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EEW Renewables and Compass Digital Acquisition Corp. Announce Release of Investor Webcast Related to Proposed Business Combination
NEW YORK, Oct. 22, 2024 (GLOBE NEWSWIRE) — EEW Renewables Ltd (“EEW”), a global developer in the renewable energy industry, and Compass Digital Acquisition Corp. (Nasdaq: CDAQ) (“CDAQ”), a special purpose acquisition company, announced today the release of an investor webcast related to the proposed business combination agreement (the “Business Combination Agreement”) providing for the proposed business combination between CDAQ and EEW (the “Proposed Business Combination”).
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EEW Renewables, a Global Renewable Energy Developer, and Compass Digital Acquisition Corp. Announce Definitive Business Combination Agreement
Big News!
EEW Renewables has entered a definitive business combination agreement with Compass Digital Acquisition Corp, listed on Nasdaq under ticker CDAQ. This merger values EEW at a pro forma enterprise value of $386 million and marks a significant step towards evolving into an Independent Power Producer (IPP) with Solar, BESS, and Hydrogen. With a strong 9 GW pipeline, we are excited about the opportunities this transaction will unlock.
See more: https://edition.cnn.com/business/newsfeeds/globenewswire/9226522.html

EEW annouce listing on Nasdaq (US) through a Business Combination
EEW Renewables Ltd, a global developer in the renewable energy sector, has announced a business combination agreement with Compass Digital Acquisition Corp. (CDAQ), a special purpose acquisition company. The transaction is valued at a pre-money enterprise value of $300 million, with a pro forma value of $386 million. Upon closing, the combined company is expected to be listed on Nasdaq.
Founded in 2012, EEW has developed around 1.5 GW of renewable energy projects across Europe and Australia. It focuses on solar photovoltaic (PV), battery energy storage systems (BESS), and green hydrogen. EEW has a pipeline of 9 GW of projects,
The company plans to evolve from a project developer to an independent power producer (IPP) to capture recurring revenue. EEW’s CEO, Svante Kumlin emphasized the strategic move to be listed on, Nasdaq (US), a milestone that will enhance the company’s growth and shareholder value.
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Green h2 gaining momentum to 25% of world Energy 2050
In a significant development, the EU has earmarked €6.9 billion for carbon-free hydrogen projects, heralding a new era in sustainable energy. EEW Renewables stands at the forefront of this transformative journey, ready to lead the green hydrogen revolution.
Despite green hydrogen’s modest footprint, making up only 1% of global hydrogen production in 2024, its potential in decarbonizing sectors such as industry, transportation and construction is unparalleled. Our mission is to fast-track this evolution, scaling up our green hydrogen production in step with an ambitious growth trajectory. With green hydrogen expected to grow at an average annual rate of approximately 35%, the path from a minor player today to covering 25% of the world’s energy needs by 2050 is both ambitious and vital. This ambitious journey is buoyed by strong global support, notably from Europe and Australia, which is EEW prime markets placing us in a prime position to spearhead the energy transition. Embark on this exciting journey with us, where your partnership is key to achieving a sustainable and greener future. #GreenHydrogen #SustainableEnergy #EcoEnergyWorld

