This practice note – published on Practical Law and co-authored by Caroline Saul of Osborne Clarke and Sam Forrest of Ikigai Capital – explains the principal technologies used for energy storage solutions, with a particular focus on battery storage, and the role that energy storage plays in the renewable energy sector
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COCA-COLA HBC ITALIA ENTERS MOU WITH ENERGY TRANSITION ADVISER IKIGAI TO DECARBONISE TRANSPORT EMISSIONS THROUGH HYDROGEN AND BIOGASLeave a Comment
An innovative project aligned with ‘NETZERO by 40’, adopted by the Coca-Cola HBC Group in 2021, to achieve net zero emissions throughout the value chain by 2040
Milan, London 19 May 2022 – Coca-Cola HBC Italia (CCHBC), the leading bottling company for The Coca-Cola Company in Italy, has announced the creation of a consortium made up of its main hauliers Italtrans, Number1, Casilli Enterprise and Favaro Servizi, London-based energy transition adviser Ikigai Capital (IKIGAI) and green energy development company NVA, to decarbonise its road transport operations as part of their 2040 net zero objective.
Whilst the final objective is to create a net zero transport procurement, investment, and implementation project for vehicles, fuels, and related infrastructure, the first phase of the project will entail a feasibility study to understand the dynamics of road transport for CCHBC and to create net zero-aligned alternative solutions including the upstream and downstream infrastructure ecosystem necessary to decarbonise such a hard to abate area for CCHBC.
Ikigai will, together with NVA, deliver a pilot project in the next phases that will include the creation of multi fuel hubs for the supply of green fuels (including electricity, biomethane and hydrogen) and create the ecosystem for the supply of zero emissions/low carbon vehicles. Stakeholder engagement is key given the number of challenges to decarbonise the road transport sector. All parties involved (demand, supply, technology providers, funders, and government entities) will need to work jointly to create a critical mass on the demand side, the appropriate technical solutions as well as the financial support and incentives to deliver the energy transition.
Manuel Biella, Director of Italian Supply Chain, said “We recognise the enormous challenges to achieve net zero emissions in the road transport sector, but we also know that the change is needed now, and we want to be leading the way. That’s why Coca-Cola HBC Italia is committed to supporting this project and our hauliers in their decarbonisation journey and invest resources to lead the way and become an example for a sustainable logistics sector”
Roberto Castiglioni, Co-founder and CEO of Ikigai Capital, said “we don’t believe there is a silver bullet to decarbonise the transport sector; we believe we need a silver bucket, different solutions for different applications. That’s why we believe multi fuel hubs are the answer and we are eager to export our ideas to Italy with such a forward-thinking client like CCHBC. It’s all about understanding the real-life challenges through data analysis, having a holistic and technology-agnostic approach, while delivering value to all of the project stakeholders”.
Heavy-duty road transport is one of the so called ‘hard to abate sectors’. Carbon offsetting is under growing scrutiny as it should be only used as last resort to offset those areas that cannot be decarbonised. Other challenges that are making this sector one of the hardest to decarbonise include vehicle and fuel availability and cost but equally and downstream infrastructure network to support the refuelling of vehicles.
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A town in Suffolk is thought to be the first in the UK to launch a fully engineered guide for residents and businesses on how to cut their carbon emissions to Net Zero.
The Net Zero Leiston (NZL) road map follows two years of work by Leiston Together and the town council supported by the local authorities and engineering and energy experts from across the globe. It outlines an achievable, although challenging, plan for Leiston to reach Net Zero by around 2030 through a phased approach of credible, robust and available techniques.
The report examines three main contributors to carbon emissions: buildings, transport and agriculture. To reduce carbon emissions from buildings NZL highlights measures like installing solar panels and heat pumps to power homes cleanly as well as smart meters to help manage energy use. For transport measures such as encouraging the use of electric vehicles and bikes are explored. In agriculture the plan looks at measures such as rewilding at scale locally.
