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Spiralis Energy Scoops $1M Investment to Advance Tidal Energy Tech
U.K.-based tidal energy technology developer Spiralis Energy has secured a $1 million investment from Kistos Holdings to build and test the Axial Skelter tidal energy unit.The investment received from Kistos will fund Spiralis Energy’s upcoming survivability testing ahead of a full-scale trial deployment in the waters off Alderney.The first phase of testing will begin in the first quarter of 2025 with functional testing of a subscale Axial Skelter.The functional testing is expected to last four to eight weeks and will provide technical data on how to operate the systems offshore.The second phase comprises a survivability test in Alderney waters, planned to take place from the second quarter of 2025 for 12 months. The survivability test will demonstrate the operational effectiveness and robustness of the Axial Skelter system.Taking inspiration from nature and shaped like a Turritella seashell, the Axial Skelter is Spiralis Energy’s tidal energy solution. It’s design features only one moving part under the water, made from fully recyclable, 3D-printed segments.According to the company, each Axial Skelter can be manufactured in less than a week with the individual segments of the Axial Skelter easily transported as a build kit in standard shipping containers.The Axial Skelter can be deployed in any moving water with sufficient depth and a flow of at least 1 m/s, making it suitable for both large rivers and offshore tidal flows.The design is substantially different from most other tidal energy solutions on the market in that it operates at the top of the water column, making it suitable for operation close to the shore.Other systems are often located on the seabed, which drives a high operational cost and the requirement for a deep-water environment.“We are delighted by the confidence that Kistos has shown in the potential of our unique tidal energy technology. Their investment will provide the necessary financing to complete the final testing of the Axial Skelter and prepare for the first deployment of our units, starting with trials in the waters off the island of Alderney.“Our ambition is to provide energy companies with a product that will enable tidal and river flows to be exploited for clean, affordable energy. We intend to play a key role in the UK’s ambition to become carbon neutral by 2050,” said Guy Levene, CEO of Spiralis Energy.
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Oil pares losses on tight supply but cloudy demand caps gains
Oil costs edged up on Wednesday on signs of nearterm supply tightness however stayed near their lowest in two weeks, a day after OPEC reduced its projection for global oil demand growth in 2024 and 2025. Brent futures rose 17 cents, or 0.24%, to $72.06 a. barrel by 0420 GMT, while U.S. West Texas Intermediate (WTI). unrefined futures gained 14 cents, or 0.21%, at $68.26. Petroleum prices edged greater as tightness in the physical. market balanced out bearish sentiment on demand. Buyers in the. physical market have actually been particularly active, with any. offered freights being grabbed quickly, ANZ experts said. in a note. But falling demand forecasts and weak point in major. consumer China continued to weigh on market belief. We might expect rates to consolidate around current levels. for longer, stated Yeap Jun Rong, market strategist at IG, adding. the recent effort for a bounce was rapidly sold into. The absence of a more direct financial stimulus out of China. has actually been casting a shadow on oil demand outlook, paired with. the prospects of greater United States oil production with a Trump. presidency and looming OPEC+'s plans for an output raise, Yeap. added. In its monthly report on Tuesday, the Company of. Petroleum Exporting Countries (OPEC) said world oil need would. rise by 1.82 million barrels per day (bpd) in 2024, below. development of 1.93 million bpd forecast last month, mostly due to. weak point in China, the world's most significant oil importer. Oil costs settled up 0.1% on Tuesday following the news,. after falling by about 5% during the two previous sessions. OPEC likewise cut its 2025 global demand development quote to 1.54. million bpd from 1.64 million bpd. The International Energy Agency, which has a far lower view,. is set to release its upgraded forecast on Thursday. The re-election of former President Trump is unlikely to. materially impact oil market fundamentals over the near term, in. our view, Barclays analysts wrote. Drill, infant, drill: this is likely to underwhelm as a. method to drive oil prices materially lower over the near. term considered that the stock of approved authorizations in fact rose. under the Biden administration, the analysts said. However, markets would still feel the effects of a supply. interruption from Iran or a further escalation between Iran and. Israel, according to Barclays. Donald Trump's expected secretary of state choice, U.S. Senator Marco Rubio, is known for his hardline stance on Iran,. China and Cuba. Tighter enforcement of sanctions on Iran could. interrupt global oil supply, while a harder technique to China. might even more compromise oil need in the world's biggest customer. 2 U.S. central lenders said on Tuesday that rate of interest. are serving as a brake on inflation that is still above the 2%. mark, recommending that the Federal Reserve would be open to. more rate of interest cuts. The Fed cut its policy rate recently by a quarter of a. percentage indicate the 4.50% -4.75% range. Rate of interest cuts. normally increase economic activity and energy need. U.S. weekly inventory reports have actually been postponed by a day. following Monday's Veterans Day vacation. The American Petroleum. Institute industry group data is due at 4:30 p.m. EST (2130 GMT). on Wednesday. Analysts surveyed estimated on average that crude. stocks rose by about 100,000 barrels in the week to Nov. 8.
