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Highlights
- Many new innovative technologies have emerged to harness clean energy.
- A Dutch startup, Ocean Grazer, unveiled their ocean battery technology at CES 2022 on 6 January.
As the world increasingly seeks to move away from fossil fuels amid the climate crisis, new innovative technologies have emerged to harness clean energy.
While renewable energy has been gaining momentum, it faces a challenge in providing energy reliably when demand is most required. For example, offshore wind farms not operating when it is not a windy day or when it continues to operate despite already meeting with the energy demand for the day poses a dilemma for the energy providers.
Thus, technologies or systems which can aid in clean energy storage are going to be key to addressing this issue.
Ocean Grazer, a Dutch-based startup company, presented its ‘ocean battery’ technology at the ongoing CES 2022 event on Thursday to highlight how it can address this dilemma faced by the renewable energy sector.
The ocean battery technology uses flexible and enormous bladders located on ocean floors, in which wind farms fill seawater. During the times when energy is required, the ocean’s pressure helps push water via the turbine, thus leading to electricity generation.
Let us look at 2 FTSE 250 index listed stocks with exposure to the UK’s offshore wind sector and explore their investment prospects:
- Greencoat UK Wind PLC (LON: UKW)
Greencoat UK Wind is an investment trust focused on investing in wind, solar and other types of energy infrastructure. It is a constituent of the FTSE 250 index.
Asset management company Schroders PLC recently acquired 75 per cent ownership in UKW’s investment manager Greencoat Capital.
The group recently raised about £450 million in gross proceeds from an equity raise and tap issue. The net proceeds from this are expected to help with funding the Burbo Bank Extension offshore wind farm amongst other areas.
Image source: EODHD/Others
Greencoat’s shares last traded at GBX 141.00, down by 0.98 per cent on 6 January.
The company’s market cap was at £3,000.33 million. It has given a return of 4.44 per cent to shareholders on a yearly basis, as of date.
Related Read: Top 5 renewable energy stocks of 2021
- The Renewables Infrastructure Group (LON: TRIG)
The Renewables Infrastructure Group is an investment company holding a diversified energy investment portfolio, including wind and solar PV.
The group’s portfolio had a capability of providing power from clean energy sources to about 1.4 million households, in its sustainability highlights for the 6 months ended 30 June 2021.
The group had a portfolio generation capacity of 1,941 MW, compared to 1,820 MW as of 31 December 2020.
Image source: EODHD/Others
TRIG’s shares ended at GBX 133.60, down by 1.04 per cent on 6 January. The company’s market cap was at £ 3,029.04million. It has given a return of 4.75 per cent to shareholders on a yearly basis, as of date.
Tags: ocean battery, renewable energy stocks, The Renewables Infrastructure Group, Greencoat UK Wind, midcap stocks, FTSE 250 index
