Rivian finalizing mega financing + Saudi’s Future Minerals Forum are headliners this week

Abdul Latif Jameel-backed Rivian finalized a USD 6.6 bn federal loan agreement with the Biden administration to support plans to build a manufacturing plant in Georgia, according to a statement. Construction is set to begin in 2026 and production will commence in 2028.

The details: The loan will be divided across the plant’s planned two phases, with options for advances. The first phase would see a financing of up to USD 3.4 bn, while the second phase could release funds up to USD 2.6 bn. Both figures do not include capitalized interest.

REFRESHER- Rivian plans to build the production facility in two phases with a 200k annual production capacity each. Phase 1 is set to begin production in 2028. The plant will be located at Stanton Springs North, Georgia state, and is expected to generate 7.5k jobs once operational.

Could the financing be reversed by Trump? Big republican names like Vivek Ramaswamy, one of the two candidates tapped to lead the Department of Government Efficiency, have vowed to scrutinize and reverse last-minute loans, specifically targeting the commitment to Rivian. However, Biden officials appear confident that most finalized financing will be safe. “When funds are obligated, they are protected ... They are subject to the terms of the contract, so when those contracts are signed and executed, this becomes a matter of contract law more than a matter of politics," Biden’s climate advisor John Podesta told Reuters last month.

ICYMI- The luxury EV maker major backer Volkswagen raised its investment by 16% to reach USD 5.8 bn last November to support a joint venture between the two companies that would focus on software-defined vehicle platforms.

Saudi expands its mining influence at landmark forum: The Future Minerals Forum kicked off in Riyadh last Tuesday and wrapped yesterday, delivering a deluge of updates from the Kingdom from upcoming bond issuances to new investment projects, mining tenders, and much more.

First up, a new investment vehicle: Saudi Arabia is developing a USD 100 bn mineral investment project, including USD 20 bn that is currently underway, Industry and Mineral Resources Vice Minister Khalid Al Mudaifer said at the forum on Wednesday, according to CNBC. The vice minister did not disclose further details on the project.

The investment is part of a “fast and furious” push to deepen the Kingdom’s mining footprint and position itself as a global mining hub, Saudi Energy Minister Abdulaziz bin Salman said at the forum. “Oil is no longer an energy security challenge – it’s going to be gas, electricity, predominantly minerals,” Saudi Energy Minister Abdulaziz bin Salman said, CNBC reported separately. As countries race to gain first access to critical minerals, higher emissions, metal costs, and energy prices will naturally ensue, bin Salman added.

MA’ADEN IS ON A ROLL-

Ma’aden is on the hunt for financing: Ma’aden is considering an international bond issuance this year to drum up financing for its USD 12 bn investment program, CEO Bob Wilt told Bloomberg. The mining giant is already in discussions with banks and will make a decision on proceeding “later this year.” Proceeds from the issuance will help ease burdens on the company's balance sheet as Ma’aden deploys an average of USD 2.5 bn a year to grow its phosphates, aluminum and metals business over the next five years, Wilt added.

ALSO- Aramco and Ma’aden signed a non-binding heads of agreement to form a lithium extraction JV by 2027 to advance direct lithium extraction technologies, Aramco said in a statement. Aramco said it identified areas within its operations where lithium concentrations exceed 400 parts per mn. This story was also covered by Bloomberg.

IN CONTEXT- Global demand for lithium is projected to rise 7x by 2040 on the back of a growing appetite for EVs, according to the International Energy Association’s projections. While China dominates two-thirds of the lithium processing market, “Saudi Arabia is very well positioned in processing because of the mixture that we have, starting from energy competitiveness, great infrastructure in terms of industrial cities and ports,” Industry and Mineral Resources Minister Bandar Alkhorayef told the salmon-colored paper. However, Saudi Arabia has yet to establish a significant presence in lithium or battery raw materials, Benchmark Mineral Intelligence says.

The fix? Analysts suggest vertical integration — controlling the entire supply chain from extraction to sales — would help Saudi Arabia’s lithium ambitions to succeed.