The group came together, through conversations between Leiston Together, the town council and EDF, under the view that it was not clear how a rural community could tackle its carbon emissions and contribute to reaching Net Zero; the point when the amount of greenhouse gas produced is no more than the amount removed.
Caroline Rinder, Leiston Town Council, said: “We all know we have a climate emergency and want to do our bit to tackle it. This project has demonstrated that reaching Net Zero is not straightforward, and that communities need all the support available to help them work towards the Government’s ambition of Net Zero by 2050. It has required a talented, committed and professional collection of partners who have the expertise and global knowledge to make this all possible. We hope that by using their experience, and by developing this Technical Manual, we can help fellow communities move a few steps further along their own Net Zero journey.”
Net Zero Leiston has worked with bankability advisors Ikigai Capital to ensure that public funding is capitalised upon in addition to creating sustainable business models for private investment.
Helena Anderson, Ikigai co-founder, said: “a socially just energy transition can only be achieved if we are able to deliver bankable, replicable structures to crowd-in low cost private sector capital at scale – working together with our consortium partners, we have created a new model for evaluation and shaping the investability of technologies and asset classes in the context of delivering Net Zero Leiston. It is a model that can be extrapolated to towns across the UK. We look forward to discussing with enlightened investors how to make this vision a reality”.
Alongside EDF and Ikigai, the consortium also includes Leiston Town Council, Leiston Together, Sizewell C, East Suffolk Council, Suffolk County Council, Atkins, Opergy, and Energy Systems Catapult.
In the build-up to this publication the project has:
a) Developed pilot schemes such as low cost, low carbon energy tariffs and improving their energy efficiency performance, such as roof and cavity wall insulation and boilers;
b) Worked with schools to raise awareness of climate change and what we can do to tackle it and proudly supported Alde Valley Academy on the journey to being named Suffolk’s greenest school;
c) Worked with local landmarks, such as the Leiston Long Shop Museum, to help them reach their own Net Zero ambitions. The Long Shop was recently awarded a Gold Level Carbon Charter for its efforts, and the award is in part due to support provided by NZL.
The project now turns to the implementation phase of the project which will involve extensive community engagement to ensure the whole community is involved in the vision of reaching Net Zero. The project is already looking for collaborations to help with the community’s ultimate goal.
Russ Rainger, East Suffolk Councillor for Aldeburgh and Leiston Ward, added to the Town Clerk’s comments: “I’m really pleased to support the publication of this Leiston Net Zero Route Map. It represents a lot of hard work by a dedicated team of enthusiastic stakeholders led by Leiston Town Council. The team have identified tangible actions to combat the effect of climate change now and for future generations. The route map has been designed to be easy for businesses and individuals to follow and fits well with East Suffolk Council and Suffolk County Council environmental targets. This project represents a real opportunity to protect our future by delivering climate targets and tackling fuel poverty in the process.”
The Technical Manual can be requested on the Net Zero Leiston Website. www.netzeroleiston.info
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Glasgow Airport has announced plans for what will be the largest solar farm at a Scottish airport as part of its ongoing commitment to decarbonising its infrastructure and achieving net zero by the mid-2030s. The airport group is working with the Ikigai Group to decarbonise their operations in a wider consultancy agreement that entails the co-development of energy solutions with AGS (the owner of Glasgow, Aberdeen and Southampton airport).
The 30-acre onsite, ground mounted solar farm will give Glasgow Airport the capability to generate enough power for the airport campus and neighbouring businesses. This is equivalent to powering almost 20% of homes in the city of Glasgow (approximately 52,000 households).
The c.15MW solar farm is already in the early stages of development and is expected to be operational by summer 2023 subject to planning approval. The plant is the latest in a number of initiatives the airport and its parent group, AGS Airports, is undertaking, together with Ikigai Capital to support its journey to net zero.
