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BlackRock To Pledge A$1B In Australian Battery Storage Assets – Report

A BlackRock, Inc (NYSE:BLK) Real Assets fund looks to acquire Akaysha Energy, an Australian firm that develops battery storage and renewable energy…
byAnusuya Lahiri
August 17, 2022
2 minute read
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  • A BlackRock, Inc (NYSE:BLK) Real Assets fund looks to acquire Akaysha Energy, an Australian firm that develops battery storage and renewable energy projects.
  • BlackRock aims to commit over A$1 billion (around $700 million) of capital “to support the build-out” of more than 1-gigawatt battery storage assets.
  • BlackRock shared Akaysha’s plans to develop energy storage projects in a range of Asia-Pacific markets, including Japan and Taiwan, in the near term.
  • Charlie Reid, BlackRock’s co-head of climate infrastructure for Asia-Pacific, said the firm had been hunting for a platform to scale up energy storage and renewables assets in Australia to support the transitioning grid. 
  • “That’s a $US100 trillion opportunity between now and 2050, and battery storage is a fundamental requirement in order to progress on that journey to net zero,” Reid said.
  • Reid said he expected BlackRock would deploy the full $1 billion-plus of planned capital investment in storage within 3-5 years.
  • The International Energy Agency has said that a “rapid scale-up of energy storage is critical to meet flexibility needs in a decarbonized electricity system,” CNBC reports.
  • According to the IEA, investment in battery storage grew by nearly 40% in 2020, reaching $5.5 billion.
  • As per the Australian government, fossil fuels accounted for 76% of total electricity generation in 2020, with coal’s share coming in at 54%, gas at 20%, and oil at 2%. Renewables’ share came in at 24%.
  • Previously BlackRock shared plans to establish a perpetual infrastructure strategy to help companies transition to lower-carbon business models over time.
  • BlackRock had initially planned 35% – 40% of its investments in Europe.
  • Price Action: BLK shares closed higher by 0.17% at $757.07 on Tuesday.
  • Photo Via Company
 
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PharmaCielo revealed its plans to acquire cannabis operations in Thailand.On Wednesday, the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., said it has signed a binding letter of intent to enter a proposed transaction to acquire 100% of the issued and outstanding shares of Siam Ventures Corporation in exchange for common shares of PharmaCielo equaling to CA$3 million ($2.2 million).PharmaCielo also revealed it's undertaking a non-brokered private placement of 9,090,909 units at CA$0.2 per unit. Under the deal, the sum will be payable on closing by way of the issuance of 13,636,363 PharmaCielo Shares to the Siam Ventures' shareholders on a pro-rata basis.

PCLOF