Wind turbine and foundation installation vessel companies Cadeler A/S and Monaco-based Eneti Inc. said June 16 they have agreed to merge, creating a company with a pro-forma market capitalization of more than €1.2 billion (US$1.3 billion).

The combined company will have one of the world’s largest fleets of wind turbine and foundation installation vessels when six now under construction are delivered between 2024 and 2026.  By then, the combined company will have a fleet of 10 vessels.

The merger positions the company to better serve existing clients while benefiting from high tender activity and a growing offshore wind market, they said.

“The combination will represent a significant step up in our ability to meet the increased demand globally for projects with larger scopes and project sizes in service of the much-needed green transition,” Mikkel Gleerup, CEO of Denmark-headquartered Cadeler, said in a news release. “To deliver on this ambition, we will provide our customers with the largest and most diverse fleet in the industry, operated by highly skilled teams with unique expertise and track records.”

Upon completion of the merger, Cadeler shareholders will own about 60% of the company, while Eneti shareholders will own about 40%, according to the news release. The transaction is expected to close in fourth-quarter 2023, subject to customary closing conditions, bringing expected annual synergies of €106 million (US$115.8 million), including operational synergies of €37MM(US$40 million) and €51MM (US$55.7 million) through improved utilization of the combined fleets.

“Our scale and our respective capabilities will create significant value at a time when offshore wind needs reliable partners and reliable solutions,” Eneti CEO Emanuele Lauro said.

The combined company will be named Cadeler and be headquartered in Copenhagen, Denmark.

Here is a look at other renewable energy news this week.


Bill Gates: ‘Miraculous Green Grid’ Needed to Decarbonize

Elon Musk: Permitting Holding America Back

Energy Storage

Engie, Partners Commission Battery Storage System in Australia

Engie and partners Eku Energy and U.S. storage firm Fluence have commissioned its largest battery energy storage system in Australia, Engie announced June 14.

Called Hazelwood, the 150-megawatt (MW) system is located at the former Hazelwood power plant. Installed capacity at the plant is capable of storing the equivalent of one hour of energy generated from the rooftop solar systems of 30,000 homes, Engie said.

“Energy storage solutions such as batteries play a major role in accelerating the energy transition while guaranteeing electrical grid reliability,” said Sébastien Arbola, executive vice president in charge of flex gen and retail activities for Engie. “By storing the energy produced at times when wind and solar sources are most productive or when demand is lowest, they help to accelerate the development of renewable energies by meeting the balancing needs arising from their variable production.”

Hazelwood BESS
Battery storage system Hazelwood. (Source: Engie)

Toyota to Market Next-gen Battery EVs from New EV unit

Toyota Motor said it will introduce battery electric vehicles (EVs), which employ next-generation batteries, globally beginning 2026. The EVs will be developed and manufactured by its new EV-focused unit, BEV Factory.

The Japanese automaker also said it is developing a method for mass production of solid-state batteries for its EVs, aiming for commercialization of the technology in 2027-2028.

Toyota targets a driving range of 1,000 km (621 miles) for the EVs, Takero Kato, president of the unit, said in a June 8 video presentation posted June 13 on the company’s YouTube channel.

By comparison, the long-range version of the Tesla Model 3 EV has a range of nearly 700 km.

“What we want to achieve is to change the future with BEVs,” Kato said. “We will launch the next-generation battery EVs globally and as a full lineup on the market from 2026.”


LS Energy, Strata Partner to Deploy Energy Storage System


Plug Power, Avina Partner to Decarbonize Commercial Trucking

Hydrogen company Plug Power said June 14 it will provide containerized proton exchange membrane electrolyzer systems to Avina Clean Hydrogen Inc. for a hydrogen production facility in southern California.

The project is the first hydrogen production facility for heavy-duty trucks in that part of the state, Plug said in a news release. Each of Plug’s 5 MW electrolyzer units will enable Avina to produce up to 2 metric tons per day (mt/d) of green hydrogen, or 730 metric tons annually (mt/year).

Plug said the electrolyzers will be built at its gigafactory in Rochester, New York, with delivery expected in second-quarter 2024.

The production facility is set to begin operations in mid-2024.

The hydrogen company also said this week it will supply STEF energy subsidiary Blue EnerFreeze, a food products and transportation and logistics company, with a “complete green hydrogen ecosystem across two distribution centers”—a move that could improve forklift labor productivity.

“Temperatures in STEF’s chilled and frozen food storage warehouses can plunge to negative 30 C, in worst cases. Under these conditions, lead acid battery-powered forklifts lose their charge quickly,” Plug said in the release. “Meanwhile, hydrogen fuel cells display superior performance in cold storage environments, offering higher asset utilization and increased levels of autonomy in demanding, typically multi-shift, mobility applications.”

Plug said Toyota will provide compatible fuel cell-ready forklift models for the project.

STEF’s Paris and Madrid cold/freezer storage sites will be converted to fuel cells and be operational first-quarter 2024. If the project is successful, the use of fuel cells could expand to STEF's more than 100 distribution centers in Europe, the release stated.

The partnerships were announced the same day Plug Power executives shared goals to produce more than 2,000 tons of hydrogen per day from its green hydrogen network, including its first kiloton-scale plant by 2030. The company also said it aims to deploy one gigawatt (GW) of stationary power products; ship 5 GW of electrolyzers per year; and deliver 500,000 fuel cell-powered forklift trucks.


MOL Clean Energy Joins Hydrogen-Ammonia Project as JV Shareholder 

PCC Hydrogen to Construct Hydrogen Plant in Indiana


Bill Gates
Dallas-based Hunt Energy Enterprises and Breakthrough Energy Ventures, a clean energy fund founded by Bill Gates, are among contributors in a Massachusetts solar power company that has raised more than $100 million, according to a June 13 news release. (Source: Shutterstock)

Hunt Energy, Bill Gates Help Fund Solar Company CubicPV

Dallas-based Hunt Energy Enterprises and Breakthrough Energy Ventures, a clean energy fund founded by Bill Gates, are among the contributors to CubicPV, a Massachusetts solar power company that has raised more than $100 million, according to a June 13 news release.

CubicPV, which also has an office in Dallas, raised the equity commitments to advance solar power work, including a U.S. factory.

CubicPV said $33 million has been made available immediately. The second round of funding is tied to project milestones in CubicPV’s effort to develop and produce silicon wafers, an important component of solar panels. The company’s goal is to build 10 GW of wafer production in the U.S., according to the news release.

CubicPV has identified two possible factory sites located in the U.S., but did not name their locations.

In addition to contributions from Hunt and Breakthrough Energy, CubicPV also received funding from its “strong shareholder base, led by SCG Cleanergy,” a wholly owned subsidiary of SCG, a Thai company. CubicPV did not release a breakdown of the investors’ commitments or details on the project milestones.

CubicPV and Hunt did not respond to requests for comment.


Common Energy Adds New Projects, Promotes COO

Hart Energy Staff and Reuters contributed to this report.