Energy Storage: 2025 and Beyond

Li-Cycle Holdings Corp. (NYSE:LICY) (“Li-Cycle” or the “Company”), a leading global lithium-ion battery resource recovery company, today announced that its common shares have been approved to trade on the OTCQX Best Market, and that it expects its common shares to commence trading on OTCQX under the symbol “LICYF” on February 27, 2025, when it expects to be eligible for quotation.

“Moving to OTCQX is expected to reduce our costs while continuing to provide us efficient access to U.S. capital markets,” said Ajay Kochhar, Li-Cycle President and CEO. “We remain focused on providing value for all stakeholders and advancing our key priorities, especially securing a complete funding package for our Rochester Hub project and satisfying funding conditions for the first advance under our U.S. Department of Energy (“DOE”) loan facility. With our finalized DOE loan facility, top-tier partnerships across the global critical minerals and lithium-ion battery supply chains, and patented Spoke & Hub Technologies, Li-Cycle plays an important role in strengthening the U.S. energy industry due to our ability to produce critical minerals domestically.”

The transfer to OTCQX does not affect Li-Cycle’s current day-to-day business operations or its reporting obligations with the U.S. Securities and Exchange Commission (“SEC”) and under other applicable securities laws. The OTCQX Best Market is the highest level of OTC Markets on which 12,000 U.S. and international securities trade. Streamlined market requirements for OTCQX are designed to help companies lower the cost and complexity of being publicly traded while providing transparent trading for their investors. To qualify for OTCQX, companies must meet high financial standards, follow best-practice corporate governance, and demonstrate compliance with applicable securities laws.

The Company received written notice today from the New York Stock Exchange (“NYSE”) that it has suspended trading of Li-Cycle’s common shares effective immediately and started the process to delist the Company’s common shares from the NYSE. NYSE’s actions relate to recently enacted changes to Section 802.01C of the NYSE’s Listed Company Manual. The NYSE determined that the Company was not in compliance with NYSE regulation, because the average closing price of Li-Cycle’s common shares was less than $1.00 over a consecutive 30 trading-day period and the Company had effected a reverse stock split within the prior one-year period. The Company expects to advise the NYSE that it will not appeal the NYSE’s delisting determination.

In addition to the OTCQX, the Company plans to list its common shares on another eligible market in accordance with the terms of its convertible debt. The Company has obtained waivers from its convertible debt holders, Glencore Canada Corporation and Wood River Capital, LLC, to permit the move to OTCQX as an eligible market for the Company’s common shares which waivers extend to April 30, 2025. Additional information regarding this announcement, including the form of waivers from Glencore Canada Corporation and Wood River Capital, LLC, will be included in a Current Report on Form 8-K to be filed with the SEC.

Li-Cycle | https://li-cycle.com/

Kern Energy is announcing a significant investment in its Bakersfield, CA refinery, reducing its carbon footprint while improving efficiency with Claire Technologies' hydrogen storage and release system alongside seven HyAxiom, Inc. hydrogen-powered fuel cells. Building on its 90-year history as a renewable fuel pioneer producing California gasoline and diesel, Kern Energy is spearheading this first-in-kind project that will reclaim, store and utilize co-produced hydrogen. 

"Kern Energy is proud of our long history of innovation, leveraging existing infrastructure and talent toward tackling the challenges of climate change," said Jennifer Haley, President & CEO of Kern Energy. "This project embodies our all-of-the-above approach to achieving climate goals—collaborating with forward-thinking partners to empower Kern Energy to reliably and affordably supply the fuels our state needs today, while serving as a catalyst and incubator for transformative technology that will shape the fuels of tomorrow. California is poised to be the national leader in clean new hydrogen technologies and Kern Energy is proud to do our part." 

A global leader in fuel cell technology providing power and heat for commercial and industrial uses, HyAxiom will provide its commercially proven fuel cell capable of operating on 100% co-produced hydrogen, producing up to 3 MW of zero-emission electricity to the refinery. "The installation of HyAxiom's hydrogen-powered fuel cells at Kern Energy's refining facility represents a transformative step forward in clean energy innovation," said Doo Soon Lee, CEO of HyAxiom, Inc. "As demonstrated by over 70 MW of the 100% direct hydrogen-powered fuel cells in operation globally, we will deliver resilient, emission-free electricity while supporting the decarbonization of critical industries like refining. We are proud to play a role in advancing the use of hydrogen as a key solution for achieving a more sustainable energy future in the Americas." 