Ikigai Capital is in the final phase of a procurement process for AGS, for Internet of Things (IoT) services to reduce its overall energy consumption by using digital technology, machine learning and artificial intelligence.
All three AGS airports achieved carbon neutrality status in 2020 and as part of its sustainability strategy which it launched in June 2021, AGS set out a roadmap for its transition to net zero by the mid-2030s.
Derek Provan, chief executive of AGS Airports, said: “All of our electricity is already purchased from 100% renewable sources and has been since 2018, however, the creation of the solar farm at Glasgow Airport will allow us to become self-sustaining by generating enough clean energy for both the airport and our neighbours.
“As one of the UK’s leading regional airport groups that serves the Highlands and Islands there’s a real opportunity for AGS to become a testbed for hydrogen and electric flight and the solar farm gives us the ability to future proof for an increase in electricity demand.
“There will be additional demand due to the electrification of operational vehicles, taxis, rental cars and we will also launch a green car scheme to support our staff to switch to electric vehicles. All of this will require electric vehicle charging infrastructure.
“We need to anticipate these changes and the steps we are taking today will ensure we can meet both the demands of the future and our net zero targets.”
Roberto Castiglioni, co-founder of Ikigai commented: “AGS have always understood the importance of a holistic approach to the decarbonisation challenge and the importance of starting with quick wins to generate traction with stakeholders. This solar project is just the beginning of a wider investment plan for Glasgow Airport that will encompass digitisation, energy efficiency and fuel decarbonisation to supply not only airport’s demand but also local community”.
“We are glad to see our business model working in harmony with the asset owner where we can deliver the energy transition while being aligned with our clients. This first project represents for Ikigai Energy, the development arm of the group, one of many projects across technologies we have in our pipeline”.
In 2021, AGS secured top three positions in the UK with Southampton ranked as the best performing UK airport. Aberdeen was ranked second with Glasgow third.
 In 2020, the number of households in Glasgow City was 295,761. National Records of Scotland Glasgow City Council Area Profile (nrscotland.gov.uk).
Ikigai Capital and DNV has launched the Thames Estuary Hydrogen Route Map, a masterplan that introduces the potentials of a hydrogen economy in the Estuary. A copy of the document can be downloaded here.
This significant step forward in hydrogen energy in the UK will keep the nation on track to net zero, supporting 9,000 jobs and delivering £3.8bn GVA to the UK economy by 2035.
“We were so excited to be selected eight months ago to deliver the hydrogen investment plan for TEGB”, said Helena Anderson, co-founder of Ikigai. “We are now in a position to dig deeper into real and sustainable solutions for different clusters across the area. We are confident that, working with Thames Estuary Growth Board, we can translate the Green Blue action plan into billions of Net Zero investment into the south-east. We are entering into a new phase of the plan now to develop a pipeline of investable projects and to attract funding to deploy these projects and start decarbonising the Thames Estuary”.
The Hydrogen Route Map identifies where demand, supply, distribution and storage opportunities exist; outlines requirements of the investment market and pinpoints investment clusters; establishes a broad set of relationships with key stakeholders; and highlights the competitive advantage of locating a hydrogen ecosystem in the Thames Estuary.
Nationally, this will keep the UK on target to net zero by reducing carbon emissions by up to 5.9 million tons annually. Ahead of COP26, the Thames Estuary is ready to play its part in international efforts to research, produce and use clean energy.
Kate Willard OBE, Estuary Envoy and Chair of the Thames Estuary Growth Board said: “We are proud and excited to launch The Thames Estuary Hydrogen Route Map. Through our Green Blue vision, our objective is to unlock £190bn of national growth potential by capitalising upon the unique built and natural assets of the Thames Estuary. The Growth Board works tirelessly to identify and catalyse new opportunities to create the cleanest and greenest river-side region anywhere on the planet.
