Latest news with #energyresilience
Gulf Business
10 hours ago
- Business
- Gulf Business
New $205m agreement to boost UAE-GCC power grid interconnection
Image courtesy: WAM/ For illustrative purposes Abu Dhabi Fund for Development (ADFD) has signed a Dhs752m ($205m) financing agreement with the Gulf Cooperation Council Interconnection Authority (GCCIA) to support the expansion of the GCC power grid interconnection with the UAE's national electricity network, state news agency WAM reported. The agreement, signed at The infrastructure project forms part of broader efforts to enhance regional energy resilience and enable wider economic and developmental integration, aligning with the UAE Energy Strategy 2050. The strategy aims to create an energy system that is both sustainable and economically efficient. Initiative will increase electricity transmission capacity between UAE and GCC Designed as a strategic grid upgrade, the initiative will significantly increase electricity transmission capacity between the UAE and the GCC network. Technical and economic feasibility studies have supported its design, in line with the GCCIA's vision for a durable, regionally connected power infrastructure. The project includes the construction of a 400kV double-circuit overhead transmission line spanning 96 kilometres, connecting the Al Silaa substation in the UAE with the Salwa substation in Saudi Arabia. It also entails the expansion of three substations — Gonan, Al Silaa, and Salwa — and the installation of advanced 400kV switchgears, circuit breakers, and reactors, along with modern protection and control systems to enhance grid efficiency and reliability. 'This project reflects ADFD's commitment to financing high-impact infrastructure that supports the UAE's development priorities,' said Mohammed Saif Al Suwaidi, director-general of ADFD. 'Power grid interconnection is a strategic enabler of energy security and a foundation for accelerating the transition to He added that the project would 'increase the efficiency of the power grid, improve emergency preparedness, strengthen connectivity with regional partners, and promote the integration of renewable energy,' supporting the GCC's sustainability and emissions reduction goals. Engineer Ahmed Ali Al Ebrahim, CEO of the GCCIA. called the initiative the first phase of a broader collaboration with ADFD during the current grid expansion and noted parallel efforts to interconnect with Kuwait, Oman, and southern Iraq, representing a total investment exceeding $1bn. 'By leveraging increased transmission capacity, we aim to activate a unified Gulf electricity market to facilitate cross-border power trade,' Al Ebrahim said. 'This could create economic opportunities projected to exceed $20bn over the next 15 years.'
Yahoo
2 days ago
- Business
- Yahoo
Palantir (PLTR) Shares Climb on $100M Nuclear AI Deal
June 26 - Shares of Palantir Technologies (NASDAQ:PLTR) surged about 1.5% in Thursday's premarket trading after the company formed a $100 million partnership with The Nuclear Company to develop artificial intelligence tools for U.S. nuclear construction. Under the agreement, Palantir will co-build NOS, short for Nuclear Operating System, a software platform designed to streamline the construction of nuclear reactors using real-time data and predictive modeling. The system aims to make nuclear plant development faster, safer, and more cost-efficient, with the long-term goal of strengthening U.S. energy resilience. The Nuclear Company will fund the multi-year project with a commitment of approximately $100 million. The deal marks Palantir's first application of its AI systems to nuclear infrastructure, reflecting a broader push to support critical national capabilities amid growing electricity needs. The announcement comes shortly after new U.S. executive orders called for 400 gigawatts of nuclear power by 2050 and construction of 10 major reactors by 2030, largely to meet the energy demands of AI-driven technologies and data centers. Palantir's expansion into nuclear AI infrastructure could position the company as a key player in the evolving energy-tech landscape. This article first appeared on GuruFocus.
Associated Press
5 days ago
- Business
- Associated Press
Eaton's 'Factories as a Grid' Approach Helps Manufacturing Companies Advance Energy Security for More Affordable, Resilient Power
CLEVELAND, June 23, 2025 /3BL/ - Electricity is the backbone of modern industrial operations and digitalization provides new opportunities to optimize energy systems. Intelligent power management company Eaton is empowering customers to put electrification and digitalization to work in new ways with its Factories as a Grid approach that maximizes the functionality of existing energy systems along with renewable energy resources to achieve greater levels of energy resilience, affordability and efficiency. The strategy builds on Eaton's Everything as a Grid perspective that provides customers with more energy choices and enables a flexible foundation to secure reliable and resilient power. Adopting this Factories as a Grid approach can help manufacturers simplify the electrification of critical processes while simultaneously improving energy efficiency, ensuring a constant supply uninterrupted power and reducing operational costs by producing and consuming electrical power more intelligently. 'There are multiple global megatrends at play impacting manufacturing. Everything is electrifying and extreme weather events are becoming more common,' said Marc Elliott, director – mining, metals, minerals, pulp and paper at Eaton. 