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Renewable Energy Outlook For Asia Pacific 2012

Jimmy Eriksson — Sun, 15 Jan 2012 12:51:04 +0000

For Asia Pacific, the top six predictions for 2012 are:

1. Conventional Power Generation & T&D Infrastructure Development will be the strongest and largest source of revenue for power equipment industry.

2. There will be a 20 % growth in the renewable energy markets in 2012, in terms of total investments.

3. There will be a 10 percent increase in capital expenditure on Oil & Gas for refining capacity in 2012

4. Government support will assure 13.7 percent growth in the energy markets.

5. Large companies will continue to find mergers for smart grid solutions, but utilities will only slowly adopt smart grid technologies in Asia Pacific.

6. Some major policies emerging from the Durban Climate Change Talks

According to Frost & Sullivan report, in Asia Pacific the strongest driver for renewable energy will be; Energy Security & fuel Diversity; Emphasis on Smart Energy; Growth in Energy Demand and Investment in new Infrastructure. These 4 drivers are going to support a 20 percent growth in renewable energy in the Asia Pacific markets in 2012.

Yet, there are some key restraints such as; economic uncertainty; project cost & currency fluctuation and delayed market liberalization, which is going to act as challenges for a constant growth. Efficient government support will, however, help to tackle a high degree of the restraints.

Source: Frost & Sullivan (Slide 5)

For the field of solar energy, China will act as powerful global manufacture of solar-energy solutions. She will also be one of the fastest growing solar markets in Asia, particularly for on-grid Solar PV. Other markets such as Malaysia have had Panasonic and Bosch investing heavily in PV manufacturing plants. Yet, Thailand is expected to have a weak progress in the solar market due to floods.

In Japan feed-in tariff is will help solar PV to be sustained, and experience a favorable growth. In other countries such as Australia, government policies such as imposition of ‘Carbon Tax’ will support the solar market to grow.

Forecast for Solar PV Installed Capacity in 2012

- Total Capacity installed 5,330 MW
- Market growth of 38.6 percent
- Japan represent 2,600 MW
- China Representing 1,360 MW
- India Representing 450 MW
- Australia representing 450 MW
- Korea representing 150 MW

In 2012, Asia Pacific will remain the world’s fastest growing market, in relation to its new installed capacity followed by North America and thereafter Europe. Besides, in Asia Pacific, china will be the largest consumer of renewable energy due to its strong demand of power. In the China, there will be drive to go towards offshore wind power.

Forecast for Solar PV Installed Capacity in 2012

- Total World Capacity Installed 21, 257 MW
- A Capacity growth of 26.7 percent
- China representing 15,000 MW

Nevertheless, coal fired power plants will maintain the strongest capacity creation. But, the emphasis will be on ultra supercritical boilers and other systems where pollution can be controlled and minimized. In countries like India, China, Indonesia, Vietnam and Mongolia there will be an attractive demand for coal power in 2012. In overall, conventional power can expect an anticipated investment of $130 to $140 billion which represents a growth of 4 to 5 percent, but as mentioned the focus will be on clean coal fired generation plants.

In the expansion of smart grids, companies such as Schneider, CISCO and Toshiba will start to invest more attention. They will foster strategic international partnership to deploy new smart grid technology into countries. The expected investment is US$ 10 billion, which represent a growth of 60 to 70 percent, since 2011. The key markets for smart grid in Asia Pacific will be China, Australia, Korea and Thailand. There are currently smart grid projects which are reaching its completion stage in Korea and Australia.

Source: Frost & Sullivan (Slide 15)

Source: Frost & Sullivan

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Update on Masdar – World Largest Carbon-Neutral City -

Jimmy Eriksson — Tue, 20 Sep 2011 23:55:14 +0000

Masdar, an Abu Dhabi company, had to cancel their plans for a building that generates more energy than it exhausts. This was to be the first building of its kind. This setback occurred one year following the financial crisis that caused Masdar to terminate their scheduled creation of the first carbon-neutral city.

Masdar holds the permits to the world’s first energy export development. Although a design was chosen for Masdar’s headquarters, the company says it will be electing a different model. The original design was chosen by Adrian Smith and Gordon Gill Architecture.

