SGS is raising funds for wind sail tech: The UK's Smart Green Shipping (SGS) is eyeing a new fundraising round for an additional EUR 6 mn following the development of their FastRig wind sail technology, The Financial Times reports. The tech aims to reduce fuel consumption in the shipping industry by up to 30%. The new funding round values the company, which is backed by Mitsui OSK Lines, Ultrabulk, and Drax, at EUR 25 mn.

About the tech: The FastRig system, designed to be retrofitted onto ships, captures wind as a supplementary power source to cut carbon emissions, the FT writes. The prototype, currently installed at the Scottish port of Hunterston, is set to be fitted onto the Pacific Grebe — a vessel used for transporting radioactive material — in September. The technology also addresses concerns about installation time and interference with loading operations by being retractable and lightweight.

Not the first to go with the wind: A dry cargo ship fitted with sails that can harness wind power set sail from Singapore to Brazil in August to study how wind energy can cut carbon emissions. The Cargill-owned vessel is retrofitted with 37.5 meters wind sails — produced by Norway’s Yara Marine Technologies — expected to cut fuel costs up to 30% on new-build vessels.

Indonesia to invest USD 1 bn in its energy transition: Indonesia's sovereign wealth fund the Indonesia Investment Authority (INA) is set to make investments of up to USD 1 bn this year with a focus on EVs and geothermal energy, The Financial Times reports, citing INA CFO Eddy Porwanto. The investments will also fund the early retirement of coal-fired power plants. The move aligns with the country's ambition to become a key player in the energy transition by leveraging its substantial nickel reserves, the largest in the world, and a center for EV production and carbon monetization.

Stellantis to acquire 49.5% of Argentinian solar power firm: Automaker Stellantis will acquire 49.5% of one of Argentina’s top solar power producers, 360 Energy Solar, for USD 100 mn, Reuters reported last week. Going forward, the two companies will develop new solar plants, produce green hydrogen, and establish large-scale solar storage facilities. Stellantis will use the renewable energy produced from this partnership to power two of their plants in Argentina — Ferreyra and El Palomar.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • New York presses pause on 3 wind projects: New York State has halted three offshore wind-energy projects due to a change in turbine design by General Electric Vernova, which has caused “technical and commercial complexities” for the developers. The state had provisionally approved the projects last October, but the switch from an 18 MW Haliade-X turbine platform to a smaller one has led the New York State Research and Development Authority to decide against signing final contracts. (Reuters)
  • Archer to launch air taxis in India next year: Archer Aviation, backed by Stellantis and Boeing, is set to initiate trials of its Midnight electric air taxi in India next year, with a commercial launch planned for 2026. The eVTOL aircraft can carry four passengers and a pilot for up to 100 miles. (Reuters)
  • IFC + Amundi announce closing of SEED fund: The International Finance Corporation (IFC) and asset manager Amundi have concluded the final closing of the Sustainable Emerging Economy Development Debt (SEED) Fund. The fund, which was launched at COP26 in Glasgow, has garnered USD 436 mn from institutional investors to support sustainable bonds in emerging markets, focusing on climate mitigation and the green economy. (Statement)
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