Who’s NEXT? It looks promising that Nextracker’s IPO will come out and look pretty good. Pricing in the range of $20-$23 per share implies a relative discount to the tracker peers already in the public markets. The $500million IPO looks to provide the secondary (liquidity) to Flex, it’s current owner. The TPG Rise fund which invested last year, does not appear to be selling their shares according to analyst reports. As a profitable company, leading in it’s segment, Nextracker looks to unlock the public markets in what has been a dry (read closed) IPO market. This could be exactly what the clean tech markets needs to signal that the IRA is ready to unlock the trillions of project capital and that the companies supporting that investment are ready to be worth billions. 

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• Reuters: Solar tech firm Nextracker aims to raise up to $534.9 mln in U.S. IPO
• Energy Storage News: Legacy plant and renewables owner Arclight puts US$150 million into energy storage developer Elevate
• PV-Magazine: Global energy industry is at an inflection point, said utility representative
• Utility Dive: First Solar brings US manufacturing investment to $4B after selling out of panels through 2025
• Axios: Ice storm causes power outages, flight delays from Texas to Tennessee
• PV-Tech: Earthjustice and SEIA challenge MISO’s ancillary services restriction
• Canary Media: Clean energy is cheaper than coal across the whole US, study finds
• Bloomberg: Q4 2022 BI Theme Basket Quarterly Series – Solar

Opinion

• Forbes: How Ranching And Solar Co-Exist In Texas

Best, Yann

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• Utility Dive: The urgently needed ‘no regrets’ approach to big batteries, green hydrogen and grid reliability
• New York Times: The Shift to Renewable Energy Is Speeding Up. Here’s How.
• Reuters: The Shift to Renewable Energy Is Speeding Up. Here’s How.
• Wall Street Journal: New China Rule Threatens to Disrupt U.S. Solar Ambitions
• Axios: Critical climate thresholds may be nearer than thought – study finds
• PV-Tech: How federal and Georgia state support enabled Qcells’ vertically integrated 3.3GW facility
• Solar Power World: Duke Energy seeks 4-GW expansion on renewable energy program
• PV-Magazine: New Mexico law seeks solar on every roof, and an EV charger in every garage
• Energy Storage News: ‘We’re not anti-solar’ – California’s controversial NEM 3.0 welcomed by residential ESS providers

Opinion

• Bloomberg: Don’t Let Shein Be the Model for China’s Solar Power Boom

Best, Yann

The Coming EV Rush. This has the potential to upend the grid transition even faster than previously predicted. There are dozens of brand name models on the market now and a bit of a price war is breaking out. That will only make EV consumers more likely to make a jump over to instant torque.  Many of the other barriers to entry have started to be eliminated: charging, range, societal norm and of course operating cost. The EV adoption in the US lags the EU by 3x or more, and this price decrease could become an accelerant. Once this happens, which isn’t a question of if, but when, what will the grid need in terms of build out of new generation and flexibility. We’ll see new rate schedules, pricing signals, infrastructure investments and more. Like I’ve said in the past, the energy transition isn’t about how energy is made but how it’s used.

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• Axios: Ford cuts Mustang Mach-E prices amid EV competition
• Reuters: German cabinet approves EU emergency measures to push renewables expansion
• PV-Magazine: Building new solar projects is less expensive than operating existing coal plants
• Bloomberg: Europe’s Fossil Fuel Use Is Set to Plummet in 2023, Report Says
• Solar Industry: Meta In Line for 195 MW of Solar in Texas
• PV-Tech: Canadian Solar to add 14GW of wafer and cell manufacturing capacity in China
• Energy Storage News: US developer Hecate Energy gets US$550 million credit facility for renewables, energy storage

Opinion

• Utility Dive: Cybersecurity and Infrastructure Security Agency’ public-private collaborative to focus on energy, water

Best, Yann

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• Time: Clean Energy Investment Sets $1.1 Trillion Record, Matching Fossil Fuels For the First Time
• PV-Magazine: Trade policy, supply chain murk waters for utility solar growth
• Utility Dive: ISO-NE to begin dispatching growing fleet of ‘front-of-meter’ solar resources in boost to reliability
• The Hill: In the wake of hurricane destruction, Biden is supporting Puerto Rico’s clean energy transition
• Bloomberg: Even $370 Billion in US Incentives Won’t Solve All of Solar’s Struggles
• Energy Storage News: US utility Xcel to put Form Energy’s 100-hour iron-air battery at retiring coal power plant sites
• PV-Tech: Tesla 2022 solar installs inched up to 348MW
• Canary Media: Green steel startup Boston Metal raises $120M for its fossil-free tech

Opinion

• Reuters: EU must answer U.S. clean energy subsidies, commissioner says on Washington visit

Best, Yann