EEW partners with Grupo COBRA Australia to develop a 200 MWdc Solar Farm plus 50MW BESS
EEW Renewables (“EEW”), an independent global pure-play renewable energy projects developer, has announced a partnership to develop a 200 MWdc solar PV farm plus 50 MW BESS (battery energy storage system) project with Grupo COBRA, a reputable global industrial and energy services group. The project, located in Queensland, Australia, is set to reach ready-to-build status within 2024.
The solar plus BESS project, once completed, will generate clean and sustainable energy in excess of 400 GWh annually, sufficient to power approximately 72,500 households. This will reduce CO2 emissions by approximately 260,000 metric tons per year, equivalent to permanently taking around 93,000 cars off the road.
“We are pleased to announce the collaboration on this project with Grupo COBRA; we have a long successful presence in Australia, and this is one of the projects out of our multi-GW pipeline in the country, which matures currently” said Svante Kumlin, CEO of EEW. “This project is a testament to our commitment to provide innovative and sustainable energy for Australia; we are proud to be part of the Queensland energy transition since 2015.” “We are excited to be working with EEW on this project,” said José Antonio Fernández García, Managing Director – Energy and Industrial Plants COBRA IS. “This partnership is a clear indication of our commitment to accelerating the transition to a low-carbon future.” About Grupo Cobra The COBRA Group boasts a strong track record in the development and construction of infrastructure and renewable energy projects worldwide. They have initially entered the Australian market with a significant energy transition project that will revolutionise the conventional mode of energy generation and supply in the state of New South Wales. Now, they are expanding their footprint with an investment in Queensland, partnering with EEW to further their presence in the region. About EEW Renewables EEW Renewables (“EEW”) was established by entrepreneur Svante Kumlin. It stands as a prominent independent group dedicated to developing renewable energy projects on a global scale. Historically, EEW has concentrated on the development of large scale solar photovoltaic (PV) projects. However, the company has recently expanded its focus to include solar projects coupled with battery energy storage systems (BESS). Moreover, EEW has spun off a new entity, EEW H2, to focus on developing green Hydrogen in Australia and Africa. Since 2012, EEW has successfully sold 22 solar PV projects totalling approximately 1.4 GW in the UK, Australia, Spain and Sweden. The group now has a global solar project pipeline of approximately 10.1 GW spanning Europe, Australia and America. Headquartered in London, EEW has established assets in key locations such as the UK, Spain, Sweden, Australia, Italy and the US.

Grid Investment Needs to Double, Reaching Up to $600 Billion
Our journey to a sustainable energy future is fundamentally dependent on the modernization of power grids. Despite a surge in renewable energy investments, the progress is hampered by outdated infrastructure, acting as a major bottleneck.
In 2024, renewable energy investments are projected to reach $644 billion, with over 3,000 GW of renewable projects waiting for grid connections. However, global investment in grid infrastructure has plateaued at $300 billion annually. To meet the critical target of limiting global warming to 1.8°C, the International Energy Agency (IEA) has estimated that investments in the grid need to double, reaching $600 billion annually by 2030. This substantial increase underlines that the amount we need to invest in upgrading and expanding the grid infrastructure is on par with what is being allocated for renewable energy capacity. Without parallel investments in both areas, the shift to renewable energy could face significant delays, undermining global efforts to combat climate change. EEW and other renewable energy companies are experiencing significant delays in grid connections, which complicates the delivery of renewable energy projects that are crucial for the energy transition. We believe that raising public awareness about the critical importance of grid investments is essential to prompt action from both government and private industry. Upgrading our power grids is not merely an option but a necessity to facilitate the transition to renewable energy and ensure a cleaner, more sustainable future

Massive Growth in Global Battery Storage Boosts Renewable Energy Shift
Battery Energy Storage Systems (BESS) are at the forefront of the renewable energy transition, essential for grid stabilization and climate action. Europe’s ambitious plan to quintuple its BESS capacity from 10GW today to 57GW by 2030 reflects a commitment to renewable integration. Similarly, Australia targets a boost from 2.2 GW to 19 GW to meet emission reductions, emphasizing the role of both pumped hydro and large-scale battery storage.
EEW, actively involved in European and Australian markets, champions this growth, contributing significantly to BESS development. This expansion not only supports the global shift towards renewable energy but also underlines the importance of BESS in achieving a sustainable, carbon-neutral future. By storing excess energy for use during low production periods, BESS facilitates a decrease in fossil fuel dependency. EEW’s commitment to BESS underpins the broader move towards sustainability, underscoring the technology’s transformative potential in the energy sector. With continued investment and innovation, BESS is poised to play a pivotal role in the global energy landscape, ensuring a stable, efficient, and green future.
UK's Green Revolution: Leading the Way in Emissions Reduction and Economic Growth

Global Carbon Pricing: The answer to Global Net Zero
Carbon emissions are everyone’s concern. They don’t respect borders or boundaries. If one nation curbs its carbon, yet its neighbour doesn’t, we all suffer. The only true solution is one that rewards reducers and penalizes emitters on a global scale. Currently, carbon pricing only tackles 25% of global emissions. This isn’t enough.
Skyscrapers Shanghai a hazy polluting day 2017. text