Incorporating Claire Technologies' patented system, the project will also store hydrogen in a stable liquid form, making it available for on-demand release to serve other processes within refinery operations when needed. "We are delighted to partner with Kern Energy and HyAxiom to demonstrate our ability to store hydrogen in existing tankage which can then be released on demand using Claire's proprietary EzH2TM technology. This opens the door for large-scale energy storage to be achieved using existing refinery facilities," said Paul Allinson, Founder of Claire Technologies. "This collaboration marks a significant milestone in the pursuit of advancing clean energy technologies and revolutionizing hydrogen storage at ambient conditions in the energy industry."  

The project, expected to come online in 2027, is the latest in Kern Energy's efforts to drive innovative solutions that will make our work, our fuels, and our communities safer, cleaner and healthier. 

Kern Energy | www.kernenergy.com 

HyAxiom | https://hyaxiom.com/

Claire Technologies | www.clairetechnologies.com

Cypress Creek Renewables and Meta have signed a landmark Environmental Attribute Purchase Agreement (EAPA) that will enable Cypress Creek to construct a 505MWdc solar facility in Texas. This agreement supports Meta's goal to match its operations with 100 percent clean and renewable energy. The new 505MWdc (396MWac) solar facility, Hanson Solar, will be owned and operated by Cypress Creek in Coleman County, Texas. Once operational, the project will deliver electricity to the ERCOT grid, contributing to grid reliability while supporting Meta's clean energy commitments.

"We are thrilled to expand our partnership with Meta and provide them with the clean energy needed to support their data center operations and sustainability goals," Sarah Slusser, CEO of Cypress Creek Renewables, said. "Hanson Solar represents a transformative milestone for our company, strengthening our growth, enhancing energy independence, and driving millions of dollars in economic benefits for our host community."

Hanson Solar is expected to provide more than $80 million in local tax revenue and create more than 300 jobs during construction. 

"We are thrilled to collaborate with Cypress Creek Renewables to bring solar energy to the grid in Texas – and support our operations in the region with clean and renewable energy," said Urvi Parekh, Head of Global Energy at Meta. "We look forward to this project becoming operational." 

Construction of Hanson Solar is scheduled to begin later this year, with operations expected to commence in 2027.

Cypress Creek Renewables | https://ccrenew.com/

First Student, the largest and most chosen student transportation provider and the leader in electrified student transportation, has surpassed 5 million miles driven in electric school buses. This achievement, which comes just months after reaching the 4-million-mile mark, underscores the company's industry-leading position in sustainable student transportation. At 5 million miles, First Student's electric school buses have safely traveled the equivalent of more than 10,000 cross-country trips across the U.S., more than any other transportation provider. The benefits of electric school buses go beyond sustainability, offering quieter, safer and healthier transportation for students and communities.

First Student's electric mileage is growing rapidly, and the company expects to reach 6 million miles in the next few months. The remarkable progress is largely credited to First Charge, First Student's innovative above-ground EV charging solution. First Charge continues to revolutionize school bus electrification by eliminating the need for extensive trenching, significantly reducing installation costs, and enabling rapid deployment even in cold-weather climates.

"Surpassing 5 million electric miles is another incredible milestone for our team and the communities we serve," said First Student CEO & President John Kenning. "At First Student, we hold ourselves to the highest standards, embracing innovation and teamwork to drive meaningful progress. Electrification is key to our mission of providing the safest, cleanest and most efficient transportation for students. With First Charge, we are making school bus electrification more accessible, accelerating the transition to a sustainable future and ensuring children experience quieter, healthier rides to school."

"Every electric mile driven means reduced emissions, cleaner air and a safer ride for students," said Kevin Matthews, head of electrification at First Student. "We are proud to lead the industry in electric school bus adoption and will continue to develop cutting-edge solutions that enable districts to transition quickly and cost-effectively."

First Student has been recognized for its commitment to sustainable transportation, winning the BIG Award For Green Product Of The Year and the 2025 Edison Award for scalable clean transportation energy. These prestigious awards highlight the standard First Student has set for sustainability, safety and excellence in the push for a greener future for students and communities globally. This latest milestone builds on First Student's broader commitment to advancing clean transportation solutions.

