Potential Election Impacts on the Private Equity and Private Credit Sectors While the 2024 election cycle may introduce temporary uncertainty, the convergence of positive economic trends such as waning inflation, anticipated additional interest rate cuts, and cautious optimism for a soft landing suggests robust M&A activity into 2025. Additionally, private equity and private credit firms…
Potential Election Impacts on the Private Client Sector As the 2024 election cycle unfolds, the landscape of U.S. policy is poised for potential shifts that could significantly impact individuals and families. With a Harris administration’s focus on increasing tax rates for high earners, implementing new tax policies and providing support for start-up businesses and first-time…
As the 2024 election cycle unfolds, the landscape of U.S. policy is poised for potential shifts that could significantly impact various sectors. With the Biden-Harris administration’s focus on lowering the cost of prescription drugs, labor reforms and tax policy adjustments, businesses and individuals alike are bracing for changes that could reshape the economic environment. From…
While the 2024 election cycle may introduce temporary uncertainty, the convergence of positive economic trends such as waning inflation, anticipated interest rate cuts and cautious optimism for a soft landing suggests robust growth in the technology sector into 2025. Additionally, tech companies are poised to benefit from significant advancements in AI, cloud computing and cybersecurity,…
This month, we wanted to highlight some of the new energy-related programs and announcements from DOD, DOE, and other agencies, as well as other relevant news in the energy and sustainability sector. Next month, we will discuss the results of the presidential and congressional elections and what they could mean for the direction of federal energy policy, building off the views in our August newsletter.
Significant New Funding Opportunity: DoD Office of Strategic Capital Loan Program to Scale Critical Technologies
On September 30, the Department of Defense’s (DoD) Office of Strategic Capital (OSC) announced its first-ever Notice of Funding Availability (NOFA) to provide loans for energy and other technologies that are critical to US national and economic security. OSC loans can be provided for the construction, expansion, or modernization of commercial facilities that create products supporting the 31 covered technology categories (CTC) laid out in the National Defense Authorization Act (NDAA) for fiscal year 2024.
OSC was granted a total loan authority of $984 million, which is available through FY26. For the initial round, OSC expects to make loans in the range of $10 million – $150 million to approximately 10 successful applicants. The remaining funding, if any, will be used for future funding opportunities. Subject to appropriations, OSC expects to publish opportunities in the future for additional CTCs and types of assistance, including loan guarantees.
Like many other federal grant and loan programs, OSC is using a two-step process for companies to apply to the NOFA. Part 1 of the application is open to all eligible parties starting on January 2, 2025 through 4:59 pm EST on February 3, 2025. See below for a list of eligible entities. Applications will then be reviewed by the OSC and prioritized by selection criteria. Eligibility and selection criteria for investments require compliance with the statute, the extent to which the investment supports US national security or economic interests, the impact the loan would have on the project, and the creditworthiness of the investment. Selected applicants will be invited to submit Part 2 applications, which will be accepted on a rolling basis.
Continued on ML Strategies Viewpoints.
DOE Notice of Intents (NOIs)
Funding Notice: $1.3 Billion for Transformational Emissions Reducing Technologies (09/27/2024)The DOE’s Office of Clean Energy Demonstrations (OCED) announced an NOI to fund up to $1.3 billion to catalyze CCUS tech investments. The DOE anticipates offering funding across three topic areas: capture demonstration projects, capture large-scale pilot projects, and planning and design for networks that can share CO2 transport and storage infrastructure. The announcement seeks to increase private sector confidence in adopting CCUS technologies. The solicitation date will be issued later this fall.
Funding Notice: High Performance Computing for Energy Innovation (10/10/2024)The DOE’s Office of Fossil Energy and Carbon Management (FECM) announced an NOI for the High-Performance Computing for Energy Innovation (HPC4EI). The program is the parent initiative to both the HPC4Materials (HPC4Mtls) and HPC4Manufacturing (HPC4Mfg) programs, which are designed to support improvements in manufacturing processes and materials performance. This opportunity helps qualified industry partners participate in short-term projects with DOE national laboratories. The NOI anticipates awarding up to $400,000 per project and requires industry partners to provide a contribution of at least 20% of total project funding. The solicitation date will be issued later this fall.
Funding Opportunity Announcements (FOAs)
ARPA-E Announces SCALEUP Opportunities (10/2/2024)DOE’s Advanced Research Projects Agency-Energy (ARPA-E) announced up to $50 million in open-ended funding for the commercial scale-up of disruptive energy technologies. The SCALEUP Ready program will support advancing technologies from ARPA-E’s portfolio toward market adoption. As a rolling funding opportunity, SCALEUP Ready allows applicants to submit applications at any time while the Notice of Funding Opportunity (NOFO) remains open. There has been no announced date as to when the NOFO will close. Teams may request pre-submission discussions with an ARPA-E Technology-to-Market Advisor and use a self-assessment tool to gauge their SCALEUP readiness for application.