The headquarters will be built in the capital city of Abu Dhabi. In response to questioning, Masdar has stated that their headquarters will be built in phases, according to the economic circumstances and market needs of the present time. Although Masdar has made these comments, they have not said whether or not their headquarters will actually make more energy than it consumes.

Using a 22 million-dollar government grant, Masdar was to create a carbon neutral town, called Masdar city, where individuals and companies could practice renewable-energy developments. However, the advocate for the Middle East’s most impressive plan to harness expendable energy had to admit to their setback following the financial crisis in 2006. The first stage of the city has been pushed back until 2015.

Masdar said that their new headquarters, which will be the centerpiece of Masdar City, will obey the maintainable construction customs of the city. According to Gordon Gill, a partner at Masdar, Mubadala Development, the parent company to Masdar and Masdar itself has been having second thoughts about the new building.

Gordon has also commented via phone on a September 8 interview. Gordon said that the slab for the headquarters was built in 2009. However, Mubadala Development and Masdar have made various changes to the building such as budget, size, and tenants. Gordon will hear in roughly a month, whether the project is a go or not.

In 2006, the United Arab Emirates, who hold seven percent of global oil reserves, began suggesting building proposals for the new headquarters. In July 2008, oil, prices rose roughly $40 a barrel from 2004.

In order to branch out its economy, Abu Dhabi began evolving new industries. As the capital of the United Arab Emirates, Abu Dhabi holds the majority of the oil areas. In order to be the forerunner in renewable energy, Abu Dhabi has begun capitalizing on wind and solar panel projects. The goal of this country is to be producing around 7 percent of its power needs through these renewable power springs by the year 2020.

Originally, the headquarters of Masdar was to produce three times more energy than was necessary to run the building. Annually, at this rate, Masdar’s headquarters was to create 5.5 GW of renewable energy. To cool the building, the headquarters was to have 11 glass-closed towers that achieve results by expelling warm air through the roof.

Autodesk Inc is a company that provided software for this pitch. A senior manager of sustainability with Autodesk Inc has been reported to have said that the headquarters of Masdar was to start creating energy during its construction. Emma Stewart has also reported that the building was to be built starting with the cooling cones that support the roof. The rest of the building was to be built around these structures.

Masdar has reported that the primary phase of the new headquarters was to commence in the later part of 2013. The company has commented that pictures of the new headquarters are not available.

At the current time, Masdar City is comprised of student facilities and a university that has joined up with the Massachusetts Institute of Technology.

By the year 2020, The UAE is hoping to have raised $100 billion from investors outside their company. These funds will be raised through a presentation and will pay for sustainable energy projects.

Source: Times of Oman and EV-Wind

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Japan’s Green Town Being Built by Panasonic: Fujisawa SST

Jimmy Eriksson — Sat, 11 Jun 2011 16:21:09 +0000

The SMART Town is a project that is not only going to save energy but will change the concept of how towns are constructed in Japan.

In collaboration with eight companies Panasonic is building an eco-energy town, which is going to be full-fledge with energy saving technologies. In theory, the houses that are going to be established won’t emit any carbon dioxide. The expected date of completion of the SMART Town is March 2014.

The town will probably be named Fujisawa Sustainable Smart Town (SST) and it will be the world’s greenest town. The great progress with this new town is that it will help people to understand how green technology can be incorporated into new infrastructures. Yet, it is certain that the cost of the project is immense.

The Fujisawa SS Town will be constructed on a site of 47-acre, where a Panasonic factory once stood. It is approximately 50 KM from Tokyo, and the area will accommodate 1,000 modern-energy saving houses.

The energy generating technology will mostly come from solar panels. This energy will then be stored in a ‘lithium-ion storage battery that has been developed by Panasonic’. The battery is according to Panasonic able to store electricity for week consumption. To further save energy a range of ‘eco-or low generating household appliances’ by Panasonic will be installed.

This range of ECO NAVI appliances has very efficient systems. For example, the ECO NAVI refrigerator has special sensors installed on the door to detect light, hours of access, and other indicators to minimize the energy usage of the appliances. The refrigerator, ECO NAVI series is as much as 10 percent more efficient than other similar low-energy refrigerators.

The main goal of the town project is to be 70 percent more efficient than towns of similar size in 1990. This means that the town should emit only 30 percent of carbon dioxide, level emitted by similar sized towns in the 1990.