Over the past eight months, we have looked across the Estuary to understand the needs and opportunities and articulate the scope for a hydrogen ecosystem which is compelling and capable of attracting multi-billion-pound investment. A hydrogen ecosystem in the Estuary will have far-reaching, positive implications not only for the region, but for the UK as a whole.”
The Estuary’s position next to the capital and stretching out to the North Sea means it is uniquely placed to deliver a hydrogen ecosystem. The region has a wide range of potential end users across a number of industries, such as high heat industrial, transport (road, rail, air and river), data, and heating, with each starting to develop plans for their journey towards zero carbon.
Additionally, major infrastructure projects such as the Lower Thames Crossing offer an opportunity to demonstrate fossil fuel-free alternatives for construction. Crucially, in terms of storage, local demand for carbon dioxide presents an opportunity for re-use. Lastly, the Thames is also the largest port cluster in the UK, supported by a significant fleet of back-to-base logistics operations situated in multiple port locations.
Across the Thames Estuary region, developments in hydrogen will unlock substantial benefits for people and local economies, attracting more than £2.2billion of investment, and supporting its levelling up through job creation. The transition away from fossil fuels will help address issues of poor air quality and improve health and wellbeing.
The benefits of hydrogen are abundant. Hydrogen is a clean, renewable energy source in bountiful supply, with numerous sources to produce locally and a sustainable production system. It’s non-toxic and far more efficient than other sources of energy. Hydrogen can be a key enabler of decarbonisation across the heat and transport sectors, as well as energy-intensive industries such as chemicals, oil refineries and power.
This week, the Thames Estuary will be calling on Government to back our Hydrogen Route Map in the Comprehensive Spending Review by providing source funding to kick off our ‘Living Labs’ concept, a catalyst focused on early stage (TRL 3-7), pre-commercialisation H2 technologies.
The UK Government is committed to delivering hydrogen at scale and plans to work with industry to achieve 5GW of low carbon hydrogen production capacity in the UK by 2030. The Thames Estuary has the capability to power this ambition and support the Government in becoming a global player in hydrogen energy, owing to its natural and economic geography, and position as a strategic investment partner.
Get in touch if you are an investor, developer, technology provider or funder looking to get involved in the Thames Estuary Hydrogen Investment plan.
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Green Lithium, the mineral processing company, has secured £1.6 million in Seed round funding as it progresses plans to build and operate the UK’s first large-scale commercial lithium refinery.
The Seed round attracted funding from a range of high-net-worth individual investors, closing at more than five times the initial target amount. This comes in addition to the £0.6m UK Government grant secured from the Automotive Transformation Fund in April.
The Seed round capital will be used to fund key activities to take the project to the next stage of development, these include: raw material laboratory test-work analysis, which is already underway; planning and environmental scoping and baseline surveys; ground investigation; and other activities relating to the early development phase of the project.
Through a Series A funding round, the company is in the process of raising further investment to fund the later stage of its development phase activity, with energy transition consultancy Ikigai Capital appointed to create a bankable structure and introduce strategic and financial investors.
Currently, there is no commercial lithium refining capability of scale in Europe, leaving the continent’s rapidly growing electric vehicle (EV) and sustainable energy storage sectors wholly reliant on international sources of battery-grade lithium hydroxide. Further, supportive regulation is driving localised production – the EU has introduced the ‘Rules of Origin’, mandating automotive original equipment manufacturers (OEMs) to localise supply chains, forcing them to source battery materials from UK or European suppliers, with non-compliance resulting in punitive tariffs.
By building and operating the facility in the UK, Green Lithium aims to provide the missing link in the EV supply chain, using an industry-leading, sustainable and low-carbon refining process to connect the UK’s and Europe’s lithium battery and cell manufacturers with abundant international sources of raw lithium material. The project will create more than 1,000 jobs during the construction phase, and 200 jobs once operational. The 50,000 tonne per annum refinery will produce enough lithium hydroxide to enable manufacture of more than 1 million EVs per year and will put Green Lithium at the very forefront of the electric vehicle revolution.
