Mirai Solar harnesses green energy to power greenhouses

Mirai Solar harnesses green energy to power greenhouses
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Founding team of Mirai Solar, from left, inside the KAUST Solar Center labs: Emmanuel Van Kerschaver, Michael Salvador, Tom Allen, Michele de Bastiani, Ahmed Balawi. (Supplied)
Mirai Solar harnesses green energy to power greenhouses
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The PV panels are made of monocrystalline silicon solar cells that generate an electric current when exposed to sunlight. (Supplied)
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Updated 17 March 2023

Mirai Solar harnesses green energy to power greenhouses

Mirai Solar harnesses green energy to power greenhouses
  • The startup manufactures greenhouse shade screens that convert sunlight into electricity

Mirai Solar, a solar technology startup of King Abdullah University of Science and Technology, is disrupting the greenhouse market by developing foldable roof shades that not only prevent fruits, vegetables and flowers from extreme sunlight but also generate electricity to run these facilities.

Established in 2019, the company manufactures retractable, semitransparent photovoltaic shade screens that convert blocked sunlight into electricity. The solution has two main components: the PV panels and the shade screen.

The PV panels are made of monocrystalline silicon solar cells that generate an electric current when exposed to sunlight, which is fed into the local power distribution panel to support the energy needs of the greenhouse.

On the other hand, the shade screen is made of specialized light diffusion material designed to regulate the amount of light that enters the greenhouse by sliding back and forth along a track. When the shade screen is fully extended, it blocks part of the sunlight from entering the greenhouse, and when it is retracted, it allows more sunlight to enter.

HIGHLIGHT

The PV panels are made of monocrystalline silicon solar cells that generate an electric current when exposed to sunlight, which is fed into the local power distribution panel to support the energy needs of the greenhouse.

The retractable PV shade screen is typically controlled by a computerized system that uses sensors to measure the amount of light entering the greenhouse. When the light is too high, the system automatically extends the shade screen to reduce the amount of light entering the greenhouse.

But for all practical purposes, the PV shade screens are controlled by a timer, allowing the user to set specific times for the screen to retract and extend.

“We wanted to provide ideal light management to the plants, so we engineered a screen that was retractable and had the flexibility of using solar cells with high efficiency and stability, offering us a huge advantage in performance and cost when compared with whatever PV technology was out there,” said Michael Salvador, CEO of Mirai Solar, a doctorate in physical chemistry who joined KAUST Solar Center in 2017.

Saudi greenhouse initiative

Of late, greenhouses have been under the spotlight in Saudi Arabia, especially after Abdulrahman Al-Fadhli, the minister of environment, water and agriculture, in January approved investments worth $1.06 billion until 2025 toward the plant resources sector and greenhouses.

It highlighted the role of greenhouses in the Kingdom, where the hot and arid climate with limited water resources makes it difficult to cultivate crops sustainably. In many ways, it cleared the deck for controlled environments that protected crops from excessive heat, wind and pests, facilitating a variety of crops throughout the year.




Mirai Solar’s co-founder and CEO Michael Salvador at the KAUST Solar Center. (Supplied)

These plant shelters are also vital for the country’s food security as they help increase the local production of fresh produce and reduce dependence on imported food. This is particularly important given the increasing population and the need to meet the growing demand for food.

However, greenhouses in Saudi Arabia require significant electricity to maintain optimal growing conditions in extreme weather. For example, during the summer, temperatures can reach up to 50 degrees Celsius, meaning that air conditioning and cooling systems will need to run continuously to keep the greenhouse at a suitable temperature.

According to industry reports, the basic energy consumption of a greenhouse includes light supplementation, dehumidification, heating and cooling, which could account for over 90 percent of the total power consumption. So, energy efficiency in greenhouses is paramount.

Energy efficiency

In such a scenario, the prospects of Mirai shade screens appear much brighter as it was particularly suited for mid-tech greenhouses that typically utilize 80 kilowatt-hours per square meter a year and high-tech facilities that consume 500 kWh per sq.m. per year.

