Reflect Orbital, a new startup, plans to monetize solar energy by providing sunlight to solar farms 24 hours a day.
Reflect Orbital is planning to develop a constellation of satellites that will reflect sunlight to solar farms during nighttime hours, transforming the efficiency and reach of solar energy generation.
This approach addresses the key limitations of solar power: its dependence on daylight. By extending the availability of sunlight to solar farms, enabled by advancements in space technology, Reflect Orbital's technology can significantly increase the contribution of solar energy to the global energy mix.
Reflect Orbital is currently designing its first satellite, marking the next phase in its mission to harness space-based solar power.
This technology not only has the potential to transform the renewable energy sector but also raises questions about the future of energy infrastructure and the role of space in supporting sustainable development.
Efficient transmission of energy over long distances from space or high altitudes remains a challenge. Additionally, the environmental impact of beaming concentrated solar energy through the atmosphere needs careful consideration.
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Finnish startup, Cactos, specializes in repurposing decommissioned Tesla batteries into smart electricity storage units, attracting €26 million in equity funding. Upcycling not only gives old batteries a second life but provides a sustainable solution for aging power units.
Cactos' business aligns with the EU’s transition to green energy evidenced by additional funding for battery manufacturing and EU regulations for battery passports. Investors recognize its significance in supporting the green transition and the need for clean electricity production infrastructure.
Cactos disassembles Tesla batteries, tests and extracts viable modules, integrating them into battery energy storage systems (BESS) that optimize electricity consumption, offering a new lease of life for the aging batteries.
They use a proprietary cloud-based control software, Cactos Spine, to manage and optimize the energy storage units. The system ensures consistent energy supply during usage peaks or blackouts and maximizes benefits by adapting to lower electricity prices, addressing concerns about electricity supply and market volatility for businesses.
"Tesla batteries are of very good quality and include features that make them suitable for BESS applications," says Oskari Jaakkola, CEO, and founder of Cactos.
With the fresh funding, Cactos aims to build a portfolio of over 1,000 storage systems.
The certainty of using old Tesla batteries as a long-term solution is challenged by the decreasing cost of new lithium iron phosphate cells. However, these aging batteries still find relevance, especially among ESG-focused clients.
In November 2022, Cactos raised €2.5 million in a funding round led by Superhero Capital, with additional investment from the founders. The funding was used to build new energy storage facilities and expand the existing Muhos plant.
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Cboe Digital, in collaboration with industry heavyweights like Blockfills, DV Trading LLC, and Jump Trading Group, has capitalized on the Crypto ETF wave by launching margined Bitcoin and Ether futures trading. This addition gives investors a comprehensive platform for spot and leveraged derivatives in crypto.
Cboe Digital is set to facilitate spot and leverage derivatives trading, addressing the escalating demand for crypto derivatives. As investors increasingly seek exposure to the crypto asset class, the platform provides a tool for managing risk, enhancing operational efficiency, and navigating the dynamic crypto landscape.
"The future of crypto is at an exciting juncture, and as more investors look to participate in this asset class, we expect to see greater demand for derivatives to help manage their crypto exposures, hedge risk, and enhance capital and operational efficiencies." - John Palmer, President of Cboe Digital.
Cboe Digital, having successfully launched margined contracts, sets its sights on expanding the product suite. Pending regulatory approval, the platform plans to introduce physically delivered products, further solidifying its position as a comprehensive crypto trading platform.
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Saudi Arabia has signed MOUs for mining partnerships with Egypt, Russia, Morocco, and the Democratic Republic of Congo at the Future Minerals Forum in Riyadh, Saudi Arabia.
The partnerships focus on 'green metals' like copper, lithium, and aluminum, essential for renewable energy technologies. Saudi Arabia's $182 million exploration incentive program and the introduction of mining science and AI technologies represent an aggressive push towards sustainable resource utilization in the mining sector.
The use of AI in mining, demonstrated by Freeport-McMoRan's 10% production boost at its Arizona copper-ore mill following AI implementation, showcases the potential for transformative efficiency gains.
Advanced mining technologies and geopolitical alliances are reshaping the global mining industry, highlighting the strategic role of green metals in the energy transition and political dynamics among nations, notably in the Middle East.
The Minister of Investment, Khalid Al-Falih, emphasized the importance of cooperation between countries in the Middle East to meet the growing demand for critical minerals essential for the transition to net-zero. He highlighted that existing production facilities may face challenges due to resource depletion or sustainability concerns.
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