REMEMBER- The Kingdom increased its estimate of unexploited mineral resources to USD 2.5 tn, driven by discoveries of rare earth elements and metals such as lithium, copper, and gold. To accelerate critical minerals development, it has introduced a USD 182 mn incentive program for exploration.

MORE MINING NEWS FROM SAUDI-

#1- The Industry and Mineral Resources Ministry awarded exploration licenses for six sites in Riyadh and Makkah under its seventh exploration tender, according to state news agency SPA. The tender saw 11 firms submitting a total of 24 bids, the ministry said. The concessions are expected to carry copper, zinc, gold, silver, and lead deposits. The awardees have committed SAR 126 mn for exploration and pledged SAR 9 mn to support local communities through social programs.

The awardees:

• Al Masane Al Kobra landed three licenses to explore concessions in North Jabal Al Khallah and South Jabal Al Khallah in Riyadh, and Jabal Al Daama in Makkah;
• The Um Ajlan concession in Riyadh went to a consortium of ARTAR and Gold and Minerals Company ;
• A consortium of the Arabian Gulf Mining Company and India’s Skylark secured a license for Wadi Al Laith in Riyadh;
• Canada’s Power Nickel landed exploration rights for Jabal Baydan in the Hijaz Mountains.

REMEMBER- More licenses coming: Proposal applications for five exploration licenses in the Jabal Sayid and Al-Hajjar mineralized belts — containing copper, zinc, lead, gold, and silver — are currently open until 21 January 2025. Companies who qualify will be announced on 16 February 2025.

#2- KSA inks multiple bilateral mining + mineral MoUs, including with UK: The Saudi Industry and Mineral Resources Ministry signed six mining and critical minerals bilateral cooperation MoUs with Djibouti, Jordan, Austria, Zambia, and France, SPA reported on Tuesday. Details on the cooperation ventures — signed during the Future Minerals Forum (FMF) in Riyadh — were not disclosed.

We may know a little more about the UK plans: The UK was said to be gearing up for an agreement with the Saudi that aims at strengthening the island nation’s critical minerals supply chains, which are essential for its tech and clean energy sectors, Reuters reported on Tuesday, citing the British Government. The agreement was expected to be finalized this week during FMF, which concluded yesterday, but the UK government has yet to announce the signing.

The rationale: The UK is racing to secure long-term access to critical minerals like copper, lithium, and nickel — key materials for EVs, data centers, and other tech. Saudi Arabia, meanwhile, is looking to leverage its estimated USD 2.5 tn untapped mineral resources to establish itself as a global hub for critical minerals trade.

#3- PIF’s mining unit Ma’aden is gearing up to invest USD 1.3 bn in Brazil and open its first office in Sao Paulo, Brazilian Mining Minister Alexandre Silveira told Reuters. The investment is set to support geological mapping efforts in the country and to establish partnerships with Brazilian players to examine subsoil sustainably. No further details were provided on the investment plans.

A new interconnector project is in the works: UAE, Italy, and Albania have inked a partnership agreement worth some EUR 1 bn to build a subsea interconnection to import renewable energy across the Adriatic Sea, Reuters reported on Wednesday.

About the project: The project — expected to be completed within three years — aims to enhance existing 430 km power links connecting Italy with Montenegro and other Balkan states and will link the Albanian port of Vlore with Italy’s southern Puglia region, Albanian Prime Minister Edi Rama said.

How is the UAE involved? Italian grid operator Terna and UAE’s Taqa will be involved in the project, Rama added. "By leveraging the UAE's world-class expertise in renewable energy, Albania's abundant natural resources, and Italy's sophisticated energy market, we are connecting nations in far-sighted collaboration," UAE Minister of Industry and Advanced Technology Sultan Al Jaber said.

A boost for Albania’s renewable energy market: The interconnector will allow Albania to sell locally produced renewable energy, Deputy Prime Minister and Infrastructure and Energy Minister Belinda Balluku said, adding that the country has increased its renewable energy capacity by 500 MW in two years.

