NEW YORK, July 22, 2019 /PRNewswire/ -- The increasing concern over climate change has become a major topic on almost every country's agenda as the constant use of non-renewable resources has negatively harmed global environments. Most non-renewable resources derive from fossil fuels, which are primarily coal, petroleum, and natural gases. Carbon is the main element found within fossil fuels, and due to the length of time it takes for fossil fuels to develop, it is considered a non-renewable energy. Scientific studies have concluded that the consistent use of fossil fuels is causing adverse effects to air and water conditions, public health, and wildlife. Furthermore, fossil fuels are also increasing global warming emissions as the constant emission of carbon dioxide adds to the greenhouse effect, which can drastically alter the temperature levels of the Earth. The United States Environmental Protection Agency has highlighted that greenhouse gases emitted from human activities, such as driving diesel-powered vehicles, are the most significant driver of observed climate change since the mid-20th century. The concerning effects that non-renewable resources have caused have already prompted many countries to shift towards clean energy in order to mitigate the worsening effects of carbon dioxide emissions. Predominantly, most countries are moving towards adopting renewable resources such as solar, wind, and hydro. Moreover, international governments such as China and the U.S. are heavily pushing their citizens to purchase electric vehicles in efforts to reduce the number of diesel vehicles on the road. Overall, the increasing awareness and accelerating government initiatives have augmented the growth of the market. However, the high costs of transitioning towards renewable energy have also hindered it. Nevertheless, governments are providing substantial funds to accelerate the development and commercialization of renewable energy sources. According to data compiled by Allied Market Research, the global renewable energy market was valued at USD 1.46 Trillion in 2017 and is expected to reach USD 2.15 Trillion by 2025. Additionally, the market is expected to witness a CAGR of 4.9% throughout the forecast period from 2017 to 2025. MGX Renewables Inc. (CSE: MGXR), General Electric Company (NYSE: GE), Enphase Energy, Inc. (NASDAQ: ENPH), Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEGI), Renewable Energy Group, Inc., (NASDAQ: REGI)
In efforts to further promote clean energy, 179 parties across the world signed the Paris Agreement to fight against climate change. The Paris Agreement's aim is to strengthen the global response to climate change by keeping the global temperature increase below 2 degrees Celsius above pre-industrial levels and to also limit the temperature increase even further to 1.5 degrees Celsius, according to the U.N. for Climate Change. Typically, most countries are investing in solar power systems because sunlight -derived energy is much more abundant as opposed to wind or hydropower. Solar power is generally harvested through solar panels and then stored in energy solutions. The energy solutions can then provide power for homes, businesses, and even towns or cities on a large scale. Moreover, energy solutions can store solar power and allow it to be used at a later time, thus providing consistent energy throughout the day. Most storage technologies can begin discharging power to the grid very quickly, while fossil fuels sources tend to take longer to ramp up, according to the Union of Concerned Scientists. The rapid response is key because it can ensure the stability of the grid when unexpected increases in demand occur. Energy storages are also important when the region is further away from the grid. For instance, a house near a grid can receive power quickly. Yet, on the other hand, a house that is further from the grid can experience longer disruptions, cutting off the power supply. Additionally, large urban regions can also face similar issues. Essentially, storage solutions can act as a battery for distant and urban regions instead of having to rely on grids. "Energy storage is the future of renewable energy. Cheap grid-scale storage means that renewables can compete with fossil fuels on cost alone. This is not only better for our environment, but also makes our national grid more secure from natural disasters," said Democrat California Representative Mark Takano.
MGX Renewables Inc. (CSE: MGXR), is pleased to announce that its common shares will commence trading today on the Canadian Securities Exchange ("CSE") under the ticker symbol "MGXR". A copy of the Listing Statement is available under the Company's profile on SEDAR at www.sedar.com. The Company previously announced the completion of its spin-out from MGX Minerals Inc. pursuant to a plan of arrangement under the Business Corporations Act (British Columbia). The Company's CUSIP number and ISIN are 59325P108 and CA59325P1080, respectively.
MGXR Energy Storage System
The MGXR ESS is a modular Energy Storage System designed to deliver power in the range 20kW - 50MW and energy storage in the range of 120kWh - 1GWh over extended periods of time. With the advantage of rechargeable zinc-air battery technology, the system can be configured to support a wide range of discharge power, recharge power and duty cycle requirements. Since the energy storage capacity of the system is determined only by the size of the zinc storage tank, a very cost-effective and scalable solution now exists as an alternative to the fixed power/energy ratio of the lithium ion battery.
The MGXR ESS is based upon unique patented zinc-air battery technology. Energy is stored in the form of zinc particles, similar in size to grains of sand. When the system is delivering power, the zinc particles are combined with oxygen drawn from the surrounding air. When the system is recharging, zinc particles are regenerated, and oxygen is returned to the surrounding air.
