Bechtel and Sabanci Renewables partner for US solar market

bechtel and sabanci renewables partner for us solar market

Bechtel has been selected to build a 272 MWdc solar facility for Sabanci Renewables, Inc. in Fort Bend County, Texas. The Fort Bend facility will be the first utility-scale solar project in the United States for Sabanci Renewables, Inc., a subsidiary of Sabanci Holding, one of Turkey's leading companies. Sabanci Renewables will own and operate the facility.

Bechtel's scope includes engineering, procurement, construction, commissioning, and project management for the Texas facility. Project construction will begin in the first quarter of 2023 with completion of the project expected in the second quarter of 2024. The solar energy generated at Cutlass Solar Two will connect to the Electric Reliability Council of Texas' Houston Zone, providing enough electricity to power approximately 40,000 homes with zero-carbon electricity, saving 600,000 metric tons of CO2 emissions per year.

"Bechtel is honored to partner with Sabanci Renewables to support a clean energy future," said Kelley Brown, EPC Operations manager, North America Core Renewables, Bechtel Infrastructure. "Bechtel's use of new technology in robotics and digital management will help move Cutlass Solar Two from construction to operations in record time, bringing additional renewable energy generation to Texas."

Bechtel offers cutting-edge innovation, such as automated equipment for efficiency and use of robotics for digital mapping, to deliver world-class renewable energy facilities. Bechtel has developed and built high-quality renewable energy assets by deploying streamlined integrated project development and EPC solutions for customers in the market facing constraints amidst unprecedented global demand for clean energy.

"Sabanci and Bechtel closely collaborated to develop the project on a record schedule, and we are confident our partnership will successfully deliver our first U.S. renewable energy facility as planned," said Ismail Bilgin, CEO of Sabanci Renewables, Inc. "Bechtel's strong reputation for successful EPC execution, including its global supply chain expertise, its ability to attract and train local workforce, and its reputation to self-perform design and construction of clean power facilities across the U.S. made them the right choice to build the project. We believe this is the start of a long-lasting partnership developing renewable energy projects in the U.S."

Bechtel will engage regional vendors in Texas and the U.S. Gulf Coast states and implement training programs for local community residents. During construction, Bechtel will employ more than 200 people from the local area including electricians, operators, safety professionals, solar installers, and general laborers. Local and on-site training will be provided to all project personnel focusing on quality inspections; OSHA Safety; First Aid/CPR; and solar-specific installation, tools, and equipment operation. 

Bechtel Enterprises, the company's project development and financing arm, was instrumental in the development of the Cutlass Solar Two project. 

"Bechtel is advancing local decarbonization and resiliency efforts throughout the United States by efficiently creating new clean energy projects with our integrated development plus EPC approach," said Matt Strangfeld, Managing Director, Clean Energy Development.

Bechtel is currently working on several gigawatts of solar power projects in various stages of development and construction throughout the United States. Applying its EPC experience and expertise, Bechtel is involved from the conceptual stage through commissioning and handover to ensure schedule certainty, local content, systems integration, and sustainability for innovative clean energy and renewables projects.

Bechtel is continually looking for talent and is actively recruiting experienced craft professionals, engineers, estimators, and project managers seeking to support making the world a cleaner, greener, safer place.

Bechtel is a trusted engineering, construction and project management partner to industry and government. Differentiated by the quality of our people and our relentless drive to deliver the most successful outcomes, we align our capabilities to our customers' objectives to create a lasting positive impact. Since 1898, we have helped customers complete more than 25,000 projects in 160 countries on all seven continents that have created jobs, grown economies, improved the resiliency of the world's infrastructure, increased access to energy, resources, and vital services, and made the world a safer, cleaner place. 

Sabanci Renewables Inc. is a wholly owned subsidiary of Sabanci Holding, a leading Turkish conglomerate founded in 1967. Sabanci Holding is engaged in a wide variety of business activities through its subsidiaries and affiliates, mainly in the banking, financial services, energy, industrials, building materials and retail sectors. Under energy business, Sabanci has strong reputation on development and operations of power plant projects and successfully developed and currently operating 4 GW of diversified power plant portfolio in Turkey, in five different asset classes. Through Sabanci Renewables, the group targets operational or late-stage development utility scale solar and on-shore wind projects predominantly in ERCOT/Texas market.

Cryptocurrency Impact on US Economy

cryptocurrency impact on us economy

Cryptocurrencies are digital models that use cryptography to secure transactions and control inflation. In 2018, cryptocurrency became the buzzword in the fiscal vocabulary- it's easy to see why. For a budding technology that was relatively new, cryptocurrency rapidly made a significant impact on both the financial and geopolitical landscape.

Since its inception in 2009, cryptocurrencies, like Bitcoin, have gained traction as an alternative to government-issued fiat currency. This is for good reason-cryptocurrencies are decentralized, transparent and borderless; this gives users more control over their money. Also, cryptocurrencies offer distinct advantages over traditional forms of money.

For starters, the currency is highly portable. You can quickly transfer it from one country to another without going through third parties. Another benefit of cryptocurrencies is that they're cheaper than traditional forms of money. As a result, you can use them to save money whenever you want -not just when you need it. In addition, cryptocurrencies provide the privacy that's virtually impossible with common forms of money. And the security offered by cryptocurrencies means there's no way for governments or third parties to track your funds or activities online.

Today, cryptocurrency ranks among the most popular means of payment. The benefits of using this medium include low transaction fees and quick transaction times. Another benefit is that the currency is decentralized; this means it's not controlled by any single entity. Thus, it's difficult to shut down or regulate. It's not surprising that many people are interested in investing in this medium.