The architecture of the town is being planned, taking into consideration the actual landscape. Green axis will be installed, such as green parking and even vegetation lines. In addition, to the energy saving appliances, only green cars should be owned by Fujisawa SST residents. The aim is to establish a complete carbon free-town. In such a project, the choice of the car plays a primordial role.

This project is even going further in creating shared car services where a few cars can be used by 10 to 20 households. In addition, electric bicycles will be made available for resident to share in the same way.

Even back-up system will be established in the SMART Town. Taking into consideration the high risk of earthquakes in Japan, public battery storages will be provided in public areas and parks. This will accommodate, for potential damage of the individual household battery.

A ‘Smart Energy Gateway’ will be used to split the energy channels; for example, appliances will be on a separated energy network. Energy used to heating or lighting will be on another network.

It is definitely the right time to establish Fujisawa SST. The recent devastating effects from the Fukushima nuclear plant is putting intense pressure on energy saving. Equally, in the Central of Japan, the Hamaoka plant is going to be shut-down due to safety issues. This will further heighten the need for stable and safe energy supply.

Private firms in Japan have recently been requested to slash energy consumption by 15 percent while households are being requested to use fans instead of air-conditioners.

Naoto Kan, Japan’s Prime Minister did also support the reliance of cleaner sources of energy such as wind and solar power. So Panasonic is going a step further to lead the energy-saving change. This will likely help the company to flourish even further through its intense know how and knowledge in constructing green towns.

Last year, Panasonic did eventually merge with Sanyo, which is another Japanese leading energy company. Now Panasonic is Japan’s second largest electronic company, ranked just after Hitachi Ltd. In addition, the merge of Panasonic with Sanyo promoted the development of the lithium-ion battery, which is going to be used in the SMART Town.

The common impetus of green technology is it energy saving potential. But it’s cost is expensive. The cheapest way to integrate green technology is from start to finish. It is radically expensive to remodel and restructure existing infrastructures. So it is probably, hard to have major cities such as New York, to follow the green wave.

Source: Singularity Hub

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A Study On Solar Power In Madagascar

Jimmy Eriksson — Fri, 13 May 2011 00:32:44 +0000

Scientists from Madagascar Biodiversity Center have developed a new tool for the study of species. These are the species which are in danger due to deforestation, i.e. clean power. Solar panels have been installed by the volunteers, which can save research time while the power outages, thus reducing the carbon footprints of the center.

This center was made by Dr. Brian Fisher from the California Academy of Sciences in 2004. It helps in the promotion of awareness and preservation of Madagascar’s plant and animal life.

According to an estimate 80 percent of the species are new to the island, and has suffered severe biodiversity loss during last few years. The cause has been deforestation.

The researchers and the research students have difficulties to store their collections. This difficulty is due to a power outage caused by rainstorms or peak power demand. The diesel generators are commonly unable handle high demands.

The researchers from solar manufacturer Sun Power of San Jose and from the non-profit Vote Solar initiative in San Francisco worked to install 7.8 kilowatt system together with a solar company (Energie Technologie).

Energy Technologies: This is a developer of solar energy system. In Madagascar, solar energy gives power to a whole center. It also gives power to the remote regions, which don’t have power grids. The power is provided with the help of small rooftop photovoltaic systems.

There are also laws to protect Madagascar’s forests. Yet, poachers extract burned trees in order to make charcoal. Then after that they are sold for fuel purpose.

After the installation of the solar panels at the Center, Dr. Fisher and his fellow researchers went to the village of Ranobe to have a meeting with civic leaders. This meeting was arranged to discuss the location for solar installation and various ways to protect week echo system. Most villagers are now aware of the potential of solar power. Yet, leaders are very slow to cooperate.

Nearly, 90 percent of the natural habitat has been destroyed, and wood cutters keep on damaging the species.

Meetings with above a hundred villagers have been held. The progress is still very slow. A new lighting system was also developed along with many other arrangements in the forest. This was done so that the poachers wouldn’t harm natural species. These efforts will surely bring some change in the environments, as the researchers are working hard.

Source: Reuters

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Google’s Investing In Renewable Energy: California

Jimmy Eriksson — Sun, 01 May 2011 22:55:25 +0000

Google did an investment of $100 million in the wind farm in Shepherds Flat (Oregon). After completion the farm will be considered the biggest farm in the world as it will produce 845MW of clean energy. Similar kind of investment was also recently done in California for a solar power tower and mobile bio-fuel production from garbage. Google has invested $350 million in the field renewable energy.

