The NATO Innovation Fund (NIF) said it had led a financing round with participation from Norwegian sovereign investment fund Investinor AS for Kongsberg Ferrotech AS, a Norwegian company offering robotic solutions for the maintenance and repair of offshore infrastructure including oil and gas facilities. The support will help Kongsberg Ferrotech, whose offerings have already been deployed by energy giants, grow its reach across North Atlantic Treaty Organization countries, according to a statement posted on NIF’s website. For pipelines, Kongsberg Ferrotech has developed a set of robotic solutions called Nautilus to reduce inspection and repair time to just days. “With about 160,000-kilometer subsea pipelines around the world, unmitigated leaks are causing environmental spills on a daily basis. A typical inspection and repair campaign using conventional technology can take from weeks to months – involving very expensive vessels, manual divers and a number of suppliers. The repair cost alone runs into millions of dollars. If production shut-down is required, the total cost can easily reach tens of millions”, the statement said. With diver-free Nautilus, “most repairs can be performed without affecting the production, offering significant cost savings and up to 70 percent reduction in response time and C02 footprint”, the statement said.  It added, “Kongsberg Ferrotech enables in-situ repair of critical submerged assets – extending their life – by creating a water-evacuated ‘dry habitat’ at depth. Its patented technology can seal and evacuate water around areas to be repaired”. “The company’s unique robotic platform – where both inspection and repair are performed in the same operation and in the same dive – can address a wide range of subsea assets from pipelines and risers to wind-turbine monopiles and merchant marine vessels”, the statement said. “When a defect is identified, the robot can deliver a specifically tailored repair; either a ‘cold’, non-metallic repair or a hot, 3D

Venture Global, Inc. and Securing Energy for Europe GmbH (SEFE) have entered into an agreement under which SEFE’s subsidiary, SEFE Energy GmbH, will purchase an additional 0.75 million metric tons per annum (mtpa) of liquefied natural gas (LNG) from CP2 LNG for 20 years. The agreement amends the existing sales and purchase agreement signed by the companies in 2023, increasing the total volume of LNG purchased by SEFE from CP2 LNG to 3.0 mtpa, Venture Global said in a news release. “Venture Global is thrilled to expand our strategic partnership with Germany and SEFE and play a leading role in ensuring security of energy supply and affordability for not only Germany but the rest of the European gas market,” Venture Global CEO Mike Sabel said. German state-owned energy firm SEFE is one of the LNG customers for CP2, Venture Global’s third project, in Europe, Asia, and the rest of the world, Venture Global said. To date, approximately 11.5 mtpa of CP2 phase one has been sold, raising the total contracted capacity for all of Venture Global’s projects to 41.5 mtpa, the company said. Venture Global said it is expected to become Germany’s largest LNG supplier, with a combined 5 MTPA of 20-year offtake agreements signed with SEFE and EnBW. In addition to its existing long-term agreements, Venture Global has supplied Germany with almost 80 cargoes of LNG from its Calcasieu Pass and Plaquemines LNG facilities, enough to power 8 million German homes for one year. Last week, Venture Global entered into a new 20-year sales and purchase agreement with PETRONAS LNG Ltd. (PLL), a subsidiary of the Malaysian state-owned oil and gas company, PETRONAS. Under the terms of the agreement, PETRONAS will purchase 1 mtpa of LNG from CP2 LNG for 20 years. This builds upon Venture Global’s existing agreement

Singapore-based Seatrium Limited said it was awarded a floating storage and regasification unit (FSRU) conversion contract by Kinetics, an energy transition intiative by Turkish mobile power generation firm Karpowership. The project involves the conversion of a liquefied natural gas (LNG) carrier into an FSRU named LNGT Turkiye, Seatrium said in a news release. The scope of work includes the installation of a regasification module, a spread-mooring system, and integration of key supporting systems such as cargo handling, offloading, utility, electrical, and automation systems. The project is scheduled to begin in the third quarter, according to the release. Financial terms of the contract were not disclosed. The contract follows Kinetics’ confirmation of the option for a fourth FSRU conversion project with Seatrium announced in April 2024, as well as the award of three LNG carrier conversions into FSRUs for the company, with an option for a fourth project, Seatrium said. Seatrium Executive Vice President for Repairs and Upgrades Alvin Gan said, “We truly appreciate the trust from Kinetics in awarding us this important seventh FSRU project. This contract is a testament to the successful strategic partnership between our companies, that includes four projects delivered to date: Karmol LNGT Powership Africa, Asia, Europe, and most recently, Antarctica. Presently, two more FSRU conversion projects for Kinetics are in progress at our yard, with deliveries scheduled later this year and in the first quarter of 2026”. “These projects underscore Seatrium’s unwavering commitment to excellence, innovation, and customer satisfaction, further cementing our position as a pioneer and market leader in the specialized FSRU conversion sector,” Gan added. Kinetics CEO Mehmet Katmer said, “We are pleased to strengthen our excellent partnership with Seatrium as we expand our FSRU fleet to meet the highest industry standards. Seatrium’s proven track record, engineering expertise, and technical capabilities make them