Connecting left and right: Italy is also working on the EUR 1 bn Elmed subsea power link with Tunisia, which was greenlit by the country in May. The 600 MW interconnector is set to launch operations by 2028.

IN OTHER RENEWABLES NEWS-

Acwa Power’s recently secured renewables portfolio in China includes USD 312 mn in solar and wind investments, representing an “initial batch” of Acwa’s planned investments that will eventually ramp up to a 1 GW portfolio, according to a statement (pdf) on Tuesday.

Acwa’s first partners: The renewables giant will develop a 132 MW solar photovoltaic (PV) portfolio in Guangdong province in partnership with Sungrow Renewables, and a 200 MW wind energy project with turbine manufacturer Mingyang Smart Energy Group, with a combined investment of USD 312 mn. The timeline for the two projects and the allocation of investments were not disclosed.

Masdar tackles an ambitious world record: UAE’s Masdar and Emirates Water and Electricity Company (Ewec) will build a USD 6 bn, 5.2 GW solar project that will be linked to a 19 GWh battery energy storage system (BESS) making it one of the largest of its kind in the world, according to a statement on Tuesday. Gemini’s Nevada facility currently has the title of the world’s largest solar energy storage project with 1.4 GWh of storage capacity, Bloomberg reported.

About the project: The mega project will produce 1 GW of uninterrupted baseload power clean power daily. It covers an area of 90 sq km in the Abu Dhabi desert and will receive financing through both debt and equity. Emirates Water and Electricity Company will also work on the project which is set to be completed by 2027.

THAT’S NOT ALL FOR MASDAR-

The Emirati renewables player signed two agreements with the Philippines to develop 1 GW of solar, wind, and battery energy storage systems by 2030, marking its entry into the country’s market, according to a press release. The planned developments would support the Philippines' goal for renewables to account for 35% of power generation by 2030 and 50% by 2040.

There is more across the pond: Masdar is also set to ramp up its US operations with a target of 25 GW of renewable capacity in the next five years, Bloomberg reports, citing Masdar Americas’ CEO Philip Haddad. Masdar plans to accelerate its US-based growth beyond the added pipeline from its recent acquisition of Terra-Gen’s current portfolio. The company is also eyeing expansion into Latin America, with Haddad identifying Brazilian wind and solar projects as key acquisition targets.

REMEMBER: The company aims to reach 100 GW of global renewable energy capacity by 2030.

IN OTHER SOLAR UPDATES-

Tunisia launches 200 MW solar tenders: Tunisia launched the second round of its push to develop 1.7 GW of solar PV projects under the country’s concession system, offering two projects with 100 MW capacity each, according to a statement on Tuesday. Registrations are open till 28 February, after which the interested parties will receive tender documents and subsequent addendums. Final tender submissions are due on 30 April.

ICYMI- Tunisia awarded contracts for four photovoltaic projects totaling 500 MW in the first phase of its 1.7 GW tender last month. The projects — expected to be operational by 2027 — will generate approximately 1 TWh annually, accounting for about 5% of the country’s national electricity production.

DP World + AM Green to develop green fuel supply chain: UAE logistics giant DP World has agreed to jointly develop logistics and storage infrastructure with India’s green energy producer AM Green to facilitate the export of 1 mn tons of green ammonia and methanol each annually, according to a statement (pdf) released on Tuesday.

How will they do it? Under the MoU, the two firms will:

• Establish port infrastructure across AM Green's Net-Zero Industrial Clusters to facilitate global exports;
• Develop bunkering infrastructure in Dubai, India, and Southeast Asia for green ammonia and methanol from AM Green’s plants;
• Build terminal infrastructure in the EU, Far East, and the UAE to support a netzero carbon supply chain.

raises AED 9 bn in sustainability-linked credit facility: UAE-based real estate developer Aldar Properties has successfully raised AED 9 bn (USD 2.45 bn) in a sustainability-linked syndicated senior credit facility, according to a statement (pdf) released on Monday. The facility — structured as an unsecured committed multi-tranche revolving credit — stands as the largest sustainability-linked, syndicated transaction by a real estate company in the Middle East.