$400 Million in New Funding for America’s Rural and Remote Communities (10/3/2024)DOE’s OCED opened applications for up to $400 million to support clean energy solutions for rural and remote communities as part of the Energy Improvements in Rural or Remote Areas Program. Funding awards will range from $2 million to $50 million. DOE seeks a minimum 5 – 50% minimum cost share per project. Concept papers are due Feb. 27, 2025, and full applications are due Aug. 28, 2025.
$44 Million for Clean Energy Planning and Deployment on Tribal Lands (09/27/2024)DOE anticipates issuing $25 million via 20 – 40 awards ranging from $100,000 to $2.5 million for “projects that support the planning, assessment, and development of clean energy for Tribal buildings or on Tribal lands.” Applications are due January 23, 2025.
$4 Million to Advance Solid Oxide Fuel Cell Technology for Clean, Low-Cost Hydrogen Production (09/26/2024)DOE’s Office of Fossil Energy and Carbon Management (FECM) announced up to $4 million to increase hydrogen affordability across energy efficiency and clean energy applications, including hydrogen energy storage, microgrids, and combined heat and power. The FOA will support R&D efforts around solid oxide fuel cell technology with a focus on reversible solid oxide fuel cell (R-SOFC) systems. Applications are due December 2, 2024. $19.5 Million to Develop a Secure Domestic Supply Chain of Critical Minerals and Materials (09/25/2024)DOE’s Office of Fossil Energy and Carbon Management (FECM), in collaboration with the Office of Energy Efficiency and Renewable Energy (EERE), announced a $19.5 million FOA, which looks to reduce costs for recovering critical minerals and materials from domestic secondary and unconventional sources. The FOA’s four areas of interest are critical mineral coproduction from unconventional carbon feedstock sources, heavy rare earth element recovery, critical mineral recovery from produced water, and process diversification across multiple feedstock types. Applications are due Nov. 26, 2024.
$15 Million to Develop Innovative Systems for Clean Hydrogen Production (09/23/2024)DOE announced up to $15 million to support hydrogen generation efforts, which convert feedstocks (coal, biomass, household waste, etc.) into synthesis gas. Highlighted areas of interest are research around demonstrating entrained flow gasification tech for alternative feedstocks and fluidized bed gasification tech for alternative feedstocks. DOE expects to give up to five awards with a minimum of 20% cost-sharing from the awardees. Full applications are due November 22, 2024.
Requests for Information (RFI)
DOE Solicits Feedback on Its Plan To Increase Products and Materials Circularity (10/9/2024)DOE’s EERE released an RFI seeking input for its draft strategic framework on circularity for secure and sustainable products and materials, including how to improve circularity, variables involved in circularity, public-private partnership opportunities, and data and analysis to inform their efforts. Responses to the RFI must be submitted electronically to [email protected] by December 16, 2024.
LPO Announcements
LPO Announces Conditional Commitment to EVgo to Deploy Nationwide EV Fast Charging Network (10/3/2024)DOE’s Loan Programs Office (LPO) made a conditional commitment to EVgo for a loan guarantee of up to $1.05 billion to deploy 7,500 high-power (350 kW) and speed charging stalls across Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas. This rollout will include dynamic power-sharing technology and enable unused power from adjacent stalls to be transferred to a charging vehicle. In support of the administration’s Justice40 initiative, the company intends to install more than 40% of new charging stations in disadvantaged communities. The project is likely to see benefits from the 30C Alternative Fuel Vehicle Refueling Property Tax Credit specifically targeted for rural areas.
Treasury Announcements
Treasury’s final rule for manufacturing tax credit important for critical minerals (10/24/24)The Treasury Department released a finalized rule for the Inflation Reduction Act’s advanced manufacturing production tax credit, 45X, which is available to US producers of clean energy components such as battery cells, solar modules, or critical minerals. After much debate, the final rule makes significant changes to allow domestic mining of critical minerals to be eligible for a 10% cost of production credit and clarifies eligibility for producing components using recycled materials. Taxpayers may include materials and extraction costs if they also process the minerals in the US to a level of specified purity. The tax credit is available through 2032 but begins to phase down after 2029 for most components, except critical minerals. The final rule does not contain a prohibition on funds flowing to foreign entities of concern.
