The Empire State is accelerating renewable energy development as part of its COVID-19 recovery efforts
Alicia Barton, President & CEO of NYSERDA (New York State Energy Research & Development Authority), retweeted an article from CleanTechnica yesterday and commented that renewable energy is "a central focus" to build back New York State´s economy stronger and cleaner.
Led by Governor Andrew Cuomo, the Empire State "is accelerating renewable energy development as part of its COVID-19 recovery efforts", the article noted.
The newly passed legislation (Accelerated Renewable Energy Growth & Community Benefit Act) also aims to boost more private sector investments and to shorten the approval process for renewable energy projects, which may also have positive implications for Zinc8´s commercialization of its patented, low-cost, long-duration energy storage systems to be deployed for NYSERDA and Digital Energy Corp. as well as NYPA (New York Power Authority) in New York City, not to speak of the potential for more deployment contracts to be executed in due course.
Excerpts from the CleanTechnica article "And So It Begins: World’s 11th-Biggest Economy Pitches Renewable Energy For COVID-19 Recovery" (April 5, 2020):
"The COVID-19 outbreak has provided one last opportunity for fossil fuel stakeholders to beat back the renewable energy revolution. One especially interesting example is the notorious Keystone XL tar sands oil pipeline. The once-dormant project suddenly sprang into action last week, while protesters have been sidelined by the virus. That may be so, but the window for fossil fuels is already narrowing and it’s about to slam shut. Key US states are already taking action to accelerate their renewable energy plans, virus or no virus.
World’s 11th-Largest Economy Hearts Renewable Energy
One key state is New York State, which by some measures would be the world’s 11th-largest economy if it was an independent country. On Friday, April 3, New York announced the passage of enabling legislation for its new clean power plans. If that date rings a bell, April 3 is the same day that seven top oil and gas executives went to the White House to discuss the plight of their industry.
If that’s not a clapback, nothing is.
Along with the now-familiar goal of creating jobs and fighting climate change, the new clean power plan makes the connection between renewable energy and economic recovery from the COVID-19 crisis.
To that end, the so-named Accelerated Renewable Energy Growth and Community Benefit Act creates the nation’s first ever “Office of Renewable Energy Siting.” The idea is that more private sector investment will be attracted more quickly, by tailoring the state’s approval process to fit renewable energy projects. The legislation also provides for reducing financial risk, helping to attract more private sector dollars that might otherwise go elsewhere.
In addition, the legislation takes grid planning and transmission into account...
Walking The Climate Walk & Chewing The COVID-19 Gum
In announcing the new plan, New York seems determined to prove that it can walk and chew gum at the same time — in other words, that the public health crisis is not an opportunity to move backwards on climate action.
“We continue to act aggressively to protect the environment and our communities through our ongoing programs to reduce the greenhouse gas emissions that contribute to climate change,” said New York State Environmental Commissioner Basil Seggos, even as the state continues an all-hands-on-deck effort to stop the spread of COVID-19.
A Renewable Energy Model For Other States To Follow
Don’t be surprised if other states embark on a similar plan to speed up renewable energy development.
The problem is that conventional siting and permitting processes are primarily designed for large, centralized fossil fuel power plants (hydropower being a key exception). Today’s wind and solar industries, in contrast, are characterized by a wide range of outputs, applications, and siting opportunities.
The pump is already primed for the idea to spread. New York is on the advisory board of the newly launched 100% Clean Energy Collaboration, a state-based effort that includes California as well as New York and other clean power leaders. The new initiative was announced by the Clean Energy States Alliance on, you guessed it, April 3.
New York was also previously tapped by the US Department of Energy to lead a national consortium to accelerate wind energy development, so there’s that.
Speaking of the Energy Department and wind energy, New York and CESA were not the only ones trolling the oil and gas industry last week. The Energy Department also did its part, with not one but two separate press releases announcing new wind energy initiatives..." (Read the full article here.)
In NYSERDA´s announcement "New York State Announces Passage of Accelerated Renewable Energy Growth and Community Benefit Act as Part of 2020-2021 Enacted State Budget" (April 3, 2020), Alicia Barton commented:
“While Governor Cuomo and the State work tirelessly to defeat COVID-19, we must continue to move forward and confront our climate crisis in order to protect New Yorkers from the dangerous consequences of a changing climate. This new law will support a rapid transition to clean renewable energy sources and ensure that our enormous pipeline of large-scale renewable energy projects can be responsibly permitted, bolster the state’s economy, and deliver health, environmental, and economic benefits to all New Yorkers.”
See also a recently published letter from the New York State Energy and Environment Agencies supporting the clean energy industry through the COVID-19 response.
Previous Rockstone Coverage
Report #7: “Renewable energy stocks could be the first to recover, says JPMorgan“
Report #6: “DEATH OF AN ILL-FATED BULL MARKET AND BIRTH OF A CLEAN ENERGY INFRASTRUCTURE OF RESILIENCE“
Report #5: “First Private Sector Energy Storage Deployment Contract for Zinc8 Energy Solutions: Second Commercial Agreement in New York City“
Report #4: “Visiting the Zinc8 Energy Storage Development and Production Facility: The Dawn of the Utility-Scale Battery Era“
Report #3: “The Largest State-Owned Power Utility in the USA Announces Collaboration with Zinc8 Energy Solutions“
Report #2: “MGX Renewables becomes Zinc8 Energy Solutions“
Report #1: “Bridging the Renewable Energy Infrastructure Gap“
Company Details
Zinc8 Energy Solutions Inc.
#1 – 8765 Ash Street
Vancouver, BC, Canada V6P 6T3
Phone: +1 604 558 1406
investors@zinc8energy.com (Patrick)
www.zinc8energy.com
ISIN: CA98959U1084 / CUSIP: 98959U108
Shares Issued & Outstanding: 75,711,374
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Canada Symbol (CSE): ZAIR
Current Price: $0.30 CAD (04/06/2020)
Market Capitalization: $23 Million CAD
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Germany Symbol / WKN (Tradegate): 0E9 / A2P15E
Current Price: €0.19 EUR (04/07/2020)
Market Capitalization: €14 Million EUR
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Disclaimer: This report contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Rockstone Research, Zinc8 Energy Solutions Inc. and Zimtu Capital Corp. caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Zinc8 Energy Solutions Inc.´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through their profiles on SEDAR at www.sedar.com. Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist. Zinc8 Energy Solutions Inc. pays Zimtu Capital Corp. to provide this report and other investor awareness services.The author, Stephan Bogner, holds a long position in Zinc8 Energy Solutions Inc. and is being paid by Zimtu Capital Corp. for the preparation and distribution of this report, whereas Zimtu Capital Corp. also holds a long position in Zinc8 Energy Solutions Inc.