Southern California Edison will buy the power generated from the wind farm. This will help the company to reach its goal of producing 33% it’s energy from alternative sources by 2020. This will happen for the first time in USA that an advance technology of a permanent magnet generator will work through wind turbines. According to this technology the generators, rotors will spin fast, which this will further cut the cost and makes the system reliable.

Google itself is making this investment, so as to faster reach its goal of becoming carbon neutral. Google will definitely get big profit from this project because more renewable energy will be used for utilities. As the requirement of this energy in California is 33% so the need for energy will give a big benefit to the investors.

This project is done for a ten-year contract, and the Shepherds flat wind farm will cover an area of 30 sq miles in eastern Oregon. The farm will have 338GE 2. 5 MW turbines which, will cost $1.4 billion. In addition, the farm area will have roads covering 85 miles and power lines covering 90 miles.

There is no doubt that the project is very big. It costs is estimated at $2 billion. This wind farm will produce energy in the form of wind, solar, hydro and geothermal power. Yet, it is essential to find an appropriate way to store renewable energy. So that clean energy can one day act as the main sources to future energy supply.

The project will be working with the current grid. A smart grid designed to support power from plants which generate variable amounts of energy. Though to store power with batteries, is the real way, but for storing hundreds of megawatts the grid needs a big amount of heavy batteries. This is unfortunately impossible but the technology will be developed in the upcoming years. This does, however, require huge investment in the field of research and development, of energy storage technology.

Google is greatly admired for doing this renewable project. It’s aim is become carbon neutral. So for this purpose, a big amount of money is invested so that what Google says is also practiced. This practical thought has earned Google more fame worldwide. Thus one can see that Google is not just a company working for the internet and preaching about renewable energy but is working and investing in big projects. This is surely great news for the people of California and other states of USA. It will help a lot to people to meet their energy demands.

Google has become the centre of attention to all: Internet as well as it’s renewable energy practices.

Source: Caivn.org

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BNEF Announces A Fall of 34% In Clean Energy Investment Due to Incentives Cut in Europe

Jimmy Eriksson — Sat, 23 Apr 2011 12:42:22 +0000

Weighed down by the U.S.’s low natural gas prices and Europe’s subsidiary cuts, Bloomberg New Energy Finance announced that in this year’s first quarter new investment in the field of renewable energy has dropped to its lowest in two years.

The London based researcher stated today that, money flowing into share sales, private equity, asset finance as well as venture capital fell to $31.1 billion in the first quarter of 2011. It represents a decrease of more than a third of the venture capital in last quarter 2010, which amounted to $47.1 billion.

Reductions in guaranteed prices paid for electricity produced by renewable sources have been announced by many countries, including Spain and Germany. Rates are being reviewed by the government of UK. Prices of gas fell to its lowest in the US since 2002 despite a halt in production.

According to, Michael Liebreich, the chief Executive for BNEF, a slight hangover was visible in the first quarter due to the activity seen in hectic investment in the late months of last year as investors hurried to close deals to reach their internal targets or to catch expiring feed-in tariffs in some countries including Italy, the Czech Republic and Germany,

New Energy Finance, furthermore, stated that investment in solar parks, wind farms and other sources of renewable energy has changed the rising trend. It was the first quarter, reported lower than 2009 first quarter’s expenditure of $20.5 billion.

According to the study, asset finance came down from $36.6 billion to $25.7 billion at the end of 2010, European solar and US wind sectors having dropped the most, said the analysis. Investment in wind power rose to $10 billion, representing an increase by a fourth in China. Equally, in last year’s same three months, Brazil doubled their investment to $2.1billion, said the BNEF.

The analyst company also stated that Alternate Power Companies share sales for last year end fell from $8.1 billion to $3.6 billion, with transactions of Sinovel Wind Group Co. listing $1.4 billion. A rise from $1.7 billion to $1.8 billion during the last three months was reported on the venture capital and private equity funding for renewables.

Source: Bloomberg

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Opcon Signs Deal on Clean Energy (Swedish Company)

Jimmy Eriksson — Thu, 21 Apr 2011 23:09:48 +0000

In an effort to promote a cleaner and healthier environment, Opcon AB (OPCO), a Stockholm-based technology group, signed an agreement to invest 250 million kronor ($40 million) in clean energy and energy efficiency businesses.