Heading
“Thank you to Mick de Brenni MP, Minister for Energy, Renewables, and Hydrogen, and Mr. Dave Stewart, Agent-General Queensland Trade and Investment Commissioner Europe, for the exquisite dinner in London. I was honoured to participate. EEW is delighted to be part of Australia and Queensland’s transition to renewable energy. I’m impressed by your renewable energy goals and commend Queensland for leading the way – a model for other states and countries to emulate.”
EEW presentation

The way EEW Renewables wants to lead the Swedish energy transition
Interest in sustainable energy is increasing and thus also interest in solar parks. Here, EEW Renewables (EEW) is one of the leading developers who are now accelerating the work for Sweden’s energy transition.
If we enter the stock market, the possibilities also open up for investments in our growing solar energy, hydrogen and battery storage, says Svante Kumlin, CEO and founder of EEW.

Roundtable discussion
I had the pleasure of
attending the Roundtable discussion with Hon Fiame Naomi Mata’afa, Prime
Minister of Samoa, The Rt Hon Chris Skidmore, MP, and Australia’s
Ambassador for Climate Change, Ms Kirsten Tilley #climatechange We are heading against + 2.4 c 2050. What are you doing to change that and get to back to + 1.5 c our Net zero target?

This is how EEW Renewables wants to lead the Swedish energy transition
Interest in sustainable energy is increasing and thus also interest in solar parks. Here, EEW Renewables (EEW) is one of the leading developers who are now accelerating the work for Sweden’s energy transition.
With our entry on the Nasdaq stock exchange in the USA, planned for 2023, opportunities are now opening up for investments in our growing energy stock, says Svante Kumlin, CEO and founder of EEW.
In recent years, Sweden and many other countries have faced major challenges in the energy sector as a result of the current world situation. The electricity shortage has led to record high electricity prices which hit society and the population hard.
Renewable electricity is a step and a requirement to secure the energy supply going forward, contribute to reducing carbon dioxide emissions and the electrification of society. We can contribute an important piece of the puzzle with our battery parks where it is possible to store a large amount of energy in combination with hybrid solar parks which are now on the way, says Svante Kumlin.
Today, solar energy makes up a small part of Sweden’s electricity production, but Svante Kumlin believes that will change in the future.
Solar energy has many advantages, especially in combination with other fossil-free energy solutions so that we reduce dependence on the weather. We see great opportunities for the market in Sweden and believe that large-scale solar parks will make up a large part of increasing electricity production in the country in the short term.
Want to lead the changeover
EEW develops solar parks all over Sweden and is today one of the leading developers in Sweden. The main focus has previously been on solar cell parks, but now battery parks are also an important part of the portfolio as well as hydrogen projects. In Sweden, EEW’s current project reaches almost 1 GW in its later stages of development. The company’s rapidly growing number of energy storage projects will be able to produce green, renewable energy for the Swedish electricity grid within the next few years.
Larger investments are required to be able to reach the climate goals that Sweden has set with zero emissions by 2045. Above all, more renewable electricity production and more energy storage are required. We want to help lead that transition and at the same time create a more flexible electricity network, concludes Mutaz Alkiswani, project development manager in Sweden.
About Eco Energy World
EEW is headquartered in London and operates worldwide. The company has developed solar parks with a capacity of up to 1.5 GW distributed across Europe and Australia and has a project portfolio totaling 10 GW under development. The goal for the Swedish market is to achieve a pipeline of 2.4 GW by 2030.
In October 2022, EEW merged with ClimateRock via a SPAC transaction, with the aim of listing on the NASDAQ stock exchange in New York in 2023. The deal valued EEW at $650 million and allows the company to continue its aggressive growth strategy.
After the publication of this and other articles about Mr.Kumlin, and following the resolution of legal action, Realtid wishes to make clear that the article is not intended to suggest that Mr.Kumlin, whether directly or through any of the companies mentioned, has engaged in any wrongful conduct and we are happy to apologize to Mr.Kumlin for any personal distress caused to him by our reporting. We are pleased to be able to resolve Mr.Kumlin’s complaint by this clarification and apology and save as clarified in this statement concerning Mr.Kumlin and his activities.


2022 in review.
Looking back it has been an extraordinary year with more negatives than positives. However going in to 2023 we do want to take the positives of 2022 with us going in to 2023..wishing everyone all the best for the year ahead!
U.S. Utility-Scale Solar Gains Another Major New Entrant