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British Company - Nov. 13
The following are the leading stories on the business pages of British newspapers. Reuters has not validated these stories and does not attest their precision. The Times - French paper Le Monde said it was part of a joint legal action taken by French documents consisting of Le Figaro, Le Parisien and Les Echos against social media platform X for allegedly using their content without paying, and for violating publishing rights. - British shoppers dealt with restored pressure on their spending plans in October after grocery cost inflation edged higher for the second month in a row. The Guardian - The Post Office prepares to close branches, re-franchise crown post workplaces, and cut up to 1,000 head workplace tasks in a. major cost-cutting move. - Fortress Investment Group has actually acquired Curzon movie theater. chain, including its 16 UK locations, distribution, and streaming. services, protecting 350 jobs. The Telegraph - British Prime Minister Keir Starmer's ex-chief of personnel,. Take legal action against Gray, will not take up a function as an envoy to Britain's. countries and areas, a representative said on Tuesday, marking an. end to the government career of among Downing Street's most. effective experts. - British health and charm retailer Boots' site crashes. in the middle of Black Friday sale, leaving consumers frustrated with online. queuing. Sky News - Shell wins appeal overturning 2021 Dutch ruling. mandating 45% emissions cut by 2030, as COP29 unfolds; environment. groups prepare possible Supreme Court challenge. - The British government is to reveal plans for a shake-up. of the nation's payments infrastructure which will involve the. Bank of England being provided a more effective function supervising it.
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Copper reduces as strong dollar, weak China need weigh
Copper prices edged lower on Wednesday, tracking a stronger dollar and muted need prospects in leading metals customer China. Three-month copper on the London Metal Exchange (LME). was down 0.1% to $9,130 per metric ton by 0408 GMT. It. had actually dipped to $9,107 per lot, its most affordable level considering that Sept. 11 on. Tuesday. The most-traded December copper agreement on the Shanghai. Futures Exchange (SHFE) fell 1.7% to 74,540 yuan. ($ 10,318.81) a ton. The U.S. dollar held near a 6-1/2- month peak versus major. peers and bitcoin was solidly poised simply below record highs on. Wednesday as markets measured so-called Trump trades ahead of. essential U.S. inflation data later on in the day. A more powerful dollar makes greenback-priced metals more costly. for holders of foreign currencies. Our company believe that copper is at the lower end of its trading. variety and expect a prospective moderate rate recovery next. week, Sucden Financial said in a note. Financiers have likewise been concerned about the impact of U.S. President-elect Donald Trump's policies on China. Unpredictability over what Donald Trump's return to the White. House will indicate for the global economy likewise weighed on. belief, ANZ Research stated in a note. Adding to financier frustration was the scale of China's. current stimulus procedures to reboot its drab economy. To name a few metals, LME aluminium fell 0.4% to. $ 2,553.5 a load, nickel increased 0.2% to $15,925, zinc. edged lower 0.02% to $2,937.5, while lead firmed. up 0.6% to $2,037 and tin fell 1.4% to $29,800. SHFE aluminium fell 1.5% to 20,805 yuan a ton,. nickel declined 1.8% to 125,270 yuan, lead. climbed up 1.7% to 17,250 yuan, zinc edged lower 0.9% at. 24,680 yuan while tin plunged 4.3% to 246,460 yuan. For the leading stories in metals and other news, click. or
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Iron ore ticks up as China stimulus hopes exceed weaker loaning information
Iron ore futures edged greater for the 2nd straight session on Wednesday, as hopes of even more financial support for China's beleaguered property sector overshadowed weaker credit loaning data from the top customer. The most-traded January iron ore contract on China's Dalian Product Exchange (DCE) ended morning trade 0.52%. greater at 768.0 yuan ($ 106.33) a metric ton. The benchmark December iron ore on the Singapore. Exchange was 0.48% greater at $101.0 a heap, since 0330 GMT. Chinese banks extended 500 billion yuan ($ 69.5 billion) in. brand-new loans last month, a sharp drop from September and trailing. analysts' expectations, information revealed on Monday. The weak readings followed information revealing the slowest consumer. rate development in 4 months in October and deepening producer. rate deflation. Belief in China has remained mostly downbeat after. Beijing's frustrating stimulus package on Friday. But a Bloomberg report on Tuesday saying China is. preparing to cut home-buying taxes rather lifted the mood. Friday's steps at least set the structure for even more. financial stimulus roll-out by city governments and state-owned. business, who will likely play a large function in the transfer to. stabilise the home market in future, stated ING experts. The home market remains China's biggest steel consumer. in spite of the sector's falling share amidst the lengthy crisis. given that 2021. On the other hand, iron ore port inventories are now at their. greatest level ever for this time of the year, ANZ analysts stated. in a note. We anticipate an increase in supply in the 2nd half of the year. from key exporters as they conquer disruptions due to weather. and operational issues, ANZ stated in a separate report. Other steelmaking ingredients on the DCE recovered after. falling on Monday, with coking coal and coke. up 0.66% and 1.17%, respectively. Most steel benchmarks on the Shanghai Futures Exchange were. stronger. Rebar increased 0.75%, hot-rolled coil. acquired about 0.7%, wire rod advanced nearly 1%,. although stainless-steel shed almost 0.8%.