The Clean energy company has successfully joined an Opcon agreement with GEM Global Yield Funds Ltd and GEM Investment Advisors Inc.

Opcon has decided to use funds to increase the pace of the growth of its renewable energy business, it said in the statement, as it has developed technology that produces electricity from waste heat.

The company does today have the possession of leading technology in recovering waste heat and to turn it into energy. According to Opcon’s chairman Gabrielsson, they are effectively helping growing economies such as China to save energy.

China set the precedent by being the top investor in 2010 for utilizing renewable energy. Its efforts have entailed other countries to follow in their efforts to improve the environment. Sweden has been one of the first countries to jump on the bandwagon.

Source: Bloomberg

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World Council for Renewable Energy’s Mission: Ban New Nuclear Power & Shift to Renewable Energy

Jimmy Eriksson — Mon, 21 Mar 2011 22:36:50 +0000

In a press statement, WCRE asserts a worldwide and organized effort to ultimately prohibit all nuclear power. After the incidences in Three Mile Island, Chernobyl, Harrisburg and Fukushima, it is time to make a move and cut off dependence and eliminate this enormously unsafe and risky technology. Furthermore, they stated that it does not matter if there is lower likelihood for the similar incident to happen in any nation, this situation cannot be overlooked. And when it does happen since it would be inevitable, as supported by the mathematical law of chance, it would cause risks of uninsurable and insurmountable damage, which would practically affect not only the present generation in fatalities and tragedy, but even those in the future as well.

Fukushima Daiichi plant suffered four explosions

To date, four explosions have been experienced at the Fukushima Daiichi nuclear power plant after the earthquake and tsunami that occurred on March 11, 2011. Throughout these events, the plants have repetitively discharged radiation, which in most times surpassed the government’s annual exposure limits, and residents who live within 20km were asked to evacuate.

Statements of Japanese nuclear officials and government authorities were released providing information, conflicting at times, about the nuclear plants’ condition. On March 12, Japan’s Nuclear and Industrial Safety Agency (NISA) reported that the first explosion’s cause could be from the reactor core’s meltdown. Meanwhile, spokespersons of Tokyo Electric Power Company in Tokyo, Japan and Japanese government authorities explained that it was the build-up of gases that caused it.

Incident is INES level 6, according to French Nuclear Authority

On March 12, 2011, officials of the Japanese government have estimated the explosion to be a level 4 incident. Currently, the only level 7 occurrences were in Ukraine in 1986, at the Chernobyl Nuclear Power Plant, meanwhile in Mayak, Russia in 1957, there was a level 6 incident during the Kyshtym Disaster.

Autorité de Sûreté Nucléaire president André-Claude Lacoste in France on March 15, 2011 said that the fourth explosion at the plant on March 15 has raised the situation to level 6. This is the next to the highest level based on the International Nuclear and Radiological Event Scale (INES).

U.S. DOE maintains steadfast support on new nuclear plants

Despite the increasing worldwide public uproar against nuclear power influenced by the emerging recent reports of the Fukushima incident, things aren’t changing all over the world. U.S. Department of Energy Secretary Steven Chu, on March 15, 2011, has reiterated the U.S. government’s commitment to four new U.S. nuclear reactors’ loan guarantees.

Nuclear plant situation causing damage to the international economic system, says WCRE.

The WCRE also points out that the Fukushima plants’ failings could have a significant impact on international economics, implying that the nuclear power plants’ emergency shutdown has brought about a cycle of organized black-outs in one of the three primary international financial centers of Tokyo. Furthermore, the organization asserts that the world can be exclusively be sustained by renewable energy.

Source: Solar Server

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Producing Hydrogen as a Renewable Resource

Jimmy Eriksson — Fri, 18 Mar 2011 23:11:44 +0000

Siemens, at this moment, is part of a team investigating on the myriad of approaches on how to convert carbon dioxide (CO2) into useful chemical raw materials. In this research, they are taking into account the possibilities of removing the gas permanently from the environment. Such a process of fossil fuel combustion can reduce the effects of CO2 on global warming. For this moderately non-reactive CO2 conversion, renewable resources will be the source of energy used.