Richard Taylor, founding director at Green Lithium, said:
“The electric vehicle revolution, which will be crucial in the transition to ‘net-zero’, requires a significant increase and diversification in the supply of low-carbon, battery-grade lithium hydroxide. It is estimated that growth of more than 400% in supply is needed over the next 10 years, however current and planned refining capacity will fall short in achieving this. Green Lithium intends to help meet what would otherwise be unmet demand in an underserved market. The fact that our Seed funding round was more than five times oversubscribed reflects the scale and attractiveness of the opportunity.”
Roberto Castiglioni, CEO and co-founder of Ikigai Capital, said:
“After a successful Seed round, Green Lithium is now moving towards the development of key project areas that will take the refinery to ‘ready-to-build’ within the next 18 months. This is a key window for strategic investors to access a project that will play an important role in the future of mobility and we are proud to be supporting the Green Lithium team.”
Any parties interested in participating in the Series A funding round – or the subsequent Construction project finance funding round taking place in the second half of 2022 – should contact Ikigai Capital directly, using the contact details below.
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Our COO Helena Anderson spoke at PwC-sponsored roundtable on alternative fuels about how money into emerging industry faces bottlenecks as investors grapple with uncertainty over regulation and bankability
Concerns over bankability, regulation and project deployment risks are holding back some investors from the hydrogen sector despite its long-term growth potential as a key plank of the energy transition, according to participants in a Transition Economist roundtable on alternative fuels, held in association with PwC.
Corporate and institutional investors are treading carefully as they weigh up risks relating to evolving regulation, the need for bankable long-term offtake deals and the possibility that hydrogen production assets could become stranded because of a lack of midstream distribution infrastructure.“Is there a role for government to play the offtaker of last resort?” Anderson, Ikigai Capital
“The key bottlenecks right now, you can group in two sort of categories. One is the economic viability and regulatory clarity—or lack of—and the second is residual project risk, the deployment risk,” says Shiva Dustdar, head of division, innovation finance advisory at the European Investment Bank, which recently surveyed a group of more than 30 corporate and strategic financial investors.
Investors’ concerns about the deployment of hydrogen projects are focussed more on the demand side and the ability to put in place bankable offtake agreements than on technologies, Dustdar says.
And investors want to see “a strong push from the public sector” to make sure the midstream or distribution piece of the supply chain is not neglected, she says. “It is of no use to constantly look at the sort of other two ends, the supply and demand set, and forget that there is a midstream that needs to connect the two.”
Helena Anderson, co-founder and COO of Ikigai Capital, also cited investors’ concerns over “project on project risk” where a new facility is dependent on the successful deployment of another stage of the supply chain, and could potentially become a stranded asset.
“It is essential to take a demand-led systems approach for blue hydrogen as you have got project on project risk with distribution and storage infrastructure for both hydrogen and carbon capture. And for green hydrogen, it is not enough to consider lowest cost of production at source; how are you going to transport it?” she says. “Is there a role for government to play the offtaker of last resort for larger projects so that you can have the suppliers of these fuels move forward no matter what, knowing that, at the end of the day, the infrastructure will come?”
Anderson also highlights investors’ need to lock in stable cash flows through offtake deals. “Even when strategic investors are willing to take a view on the transition to hydrogen or the transition to more biofuels in the system, they always want a certain level of long-term stable cash flows,” she says. “They want certainty. Strategic investors are better able to handle the level of merchant risk in a project, but they still want a certain level of contracted revenues where possible.”
Uncertainty over regulation and carbon pricing is also a significant constraint on some investors’ appetite for the hydrogen sector. “There is, of course, a lot of emphasis put on regulation. The new taxonomy is going to be an important part of this,” Dustdar says.