As more people invest in cryptocurrency, its value increases exponentially. This means people can make considerable amounts of money by investing in this gem. Because of its popularity, there are people who want to use cryptocurrencies for illegal activities like money laundering and drug trafficking. With this in mind, authorities in some countries have banned the use of cryptocurrencies for these purposes. Regardless, there are specific nuances in using cryptocurrencies. For example, you can hide your tracks if you use cryptocurrencies for illegal activities as no value is attached to such transactions.

Today, a growing number of people are using cryptocurrency, including individuals and businesses. What impact is this having on the US economy? A direct consequence is that it's 'democratizing' money. People with limited access to financial services can use crypto to store value and make transactions. More people can participate in the economy and impact the national arena. In addition, cryptocurrency is helping to fight inequality by providing a viable way for citizens to participate in global business. Another advantage of using cryptocurrency is that it's faster than traditional payment methods like banks.

Overall, since the phenomenon is new and evolving, we need more time to assess its impact on the US economy. It's, however, a promising concept for the future of money and democracy in the US. By and large, cryptocurrency has dramatically impacted the economy of the United States. It's estimated that cryptocurrency has been responsible for over $1 billion in economic growth each year. When people have money, they tend to spend more at local businesses and restaurants. This means cryptocurrency is helping to grow the US economy by improving people's lives.

Analysts admit that cryptocurrencies have become essential to most Americans' financial lives. To illustrate, over 2 million people currently hold cryptocurrencies as part of their investment portfolio- and this number is growing daily. As more people invest in cryptocurrencies, it becomes even more critical for the US economy. Also, it's likely to protect the US against future economic crises. As earlier noted, one direct impact of this phenomenon is that it's significantly democratizing money.

Pundits note that cryptocurrency is making waves across the globe as a way to move money without the traditional middleman. Why, with its decentralized nature, no central authority can control it. Essentially, cryptocurrency is digital- this means it's easy to transfer and use. These factors make cryptocurrency a great way to transfer large sums of money from place to place. So, with the rise in cryptocurrency, we're seeing more and more people using it for everyday transactions.

Even people with limited access to financial services can use crypto to store value and make transactions. This means more people participate in the economy and have a chance to impact the economy. In addition, cryptocurrency helps fight inequality by providing a way for citizens to benefit from the global economy. Today, cryptocurrency is used by US businesses as a way to accept payments across borders. This helps small businesses in the US gain access to new markets and customers across the world.

Nikola Completes Acquisition of Romeo Power

nikola completes acquisition of romeo power

Nikola Corporation, a provider of zero-emissions transportation and energy infrastructure solutions, today announced the completion of its acquisition of Romeo Power, Inc.

"We are pleased to complete the acquisition of Romeo and look forward to executing on the opportunities ahead," said Michael Lohscheller, Nikola's President. "The acquisition of Romeo will enhance Nikola's capabilities, allowing us to vertically integrate in an effort to accelerate product development and improve performance for our customers. Today's milestone further solidifies our commitment to transforming the transportation industry."

Nikola completed the acquisition of Romeo today through a second-step merger of a wholly-owned subsidiary of Nikola with and into Romeo, in accordance with Section 251(h) of the General Corporation Law of the State of Delaware. Each remaining share of common stock of Romeo not purchased in the exchange offer (other than any shares owned by Nikola, Romeo or any of their respective subsidiaries) was converted into the right to receive the same 0.1186 of a share of Nikola common stock, rounded down to the nearest whole share, subject to reduction for any applicable withholding taxes, paid in the exchange offer. Upon completion of the transaction, Romeo became a wholly-owned subsidiary of Nikola.

As a result of the acquisition, shares of common stock of Romeo ceased trading as of the close of the market on October 14, 2022 and will no longer be listed on the New York Stock Exchange.

About Nikola Corporation

Nikola Corporation is a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona.

North American Bitcoin Mining

north american bitcoin mining

Hut 8 Mining Corp. ( Nasdaq: HUT) (TSX: HUT), one of North America's largest, innovation-focused digital asset mining pioneers and high performance computing infrastructure provider, increased its Bitcoin holdings by 375 in the period ending August 31, bringing its total self-mined holdings to 8,111 Bitcoin.

Production highlights for August 2022: 375 Bitcoin were generated, resulting in an average production rate of approximately 12.1 Bitcoin per day. Keeping with our longstanding HODL strategy, 100% of the self-mined Bitcoin in August were deposited into custody. Total Bitcoin balance held in reserve is 8,111 as of August 31, 2022. Installed ASIC hash rate capacity was 2.98 EH/s at the end of the month, which excludes certain legacy miners that the Company anticipates will be fully replaced by the end of the year. Hut 8 produced 125.8 BTC/EH in August.

In late August, Hut 8 installed 180 NVIDIA GPUs in its flagship data centre in Kelowna, B.C. Currently mining Ethereum, the multi-workload machines will be designed to pivot on demand to provide Artificial Intelligence, Machine Learning, or VFX rendering services to customers. Hut 8 is partnering with Zenlayer to bring their on-demand high-performance computing to Canadian Web 3.0 and blockchain customers for the first time.

"Our team delivered very strong results across our mining and high performance infrastructure businesses in August, positioning us well for continued success," said Jaime Leverton, CEO. "We continue to receive and install our monthly shipments of new MicroBT miners on time, while actively adding to the suite of services we offer our data centre customers."

Hut 8 is one of North America's largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0, and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally.

With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0.

Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.