CO2RRECT is a project that is headed by Siemens, together with their partners: Bayer, RWE, and other institutes and universities. The project is also being supported by Germany’s Federal Research Ministry, for three years or more. They have alloted a budget of 11 million Euros. One important element of this program is the electrolyzer provided by Corporate Technology, Siemens central research department, which will be responsible for the industrial-scale hydrogen generation.

Most industries are now shifting their focus on renewable resources, which have become apparent on the enormous investments being made on solar and wind power. However, the output of these resources is quite inconsistent, since they are heavily dependent on weather conditions. One of the main objectives of the industry is to find an alternate use of the excesses from the renewable resources.

When a renewable resource, like a wind farm, does not have any consumers to provide energy for, it is only reasonable to detach the wind farms from the grid. The initial procedure is to apply this power to separate the basic chemical elements of water, which would break down into hydrogen and oxygen. The electrolyzer prototype which Siemens has assembled would be responsible for this process. The goal is to generate a 100-kilowatt unit per container. As part of the implementation, this electrolyzer will be attached to the power grid and will only generate power when there is an available surplus or extremely low-cost power in the system.

Hydrogen generated in this manner when added to the carbon dioxide will react. The process continues as it is converted into fundamental by-products like formic acid or carbon monoxide. These chemical products can then be utilized in the manufacturing of usable plastics or even fuels. RWE brown-coal fired power station, located in Niederaußem, provides the carbon dioxide used in this project, through the process of flue gas scrubbing. In addition, the team of Siemens is looking into the likelihood of maximizing the potency of hydrogen on an industrial magnitude. Their objective is to utilize the turbines to revert the hydrogen once again into its original form: power.

The Siemens team, with their Russian colleagues, is presently investigating combustion techniques that would create little to zero nitrogen oxide. Since hydrogen, when burned, generate significantly higher temperature compared to natural gas, the equipment should be able to handle particular conditions required for this process.

Source: Physorg

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Renewable Resources Is Now the New Trend for Investors

Jimmy Eriksson — Thu, 10 Mar 2011 00:04:49 +0000

At this day and age, besides media arts, financiers are now setting their sights on renewable energy sources for their investment funding.

Even when some of these technologies are not fully tested and not fully operational in the commercial sector, a large amount of capital is being invested by the government to support these green technology developments, and businesses in this industry are prepared to acquire the profits.

NTR plc is a company with assets worth € 1.26 Billion with 60% being invested in renewable energy. This is also the same company known for its production of innovative life charging cars to go through toll bridges, passing through the east and west-link.

In most businesses investing in renewable energy, NTR has experienced successes in some projects, while some are still in the development phase, and there are also some ventures that did not pan out.

Because of this, NTR considered their past few years somewhat difficult, and on February 28, 2011, it was not able to report the company’s revenue and declared that it would be cutting back some of its expenditures on solar energy.

Although the news on the company dividend was not exactly fairly positive, Jim Barry, the company’s chair executive, was able to present a highly interesting progress as far as NTR is concerned – and this was when the company formed an alliance with BlackRock, the world’s leading asset management firm.

Joined Forces

Although the specifics of this merger was not revealed, it is without any question that getting the attention from a world’s finance leader such as Blackrock is considered to be Mr. Barry’s feather in the cap.

BlockRock is the global top finance management firm with assets amounting to $3.5 trillion (€2.5 trillion) under its wing. Larry Fink, its founder, is one of the most influential people in the business world who have the power to radically sway the global market trend.

NTR will be imparting its mastery on the renewable energy to BlackRock, and their efforts together as a team will be viewed as a united renewable resource asset corporation.
While it is still not apparent how this merging would generate revenue, Mr. Barry was already appointed as the chief investment adviser for BlackRock, and 10 of his NTR contemporaries have joined him.

In fairness to Mr. Barry, BlackRock has not offered the business merger to NTR for its untainted reputation when it comes to the company’s renewable resources.

As a matter of fact, on February 28, Mr. Barry explained that BlackRock merged with NTR because of the company’s past unfortunate investments, and at this point with their businesses joined together, they would be able to prevent this type of costly errors in the time to come.

This merger may be an enigma for NTR shareowners but as Mr. Barry has explained a week ago, the shareholders should just place their confidence on the board members of NTR and just look forward to having the good fortunes of BlackRock pass on to the Irish renewable resource company.

Source: Independent

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