Masdar acquires Greece's Terna Energy for 2.4 billion euros, eyeing further European renewable energy investments. Nissens Cooling Solutions relocates production from Europe to Eastern Europe and China due to economic pressures, highlighting EU industry challenges. JSW Steel USA invests $110 million in Texas facilities to support U.S. offshore wind development, leveraging Inflation Reduction Act incentives.

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Allen Hall: I'm Allen Hall, president of Weather Guard Lightning Tech, and I'm here with the founder and CEO of Intel store, Phil Totaro. And the chief commercial officer of Weather Guard, Joel Saxum. And this is your News Flash. News Flash is brought to you by our friends at IntelStor. If you want market intelligence that generates revenue, then book a demonstration of IntelStor at IntelStor. com.

Masdar has announced plans to acquire Greece's Tera Energy. The deal, valued at 2. 4 billion euros, marks the largest energy transaction on the Athens Stock Exchange. Master will initially acquire 67 percent of Terna Energy shares with the intention to reach 100 percent ownership through a subsequent all cash tender offer.

This acquisition is expected to significantly boost Greece's renewable energy capacity and contribute to the EU's net zero carbon footprint. By 2050 target. All right, Phil. Masdar's back at it again.

Philip Totaro: Well, and this starts off a campaign of theirs to invest in properties in Europe. Terna Energy's got wind a little bit of solar, a little bit of hydro, and a little bit of biomass. It's about 1. 2 gigawatts worth of wind at this point, but a six gigawatt renewables portfolio that they actually want to install. So this is going to provide them with, the capital that they need to be able to pursue that. But Mazda looks like they're not done. They've come out in the financial times and publicly stated that they're looking for other investment vehicles in Europe.

And it sounds like there are some in. Germany and possibly Finland, Sweden maybe Holland as well, that, that they could they could gobble up here as, as they look to expand.

Allen Hall: Danish wind supplier Nissens Cooling Solutions has decided to move all its production abroad to reduce costs. The company, which produces cooling solutions for a major European wind turbine manufacturers, will relocate its production to existing facilities in Slovakia.

the Czech Republic and China throughout 2024. The decision comes in response to difficult market conditions, including geopolitical tensions affecting order timing and supply chains, as well as fluctuating material and energy costs. Phil, inflation is a big deal in Europe still, it is still causing major upset in the supply chain.

We've seen a couple of other companies move out of essentially Europe into Eastern Europe and into China because of similar issues. This is just continuing for months now. Is Nissens still on the leading edge of this movement, or are there more to come behind them?

Philip Totaro: It's entirely possible there's more to come, because, as you mentioned, inflation is part of it.

It's really the lack of support that the industry's been given by The EU government and then the individual countries themselves, Denmark can't, step in and save every single company just like we see with Spain not being able to step in really and do anything for Siemens Gamesa either.