Israel Chemicals (ICL) said on Thursday it reached an agreement to sell its 50 percent stake in water desalination firm IDE Technologies for $178 million.
ICL, a top global supplier of potash, has been looking for months for a buyer, and reached a deal with a limited partnership whose general partner is a company controlled by IDE’s own chief executive, Avshalom Felber. The partnership also includes institutional bodies from Israel’s Clal Insurance .
The deal is expected to close during 2017.
IDE, which has built major desalination plants in the United States, Israel, India and China, is jointly owned by ICL and Israeli conglomerate Delek Group.
By Ari Rabinovitch
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?