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Himachal Regulator Allows DISCOM to Procure 550 MW Solar Power from SECI

Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


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					</table><p>Researchers at <a href="https://www.tohoku.ac.jp/en/" target="_blank" rel="noopener">Tohoku University</a> in Japan have developed a data-driven model that can predict barriers related to dehydrogenation, a chemical reaction that involves the release of hydrogen in magnesium hydride, a promising material for solid-state hydrogen storage.</p>
<p>This process of solid-state hydrogen storage binds the gas to a metal hydride using moderate heat and pressure. The hydrogenated material can then be safely stored at normal temperature and pressure without any hydrogen escaping. The process is then repeated with different pressure and temperature conditions for dehydrogenation.</p>
<p>The researchers claim that this advancement could significantly accelerate the development of high-performance hydrogen storage solutions.</p>
<p>Solid-state hydrogen storage materials like magnesium hydride are prime candidates for efficient hydrogen storage due to their high capacity and natural abundance. However, assessing their performance has been limited by the complexity of calculating dehydrogenation energy barriers &#8211; a key factor determining storage efficiency.</p>
<p>The new model sidesteps this bottleneck using easily computable parameters and a physics-based approach that captures the essential chemistry with far less computation than conventional transition state search methods.</p>
<p>&#8220;Our model offers a faster, more efficient way to predict the dehydrogenation performance of hydrogen storage materials,&#8221; said Hao Li, the corresponding author. &#8220;This allows us to bridge the knowledge gap left by experimental techniques and accelerate the development of high-performance hydrogen storage solutions.&#8221;</p>
<p>The model&#8217;s predictions were validated against experimental measurements, providing clear guidelines to enhance magnesium hydride performance to meet U.S. <a href="https://www.energy.gov/" target="_blank" rel="noopener">Department of Energy</a> (DOE) targets.</p>
<p>The DOE has set out a goal for onboard hydrogen storage in vehicles, aiming for a system that can hold 5.5% of its weight in hydrogen and store 0.04 kilograms of hydrogen per liter of volume by 2025.</p>
<p>The researchers plan to extend the model to other metal hydrides, potentially enabling the discovery of new composite materials for hydrogen storage.</p>
<p>&#8220;By adapting our model to various metal hydrides, we can expedite the exploration and optimization of hydrogen storage materials, paving the way for cleaner and more efficient energy systems,&#8221; Li added.</p>
<p>Earlier this year, India&#8217;s Ministry of New and Renewable Energy launched pilot projects to test the viability of using green hydrogen and its derivatives in the <a href="https://www.mercomindia.com/government-pilot-green-hydrogen-shipping" target="_blank" rel="noopener">shipping</a> and <a href="https://www.mercomindia.com/mnre-pilot-implement-hydrogen-steel" target="_blank" rel="noopener">steel</a> sectors.</p>