Treasury aims to publish final clean hydrogen rules by year end (10/1/2024)The Treasury Department said it intends to finalize rules for the IRA’s Section 45V, which offers hydrogen producers a tax credit of up to $3 per kilogram of clean hydrogen they produce. Hydrogen companies considered the initial guidelines issued by Treasury late last year too strict and warned that many of their planned plants wouldn’t qualify for the full incentive. The industry is hoping that this long-awaited guidance will clarify qualification questions and also how to request an “emissions value” determination from DOE. Answers will revive progress with the US’ regional clean hydrogen hubs, which are expected to generate $40 billion in private investment and support 334,280 jobs.
Legislative Developments
The Cool Roof Rebate Act of 2024 was recently introduced by Reps. Valerie Foushee (D-NC), Emanuel Cleaver (D-MO), and Raul Diaz (D-CA). The bill would create a rebate program for reflective roofing products to lower home temperatures and reduce energy consumption and costs. It authorizes up to $25 million in household rebates annually across all 50 states and US territories between FY25-FY29. The bill is endorsed by the American Public Health Association, the Federation of American Scientists, and the Smart Surfaces Coalition.
Rep. David Trone (D-MD) has introduced the Revitalizing Economic Competitiveness of Highway Adjacent Areas with Reliable Green Energy for Electric Vehicles (RECHARGE-EV) Act to revise federal EV charger funding guidelines for small towns. The bill directs the Secretary of Transportation to update the guidance for the National Electric Vehicle Infrastructure (NEVI) Formula Program to increase flexibility within the current Bipartisan Infrastructure Law requirement that EV chargers be placed within less than one mile from a freeway exit or highway, which has largely left small towns without federal assistance. The bill is supported by the League of Conservation Voters, Sierra Club, Third Way, and Transportation for America.
The Hydrogen for Industry Act was introduced by Reps. Eric Sorensen (D-IL), Marc Molinaro (R-NY), Don Bacon (R-NE), Jim Costa (D-CA), and Nikki Budzinksi (D-IL). The bipartisan bill would create a program for hydrogen to be used to produce building materials such as steel, cement, glass, chemicals, and fuel. Specifically, the legislation establishes a commercial-scale demonstration program for hydrogen use in heavy industry; provides competitive grants to hydrogen demonstrations in industries such as iron and steel, cement, chemicals, refining, and other industrial products; and directs the Secretary of Energy, Secretary of Commerce, and Secretary of Transportation to jointly conduct a study on the bill’s impact, cost, and safety. A bipartisan version of the bill was introduced in the Senate last year by Sens. John Cornyn (R-TX), Chris Coons (D-DE), Bill Cassidy (R-LA), Martin Heinrich (D-NM), and Ben Ray Lujan (D-NM).
ICYMI
Utilities ‘caught flat-footed’ as energy demand grows, report finds (10/18/2024)A report by consulting firm Wood Mackenzie found that utilities will struggle to meet growing electricity demand in the US, predicting 4 – 15% growth in demand through 2029. This demand-side growth, due to surges in data centers, domestic manufacturing, and industrial electrification, lacks supply-side planning from utilities, as new infrastructure typically takes five to ten years to plan and construct. Electricity demand is expected to increase over the next five years by 25,000, 15,000, and 7,000 MW, respectively. Bottlenecks persist across transmission planning, permitting, and construction. Various solutions to meeting this rising demand could include grid-enhancing technologies, collaboration between data centers and utilities, and a more transparent interconnection process.
Amazon, Google, DOE go big on small nuclear reactors (10/17/2024)Amazon, Google, and the DOE have invested heavily in the development of advanced reactor technology to provide a boost to “nascent energy technology.” Amazon and Dominion Energy expressed that they would explore a 300-MW SMR project close to the North Anna Power Station in Louisa County, Virginia, where the region hosts the largest cluster of data centers in the country.
Amazon inks deal aimed at deploying 5GW of nuclear by 2039 (10/16/2024)Amazon has signed a $500 million deal with nuclear developer X Energy to bring 5 GW of small modular reactors (SMRs) online by 2039. This builds on an agreement Amazon previously signed with the utility Energy Northwest to develop four advanced reactors capable of generating 320 MW by early 2030. According to Amazon and X Energy, this would be the largest deployment of such reactors to date.
[View source.]
This month, we wanted to highlight some of the new energy-related programs and announcements from DOD, DOE, and other agencies, as well as other relevant news in the energy and sustainability sector. Next month, we will discuss the results of the presidential and congressional elections and what they could mean for the direction of federal energy policy, building off the views in our August newsletter.