The details: The facility — which is linked to sustainability KPIs — has a five-year tenor and uses AED and USD currencies in both conventional and Islamic tranches. The facility will also be linked to a floating rate to “capitalize on conducive market conditions.”

Several banks were interested: The syndication attracted orders from 15 local and international banks, including Abu Dhabi Commercial Bank, Ajman Bank, Bank of China, Citi Bank, Dubai Islamic Bank, Emirates Islamic Bank, Emirates NBD Bank, First Abu Dhabi Bank, HSBC, Intesa Sanpaolo, JP Morgan, Mashreq, National Bank of Kuwait, National Bank of Ras Al Khaimah, and Sharjah Islamic Bank.

IN OTHER DEBT NEWS-

#1- Saudi Arabia’s Al Rajhi Bank has completed a USD 1.5 bn USD-denominated additional tier 1 capital sustainable sukuk issuance, which is part of its shariah-compliant trust certificate issuance program, according to a Tadawul filing published on Wednesday. The lender issued some 7.5k sukuk at a par value of USD 200k with a 6.25% yield. The leading Islamic bank had two USD 1 bn issuances last year in March and May.

What now? The sukuks — which have no fixed maturity date with a callable option after five years — will be listed on the London Stock Exchange's International Securities Market. The settlement of the sukuk issuance is scheduled for 21 January.

ADVISORS- HSBC and Mashreq are joint lead managers and bookrunners on the transaction, along with JPMorgan Securities, Morgan Stanley, Al Rajhi Capital, Citigroup Global, Emirates NBD, Goldman Sachs, Dubai Islamic Bank, Credit Agricole, MUFG Securities EMEA, SMBC Bank International and Standard Chartered Bank.

#2- The Climate Investment Funds has raised USD 500 mn in a debut bond that was six times oversubscribed, according to a press release on Tuesday. The 3-year bonds — the Funds’ first through its Capital Markets Mechanism (CCMM) — were priced at 36.6 bps over the three-year US Treasuries and have a semi-annual yield of 4.84% and a re-offer price of 99.78%. Investors from MENA, Africa, and Europe snapped the lion's share of the issuance at 64%, followed by the Americas at 31%.

We knew this was coming: The CIF was reported to be lining up for its first bond issuance under CCMM’s borrowing program in December, after listing its program on the London Stock Exchange in November.

Saudi + Italian energy ministers inked an MoU to explore avenues for cooperation across the energy sectors, SPA reported on Wednesday. The MoU focuses on key green sector areas, including renewable energy, electricity interconnection, energy efficiency, geothermal energy, methane emissions reduction, climate-change mitigation, hydrogen projects, circular economy, carbon capture and storage, and advancing energy storage solutions.

OTHER CLIMATE DIPLOMACY STORIES WORTH KNOWING ABOUT-

• Oman + Bahrain sign energy MoU: Oman and Bahrain have signed an MoU to jointly develop their electricity and renewable energy sectors through 2030. The terms also entail joint research, knowledge sharing, and private-sector participation. (Statement)
• UAE + Uruguay to partner on clean energy: The UAE’s Ministry of Energy and Infrastructure and its Uruguayan counterpart have signed an MoU to collaborate on clean and renewable energy through knowledge sharing and organizing workshops. (Wam)

WASTE-TO-HYDROGEN-

Timeline updates on MENA’s first waste-to-hydrogen plant: UAE’s Bee’ah, partnering with the Energy and Infrastructure Ministry, UK-based Chinook Hydrogen, and Japan’s Air Water, is planning to launch operations of the region’s first commercial-scale waste-to-hydrogen plant in 2Q 2027, according to a statement. The plant will initially produce 7 kgs of green hydrogen fuel daily — about 2.6k tons annually — with plans to boost the capacity to 20 tons daily later, Wam reported on Tuesday. No financial details were disclosed for the project.

About the facility: The facility — located in Sharjah’s Al Sajaa — will turn municipal organic and solid waste into fuel-cell-grade hydrogen using Chinook’s RODECS gasification technology and Air Water’s hydrogen refinement systems. The plant will also divert thousands of tons of waste annually, cutting emissions by 30k tons while producing by-products like biogenic carbon dioxide for alternative fuels and nitrogen for industrial use.