“We are at a stage where we can deliver a minimum of 80kWh per sq.m. per year so we can fully cover the electricity needs of a mid-tech greenhouse and a certain percentage of the demand of a high-tech facility,” Salvador added.

The solution’s flexibility is such that it offers a drop-in replacement to conventional shade screens, which means it can be retrofitted to existing greenhouses or integrated with new greenhouse constructions.

Ask Salvador where he drew his inspiration for this innovation, and his reply: KAUST. After joining the university, Salvador chanced upon Ryan Leyfus, one of the founders of Red Sea Farms, another innovative KAUST spinout that pioneered saltwater-based agriculture in the Kingdom.

Leyfus highlighted the concern of raising plants under conventional shade screens and planted the idea of a photovoltaic panel that mimics them and has the same functionality.

“We proposed the idea to the Technology Transfer Office of KAUST. They were convinced of the idea and provided us with a grant that helped us to develop a minimum viable product and later our first pilots on a sizable scale,” said Salvador, who ended up hosting a demonstration for Red Sea Farms at their greenhouse facility in the university campus.

Mirai Solar has been running several pilot installations in Saudi Arabia, including Estidamah and Al-Rasheed. The company is also manufacturing a PV system to be deployed in California around April, even as it scouts for funds to increase the scale of its operations, and this is just the beginning.

Soon, the solar technology startup will expand beyond the horizons of the greenhouse and create solar-powered car parking spaces for electric vehicles and deploy its foldable modules on mobile shipping containers to fuel their energy needs. And Salvador is committed to taking it to the next level.


Bank stocks steady after Swiss rescue as focus turns to Fed

Bank stocks steady after Swiss rescue as focus turns to Fed
Updated 13 sec ago

Bank stocks steady after Swiss rescue as focus turns to Fed

Bank stocks steady after Swiss rescue as focus turns to Fed

LONDON: Investors stepped cautiously into bank stocks on Tuesday, emboldened by the rescue of Credit Suisse, with share prices inching tentatively higher amid continuing concerns about smaller US lenders and further financial market ructions, according to Reuters

After a tumultuous 10 days which culminated in the 3 billion Swiss franc ($3.2 billion) Swiss-regulator-engineered takeover of Credit Suisse by its rival UBS, attention has now shifted to this week’s meeting of the US Federal Reserve.

As concern over the health of US mid-sized lenders lingers, Treasury Secretary Janet Yellen plans to tell bankers later on Tuesday that the country’s banking system is stabilizing after strong actions from regulators.

But she will also say further steps to protect bank depositors may be warranted if smaller institutions suffer deposit runs that threaten more contagion.

“The steps we took were not focused on aiding specific banks or classes of banks. Our intervention was necessary to protect the broader US banking system,” Yellen said in excerpts of prepared remarks to an American Bankers Association conference.

Yellen said she believed the actions by the Federal Deposit Insurance Corp., the US Federal Reserve and the Treasury had reduced the risk of further bank failures.

The demise of 167-year-old Credit Suisse was triggered by the collapse of US lenders Silicon Valley Bank and Signature Bank, and investors are concerned about potential bombs ticking elsewhere in the financial system.

The European Central Bank’s top banking supervisor said euro zone banks should watch their sources of funding or risk being “caught off guard” by rising interest rates.

“Increasing interest rates and quantitative tightening require banks to sharpen their focus on liquidity and funding risks,” said Andrea Enria, in remarks the ECB said were drafted in February, before recent global banking upheavals.

The effects of these were felt on German investor sentiment, which tumbled in March as concerns about a new financial crisis ended a five-month streak of consecutive increases, the ZEW economic research institute said on Tuesday.

“The international financial markets are under strong pressure,” and the high level of uncertainty is reflected in the economic expectations, said ZEW President Achim Wambach.