Researchers from Japan Develop Data-driven Model for Hydrogen Storage


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					</table><p><a href="https://www.solidpowerbattery.com/" target="_blank" rel="noopener">Solid Power</a>, which develops solid-state battery technology for electric vehicles, reported a net loss for the first quarter (Q1) of 2024 that widened to $21.2 million from $19.2 million, reflecting an 11% increase year-over-year, primarily driven by increased investments in scaling operations as the company pushes forward with commercializing its technology.</p>
<p>Revenue for the quarter came in at $6 million, marking a robust 57% increase from $3.8 million in the first quarter of last year. The top-line growth was fuelled by the company&#8217;s execution under its joint development agreements with partners, it said.</p>
<p>However, operating expenses also surged 26% to $31.7 million, up from $25.1 million in the year-ago period, as Solid Power incurred higher labor and material costs associated with cell and electrolyte development activities as well as the overall scaling of its operations.</p>
<p>Meanwhile, capital expenditures totaled $4.1 million, primarily representing investments in expanding the company&#8217;s electrolyte production capabilities, including the build-out of a new research and development lab facility.</p>
<p>The Colorado-based company also said it executed technology transfers and the installation of a battery production line for its partner <a href="https://eng.sk.com/companies/sk-on" target="_blank" rel="noopener">SK On</a>, a South Korea-based battery maker.</p>
<p>The company&#8217;s electrolyte sampling program gained traction, with shipments sent out to multiple potential customers during the quarter. The management highlighted that the development of its next-generation A-2 sample cells remains firmly on track for the targeted end-of-year delivery timeline.</p>
<p>“On the cell side, our team is currently focused on an A-2 cell that incorporates planned improvements and addresses known challenges from our A-1 design,” said the company’s CEO, John Van Scoter.</p>
<p>Solid Power reaffirmed its commitment to delivering on its 2024 objectives, including further expanding electrolyte production capabilities, advancing to the A-2 cell specifications, and strengthening its presence within South Korea&#8217;s battery ecosystem.</p>
<p>“Our electrolyte has now been shipped to 10 potential customers (battery and EV original equipment manufacturers) outside of our existing joint development relationships. We&#8217;ve also continued to invest in our new electrolyte R&amp;D lab, which we are targeting to complete sometime midyear,” said Scoter during a post-earnings conference call with analysts.</p>
<p>The company maintained its previous financial outlook, projecting full-year 2024 revenue between $20-25 million, cash usage of $60-70 million, and capital expenditures in the $40-50 million range.</p>
<p>Its liquidity position stood at $378.9 million as of March 31<sup>, </sup>2024.</p>
<p>The company’s net loss <a href="https://www.mercomindia.com/battery-tech-company-solid-by-586-in-2023" target="_blank" rel="noopener">widened</a> by 586.3% in the previous quarter, as higher operating expenses hurt its bottom line. In the previous quarter, it also <a href="https://www.mercomindia.com/solid-power-reports-a-net-loss-up-22-yoy" target="_blank" rel="noopener">reported</a> a bigger net loss compared to the same period last year.</p>


Solid Power’s Q1 Net Loss Widens as Battery Tech Commercialization Nears


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					</table><p>Graphite India (<a href="https://www.graphiteindia.com/" target="_blank" rel="noopener">GIL</a>), a graphite electrode manufacturer, has entered into a definitive transaction to invest ₹500 million (~$6 million) in compulsory convertible preference shares of <a href="https://www.godienergy.com/" target="_blank" rel="noopener">GODI India</a>, a battery technology company.</p>
<p>GODI India, backed by <a href="https://www.blueashvacapital.com/" target="_blank" rel="noopener">Blue Ashva Capital</a>, specializes in advanced chemistry research and development to support the manufacturing of sustainable batteries for electric vehicles (EVs) and supercapacitor-based energy storage systems.</p>
<p>The investment would provide Graphite India with a 31% equity shareholding in GODI on a fully diluted basis.</p>
<p>With a focus on high-power density lithium-ion batteries, GODI claims to have expertise in emerging technologies like sodium-ion and solid-state batteries.</p>
<p>The company’s technology portfolio includes environmentally friendly and carbon-neutral processes.</p>
<p>The global surge in EV sales and the growing demand for energy storage systems underscore the attractive industry dynamics for battery cell and supercapacitor production.</p>
<p>Ashutosh Dixit, Executive Director of Graphite India, said, “This move is part of Graphite India’s strategy to diversify into advanced battery and energy storage systems technologies. GODI India&#8217;s leadership in developing various battery technologies aligns with our commitment to technological innovation and growth, marking a significant step towards creating a diversified business portfolio.”</p>
<p>Founder and Director of GODI India Mahesh Godi, said, “Our battery materials and components, developed through environmentally friendly processes, cater to the dynamic electric vehicle and consumer electronics markets.”</p>
<p>“Additionally, our supercapacitors find applications in regenerative energy storage systems across various industries. We welcome this strategic partnership with Graphite India for their expertise in carbon and electrode manufacturing and their perspectives on synergistic technologies,” Godi added.</p>
<p>Graphite India has a production capacity of 98,000 MT per annum across three facilities in India and Germany. The company is expanding its presence in value-added graphite products for diverse industries such as automotive, aerospace, chemical, pharmaceutical, metallurgical, and machine tools.</p>
<p>With a total renewable energy capacity of 18 MW, Graphite India aims to increase it to 37 MW by March 2024.</p>
<p>The government of India recently <a href="https://www.mercomindia.com/government-cost-for-critical-mineral-exploration" target="_blank" rel="noopener">announced</a> a 25% incentive on the approved project cost for exploration agencies to encourage private parties&#8217; mining of critical minerals. India has also identified 30 critical minerals, including graphite, lithium, and cobalt, which can be converted into material used in clean energy technologies.</p>
<p>Recently, China’s Ministry of Commerce <a href="https://www.mercomindia.com/china-curbs-export-graphite-ev-batteries" target="_blank" rel="noopener">announced</a> ‘temporary’ export control of sensitive graphite products, including highly sensitive spheroidized graphite, primarily used in EV batteries. The move, it said, was to ensure the stability and security of the global supply chain and safeguard national interests.</p>