DECARBONIZATION-

Adnoc pilots new tech to capture and utilize its emissions: UAE’s Adnoc Gas, British climate tech company Levidian, and American energy tech firm Baker Hughes have deployed Levidian’s patented carbon capture LOOP technology at Adnoc’s Habshan Gas Processing Plant, according to a statement (pdf). The tech captures carbon from methane — the main component of natural gas — and converts it into graphene and clean hydrogen.

About the project: Adnoc plans to produce over one ton annually of graphene and hydrogen each during the pilot phase, with further plans to scale up to 15 tons per year. It also plans to use the graphene produced for diverse applications, including producing EV batteries, solar panels, and stronger materials like concrete, tires, and polymer pipes. The partnership plans to use AI models and digital twins from the project to optimize graphene production and energy efficiency in future installations.

UAE is a fan: The Gulf country and Levidian signed a memorandum of intent for a potential USD 100 mn investment in a LOOP tech manufacturing facility. The Abu Dhabi Waste Management Center (Tadweer) is also a fan of Levidian, exploring its tech for various decarbonization ventures.

DEBT WATCH-

The European Bank for Reconstruction and Development (EBRD) has greenlit a EUR 25 mn loan to Türkiye’s BNP Paribas Finansal Kiralama bank, according to a statement released last Friday. The loan is aimed at supporting gender-responsive on-lending in Turkey, targeting sub-borrowers with projects in energy efficiency, renewable energy, and climate resilience. The initiative also aims to improve women’s access to climate finance through addressing barriers women face in adopting green technologies.

INVESTMENT WATCH-

#1- GFH invests in Invenergy: Bahrain-based Islamic investment bank GFH Financial Group has invested an undisclosed amount in the US clean energy firm Invenergy through investment vehicles managed by Blackstone’s infrastructure group, according to a press release (pdf) published last Sunday. Invenergy’s portfolio includes over 200 projects and 33 GW of generating capacity in the Americas, Europe, and Asia.

#2- Catalyst, the region’s first sustainability tech startup accelerator, unveiled three direct investments at the World Future Energy Summit, Wam reported on Tuesday. The latest investments target climate-focused startups AED Energy, Batsand, and Solumar, offering solutions in energy storage, emissions capture, and waste management. Catalyst also selected 10 startups from Egypt and UAE to join its recently launched tenth accelerator program cohort, set to begin in 1Q 2025 in partnership with Egypt’s Flat6Labs.

ELECTRIC VEHICLES-

#1- Amman Vision seeks investments in EV charging stations: Jordan’s Amman Vision for Investment and Development — the investment arm of the Greater Amman Municipality — has called for investments to establish and operate EV charging stations and the associated service facilities, state news agency Petra reported last Sunday. Inquiries are accepted until 26 January and proposals are due by 9 February.

#2- Dubai’s first flying taxi vertiport gets design approval: The General Civil Aviation Authority (GCAA) has given its approval for the designs for the UAE’s first commercial vertiport for flying taxis, Dubai International Vertiport (DXV), paving the way for operations to begin in 2026, Skyports said in a statement released last week. DXV, located near Dubai International Airport (DXB), will serve as a hub for the takeoff, landing, and servicing of air taxis, and is the first of four vertiports planned in Dubai to receive design approval.

The details: The 3.1k sqm facility, developed by Skyports Infrastructure in collaboration with Dubai’s Roads and Transport Authority (RTA) and Joby Aviation, will feature electric charging stations and passenger facilities, and is expected to handle 42k landings and 170k passengers annually, Khaleej Times reported last week.

#3- UAEV plans 10k EV chargers by 2030: UAE’s state-owned EV charging network UAEV plans to install 500 EV chargers by 2025 and to expand this to 10k chargers by 2030, and 30k by 2050, undersecretary of UAE’s Energy and Infrastructure Ministry and Chairman of UAEV told CNBC Arabia last week (watch, runtime 4:57). The UAE is the second highest in the Middle East for EV usage, with EVs accounting for 13% of total car sales in 2023. The UAE has already installed over 100 EV chargers in 2024, he added.