First Student | https://firststudentinc.com/

SMT Energy has secured funding for a 160 MW / 320 MWH battery energy storage facility in Houston, TX known as SMT Houston IV. As part of the capital stack, Macquarie Group ("Macquarie") and KeyBanc Capital Markets ("KeyBanc") were joint lead arrangers in a US$100 million project financing facility. Macquarie's Commodities and Global Markets business also provided a preferred equity investment and are mandated to sell the project's investment tax credits of approximately US$62 million. KeyBanc also acted as financial advisor to SMT on the financing. Equipment for the project is being obtained by FlexGen Power Systems ("FlexGen"), one of the premier battery energy storage integrators in the US.

"This was no small feat. SMT is grateful to the teams at Macquarie, KeyBanc and FlexGen for their expertise and deep industry knowledge to get this complex deal across the line," noted J.J. Switzer, Co-Founder and Managing Partner of SMT Energy.

The project will be connected to the ERCOT power grid, allowing the facility to participate in the wholesale market supplying energy and ancillary services. Battery energy storage is playing an increasingly pivotal role in providing grid stability and reliability to the rapidly growing ERCOT system, which has seen significant growth in load and intermittent power generation in recent years. The SMT Houston IV project will support the ERCOT grid by providing access to stored energy, with the project expected to store and dispatch enough electricity to power the annual consumption of 8,800 homes in Texas.

"We are pleased to work with SMT on this transaction, which demonstrates our ability to bring multiple capabilities together to provide clients with innovative solutions in this growing market" said Tom Colebatch, Managing Director in Macquarie's Commodities and Global Markets business.

"KeyBanc is excited to serve as joint lead arranger and financial advisor for SMT on the Houston IV project," said Tyler Nielsen, Director in KeyBanc Capital Markets' Utilities, Power and Renewables Group. "This partnership shows our dedication to SMT Energy and the battery energy storage market, and we look forward to supporting storage deployment for many years to come."

In addition to providing the equipment, the project will utilize FlexGen's energy management system software, known as HybridOS, which provides site integration, site control and advanced analytics insights to maximize the availability and operating ranges of battery energy storage assets. "FlexGen is proud to partner with SMT Energy on the deployment of the SMT Houston IV project, which will deliver critical services to the dynamic ERCOT power grid," said Jason Abiecunas, Executive Vice President of Business Development with FlexGen. 

With this closing, SMT Energy has eighteen utility-scale battery energy storage assets, encompassing approximately 500 MWH, in operation or construction. In addition, SMT Energy has a 2 GWH pipeline of battery energy storage projects in ERCOT and Southwest Power Pool targeted for commercial operation by 2030.

SMT Energy | https://smtenergy.com/

Homerun Resources Inc. (TSXV: HMR) (OTCQB: HMRFF) ("Homerun" or the "Company") is pleased to announce that the Company has signed a non-binding offtake agreement with Balfar Solar Indústria Fotoelétrica S/A ("Balfar").

Balfar is an established top-three manufacturer of solar panels in Brazil, with operations in the city of Parnavaí, PR, and currently sources its solar glass needs through imports. Balfar is interested in purchasing the solar glass manufactured in Brazil, by Homerun. 

Homerun is interested on supplying, and Balfar is interested in purchasing, a minimum of 100,000 (one hundred thousand) tonnes of solar glass per year, starting with the startup of production of the Homerun Solar Glass Plant. The initial price for the solar glass is set at USD 750 (seven hundred and fifty dollars) per tonne, Free On Board (FOB).

The parties have also agreed to initiate discussions on a potential Joint Venture (JV) over Balfar's solar module business, with the goal of expanding the resulting Joint Venture's sales of solar modules into the Brazilian Solar Market and through the JV, securing increased vertically integrated sales of Homerun's silica sand and solar glass. The JV also provides a pathway for Homerun's recently announced Perovskite Solar initiatives. Recent Brazilian regulatory and tariff transitions imposed on imported solar modules into Brazil provide a more competitive opportunity for domestic solar module producers.

This Agreement is non-binding and aims to outline the basic terms of the potential supply and JV arrangements between the Parties. It does not create any legal obligations or liabilities for either Party. The Parties agree that binding agreements shall supersede this Agreement, based on the development of the solar module JV and/or once the solar glass plant reaches a Bankable Feasibility Study.