Graphite India Forays into Battery Tech with ₹500 Million Investment in GODI


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					</table><p>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ascend-elements-raises-million/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Ascend Elements, a lithium-ion battery recycling and engineered materials company, </strong><a href="https://ascendelements.com/sk-ecoplant/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> a strategic investment of $50 million</strong> from SK ecoplant, the environmental unit of Korean conglomerate SK Inc. The investment will accelerate the commercialization of the company’s ‘Hydro-to-Cathode’ direct precursor synthesis process technology, which transforms recycled lithium-ion batteries and manufacturing scrap into high-performance, customized EV battery cathode precursor and cathode active materials.</p>
<p><strong>Elestor, a Dutch-based large-scale energy storage company, </strong><a href="https://www.elestor.nl/equinor-ventures-led-consortium-invests-e30-million-in-electricity-storage-company-elestor/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €30 million (~$30 million) in funding</strong>, which was led by the corporate venture capital arm of the Norwegian energy company Equinor with participation from Royal Vopak, Invest-NL, and Somerset Capital Partners. Existing shareholders EIT InnoEnergy and Enfuro Ventures also participated in the round. The company plans to use the new funds to accelerate the commercialization of its hydrogen bromine flow battery technology up to a GW-scale production facility.</p>
<p><strong>Adden Energy, a solid-state battery developer, announced that it had </strong><a href="https://www.businesswire.com/news/home/20220901005580/en/Adden-Energy-Launches-With-Technology-License-From-Harvard-to-Scale-Solid-State-Battery-Technology-for-Electric-Vehicles" target="_blank" rel="noopener"><strong>received</strong></a><strong> a seed financing of $5.15 million</strong> and a technology license from Harvard University’s Office of Technology Development (OTD). Primavera Capital Group led the funding round with participation from Rhapsody Venture Partners and MassVentures. Adden aims to scale the battery to a palm-sized pouch cell, then upward toward a full-scale vehicle battery in the next three to five years.</p>
<p><strong>Jungle, a developer of AI-powered sensor-enabled technology to increase the uptime and performance of renewable energy sources, </strong><a href="https://www.jungle.ai/blog-posts-new/ai-company-jungle-raises-eur-5-million#:~:text=Amsterdam%20%26%20Lisbon%2C%205%20September%202022,Capital%20and%20Future%20Energy%20Ventures" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a €5 million (~$5 million)</strong> in a Series A funding round led by SHIFT Invest, with participation from Rocks International Group, EDP Ventures, Gorilla Growth Capital, and Future Energy Ventures. This funding allows the company to accelerate the deployment of its technology in the renewable energy and industrial sectors.</p>
<p><strong>CropEnergies, a manufacturer of sustainably produced biofuels, has </strong><a href="https://www.cropenergies.com/en/press/details/cropenergies-beteiligt-sich-an-renewable-energy-startup-east-energy" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 25% stake in the German renewable energy startup East Energy.</strong> They intend to invest up to €8 million (~$7.9 million) in this first step. CropEnergies plans to increase its shareholding in East Energy step by step. In addition to planning and setting up photovoltaic parks, East Energy is already working on concepts for producing green hydrogen from self-generated electricity and refining synthetic fuels as fuel for ships and aviation.</p>
<p><strong>Jade Power Trust</strong> <strong>(Trust) announces that its administrator, Jade Power Administrator has, on behalf of the Trust, </strong><a href="https://www.jadepower.com/news/jade-power-announces-proposed-sale-of-its-renewable-energy-asset-portfolio" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into a binding share sale agreement </strong>with Enery Power Holding, an Austrian-based renewable energy company to sell all of its renewable energy operating assets for a purchase price of €71 million (~$71 million).</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-rwe-acquires/" target="_blank" rel="noopener">roundup</a>.</p>


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