In Switzerland, the Bankers Association said that credit supply would not be restricted by the demise of Credit Suisse, adding it was convinced the Swiss banking sector still had a “prosperous future.”

Credibility “is not destroyed, but it’s not good,” the association’s chairman Marcel Rohner told a news briefing.

As the rescue of Credit Suisse assuaged the worst fears of systemic contagion, European bank shares rose, while Asian stocks lifted off their lows.

And in a sign of business continuity, Credit Suisse kicked off its three-day annual Asian Investment Conference in Hong Kong, which draws top executives at regional companies.

Shares of beaten-down regional lenders climbed in premarket trade, including First Republic Bank, while big US banks such as JPMorgan, Citigroup and Bank of America also rose before the bell.

’Near Death'
Another burning question among traders and investors is whether the Fed’s relentless rate hikes, which some have blamed for sparking the biggest meltdown in the banking sector since the global financial crisis, might be at an end.

Policymakers from Washington to Europe have repeatedly stressed that the current turmoil is different from the global financial crisis 15 years ago, pointing to banks being better capitalized and funds more easily available.

But the sudden shock means traders have now increased their bets the US central bank will pause its hiking cycle on Wednesday to try to ensure financial stability, although they remain split over whether the Fed will raise its benchmark policy rate.

“The banking sector’s near-death experience over the last two weeks is likely to make Fed officials more measured in their stance on the pace of hikes,” said Standard Chartered head of G10 FX research, Steve Englander.

Top central banks promised at the weekend to provide dollar liquidity to stabilize the financial system to prevent the banking jitters from snowballing into a bigger crisis.

In a global response not seen since the height of the pandemic, the Fed said it had joined central banks in Canada, Britain, Japan, the euro zone and Switzerland in a co-ordinated action to enhance market liquidity.

Meanwhile, JPMorgan Chase & Co. CEO Jamie Dimon is leading talks with other big banks on new efforts to stabilize First Republic Bank, which last week had a $30 billion capital infusion, the Wall Street Journal reported.
First Republic and JPMorgan declined to comment on the report, which cited people familiar with the matter.

A spokesperson for First Republic pointed to an earlier statement where the bank said it was “well-positioned to manage short-term deposit activity.”

In Europe, the investor focus has shifted to the massive blow some Credit Suisse bondholders will take, prompting euro zone and UK banking supervisors to try to stop a rout in the market for convertible bank bonds.

The regulators said owners of this type of debt would only suffer losses after shareholders have been wiped out — unlike at Credit Suisse, whose main regulators are in Switzerland and whose AT1 prospectus made clear that hybrid (AT1) holders would not recover any value.

Nevertheless, lawyers are talking to a number of AT1 bond holders about possible legal action, law firm Quinn Emanuel Urquhart & Sullivan said on Monday.

Danske Bank has advised its private clients not to invest in high yield bonds, citing the risk of substantial capital losses as credit conditions tighten.

The category of high yield bonds includes both corporate and bank bonds, including the AT1 bonds that Credit Suisse will have to write down to zero on the orders of the Swiss regulator as part of the bank’s rescue merger with UBS.
 


Saudi Arabia’s Agricultural Development Fund approves $610m in investment loans

Saudi Arabia’s Agricultural Development Fund approves $610m in investment loans
Updated 36 min 31 sec ago

Saudi Arabia’s Agricultural Development Fund approves $610m in investment loans

Saudi Arabia’s Agricultural Development Fund approves $610m in investment loans

RIYADH: Farmers in Saudi Arabia saw their funding from a dedicated investment organization rise by 167 percent year-on-year in the first three months of 2023, it has been revealed.

The Saudi Agricultural Development Fund signed off on development and investment loans worth more than SR2.3 billion ($610 million) from January to March of this year, compared to the SR861 million handed out in the same period of 2022. 