The flexibility of the MGXR ESS enables it to service a wide range of applications. Typical examples include:
- Storage and smoothing current from renewable energy sources such as wind and solar
- Commercial, industrial backup replacing diesel generators
- Industrial scale, on-demand power for peak shaving or standby
- Grid scale energy storage for energy trading and arbitrage
The MGXR ESS is designed according to a modular architecture that enables a wide variety of system configurations to be created from a small number of common subsystems. Each subsystem implements a single element of the technology:
- The Zinc Regeneration Subsystem (ZRS) provides the recharging function
- The Fuel Storage Subsystem (FSS) provides the energy storage function
- The Power Generation Subsystem (PGS) provides the discharging function
About MGX Renewables
MGXR has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery. This mass storage system offers both environmental and efficiency benefits. MGXR strives to meet the growing need for secure and reliable power. The sun doesn't shine all the time. The wind doesn't blow all the time. MGX Renewables mass storage batteries for the rest of the time.
For our latest "Behind the Buzz" Corporate Snapshot Show featuring MGX Renewables Inc, please head over to: https://www.youtube.com/watch?v=lsJu34ADpkQ
General Electric Company (NYSE: GE) drives the world forward by tackling its biggest challenges. GE recently announced that it intends to intensify its focus on the growing renewable energy market by consolidating all of the company's renewable and grid assets into a single, simplified Renewable Energy business. Global demand for renewable power generation and the associated grid integration continues to increase globally; the latest report from the International Energy Agency showed that renewable capacity additions of 178 gigawatts (GW) accounted for more than two-thirds of global net electricity capacity growth in 2017. The proposed moves announced are part of a broader effort on the part of GE to position the company to meet the evolving needs of the power market, including the growth of renewable energy. These moves include: Moving GE's grid solutions and hybrid renewables (including solar and storage systems) technologies into the GE Renewable Energy Business, complementing its existing onshore wind, offshore wind, LM Wind Power, and hydro offerings; Complementing all offerings with digitally enabled services; Streamlining its Onshore Wind structure, eliminating its headquarters layer and elevating its current regional teams—Americas, Europe/Africa, MENAT and APAC — to improve competitiveness, speed, customer focus, and local execution in the Onshore Wind business. GE Chairman and Chief Executive Officer H. Lawrence Culp, Jr., said, "This strategic realignment positions GE to lead in the fast-growing renewable energy market. This move will help our Renewable Energy teams to better support their customers in leading the energy transition by simplifying the way they can access innovative products, integrated solutions, and services that reflect the evolution of the clean energy marketplace."
Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company, delivers smart, easy-to-use solutions that connect solar generation, storage and management on one intelligent platform. Enphase Energy, Inc. recently announced that it had renewed its low-income solar partnership with GRID Alternatives, a national leader in making renewable energy technology and job training accessible to underserved communities. Through the donation of microinverters, Enphase will help GRID Alternatives meet its goal of installing more than 10 megawatts of solar power in 2019, helping families and affordable housing providers save millions of dollars in energy costs and providing hands-on solar installation training to over 4,000 individuals. "The work with GRID Alternatives has always been an important opportunity for Enphase to bring solar to underserved communities, and these corporate workdays allow all Enphase employees an opportunity to get hands-on experience with our products," said JD Dillon, Vice President of Marketing at Enphase Energy. "GRID Alternatives also delivers solar job training as part of their mission. Small and mid-sized installation companies install much of the solar energy deployed in the US, and having a workforce of well-trained installation technicians is a key part of the solar value chain."
Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEGI) is an independent power company listed on the Nasdaq Global Select Market and Toronto Stock Exchange. Pattern Energy Group 2 LP recently announced it has completed construction and begun operations at its 79.75 megawatt (MW) Stillwater Wind facility located in Stillwater County, Montana. Pattern Development is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 4,500 MW of wind and solar power projects. Stillwater Wind has a 25-year Power Purchase Agreement for 100% of the energy produced. The facility interconnects to the local transmission provider's 230-kV transmission line via a newly constructed 230-kV switching station. "Our first wind power facility in Montana is now generating numerous benefits for the state, including strong jobs and millions of dollars in tax revenue, while producing enough clean energy to power 23,000 homes each year without any emissions," said Mike Garland, Chief Executive Officer of Pattern Development. "We're working on our second wind project in Montana and we look forward to creating more jobs and economic benefits from the state's vast natural wind resources."
Renewable Energy Group, Inc., (NASDAQ: REGI) is leading the energy industry transition to sustainability by transforming renewable resources into high-quality, cleaner fuels. Renewable Energy Group recently launched a new website, regi.com, that includes hundreds of resources about cleaner fuels like biodiesel and renewable diesel, offering a wealth of information to people wanting to learn more about emission-cutting fuels and the nation's largest biodiesel producer. The website also features a resource center that is full of white papers, case studies, tips, articles and information for the news media. This library serves as a centralized location for visitors to learn about the environmental, performance, and financial benefits of biodiesel, renewable diesel, and other fuels from an authoritative source in the industry. "For more than 20 years, REG has been transforming renewable resources into cleaner fuels to meet the growing global demand for low-carbon fuel solutions for transportation markets," said Gary Haer, Vice President, Sales & Marketing at REG. "We're thrilled to share our expertise on our website, regi.com, to help people understand how their fuel choices can benefit the environment."
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