Ocean energy company BioPower Systems has received a conditional grant of $5 million from the Victorian government to help fund a $14 million pilot project for its wave energy system at Port Fairy. The grid-connected 250kW Biowave project will be the first test of its underwater system in the ocean, following nearly five years of testing at its factory in Mascot, Sydney. It will be sumbmerged in 30 metres of water.
The $5 million grant has been made by the Victorian government’s Sustainable Energy Pilot Demonstration Program. BioPower will need to raise a further $3.6 million to complete the project funding. “Given our results to date we are confident of achieving this in the coming months. The technology has been positively assessed by more than a dozen independent reviewers,” said BioPower CEO Dr Tim Finnigan.
Finnigan said 12 other organisations have signed on to contribute cash and in-kind support for the planned four-year pilot demonstration project, including key suppliers, manufacturers, consultants and three Australian universities. “We believe bioWAVE will, when fully commercially developed, produce electricity at a price highly competitive with wind and be closer to baseload characteristics than either wind or solar”, he said.
Carnegie raising money
Meanwhile, the listed ocean energy developer, Carnegie Wave Energy is planning another round of fund raising, with a share purchase plan designed to raise $4 million. Managing director Michael Ottaviano said the funds raised would be used to fund working capital purposes during its planned commercial demonstration project phase, the details of which will be announced in early 2012. It currently is operating a pilot project near Garden Island in Perth. Ottaviano said there would be a number of key milestones in 2012, including the location of its first revenue producing CETO project, and the deployment of the next generation CETO unit by the French Government owned power utility EDF, which could lead to a 15MW facility. The SPP plan allows shareholders to buy up to $15,000 of shares at 5c per share.
Coal coup for LanzaTech
NZ-sprung biotech outfit LanzaTech has joined forces with one of China’s largest coal producers, Yankuang Group, to produce fuels and chemicals using LanzaTech's biological fermentation process and synthesis gas from Yankuang's coal gasification unit. The signing of the MoU between the two companies was overseen by the US Ambassador to China, Gary Locke, at a US Trade Mission to Shandong Province. LanzaTech says it has already successfully proven its proprietary gas fermentation platform can be used to convert biomass syngas at laboratory scale and plans to have a demonstration facility in operation by the second half of 2012.
“Deployment of this technology throughout China presents an exciting opportunity for promoting sustainable industry and we see China’s lead in this as reflective of its continued commitment to green growth,” said Dr James Zhang, LanzaTech’s VP of business development. While Zhang Minglin, the group VP of Yankuang Group, said his company's goal was to increase the efficiency of its coal chemical production and reduce its carbon footprint, while maintaining growth. "There is increased interest in China in coal-chemical development that is in line with China’s energy and environmental plan,” he said.
South of the capital for CCA
The federal government’s Climate Change Authority – one of the key governance bodies established under its clean energy legislation to provide expert advice on carbon pricing and the climate mitigation policies – is going to be based in Melbourne, the PM announced on Wednesday. In announcing the move, the government said that basing the independent body in Melbourne would enhance its ability to engage with business and other stakeholders, as well as allowing it to work effectively with the Productivity Commission. Former Reserve Bank Governor and Treasury Secretary Bernie Fraser has already been selected as first Chairman of the CCA, with up to another seven members with expertise in fields including climate science, economics, emissions trading, climate change mitigation and finance set to be appointed in coming months. The Chief Scientist will be an ex officio member.
The CCA’s legislative functions include making recommendations on future pollution caps under the carbon pricing mechanism, advising on the performance of the carbon price and other climate change initiatives, tracking progress towards Australia’s emissions reduction targets, and conducting regular public reviews. Its first review of the carbon price mechanism, which will provide recommendations on the first five years of pollution caps, is due to be completed by February 2014. The CCA will also review the Renewable Energy Target legislation by the end of 2012.
Ocean energy company BioPower Systems has received a conditional grant of $5 million from the Victorian government to help fund a $14 million pilot project for its wave energy system at Port Fairy. The grid-connected 250kW Biowave project will be the first test of its underwater system in the ocean, following nearly five years of testing at its factory in Mascot, Sydney. It will be sumbmerged in 30 metres of water.
The $5 million grant has been made by the Victorian government’s Sustainable Energy Pilot Demonstration Program. BioPower will need to raise a further $3.6 million to complete the project funding. “Given our results to date we are confident of achieving this in the coming months. The technology has been positively assessed by more than a dozen independent reviewers,” said BioPower CEO Dr Tim Finnigan.
Finnigan said 12 other organisations have signed on to contribute cash and in-kind support for the planned four-year pilot demonstration project, including key suppliers, manufacturers, consultants and three Australian universities. “We believe bioWAVE will, when fully commercially developed, produce electricity at a price highly competitive with wind and be closer to baseload characteristics than either wind or solar”, he said.
Carnegie raising money
Meanwhile, the listed ocean energy developer, Carnegie Wave Energy is planning another round of fund raising, with a share purchase plan designed to raise $4 million. Managing director Michael Ottaviano said the funds raised would be used to fund working capital purposes during its planned commercial demonstration project phase, the details of which will be announced in early 2012. It currently is operating a pilot project near Garden Island in Perth. Ottaviano said there would be a number of key milestones in 2012, including the location of its first revenue producing CETO project, and the deployment of the next generation CETO unit by the French Government owned power utility EDF, which could lead to a 15MW facility. The SPP plan allows shareholders to buy up to $15,000 of shares at 5c per share.
Coal coup for LanzaTech
NZ-sprung biotech outfit LanzaTech has joined forces with one of China’s largest coal producers, Yankuang Group, to produce fuels and chemicals using LanzaTech's biological fermentation process and synthesis gas from Yankuang's coal gasification unit. The signing of the MoU between the two companies was overseen by the US Ambassador to China, Gary Locke, at a US Trade Mission to Shandong Province. LanzaTech says it has already successfully proven its proprietary gas fermentation platform can be used to convert biomass syngas at laboratory scale and plans to have a demonstration facility in operation by the second half of 2012.
“Deployment of this technology throughout China presents an exciting opportunity for promoting sustainable industry and we see China’s lead in this as reflective of its continued commitment to green growth,” said Dr James Zhang, LanzaTech’s VP of business development. While Zhang Minglin, the group VP of Yankuang Group, said his company's goal was to increase the efficiency of its coal chemical production and reduce its carbon footprint, while maintaining growth. "There is increased interest in China in coal-chemical development that is in line with China’s energy and environmental plan,” he said.
South of the capital for CCA
The federal government’s Climate Change Authority – one of the key governance bodies established under its clean energy legislation to provide expert advice on carbon pricing and the climate mitigation policies – is going to be based in Melbourne, the PM announced on Wednesday. In announcing the move, the government said that basing the independent body in Melbourne would enhance its ability to engage with business and other stakeholders, as well as allowing it to work effectively with the Productivity Commission. Former Reserve Bank Governor and Treasury Secretary Bernie Fraser has already been selected as first Chairman of the CCA, with up to another seven members with expertise in fields including climate science, economics, emissions trading, climate change mitigation and finance set to be appointed in coming months. The Chief Scientist will be an ex officio member.
The CCA’s legislative functions include making recommendations on future pollution caps under the carbon pricing mechanism, advising on the performance of the carbon price and other climate change initiatives, tracking progress towards Australia’s emissions reduction targets, and conducting regular public reviews. Its first review of the carbon price mechanism, which will provide recommendations on the first five years of pollution caps, is due to be completed by February 2014. The CCA will also review the Renewable Energy Target legislation by the end of 2012.