RECYCLING-

Kuwait is working on expanding construction waste recycling capacity: Kuwait’s government has given the green light to the Kuwait Municipality to develop several plants for recycling and processing construction waste with local and foreign private partners, according to a document seen by Al Qabas last week. Currently, Kuwait’s two plants can handle only a total of 4k-5k tons daily, far below the average daily of over 14k+ tons generated daily.

Plans are already underway: The Municipality allocated 1.25 mn sqm of land for the projects including a 1 mn sqm area in northern Kuwait for solid waste recycling and a 250k sqm area in southern Kuwait for liquid waste recycling. It also issued a consultancy services tender for feasibility studies on new waste treatment facilities.

HYDROGEN-

Enowa + HRS to set up hydrogen refueling in Neom: France’s Hydrogen Refueling Solutions (HRS) and Neom’s energy and water company Enowa have installed their first hydrogen refueling station in Neom, according to a press release (pdf) from last week. The station — to be housed at Petromin’s Heavy Machinery & Truck Service Center — would service a variety of hydrogen-powered vehicles, including buses, trucks, and passenger cars with tanks operating at different pressure points, mainly 350 and 700 bars.

About HRS: HRS is a leading manufacturer of high-capacity hydrogen refueling stations that operates the industrial process from design to commissioning to maintenance, according to the company’s website. The company develops stations that have a hydrogen compression capacity of 14, 40, and 80 kgs per hour, with a targeted compression capacity of 150 kgs per hour by 2026. It also boasts the capacity to assemble up to 180 stations per year.

OTHER STORIES WORTH KNOWING ABOUT THIS WEEK-

• Polat + Rolls-Royce ink energy storage agreement: Turkey’s Polat Energy signed a supply agreement with Rollys-Royce for a 132 MWh capacity Battery Energy Storage System (BESS). The BESS will be integrated into the Goktepe wind power plant located in northwestern Turkey. (Statement)
• Misr Beni Suef Cement will build an EGP 298 mn solar plant, in a bid to increase its use of renewables and cut emissions from its industrial activities. The company tapped Chinese tech giant Huawei and solar manufacturer Jinko Solar, as well as the local renewables company Integrated Renewable & Sustainable Communities for the project. (Disclosure. pdf)
• EV Tech + GO TO-U partner on EV charging in Oman: Omani Sur International Investment Group subsidiary EV Tech Oman has partnered with GO TO-U to provide smart EV charging in the Sultanate. The partnership will utilize EV Tech’s market knowledge and GO TO-U’s smart chagrin software to expand EV adoption in Oman. (Oman Observer)

SCOTUS declines to hear oil major’s climate case appeal: The US Supreme Court (SCOTUS) rejected an appeal by oil giants, including Sunoco, ExxonMobil, BP, and Chevron, seeking to dismiss a climate lawsuit by Honolulu, Reuters reported on Monday. The decision upholds the Hawaii Supreme Court ruling to allow the 2020 lawsuit to proceed in the state courts.

The case: The city accuses the companies of knowingly misleading the public about the environmental dangers of their fossil fuel products. It also argues that heatwaves have strained its electrical grid and that rising sea levels will require retrofitting critical infrastructure like wastewater treatment plants at high costs. However, oil companies made a technical argument that the lawsuits overstep state jurisdiction, with such issues falling under federal purview. They also accused local officials of threatening energy security.

Germany’s AfD takes a page out of Trump’s book, vows to take down wind turbines: Germany’s far-right Alternative für Deutschland (AfD) party — now second in German polls ahead of 23 February elections — would “tear down all wind turbines,” should it come into power, Chairwoman Alice Weidel said at a party convention, Bloomberg reported on Monday. Weidel later tried to backtrack on her comments, but AfD’s official election platform still outrightly “rejects the further expansion of wind energy” and calls for slashes in renewable subsidies.

