Chevron Sells Renewable Energy Unit

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Chevron has finalized the sale of its renewable-energy subsidiary, Chevron Energy Solutions, to OpTerra Energy Services, a Chevron spokesman confirmed to Bloomberg News on Tuesday.

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The sale, on Aug. 29, marks the latest in a series of moves away from renewables by the oil company. Earlier this year, Chevron sold a 48-person division that builds renewable projects and energy-savings retrofits for federal agencies such as the US Department of Defense.

OpTerra is backed by Oaktree Capital Management (OAK), a private equity firm in Los Angeles, according to OpTerra’s website. It develops energy-savings projects, as well as clean-energy systems from technologies such as solar and fuel cells.

US steel plate improved by 2.1 percent, reaching $881.00 per short ton on the weekly Renewables MMI®. At KRW 900,000 ($886.27) per metric ton, the week finished with no movement for Korean steel plate. Closing at JPY 76,000 ($728.37) per metric ton, Japanese steel plate remained unchanged for the week.

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Chinese renewables prices were flat for the week. Chinese cobalt cathodes traded sideways last week, hovering around CNY 231,000 ($37,611) per metric ton. Silicon prices held steady from the previous week at CNY 13,900 ($2,263) per metric ton. Neodymium remained essentially flat from the previous week at CNY 390,000 ($63,499) per metric ton. Following a steady week, prices for Chinese steel plate closed flat at CNY 3,590 ($584.51) per metric ton.

US grain-oriented electrical steel (GOES) saw its price drop 6.7 percent to a 30-day low of $2,687 per metric ton on Tuesday.

The Renewables MMI® collects and weights 8 metal price points used extensively within the renewable energy industry to provide a unique view into renewable energy metal price trends. For more information on the Renewables MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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