Significant New Funding Opportunity: DoD Office of Strategic Capital Loan Program to Scale Critical Technologies
On September 30, the Department of Defense’s (DoD) Office of Strategic Capital (OSC) announced its first-ever Notice of Funding Availability (NOFA) to provide loans for energy and other technologies that are critical to US national and economic security. OSC loans can be provided for the construction, expansion, or modernization of commercial facilities that create products supporting the 31 covered technology categories (CTC) laid out in the National Defense Authorization Act (NDAA) for fiscal year 2024.
OSC was granted a total loan authority of $984 million, which is available through FY26. For the initial round, OSC expects to make loans in the range of $10 million – $150 million to approximately 10 successful applicants. The remaining funding, if any, will be used for future funding opportunities. Subject to appropriations, OSC expects to publish opportunities in the future for additional CTCs and types of assistance, including loan guarantees.
Like many other federal grant and loan programs, OSC is using a two-step process for companies to apply to the NOFA. Part 1 of the application is open to all eligible parties starting on January 2, 2025 through 4:59 pm EST on February 3, 2025. See below for a list of eligible entities. Applications will then be reviewed by the OSC and prioritized by selection criteria. Eligibility and selection criteria for investments require compliance with the statute, the extent to which the investment supports US national security or economic interests, the impact the loan would have on the project, and the creditworthiness of the investment. Selected applicants will be invited to submit Part 2 applications, which will be accepted on a rolling basis.
Continued on ML Strategies Viewpoints.
DOE Notice of Intents (NOIs)
Funding Notice: $1.3 Billion for Transformational Emissions Reducing Technologies (09/27/2024)The DOE’s Office of Clean Energy Demonstrations (OCED) announced an NOI to fund up to $1.3 billion to catalyze CCUS tech investments. The DOE anticipates offering funding across three topic areas: capture demonstration projects, capture large-scale pilot projects, and planning and design for networks that can share CO2 transport and storage infrastructure. The announcement seeks to increase private sector confidence in adopting CCUS technologies. The solicitation date will be issued later this fall.
Funding Notice: High Performance Computing for Energy Innovation (10/10/2024)The DOE’s Office of Fossil Energy and Carbon Management (FECM) announced an NOI for the High-Performance Computing for Energy Innovation (HPC4EI). The program is the parent initiative to both the HPC4Materials (HPC4Mtls) and HPC4Manufacturing (HPC4Mfg) programs, which are designed to support improvements in manufacturing processes and materials performance. This opportunity helps qualified industry partners participate in short-term projects with DOE national laboratories. The NOI anticipates awarding up to $400,000 per project and requires industry partners to provide a contribution of at least 20% of total project funding. The solicitation date will be issued later this fall.
Funding Opportunity Announcements (FOAs)
ARPA-E Announces SCALEUP Opportunities (10/2/2024)DOE’s Advanced Research Projects Agency-Energy (ARPA-E) announced up to $50 million in open-ended funding for the commercial scale-up of disruptive energy technologies. The SCALEUP Ready program will support advancing technologies from ARPA-E’s portfolio toward market adoption. As a rolling funding opportunity, SCALEUP Ready allows applicants to submit applications at any time while the Notice of Funding Opportunity (NOFO) remains open. There has been no announced date as to when the NOFO will close. Teams may request pre-submission discussions with an ARPA-E Technology-to-Market Advisor and use a self-assessment tool to gauge their SCALEUP readiness for application.
$400 Million in New Funding for America’s Rural and Remote Communities (10/3/2024)DOE’s OCED opened applications for up to $400 million to support clean energy solutions for rural and remote communities as part of the Energy Improvements in Rural or Remote Areas Program. Funding awards will range from $2 million to $50 million. DOE seeks a minimum 5 – 50% minimum cost share per project. Concept papers are due Feb. 27, 2025, and full applications are due Aug. 28, 2025.
$44 Million for Clean Energy Planning and Deployment on Tribal Lands (09/27/2024)DOE anticipates issuing $25 million via 20 – 40 awards ranging from $100,000 to $2.5 million for “projects that support the planning, assessment, and development of clean energy for Tribal buildings or on Tribal lands.” Applications are due January 23, 2025.