Abu Dhabi Future Energy Co. PJSC (Masdar) and Iberdrola SA have signed a deal to co-invest EUR 5.2 billion ($6.07 billion) in the under-construction 1.4-gigawatt East Anglia III wind farm on the United Kingdom side of the North Sea. Under the agreement, Spanish power and natural gas utility Iberdrola will farm out 50 percent of the project to state-owned renewable energy company Masdar for equal ownership. “All the conditions precedent have been achieved and the transaction is expected to close shortly”, a joint statement said Thursday, calling it “the largest offshore wind transaction of the decade”. On Wednesday a financing agreement with 24 international banks was signed for East Anglia III, securing GBP 3.5 billion (EUR 4.1 billion). “Oversubscribed by 40 percent, the facility is one of the largest ever such transactions”, the statement said. “It will cover a substantial part of the total costs of the project, estimated at approximately EUR 5.2 billion, without consolidating debt in any of the partners’ financial statements”. Located about 69 kilometers (42.87 miles) from the Suffolk coast, East Anglia III is expected to produce enough power for over 1.3 million homes, according to Scottish Power Ltd., Iberdrola’s UK unit. Iberdrola expects to start generation 2026. The project received consent August 2017. Onshore construction started July 2022. Offshore construction began earlier this year. The government awarded East Anglia III two contracts for difference (CFDs) in 2022 under Allocation Round IV and 2024 under Allocation Round VI. CFDs secure stable revenue for low-carbon power projects. Developers are entitled to a flat indexed rate for the electricity they produce over a 15-year period. The payment is equal to the difference between the strike price, which reflects the cost of investing, and the reference price, or the average market price for electricity in Great Britain. “CfDs incentivize investment

Petro-Victory Energy Corp. said it has signed a binding memorandum of understanding (MoU) under which Brazilian energy firm Azevedo & Travassos Energia S.A. (ATE) will acquire all of its issued and outstanding common shares in an arm’s length business combination. The transaction is intended to combine the businesses and assets of the two companies, resulting in Petro-Victory becoming a wholly owned subsidiary of ATE, with the current shareholders of Petro-Victory becoming shareholders of ATE. The combination is expected to “increase shareholder value through the development of ATE’s growth strategy with the supplementation of the company’s diversified portfolio of production and exploration assets,” Petro-Victory said in a news release. Under the transaction, ATE will complete a private placement of around 205,5 million units at an issue price of $0.13 (BRL 0.73) per unit for gross proceeds of around $27.7 million (BRL 150 million). ATE will then purchase 100% of the issued and outstanding Petro-Victory shares and will issue 266 million shares at $0.13 (BRL 0.73) per share, provided proportionately to the shareholders of Petro-Victory, according to the release. Further, ATE will assume all outstanding debt of the company, with the estimated enterprise value of the transaction being approximately $39.5 million, including net debt and before considering any valuation for contingent payments. As part of the transaction, Petro-Victory shareholders of record at closing will be entitled to a gross overriding royalty (GORR) of 10 percent on the gross revenue from all new production arising from fields that already exist in the concessions owned by the company prior to the MoU or that will be created after the date of the MoU in the concessions owned by the company. The royalty exempts the production of the reservoirs of the São João Field that are the subject of a partnership between Petro-Victory and Eneva

Solar generation expected to rise by a third this summer: EIA | Utility Dive Skip to main content An article from Solar is expected to account for 7% of total U.S. generation in 2025 and 8% in 2026, the Energy Information Administration said Tuesday. Published July 10, 2025 GRID Alternatives employees carry a solar panel on October 19, 2023, in Pomona, California. Solar energy is expected to be the largest source of renewable power in the United States next summer, exceeding both wind and hydropower, according to an Energy Information Administration report. Mario Tama/Getty Images via Getty Images Despite open hostility from the Trump administration toward renewable sources of power, solar in particular is expected to be a larger part of the energy mix this summer and going forward, the U.S. Energy Information Administration said in a Tuesday report. The electric power sector will generate 124 billion kWh from solar this summer, 34% more than it did during the June-September 2024 period, according to EIA’s Short Term Energy Outlook. Retrieved from U.S. Energy Information Administration. “Solar generation has grown quickly in the past few years as more capacity is installed, a trend we expect to continue this summer,” EIA said. “By summer 2026, we forecast solar generation will grow by another 19% to 147 BkWh, which means solar would surpass wind to become the leading source of renewables generation during the summer.” Wind is expected to generate roughly 130 BkWh this summer, according to EIA. Growing solar has displaced some gas generation in some areas, EIA noted. “With higher generation from renewables and increased fuel costs, we expect U.S. natural gas generation will fall by 4% in 2025 followed by an increase of 2% in 2026,” it said. EIA’s analysis comes as the White House has taken steps to hamstring solar and