But also, generally, having much greater coherence and clarity on carbon pricing, and looking at it not just regionally but from a global perspective, will definitely drive financing.”
A lot of investors are also concerned about the level of reliance on government support for hydrogen, says Anderson. “And that’s actually a reason why they might not get involved yet, other than in jurisdictions or applications where that support is already clear.” She adds that some investors may prefer projects that are based on the conversion of an existing business model to incorporate a new fuel over time.
The Transition Economist roundtable, ‘The role of alternative fuels in the transition to net-zero and the pathways to commercial viability’, in association with PwC, is now available on demand.
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Triple Point Heat Networks Investment Management has awarded £14.6m as part of the Heat Networks Investment Project (HNIP) funding to the Octagon Project Energy Network (OPEN), a District Heat Network (DHN) project in Manchester.
The project is being undertaken by Manchester Energy Partnership Limited (MEPL), a joint venture between Manchester property development and energy specialist, Sustainable Energy Supplies Limited and Electricity North West (Construction and Maintenance) Ltd. The £30 million first phase of the project has been catalysed by funding from the Department of Business Energy and Industrial Strategy (BEIS) through the HNIP scheme, with additional investment coming from the project sponsors. Part of the BEIS funding has been received as a grant to assist with the commercialisation and pre-construction phase of the project, with the remaining investment in the form of a construction loan.
Ikigai, an independent net zero bankability advisor, supported the consortium on the grant application, stakeholder engagement, HNIP funding negotiation and is now assisting the sponsors to identify strategically-aligned institutional equity and debt investors for multiple phases of the project. Helena Anderson, co-founder of Ikigai, commenting on the award, said “This is a great example of the private sector working together with Government to catalyse investment into the energy transition and regional growth. Our approach balances affordability, security of supply and PF investor requirements with the necessity to achieve Net Zero in the medium term.”
Ken Hunnisett, head of Triple Point Heat Networks Investment Management added that “The HNIP team is incredibly excited to be supporting the MEPL team in their ambitions to deliver decarbonised heat right into the heart of Manchester. We have known for some while that the availability of private capital is one of the real-world constraints on the pace at which the UK can transition to net-zero, so it’s been a particular pleasure to work with Ikigai Capital on the development of a highly bankable, replicable precedent for investment in private sector-led district heating infrastructure.”
The consortium has been working for over 5 years with Manchester City Council and the Greater Manchester Combined Authority to create the OPEN DHN, to be anchored by offtake from Manchester Royal Infirmary NHS Hospital, and set to become one of the largest and most diverse decentralised energy networks in the UK. It will deliver decarbonised, lower cost heating and electricity to a variety of key Manchester stakeholders in the city’s strategic Southern Corridor. Construction works will commence in Autumn this year, with phase 1 to be commissioned in Q2 2022.
The project area, covering over 5 sq.km., is planned to include major off-takers such as the Manchester Royal Infirmary (the Manchester University NHS Foundation Trust), existing demand from the National Blood and Transplant Unit, the Central Manchester Renal Dialysis Unit and numerous bulk supply residential consumers, including student accommodation bed-spaces and 1000 social housing and private residential homes in the Plymouth Grove Village estate.
The initial energy centre site received planning approval in March 2021. It will generate c. 25MW of thermal output in phase 1 and ultimately up to c. 10MW electricity initially from combined heat and power (CHP) engines and boilers and be augmented by distributed solar PV and air source heat pumps, intended to increase in number over time. The energy centre is designed to enable accelerated switching hydrogen and the project sponsors are currently investigating local production options, as well as benefiting from Cadent’s intention to increase hydrogen blending in the grid to at least 20%.
Chairman of the MEPL Richard Everton said’ “I am delighted that the tenacity and single mindedness of the MEPL team has turned what was a personal “pipe-dream” into a financially viable and practical reality for the city of Manchester. Manchester is taking a strategic lead in achieving “Net Zero North West as the whole country now heads for net zero emissions by 2038.”