$4 Million to Advance Solid Oxide Fuel Cell Technology for Clean, Low-Cost Hydrogen Production (09/26/2024)DOE’s Office of Fossil Energy and Carbon Management (FECM) announced up to $4 million to increase hydrogen affordability across energy efficiency and clean energy applications, including hydrogen energy storage, microgrids, and combined heat and power. The FOA will support R&D efforts around solid oxide fuel cell technology with a focus on reversible solid oxide fuel cell (R-SOFC) systems. Applications are due December 2, 2024. $19.5 Million to Develop a Secure Domestic Supply Chain of Critical Minerals and Materials (09/25/2024)DOE’s Office of Fossil Energy and Carbon Management (FECM), in collaboration with the Office of Energy Efficiency and Renewable Energy (EERE), announced a $19.5 million FOA, which looks to reduce costs for recovering critical minerals and materials from domestic secondary and unconventional sources. The FOA’s four areas of interest are critical mineral coproduction from unconventional carbon feedstock sources, heavy rare earth element recovery, critical mineral recovery from produced water, and process diversification across multiple feedstock types. Applications are due Nov. 26, 2024.
$15 Million to Develop Innovative Systems for Clean Hydrogen Production (09/23/2024)DOE announced up to $15 million to support hydrogen generation efforts, which convert feedstocks (coal, biomass, household waste, etc.) into synthesis gas. Highlighted areas of interest are research around demonstrating entrained flow gasification tech for alternative feedstocks and fluidized bed gasification tech for alternative feedstocks. DOE expects to give up to five awards with a minimum of 20% cost-sharing from the awardees. Full applications are due November 22, 2024.
Requests for Information (RFI)
DOE Solicits Feedback on Its Plan To Increase Products and Materials Circularity (10/9/2024)DOE’s EERE released an RFI seeking input for its draft strategic framework on circularity for secure and sustainable products and materials, including how to improve circularity, variables involved in circularity, public-private partnership opportunities, and data and analysis to inform their efforts. Responses to the RFI must be submitted electronically to [email protected] by December 16, 2024.
LPO Announcements
LPO Announces Conditional Commitment to EVgo to Deploy Nationwide EV Fast Charging Network (10/3/2024)DOE’s Loan Programs Office (LPO) made a conditional commitment to EVgo for a loan guarantee of up to $1.05 billion to deploy 7,500 high-power (350 kW) and speed charging stalls across Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas. This rollout will include dynamic power-sharing technology and enable unused power from adjacent stalls to be transferred to a charging vehicle. In support of the administration’s Justice40 initiative, the company intends to install more than 40% of new charging stations in disadvantaged communities. The project is likely to see benefits from the 30C Alternative Fuel Vehicle Refueling Property Tax Credit specifically targeted for rural areas.
Treasury Announcements
Treasury’s final rule for manufacturing tax credit important for critical minerals (10/24/24)The Treasury Department released a finalized rule for the Inflation Reduction Act’s advanced manufacturing production tax credit, 45X, which is available to US producers of clean energy components such as battery cells, solar modules, or critical minerals. After much debate, the final rule makes significant changes to allow domestic mining of critical minerals to be eligible for a 10% cost of production credit and clarifies eligibility for producing components using recycled materials. Taxpayers may include materials and extraction costs if they also process the minerals in the US to a level of specified purity. The tax credit is available through 2032 but begins to phase down after 2029 for most components, except critical minerals. The final rule does not contain a prohibition on funds flowing to foreign entities of concern.
Treasury aims to publish final clean hydrogen rules by year end (10/1/2024)The Treasury Department said it intends to finalize rules for the IRA’s Section 45V, which offers hydrogen producers a tax credit of up to $3 per kilogram of clean hydrogen they produce. Hydrogen companies considered the initial guidelines issued by Treasury late last year too strict and warned that many of their planned plants wouldn’t qualify for the full incentive. The industry is hoping that this long-awaited guidance will clarify qualification questions and also how to request an “emissions value” determination from DOE. Answers will revive progress with the US’ regional clean hydrogen hubs, which are expected to generate $40 billion in private investment and support 334,280 jobs.
Legislative Developments
The Cool Roof Rebate Act of 2024 was recently introduced by Reps. Valerie Foushee (D-NC), Emanuel Cleaver (D-MO), and Raul Diaz (D-CA). The bill would create a rebate program for reflective roofing products to lower home temperatures and reduce energy consumption and costs. It authorizes up to $25 million in household rebates annually across all 50 states and US territories between FY25-FY29. The bill is endorsed by the American Public Health Association, the Federation of American Scientists, and the Smart Surfaces Coalition.
Rep. David Trone (D-MD) has introduced the Revitalizing Economic Competitiveness of Highway Adjacent Areas with Reliable Green Energy for Electric Vehicles (RECHARGE-EV) Act to revise federal EV charger funding guidelines for small towns. The bill directs the Secretary of Transportation to update the guidance for the National Electric Vehicle Infrastructure (NEVI) Formula Program to increase flexibility within the current Bipartisan Infrastructure Law requirement that EV chargers be placed within less than one mile from a freeway exit or highway, which has largely left small towns without federal assistance. The bill is supported by the League of Conservation Voters, Sierra Club, Third Way, and Transportation for America.