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Korea Zinc withdraws strategy to issue $1.8 bln of brand-new shares
Korea Zinc stated on Wednesday it has actually chosen to withdraw its plan to provide new shares worth $ 1.8 billion after the proposition stimulated an examination by the monetary guard dog and a selloff in its stock. The company stated in a regulative filing it has actually decided not to pursue the share concern in view of continued issues among market financiers and some investors. The relocation marks a setback to Korea Zinc Chairman Yun B. Choi, who was seen backing the share problem strategy to ward off a takeover attempt by rival Young Poong and personal equity firm MBK Partners. On Oct. 30, Korea Zinc revealed a plan to issue brand-new shares equivalent to nearly 20% of its overall shares simply 2 days after it redeemed shares at a higher price. South Korea's monetary market watchdog has released an examination into whether Korea Zinc's decision to issue brand-new shares involves any unfair practice. The Financial Supervisory Service (FSS) also put brakes on the plan by purchasing the business to modify it stock market filing on the share issuance.
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Seven & i considering releasing management buyout, Nikkei and Bloomberg state
Japan's Seven & & i Holdings is thinking about introducing a management buyout that would see the seller go private, the Nikkei paper and Bloomberg News reported on Wednesday, a deal that might be worth up to 9 trillion yen ($ 58.2 billion). 7 & & i faces a takeover bid from Canada's Alimentation Couche-Tard and has been under pressure to increase business worth. Going private would therefore allow the company to continue under its existing management and get rid of the pressure from shareholders to sell more of its possessions - as well as eliminate the danger of a Canadian takeover. 7 & & i has actually currently started sounding about banks for funding the buyout, the Nikkei stated. 7 & & i's establishing Ito household and trading house Itochu might likewise take part in the acquisition, Bloomberg News stated independently. The deal might be worth around 9 trillion yen, Bloomberg said. A Seven & & i spokesperson stated the details was not anything launched by the company.
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Swapping aluminium for copper will keep China's resources, group says
Promoting the use of aluminium to save copper would be conducive to keeping the security of China's copper resource, the head of the nation's. base metals smelting industry group stated on Wednesday. China depends upon abroad imports for 60% of its. aluminium resources rather than 70% of its copper resources. and discovering ways to utilize more aluminium would save money and. offer more security for the smelting industry, stated Ge. Honglin, chairman of the China Nonferrous Metals Industry. Association (CNIA), at the Asia Copper Week conference. In regards to resources, copper is more precious and scarce. compared to aluminium, Ge stated. The price of copper is 77,000 yuan ($ 10,666) a lot and the. price of aluminium is 21,000 yuan, so using aluminium instead of. copper already presents financial benefits, Ge said. In his speech, Ge emphasised the need for mergers and the. reorganisation of copper refining capability in China, the world's. most significant customer of the red metal utilized in electronic devices.
Baker Hughes: US Rig Count Remains Steady
U.S. energy firms this week kept the number of oil and natural gas rigs operating unchanged for a record third week in a row, according to energy services firm Baker Hughes' data going back to 1987.
The oil and gas rig count, an early indicator of future output, was steady at 585 in the week to Nov. 8, Baker Hughes said on Friday. Baker Hughes said that puts the total rig count down 31 rigs, or 5% below this time last year. Baker Hughes said oil rigs held at 479 this week, while gas rigs were unchanged at 102.
The oil and gas rig count dropped about 20% in 2023 after rising by 33% in 2022 and 67% in 2021, due to a decline in oil and gas prices, higher labor and equipment costs from soaring inflation and as companies focused on paying down debt and boosting shareholder returns instead of raising output.
U.S. oil futures CLc1 were down about 2% so far in 2024 after dropping by 11% in 2023, while U.S. gas futures NGc1 were up about 6% so far in 2024 after plunging by 44% in 2023.
U.S. crude output was on track to rise from a record 12.9 million barrels per day (bpd) in 2023 to 13.2 million bpd in 2024 and 13.5 million bpd in 2025, according to the latest U.S. Energy Information Administration (EIA) outlook.
On the gas side, several producers reduced spending on drilling activities earlier in the year after monthly average spot prices at the U.S. Henry Hub NG-W-HH-SNL benchmark in Louisiana plunged to a 32-year low in March.
That should cause U.S. gas output to slide to 103.5 billion cubic feet per day (bcfd) in 2024, down from a record high of 103.8 bcfd in 2023, according to the EIA.