Google and Microsoft have teamed up with steel giant Nucor Corporation to invest in innovative energy generation and storage projects. Datacenter Dynamics reports that the trio of partners will aggregate their requests for clean energy and develop new business models in this area. True, new technologies are expected to become widespread and accessible only in the first half of the 2030s.
The initiative is designed to accelerate the development of first-of-its-kind and early-stage commercialization projects, including advanced developments in nuclear and geothermal energy, as well as technologies related to clean hydrogen and long-term energy storage systems (LDES). Companies have already requested information about similar projects in the United States. The first round of procurement of power purchase agreements (PPAs) from young players will be completed around the first quarter of 2025.
For now, advanced technologies related to “clean” energy are at risk due to their novelty and unclear prospects. As some of the world's largest energy consumers, the partners believe that by creating new commercial entities and sharing their solutions, they can reduce the risks for utilities and developers considering investing in early-stage projects. Partners will prioritize funding for promising technologies, lobbying for them, and creating incentive tariff schedules in collaboration with energy suppliers and utilities.
When evaluating a technology, it will look at its maturity – it must be the first of its kind and already working outside the laboratory, but not yet widely used. Also, startups applying for investment must provide a reliable supply of at least 50 MW of “clean” energy – either completely carbon-free or emitting less than 100 g of CO2 / kWh. Preference is given to projects of American origin that can be commercialized by 2030. Finally, solutions must be price competitive with existing energy sources and scalable to 100+ GW worldwide by 2040.
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