturing capabilities across 14 states. These projects are part of the Biden-Harris Administration’s Investing in America initiative and are designed to increase domestic battery material production, align with EV tax credit rules, and reduce reliance on China. The investment, managed by the Office of Manufacturing and Energy Supply Chains (MESC), will generate over 8,000 construction…
Vietnam explores revival of nuclear power plants for energy security
Vietnam is reconsidering its nuclear power development plans to strengthen energy security and support economic growth, according to a government document reviewed by Reuters. The country, which relies heavily on coal, seeks cleaner energy solutions to achieve its net zero target by 2050. The Ministry of Industry and Trade is studying global nuclear energy development and will propose a plan to the Politburo, Vietnam’s top decision-making body. The move comes as Vietnam targets an annual…
Centre to impose stricter safety standards on electric construction equipment from October 2024
The Ministry of Road Transport and Highways (MoRTH) is set to introduce stringent safety standards for electric construction vehicles as part of India’s green transition. Starting October 1, 2024, all-electric construction equipment, including dumpers and excavators, must comply with new safety regulations outlined in the draft amendment to the Central Motor Vehicles Rules, 1989. This amendment, published on August 14, proposes the introduction of rule 125-O, which mandates adherence to Automotive Industry Standards (AIS)-174, covering…
Centre greenlights hydropower in Northeast with Rs 4.1 billion assistance
The Union Cabinet has approved central financial assistance for developing hydropower projects in the northeastern region (NER). The scheme, proposed by the Union power ministry, will provide financial support to state governments in NER for their equity participation in hydropower projects. The scheme has a budget of Rs 4.1 billion and will be implemented from FY25 to FY32. It aims to support the development of approximately 15,000 MW of hydropower capacity. Funding for the scheme…
Just Climate to invest Rs 12.56 billion in Continuum Green Energy for wind-solar hybrid projects in India
Continuum Green Energy, a leading renewable energy group in India focused on commercial and industrial consumers, has entered into a definitive agreement with Just Climate, a specialist investment firm. Just Climate will invest Rs 12.56 billion (approximately USD 150 million) in new equity to support Continuum’s deployment of wind-solar hybrid energy generation and storage projects across India. This investment is part of Just Climate’s Climate Asset Fund I, which targets industrial climate solutions in the…
Adani Energy Solutions reports 172% surge in net profit for Q2 FY2024
Adani Energy Solutions Limited (AESL) has reported a net profit of Rs 7.73 billion for the quarter ending September 2024, marking a 172.18% increase compared to Rs 2.84 billion in the same quarter last year. The company’s total income also rose by 68.88%, reaching Rs 63.6 billion, up from Rs 37.66 billion during the corresponding period of the previous year.