China’s Zijin Mining Group is eyeing shares in Chinese Zangge Mining, potentially leading to a takeover, Bloomberg reported on Friday, citing a Hong Kong Exchange announcement. Zangge – mainly a potash producer – is valued at USD 6.4 bn with one-third of its revenues coming from lithium extracted from salt lakes in Qinghai.

Zijin has global lithium ambitions: Zijin — a major global producer of Copper and Gold — wants to become a global Lithium powerhouse and has aggressively pursued acquisitions over the last decade. The company’s most recent high-profile global takeover — the Monano Project in the Democratic Republic of the Congo — is planned to begin operations in 1Q 2026.

OTHER STORIES WORTH KNOWING ABOUT THIS WEEK-

• Amazon puts in biggest UK electric truck order: Amazon has purchased over 140 electric Mercedes-Benz heavy goods vehicles (HGVs) and eight Volvo lorries — to be deployed over the next 18 months. Amazon’s order was partly funded by its GBP 300 mn investment announced in 2022 for green transport in the UK. (The Guardian)
• China’s largest off-shore solar hydrogen farm is operating now: China’s kicked off operations at its Rudong 400 MW off-shore photovoltaic-hydrogen energy storage in Jiangsu. Once fully operating this year, it will generate 468 GWh annually, which will cut 309k tonnes of CO2 emissions. (Global Times)
• China launches energy-efficient carbon fiber train: China’s Shandong Province launched on Saturday a new carbon fiber metro train that reduces energy consumption by 7%. The train’s car body and bogie framed weight are also reduced by 25% and 50%, respectively, making it 11% lighter than traditional trains. (Press Release)
• Google to buy carbon credits from India’s Varaha: Google has signed an agreement to purchase 100k tons of carbon credits from the Indian carbon sequestration company Varaha by 2030. The credits will come from an initiative that converts agricultural waste into biochar, a form of charcoal that sequesters CO2 for hundreds of years and returns it to the soil. (Reuters)

China is joining the race to harness solar power from space using heavy rockets, CNBC reported last week. Senior rocket scientist and project lead Long Lehao envisions “installing a solar array 1km wide along the 36k km geostationary orbit,” taking inspiration from the Three Gorges Dam on the Yangtze River, to tap in solar power that doesn’t depend on weather conditions, seasons, or time of day. The “Manhattan Project” of the energy sector joins California-based startup Aetherflux and UK-based startup Space Solar who are working on similar projects.

But first, there are kinks to iron out: Long’s team is working on the Long March-9 (CZ-9) — a reusable heavy-lift rocket – which is needed for the project to work. The rocket would have a capacity of over 150 tons to orbit, making it stronger than most NASA rockets. Researchers would also have to figure out a way for the systems to assemble and maintain large systems in orbit, operate autonomously, and efficiently power-beam what is harvested back to Earth, according to NASA.

Microvast makes solid-state battery breakthrough: US battery tech firm Microvast has made progress with the development of its True All-Solid-State Battery (ASSB) tech which it says will allow for longer driving ranges, faster charging times, and more EV safety, according to a press release published last week. The new tech is reportedly ideal for use in data center backup power systems, electric school buses, and advanced robotics. Unlike traditional lithium-ion batteries, ASSB tech does not rely on electrolytes, which allows for higher voltages — at least dozens of volts rather than 3.2V to 3.7V per cell — and a simplified structure. Microvast is now working to reach the pilot production study phase for its technology.

Japan is making strides of its own: A Japanese research team from Doshisha and TDK Corporation is working on a non-flammable quasi-solid-state lithium-ion battery, according to a statement on Monday. The team argues that their design is a safer alternative to all-solid-state batteries, like the one Microvast is working on, by combining liquid and solid electrolytes. ASSB can improve safety but struggles with lithium-ion transfer and interface wear and tear which are problems the team hopes to address.

China’s not being left behind: Another research team from the South China University of Technology has built a solid electrolyte interphase on the surface of lithium metal anodes, according to findings published in Nature. The interphase allows for higher electronic insulation, ionic conductivity, and chemical stability. The team hopes the technology can improve next-generation high-performance lithium batteries.