'Solving these challenges requires integrated solutions that transform electrical systems from simple loads on the grid into intelligent business assets that assure energy security. At Eaton, we're leveraging our expertise and industry-leading solutions to help our customers make that happen.' The strategy hinges on the scaled implementation of intelligent power management solutions to manage the new demands of electrified processes. By taking a holistic view of energy needs and infrastructure, Eaton can help customers intelligently balance energy production and consumption to achieve operational goals, including: microgrid technologyenergy storageBrightlayer portfolioelectric fleet Eaton is demonstrating its Factories as a Grid approach at its Arecibo, Puerto Rico manufacturing facility, which produces circuit breakers for homes, buildings and industrial applications. This first-of-its-kind project integrates onsite solar generation, energy storage and intelligent digital solutions into a microgrid that is cutting operational costs, energy consumption and emissions. Matt Hockman, president of Global Energy Infrastructure Solutions at Eaton, will highlight the Factories as a Grid approach during a keynote address focused on innovative approaches to meet growing energy demand during the Reuters Global Energy Transition 2025 event in New York City on June 25. Learn more about how Eaton is helping build the factories of the future. Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we're helping to solve the world's most urgent power management challenges and building a more sustainable society for people today and generations to come. Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of nearly $25 billion in 2024, the company serves customers in more than 160 countries. For more information, visit Follow us on LinkedIn. Contact: Kristin Somers+1.919.345.3714 [email protected] Regina Parundik Cobblestone Communications+1.412.559.1614 [email protected] ### Visit 3BL Media to see more multimedia and stories from Eaton Corporation
Yahoo
14-06-2025
- Business
- Yahoo
Oklo Inc (OKLO) – Jumps 30% After New Government Deal
We recently published a list of . In this article, we are going to take a look at where Oklo Inc. (NYSE:OKLO) stands against other best-performing stocks on Wednesday. Oklo Inc. soared by 29.48 percent on Wednesday to finish at $68.03 apiece after it was selected by the US Air Force to deploy its advanced Aurora powerhouse to its military base in Alaska. In a statement, Oklo Inc. (NYSE:OKLO) said the project serves as the Department of the Air Force's (DAF) microreactor pilot to enhance energy resilience and reliability for critical national security infrastructure. Under the terms of the agreement, Oklo Inc. (NYSE:OKLO) will design, construct, own, and operate the power plant at the Eielson Air Force Base in Alaska. 'This Notice of Intent to Award reflects continued confidence in Oklo's ability to deliver clean and secure energy solutions for mission-critical infrastructure,' said Oklo Inc. (NYSE:OKLO) co-founder and CEO Jacob DeWitte. An aerial view of a power plant, symbolizing the company's investments in energy infrastructure sector. 'We are honored to support national defense resilience objectives while demonstrating the value of U.S.-pioneered fast reactor technology,' he added. Overall, OKLO ranks 1st on our list of best-performing stocks on Wednesday. While we acknowledge the potential of OKLO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
04-06-2025
- Business
- CNA
Renewable energy, carbon credits are priority areas of cooperation for Singapore, Philippines: Lawrence Wong
SINGAPORE: Renewable energy and carbon credits are among 'priority areas for cooperation' for Singapore and the Philippines, Prime Minister Lawrence Wong said on Wednesday (Jun 4). 'Our joint initiatives will support our climate goals, boost energy resilience and unlock new opportunities in the green economy,' he said during his first official visit to the Philippines since becoming prime minister last year. Mr Wong said he and Philippine President Ferdinand Marcos Jr discussed ways to build on and enhance cooperation between the two countries. They agreed that it was important to expand collaboration in renewable energy, with Mr Wong noting that Singapore companies are interested in projects in the Philippines such as solar and wind projects. 'Such projects can generate economic opportunities for the Philippines while supporting the Philippines' renewable energy targets,' he said. The two leaders also agreed to accelerate efforts to achieve a power grid for the Association of Southeast Asian Nations (ASEAN), an integrated system to enable power sharing and improve cross-border electricity trade. 'This will improve energy resilience in the region and support ASEAN's green transition,' said Mr Wong, who was making his first bilateral visit since this year's General Election. For carbon credits, the two countries signed a memorandum of understanding last August, and officials are working toward finalising a legally binding Implementation Agreement aligned with Article 6 of the Paris Agreement. 'This will facilitate commercial participation in carbon credits projects, which can spur technology transfer, green investments and create good jobs,' he said. President Marcos Jr said it is hoped that the early completion of the negotiation on carbon credits will result in climate-friendly actions and increased investments in related sectors. That would create meaningful and sustainable livelihoods and business opportunities for both countries, and produce good sustainability outcomes for communities, he said. Mr Wong gave a toast speech during the official dinner and also held a joint press conference with President Marcos Jr. Earlier on Wednesday, Mr Wong took part in a wreath-laying ceremony at the Rizal Monument and received a ceremonial welcome at the president's official residence. Singapore and the Philippines have strong economic ties, with bilateral trade amounting to S$19.1 billion (US$14.8 billion) in 2024. The Philippines was Singapore's fifth largest trading partner in ASEAN last year, and Singapore's investments in the Philippines range from real estate and hospitality to telecommunications, consumer goods and utilities. Many Singapore and Philippine companies work together for mutual benefit in areas including logistics and digital infrastructure, said Mr Wong. 'In trade and investments … our links have continued to grow over the years,' he said. 'Singapore has consistently been one of the top investors in the Philippines, and that testifies to the confidence that businesses have in your economy.'