The Hydrogen for Industry Act was introduced by Reps. Eric Sorensen (D-IL), Marc Molinaro (R-NY), Don Bacon (R-NE), Jim Costa (D-CA), and Nikki Budzinksi (D-IL). The bipartisan bill would create a program for hydrogen to be used to produce building materials such as steel, cement, glass, chemicals, and fuel. Specifically, the legislation establishes a commercial-scale demonstration program for hydrogen use in heavy industry; provides competitive grants to hydrogen demonstrations in industries such as iron and steel, cement, chemicals, refining, and other industrial products; and directs the Secretary of Energy, Secretary of Commerce, and Secretary of Transportation to jointly conduct a study on the bill’s impact, cost, and safety. A bipartisan version of the bill was introduced in the Senate last year by Sens. John Cornyn (R-TX), Chris Coons (D-DE), Bill Cassidy (R-LA), Martin Heinrich (D-NM), and Ben Ray Lujan (D-NM).
ICYMI
Utilities ‘caught flat-footed’ as energy demand grows, report finds (10/18/2024)A report by consulting firm Wood Mackenzie found that utilities will struggle to meet growing electricity demand in the US, predicting 4 – 15% growth in demand through 2029. This demand-side growth, due to surges in data centers, domestic manufacturing, and industrial electrification, lacks supply-side planning from utilities, as new infrastructure typically takes five to ten years to plan and construct. Electricity demand is expected to increase over the next five years by 25,000, 15,000, and 7,000 MW, respectively. Bottlenecks persist across transmission planning, permitting, and construction. Various solutions to meeting this rising demand could include grid-enhancing technologies, collaboration between data centers and utilities, and a more transparent interconnection process.
Amazon, Google, DOE go big on small nuclear reactors (10/17/2024)Amazon, Google, and the DOE have invested heavily in the development of advanced reactor technology to provide a boost to “nascent energy technology.” Amazon and Dominion Energy expressed that they would explore a 300-MW SMR project close to the North Anna Power Station in Louisa County, Virginia, where the region hosts the largest cluster of data centers in the country.
Amazon inks deal aimed at deploying 5GW of nuclear by 2039 (10/16/2024)Amazon has signed a $500 million deal with nuclear developer X Energy to bring 5 GW of small modular reactors (SMRs) online by 2039. This builds on an agreement Amazon previously signed with the utility Energy Northwest to develop four advanced reactors capable of generating 320 MW by early 2030. According to Amazon and X Energy, this would be the largest deployment of such reactors to date.
[View source.]
Potential Election Impacts on the Real Estate Sector As the 2024 election cycle unfolds, the landscape of U.S. policy is poised for potential shifts that could significantly impact various sectors. With the possibility of a Harris or Trump administration, stakeholders in the real estate market are preparing for changes that could reshape the industry. Under…
Carley Legal Services Celebrates 9 Years of Legal Excellence in Vancouver, WA – Politics News Today – EIN Presswire Trusted News Since 1995 A service for global professionals · Wednesday, October 30, 2024 · 756,176,934 Articles · 3+ Million Readers News Monitoring and Press Release Distribution Tools News Topics Newsletters Press Releases Events & Conferences…
Tirana International Airport (TIA) has reported significant growth in passenger traffic for the first nine months of 2024, handling over 8.32 million passengers—marking an impressive 55% increase compared to the same period in 2023. This remarkable surge in passenger numbers underscores the growing importance of Albania as both a travel and business destination in Europe.
In September 2024 alone, Tirana Airport welcomed 1.1 million passengers, reflecting a 47% year-on-year rise. These figures highlight the ongoing recovery and expansion of the travel sector in Albania, with Tirana becoming a key hub for tourism and business travel in the Balkans.
Wizz Air emerged as the leading airline serving Tirana Airport from January through September 2024, capturing 53.2% of the Albanian flight market. The low-cost carrier has rapidly expanded its presence in Albania, offering a wide range of affordable routes to destinations across Europe.
Ryanair followed with a market share of 22.1%, continuing its strong presence in the region by providing budget-friendly options for travelers. Air Albania, the national carrier, held a smaller share of the market at 3.7%, but remains a critical player in connecting Albania to key destinations.
The dominance of low-cost airlines like Wizz Air and Ryanair reflects the growing demand for budget travel options, as tourists and business travelers alike seek affordable flights to and from Albania.
