- Fervo Energy drills deep wells and pumps water into them. The water grows hot from the heat of the earth, then Fervo pumps it back to the surface, where a turbine converts that heat to electricity.
- On Tuesday, it announced the completion of a 30-day test where temperatures in the well reached roughly 375 degrees Fahrenheit.
- The firm, which signed a partnership with Google in 2021, has just started construction on a 400-megawatt project that it expects to be online by 2028, which would power approximately 300,000 homes.
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- According to the IEA, the period between 2017 and 2022 saw a “tripling in overall demand for lithium, a 70% jump in demand for cobalt, and a 40% rise in demand for nickel.”
- The IEA’s Critical Minerals Market Review cites “demand from the energy sector” as main factor behind this.
- In a sign of the huge task facing the planet, the Paris-based organization says more projects will still be required by the end of this decade if global warming is to be limited to 1.5 degrees Celsius.
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- Tesla has agreed to pay around $6 million to settle a Solar Roof class-action lawsuit.
- Customers who had signed contracts to have the Solar Roof installed at their homes, were surprised by price increases in 2021 that required higher payments to move ahead with their installations.
- According to court filings out this week, Tesla’s changing terms post-sale resulted in just over 6,300 customers canceling their Solar Roof contracts.
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- Siemens Energy shares plunged over 37% on Friday after the company scrapped its profit forecast and warned that costly problems at its wind turbine unit could last for years.
- The company, born from the spinoff of the former gas and power division of German conglomerate Siemens, announced late Thursday that a review of issues at subsidiary Siemens Gamesa had found a “substantial increase in failure rates of wind turbine components.”
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- “Today’s fossil fuel investment spending is now more than double the levels needed in the Net Zero Emissions by 2050 Scenario,” the International Energy Agency says.
- Over the past few years, high profile figures have made their feelings on fossil fuels known.
- In June 2022, the U.N. Secretary General slammed new funding for fossil fuel exploration.
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