This Agreement, is a crucial element of Phase 3 of the Homerun Strategic Roadmap, aiming to become a fully integrated materials company, scaling revenue across silica, advanced materials, solar and energy storage.

"Homerun is now recognized as a growing vertically integrated solar enterprise, by the key domestic players in the Brazilian solar industry. This Agreement opens the door for our continuing vertical integration into the sector, supporting our value creation strategy," stated Armando Farhate, COO of Homerun.

Balfar Solar Indústria Fotoelétrica S/A | (https://balfarsolar.com.br/

Homerun | www.homerunresources.com

A review by the SUN DAY Campaign of data just released by the U.S. Energy Information Administration (EIA) confirms that throughout 2024, solar remained the nation’s fastest growing source of electricity as the mix of all renewables increased their output by almost 10% and provided almost a quarter of the total.

Key Year-to-Date (YTD) Trends for Solar:

In its latest monthly "Electric Power Monthly" report (with data through December 31, 2024), EIA says the combination of utility-scale and “estimated” small-scale (e.g., rooftop) solar increased by 26.9% in 2024 compared to the same period in 2023.

Utility-scale solar thermal and photovoltaic expanded by 32.0% while small-scale solar PV increased by 15.3%. Together, solar was nearly 7.0% (6.91%) of total U.S. electrical generation for the year.

In December alone, electrical generation by utility-scale solar expanded by 42.0% compared to December 2023.

Small-scale solar (i.e., systems <1-MW) accounted for 27.9% of all solar generation and provided 1.9% of U.S. electricity supply in 2024.[1]

In fact, small-scale solar PV is now generating nearly twice as much electricity as utility-scale biomass as well as over five times more electricity than either utility-scale geothermal or the mix of petroleum liquids and coke.

Key 2024 Milestones for the Mix of Renewables:

The electrical output of the nation’s wind farms in 2024 was 7.7% more than that of a year ago. Wind remains the largest source of electrical generation among renewable energy sources, accounting for 10.3% of the nation’s total.

The combination of wind and solar provided more than 17.2% of the nation’s electrical generation during 2024.

The mix of all renewables (i.e., wind and solar plus hydropower, biomass and geothermal) provided 24.2% of total U.S. electricity production in 2024 compared to 23.2% of electrical output a year earlier.

Between January and December, electrical generation by renewables grew by 9.6% compared to the same period the year before – nearly three times the growth rate of natural gas (3.3%) and over ten times that of nuclear power (0.9%).

In December alone, electrical generation by renewables grew by 10.1% compared to December 2023.

Other Note-Worthy Developments:

During 2024, wind out-produced hydropower by 87.2% while solar generation surpassed hydropower by 25.2%. [2]

Further, during the year, the combination of wind and solar produced 15.9% more electricity than did coal and came close to matching nuclear power’s share of total generation (17.2% vs. 17.8%).

The mix of renewables reinforced their position as the second largest source of electrical generation, behind only natural gas.

"Renewable energy sources now provide a quarter of the nation’s electricity," noted the SUN DAY Campaign's executive director Ken Bossong. "Consequently, the rash efforts of the Trump Administration to undermine wind, solar, and other renewables will have serious negative consequences for the nation’s electricity supply and the economy."

Source:    

EIA released its latest “Electric Power Monthly” report on February 26, 2025. The full report can be found at: https://www.eia.gov/electricity/monthly

For the data cited in this release, see Table ES1.B (“Total Electric Power Industry Summary Statistics, Year-to-Date 2024 and 2023”) as well as Table ES1.A (“Total Electric Power Industry Summary Statistics, 2024 and 2023”)

Notes:   

[1] In its “Electric Power Monthly” report, EIA refers to small-scale or distributed solar as “Estimated Small Scale Solar Photovoltaic.” Unless otherwise indicated, all calculations presented in this release include electrical generation by small-scale solar which EIA estimates to have totaled 84,630 gigawatthours (GWh) during 2024.

  [2] In 2024, wind produced 453,454 GWh (10.3%) of total U.S. electrical generation while utility-scale and small-scale solar combined produced 303,168 GWh (6.9%) and hydropower produced 242,226 GWh (5.5%).

EIA | www.eia.gov