BP completes Lightsource acquisition: British oil giant BP acquired the remaining 50.03% equity in its solar and battery storage joint venture Lightsource BP, according to a Thursday press release. The transaction closed at GBP 400 mn in addition to GBP 2.1 bn in debt, Reuters reported. Lightsource will continue to operate independently but BP plans on selling a stake in the JV now that the transaction is completed.

We knew this was coming: BP revealed plans last month to sell its US onshore wind energy business BP Wind Energy and shift focus to developing utility-scale onshore renewable energy and wind power globally through its JV Lightsource BP.

Pacific Fusion secures USD 900 mn in funding for nuclear fusion ambitions: PacificFusion, an American power startup focused on nuclear fusion, has raised over USD 900 mn in a series A funding round, making it one of the top-funded companies in the fusion energy sector, Bloomberg reported Friday. The massive funding emphasizes the capital-intensive nature of fusion tech development, a still-experimental energy source with no operational plants. Pacific Fusion's financing will be released in stages based on specific milestones, though details were not disclosed. The funding was backed by the US-based venture capital firm General Catalyst, Breakthrough Energy Ventures, and a number of individual investors including heavy-weight names, such as Citadel founder Ken Griffin and the head of Microsoft AI Mustafa Suleyman.

All aboard the nuclear bandwagon: Investor enthusiasm has shifted towards nuclear energy, with shares in nuclear companies reaching new highs this month. Tech giant Google inked an agreement to purchase power from atomic energy company Kairos Power to meet the growing energy demand from data centers earlier this month. This marked the first corporate agreement worldwide to buy nuclear energy from SMRs, while other industry giants like Microsoft and Amazon have also turned to nuclear power sources to meet emission targets.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Commonwealth backs fixed maritime boundaries for Pacific Islands facing rising seas: Commonwealth nations agreed on Saturday to uphold fixed maritime boundaries for island nations like Tuvalu, even if rising sea levels submerge their land. The agreement, announced in the Commonwealth's first Ocean Declaration, allows small island states to retain their rights over their historically vast fishing grounds despite the physical loss of land due to climate change. (Reuters)
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