France’s Engie will invest $1.8bn in renewable projects in Chile over the next three years. The utility’s CEO Catherine MacGregor announced the news on April 10 while visiting the country. 

“In Chile, where we have had a historical presence for 100 years, we are executing this transformation on a national scale, and it is very strategic for us, because being successful in Chile is also proof of what we can do on a global scale,” Ms MacGregor told local newspaper El Mercurio.

The $1.8bn pledge represents up to 15% of the €13bn to €14bn the French group plans to invest in renewables globally by 2026. 

South Korea to provide $5.3bn to help battery firms invest in US

The government of South Korea has allocated more than Won7tn ($5.3bn) to help battery firms and material suppliers invest in the US, following the introduction of the Inflation Reduction Act (IRA) in mid-2022. 

The resources will come in the form of loans, guarantees and other financial incentives over the next five years, provided by the country’s Export-Import Bank and K-Sure (Korea’s trade insurance institution), according to an April 7 press release from the minister of Trade, Industry and Energy. 

The IRA introduced generous incentives for buyers of electric vehicles produced in the US with critical minerals and battery components sourced locally or with trade partners. 

Its stringent requirements caused backlash among trade partners, even those with a free agreement with the US in place, such as South Korea. 

Tesla to build new battery factory in Shanghai

Electric mobility powerhouse Tesla has unveiled plans for a new battery factory in China. 

“Our next megafactory will be in Shanghai — capable of producing 10,000 megapacks per year,” the company tweeted on April 9. 

Tesla’s megapacks are scalable lithium-ion battery systems storing renewable energy for electricity grids. So far, Tesla has deployed more than five gigawatt hours (GWh) of megapack solutions worldwide, according to company’s figures. 

The new facility in Shanghai will be able to provide the equivalent of 40GWh of energy storage and is expected to come online in the second quarter of 2024. 

And finally: The Saudi ministry of investment has signed a memorandum of understanding with Omani firm Al-Aflaj to establish a factory producing liquid fertilisers, the ministry confirmed on April 9.