- Tesla’s chair Robyn Denholm said that renewable energy transformation has already passed the world’s tipping point.
- Sustainability and addressing climate change have come into sharp focus at the COP 26 climate conference
Electric vehicle (EV) giant Tesla Inc’s (LON: 0R0X) chairperson, Robyn Denholm, at a keynote speech at the Asia-Pacific Economic Cooperation (APEC) CEO summit, said today that clean energy transformation has already passed the world’s tipping point and the technology implementation for this is required to be accelerated.
Denholm added that everyone should now increase the adoption of such technology and deploy them at a rapid pace.
The comment comes as sustainability and addressing climate change have come into sharp focus at the COP 26 climate conference, which is set to conclude on Friday.
It is noteworthy to state that Tesla plans to produce about 20 million EVs per annum by 2030, and it also aims to enter new markets.
In view of this, let us take a look at 2 FTSE AIM UK 50 index listed stocks in the clean energy sector and their investment prospects:
- ITM Power PLC (LON: ITM)
ITM Power is a UK based energy storage and green fuel focused company.
The company recently stated its intention to purchase a site at Tinsley, Sheffield from the University of Sheffield in a deal worth around £13.4 million.
The site would be used for ITM’s second UK Giga factory and will have an expected capacity of 2.5 GW per annum. It is estimated to be operational by 2023.
(Image source: Refinitiv)
ITM’s shares ended at GBX 521.00, up by 1.86 per cent on 10 November. Meanwhile, the FTSE AIM UK 50 index closed at 6,745.50, up by 0.19 per cent.
The company’s market cap was at £3,194.55 million, and its one-year return stood at 94.04 per cent as of Wednesday.
- Ceres Power Holdings PLC (LON: CWR)
Ceres Power is a British fuel cell technology company.
The company reported on Thursday that it has entered into a joint development and equity agreement with a long-duration energy storage firm, RFC Power Ltd.
Ceres will have an 8.4 per cent stake in RFC in exchange for offering its capabilities for boosting RFC’s technology.
(Image source: Refinitiv)
Ceres’ shares ended at GBX 1,190.00, up by 0.51 per cent on 10 November. Meanwhile, the energy sectoral index closed at 5,969.14, up by 0.45 per cent.
The company’s market cap was at £2,267.76 million, and its one-year return stood at 60.70 per cent as of Wednesday.
Earlier this month, the UK government made certain policy changes to the commercial and industry and utility-scale clean energy sector, which would benefit the energy storage space.
As per the new policy changes, solar PV, energy storage and other such green fuel technologies will be exempt from paying business rate increases starting from April 2023.