An investment blueprint has been developed which could see £1 billion spent on low carbon projects in Cheshire over the next few years with nearly 3 million tonnes of CO2 saved by 2030.
Ikigai Capital is part of a consortium of companies, which has formed a partnership with the Cheshire and Warrington Local Enterprise Partnership (LEP) to deliver the ‘Invest Net Zero Cheshire’ roadmap.
The consortium has identified a portfolio of opportunities across renewable generation, hydrogen, carbon capture, energy storage and smart grids which offer long-term, sustainable investment opportunities in net zero.
Cheshire, in the North West of England, is one of UK’s power houses, featuring major manufacturing employers, including oil refining, glass manufacture, nuclear enrichment, chemical production and automotive. This concentration of industry means the area around Ellesmere Port consumes around 5% of the UK’s energy, with Cheshire West and Chester the fourth largest carbon emitter in the country and a climate emergency declared locally.
The Cheshire & Warrington LEP and some local private sector partners contributed the funding for a study that lasted 10 months, involving more than 40 stakeholders and in excess of 150 hours of interviews. The outcome was a net zero investment plan, setting out immediately investable projects which will create jobs and inclusive growth in the area and deliver value to industry energy users and investors.
The advising consortium, led by The Cheshire Energy Hub, comprises technical advisors The Energy Systems Catapult (energy systems analysis), EA Technology (understanding future electricity network needs); Ikigai Capital (bankability and business case advisor); Peel NRE, part of Peel L&P (the owner and developer of Protos at the heart of the project zone) and SP Energy Networks (the local DNO), and was supported by many other local stakeholders.
The findings of the study were presented at a recent webinar where Clare Hayward, Chair of the Cheshire & Warrington LEP said: “Climate change is the challenge of our generation, and around the world we’re seeing Governments set ever more ambitious targets. We want to make Cheshire and Warrington the most sustainable place in the UK and reach net zero emissions by 2030, which isn’t that far away. To do this we need an integrated, collaborative and bold approach. Investors don’t want to see piecemeal initiatives, they want to see a joined up approach to decarbonisation. There is no better place to invest. We have the vision, a clear path to investment and the eco system needed to deliver.”
Claire O’Neill, former UK Clean Growth Minister and MD World Business Council for Sustainable Development and Ikigai Capital Non-Executive Director, delivered the keynote address at the event: “Cheshire & Warrington are in a leadership position in the UK when it comes to decarbonisation and it’s great to see such first class thinking and impressive collaboration. It’s right that we should be moving away from conversations about government subsidies to discussions about how we can create the right funding structures to attract investment into local net zero projects. Invest Net Zero Cheshire could be a global exemplar of how to deliver investment into clean growth.”
Ged Barlow, Chair of the Cheshire Energy Hub said: “As we recover from the COVID-19 global pandemic and look ahead to the UK’s presidency of the United Nations climate conference, COP 26, the green industrial revolution is more critical than it has ever been. Decarbonising industry is a vital part of the jigsaw and we must act quickly to reduce carbon emissions, safeguard industry and protect jobs. We have developed a roadmap to reaching net zero emissions in Cheshire by 2030 which could unlock £1 billion of capital investment and save nearly 3 million tonnes of carbon. Our unrivalled range of projects collectively offer long-term sustainable investment opportunities and demonstrates why Cheshire is the prime location to invest in net zero.”
Talking about the process, Helena Anderson, COO and co-founder of Ikigai Capital, pointed out that “The study involved understanding industrial energy users’ existing and future energy demands. From this a portfolio of projects was identified and shortlisted based on their potential to reduce carbon emissions. The consortium then engaged in a bankability review exercise to structure each solution for private sector-led funding. This joint technical/financial approach produced an investible roadmap for reaching net zero carbon emissions by 2030. Ikigai Capital is now going to market to understand the appetite from potential investors to fund the pipeline of projects”.
