Investments towards clean energy are soaring as companies align their operations with the US plan to tame carbon emission by 2030. EnCap Investments is the latest to close a $1.2 billion energy transition fund.
Clean Energy Investments
Following the creation of the EnCap Energy Transition Fund I, LP, the company intends to use the $1.2 billion to invest in companies focused on a lower-carbon future. The company attracted investments from both local and international, affirming the diverse interest in clean energy investments.
The Energy Transition Fund has already invested in battery storage and utility-scale solar and wind sectors. Amid the growing investments in clean energy, Eversource Energy (NYSE: ES), which bills itself as a company focused on carbon neutrality has outlined a strategy that will see it continue to use natural gas for many years to come.
Anti-natural Gas fight
The company is clinging to natural gas for energy as it continues to fight off the ongoing push to decarbonize the heating of buildings. The company is already a co-leader of the Consortium to Combat Electrification. Based in Washington, together with Energy Solutions Center, they are spearheading efforts to fight the electrification of buildings and the anti-natural gas movement.
The push comes when initiatives calling for restrictions or a total ban on the use of natural gas in new buildings are gaining momentum. The anti-natural gas movements increasingly call for new buildings to resort to clean energy generated from renewable sources.
Bitcoin Mining
Separately, Silver Energy has found a way to use the excess natural gas generated in its drilling sites. The company has bought a Bitcoin mining rig for $350,000 that it plans to use to start mining Bitcoins using electricity generated from excess natural gas.
The company’s officials insist the mobile Bitcoin mining rig solve the pollution problem created from natural gas flaring. Silver Energy has put the Bitcoin mining unit at a natural gas drilling site in Brooks, Alberta, Canada. The site is expected to generate electricity that is 30% to 50% less costly than the traditional grid. The cheap electricity should give Silver Energy a huge advantage in the power-hungry bitcoin mining business.