Tourism Boosts Albania’s GrowthThe growth in passenger traffic at Tirana Airport aligns with a broader rise in tourism across Albania. Foreign tourist arrivals to the country increased by 17% during the same nine-month period, reaching 9.7 million visitors. This surge is a testament to Albania’s increasing appeal as a travel destination, driven by its stunning landscapes, rich cultural heritage, and affordable travel options.
Mirela Kumbaro, Albania’s Minister of Tourism, recently shared these tourism statistics, emphasizing the positive impact of foreign visitors on the country’s economy. With more than 7.26 million passengers in 2023—a 40% rise from the previous year—Tirana Airport is playing a pivotal role in facilitating Albania’s booming tourism industry.
Passenger Growth and Future OutlookTirana Airport’s 55% growth in passenger traffic in 2024 far exceeds industry expectations and highlights the airport’s expanding role as a hub for both leisure and business travelers. The airport operator, TIA, continues to invest in infrastructure upgrades to handle the rising number of travelers and enhance the overall airport experience.
The impressive passenger growth is also fueled by Albania’s increasing connectivity to major European cities. With airlines like Wizz Air and Ryanair expanding their routes, more travelers are choosing Albania as a convenient entry point to explore Southeastern Europe.
Looking ahead, Tirana Airport is expected to maintain its upward trajectory in passenger numbers as it continues to attract foreign tourists, including those from neighboring countries and beyond. The airport’s strategic position in the region, combined with affordable travel options and the allure of Albania’s natural beauty, will likely contribute to further growth in the coming years.
https://www.travelandtourworld.com/news/article/tirana-airport-sees-more-than-8-30-million-passenger-surge-this-year-with-wizz-air-leading-albania-flight-market/
The Yatreda ያጥሬዳ collective, composed of a family of six creatives, wants to put a spotlight on Ethiopia, championing the stories of fallen empires, mythology, warriors who conquered, of forgetting and new cultures, religion and languages. And it does so through monochromatic motion portraits and NFTs.Yatreda’s origin began with a dream. The creative director Kiya Tadele had always wanted to make a movie about the Adwa victory, the 1896 events that saw Ethiopians’ victory over Italian colonial forces. Over four years, the collective has created multiple projects including ‘Kingdom of Ethiopia’, one that captures and celebrates Ethiopian kings, warriors and kingdom; and ‘Strong hair’, which celebrates the beauty of Ethiopian hairstyles in 100 motion portraits. The collective’s most recent project, ‘Abyssinian Queen’, opened at the Toledo Museum of Art in Ohio, USA, and is an appreciation of Ethiopian oral history, based on the story of a queen who is carried by her own people. The project was made during a residency at the Toledo Museum and features a 1,700-year history of artworks from Ethiopia.Here, Wallpaper* chats with Kiya Tadele, creative director of Yatreda ያጥሬዳ, about the collective, celebrating amazing stories of Ethiopia through motion portraits, and ‘Abyssinian Queen’.Yatreda ያጥሬዳ, Mother of Menelik, 2023(Image credit: Courtesy of the artists)Wallpaper*: Where does the story of Yatreda ያጥሬዳ begin?Kiya Tadele: During my childhood days, we lived in front of an Ethiopian Tewahedo church with a little theatre stage within the church compound. My brother and sisters would write little scripts, hoping they would perform what we wrote. We listened to radio dramas where there is only audio, so we always visualised the characters in our imaginations. We didn’t see them on TV, just inside our dreams. So, we would entertain ourselves by talking about the characters as a family. As I grew older, I always saw myself in a different place than in our little countryside. When I was 18, I moved to our capital city Addis Ababa and began modelling school and photography school. I began to understand the artist’s life but wasn’t fully satisfied being a part of other people’s creations only. I began to work with local photographers and international photographers, doing anything for productions, including the lighting department. I met my husband and we worked all over Ethiopia together. I would support him and at the same time learn and exchange a lot of knowledge. W: Why was it so important for you as a family to document century-long stories about Ethiopia?KT: Ethiopian stories can be really hard to find. Many are lost to time. I want to preserve what I know, what I learned from my mother, so that our future generations can continue the tradition.W: How would you describe your creative journey over the years?Receive our daily digest of inspiration, escapism and design stories from around the world direct to your inbox.KT: My creative journey has been growing and growing over the years. Originally, I only worked with my family members, but working with Toledo Museum of Art required engaging with a lot of people because it’s a huge institution. To make a decision, you can have a meeting with many people. This whole experience really helped me boost my confidence, explain my ideas more clearly in English, and become more comfortable doing public speaking. I learned a lot about myself and it became very clear I could be more fruitful to the world after this experience and share everything I have inside.W: Why was it important for you to use NFTs to document these stories?KT: In my public speeches, I have been telling one modern proverb: ‘ብሎክቼን ዉድ ሀብታችን የሆነዉን ባህልየምናስቀምጥበት ካዝና ነው’. It means: ‘The blockchain is a vault for our cultural treasures.’ I really believe that. I love Yatreda’s work existing on a blockchain. Because that is like carving our legends into digital stone.W: You mostly work in monochrome, why is that?KT: Monochrome can give a much-needed layer in-between us, the viewer, and the [featured] character. Many are legends, or historical characters, so it is important to not notice the modern cast playing them. I want it to be about the fantasy character, or someone who lived long ago, not about recognising me or my family members in there. Of course, I would always consider doing colour artwork but for now this is the style I am in love with.W: What inspired the project ‘Abyssinian Queen’?KT: The inspiration is based on collective memory. This idea doesn’t come from a specific painting or existing photo, it comes from oral history. Abyssinian Queen is not a specific historical character, but based on a countryside folktale my sister and I would tell each other growing up. In this oral tradition, there’s a queen who is carried by her people. It is a difficult task. The rule is that if anyone lets out a sigh from exhaustion, they might be punished. So, the people carrying her have a clever trick: they keep saying, ‘Don’t say sigh out loud.’ But, in saying it, they’re sneaking in a sigh. It’s a playful way for them to follow the rule while secretly breaking it. So this cute idea became the base for serious artwork. I first did a very rough sketch. Then my sister Roman painted another reference for me. In Roman’s painting, she multiplied the cast. Roman said, ‘If you make the queen carried by four people only, it reminds me of the rural stretcher-frame ambulance we had growing up, not a queen.’ So although it was a big challenge, I embraced this, and began to develop the other characters surrounding the queen in the composition. Her assistants and interpreters, her wise man who may be a negotiator between kingdoms, and her guards. I cast my cousin Yayu to play the queen. The others are other family members, friends, and neighbours.W: What was the process of creating this project and how long did it take?KT: We made the queen’s carrier by hand using wood and fabrics inspired by the Ethiopian Tewahedo Orthodox church. All the costumes and props are antiques or handmade. We actually shot the footage for ‘Abyssinian Queen’ twice because the first time we were not convinced it was as good as it could be. I changed some things around with the cast, and the second time we returned to the location, we made some magic.Yatreda ያጥሬዳ, Royal Dressing Room, 2024(Image credit: Courtesy of the artists)W: How was the residency, is it still ongoing?KT: The residency at Toledo Museum of Art is for all of 2024. It is aligned with the exhibition ‘Ethiopia at the Crossroads’, which features a 1,700-year history of artworks from Ethiopia. We are so proud to have five large-scale video artworks included in the museum exhibition. Beyond this, Yatreda also developed an immersive experience based around the Ethiopian coffee ceremony. In a collaboration with the hot glass shop at Toledo Museum of Art, we handcrafted glass cups following the traditional Ethiopian design. But like other Yatreda artworks, it is not only to replicate the past; we also added a futuristic element. Inside each glass, was an NFC chip with a unique link. Guests tapped their coffee cups to their phone and revealed a unique Coffee Proverb artwork. Those proverbs were gathered from me chatting with Toledo locals and comparing the American and Ethiopian coffee experience. One is about a fast-paced lifestyle, the other is about slowing down the world around us. Yatreda also developed a physical artwork called the Queen’s Medallion. Together with our amazing curator Sophie Ong, we studied the ancient Aksumite and Roman coins included in ‘Ethiopia at the Crossroads’, and made a kind of ancient diplomatic passport out of bronze. The idea is the Abyssinian Queen is giving safe passage from Abyssinia to Toledo, and by carrying this, you will be safe on your journey. Part fantasy, part history. This medallion was filmed and turned into a video artwork available only to guests who visited the exhibition. The main point is to bring people into the museum, and inspire repeat visits. Our other responsibility is to onboard local people to web3.W: Aside from Ethiopia, who and what has inspired your creative journey?KT: Aside from being in Ethiopia, being a woman, and now a mother, that made my creativity go even further. Especially considering my time, everything is precious, every minute, every second has value. It makes me feel like I have to use any drip out of any idea that comes to my mind, because I know I have a little human growing, and that little human is going to be curious one day to learn about this world.The Yatreda ያጥሬዳ collective’s project ‘Abyssinian Queen’ is at the Toledo Museum until 10 November 2024toledomuseum.org