A summary of the study and its findings can be viewed here with further information on the portfolio of projects and business cases available at www.investnzcheshire.co.uk. Please contact Roberto Castiglioni or Helena Anderson at firstname.lastname@example.org to discuss investment opportunities in the area.
The Cheshire Energy Hub represents the sub-region on Net Zero North West – the industry led industrial cluster which is aiming to develop the UK’s first low carbon industrial cluster by 2030.
For more information contact:
Rebecca Eatwell, Font Communications, 07827 353113, email@example.com
ABOUT THE CHESHIRE ENERGY HUB
The Cheshire Energy Hub is an energy sector support organisation, funded and strategically driven by industry. Its members work collaboratively to advance the skills agenda and energy initiatives in the region. Members include BGS, Burns & McDonnell, C-Tech Innovation, EA Technology, Encirc, Engie, Essar Oil UK, Peel Environmental, Protos, Storengy UK, Tata Chemical and URENCO, together with the Cheshire and Warrington LEP, Cheshire West and Chester Council and the University of Chester’s Thornton Science Park.
ABOUT IKIGAI CAPITAL
Ikigai Capital is a London based, Net Zero bankability consultancy focused on clusters, city and industrial decarbonisation. We bridge the gap between investors, tech, demand and Government to unlock capital investment for sustainable and inclusive regional growth.
Contact Ikigai Capital at firstname.lastname@example.org
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In November 2020, our Hydrogen Summit revealed significant interest in the development of a hydrogen ecosystem in the Thames Estuary. The anticipated demand driven by a move away from fossil fuels along with the Estuary’s location and capacity to deliver at scale presents an extremely compelling case for investors.
Ikigai and DNV GL will create our roadmap to realising this transformational opportunity. They will evaluate and identify the potential for investable hydrogen generation, distribution, storage and usage infrastructure within the Estuary, helping us to meet the commitments made in our ambitious action plan ‘The Green Blue’. This includes driving green growth and spearheading the development of a hydrogen ecosystem to enable the greening of our transport on land and water and accelerating decarbonisation.
Ikigai is a Net Zero Bankability Consultant focused on supporting cities, industrial clusters and energy intensive consumers to identify practical, integrated decarbonisation solutions which improve resilience and competitiveness and align with Government policy objectives to attract private and public sector capital. DNV GL is an independent international technical and engineering adviser, expert in risk management and quality assurance, with market-leading expertise in hydrogen networks.
Devrim Celal, Thames Estuary Growth Board Joint Lead for Hydrogen, said: “This joint bid showed an impressive and comprehensive understanding of our hydrogen ambitions, recognising opportunities for investment and providing clear steps to achieve them.”
Gavin Chapman, Thames Estuary Growth Board Joint Lead for Hydrogen, added: “This appointment is another significant step towards realising the enormous potential of the Thames Estuary. Ikigai and DNV GL bring invaluable insight and expertise to our hydrogen strategy and we are hugely looking forward to working with them to drive good, green growth.”
“We are so excited to be part of such a key project for the Thames Estuary, with lessons to be learned for clean growth across the whole of the UK”, said Helena Anderson, co-founder of Ikigai. “Hydrogen is a key element of the energy transition because of its versatility and application in the hardest to decarbonise sectors: foundational industries, shipping, aviation, railways and the gas network. We can’t wait to start stakeholder engagement – with Government, industry, prospective investors, delivery partners and local developers. We are confident that, working with Thames Estuary Growth Board and hydrogen techno-economic modelling specialist, DNV GL, we can translate the Green Blue action plan into billions of Net Zero investment into the south-east.”
The Hydrogen Investment Strategy will set out how investment in hydrogen infrastructure will have wide-reaching benefits across the Estuary. This will provide benefits such as carbon reduction, opportunities for skills and training, employment opportunities, improved health outcomes as well as delivering a strong return on investment.