The sectors financed range from small farmer and breeders to poultry sector projects in Hail and Asir, as well as the governorates of Shaqra, Al Aflaj, Tathleeth, Nairiyah, Rabigh, Al Ghat, and Al Olaya village.  

There was also funding for greenhouse projects in the Makkah Al-Mukarramah region and Al-Muzahimiyah governorate, for breeding and producing fish in inland waters in the Al-Dawadmi governorate, and for marketing agricultural products in the Khamis Mushayt governorate.

The Saudi Agricultural Development Fund has already handed out half as much money as it did throughout 2022, where SR4.2 billion was awarded. 

The approval of these loans and funding requests by the fund's General Manager, Munir bin Fahd Al-Sahil, underlines the fund's objective to boost its developmental and financing role for agricultural activity by its strategic objectives. 

The approval is also in alignment with the policies of the Ministry of Environment, Water, and Agriculture and the food security strategy in supporting and developing the agricultural sector and related logistical services, assisting in the coverage of agricultural supply chains, and contributing to the enhancement of agricultural supply chains. 


Swiss gold exports to China, India rebounded in Feb as prices fell

Swiss gold exports to China, India rebounded in Feb as prices fell
Updated 57 min 27 sec ago

Swiss gold exports to China, India rebounded in Feb as prices fell

Swiss gold exports to China, India rebounded in Feb as prices fell

LONDON: Switzerland's exports of gold to China and India rebounded in February as bullion prices fell, Swiss customs data showed on Tuesday.

Switzerland is the world's biggest bullion refining and transit hub and its data provides insight into global market trends.

It exported 58 tons of gold worth 3.2 billion Swiss francs ($3.5 billion) to mainland China in February, up from 26.1 tons in January and the most since December.

It sent 25.6 tons of gold to India, up from 3.2 tons in January and the most since September.

China and India are the world's largest gold consumer markets and their demand often rises when gold prices are falling.

Gold prices rose by about 6 percent in January and hit a peak of $1,959.60 an ounce on Feb. 2 before slipping back through February.

In March, however, prices have surged, rising above $2,000 an ounce on Monday as investors responded to turmoil in the banking sector by buying gold, which is typically seen as a safe asset.

Swiss exports of gold to Turkey dipped in February, having risen to unprecedented levels in January amid rampant inflation in the country.

After a massive earthquake struck early in February, the Turkish government put curbs on gold imports.

Last year, Switzerland sent 524 tons of gold to mainland China and Hong Kong, the most since 2018, and 224 tons of gold to India and 188 tons to Turkey.


Saudi aviation sector set for efficiency boost with new company

Saudi aviation sector set for efficiency boost with new company
Updated 21 March 2023

Saudi aviation sector set for efficiency boost with new company

Saudi aviation sector set for efficiency boost with new company

RIYADH: Saudi Arabia’s Air Navigation Services Co. has announced the launch of a new firm in a bid to drive up efficiency in the Kingdom’s aviation sector.

The company, called Nera, will implement and manage projects in the field of civil aviation and air navigation in Saudi Arabia. 

According to the new firm’s official Twitter account, Nera will be “an innovative and technological solutions company that will lead the future of aviation in the Middle East and around the world by providing technical and operational solutions to improve efficiency, while complying with international safety standards.”

“Nera will provide many services in acquiring, defining and outlining the technical specifications and requirements for the automation and CNS systems as well as monitoring the entire installation process,” it added. 

This comes as Saudi Arabia earlier this month announced a $37 billion deal with US firm Boeing which will see the company manufacture up to 121 aircraft to help get the Kingdom's new airline off the ground.

The deal will see Boeing 787 Dreamliner planes with General Electric engines delivered to Saudi Arabia, with 72 of them set for Riyadh Air – the carrier announced by Saudi Crown Prince Mohammed bin Salman.

The aviation sector, rebounding now after the pandemic, will deliver SR280 billion ($75 billion) to Saudi Arabia’s national gross domestic product by 2030, said Faisal Al-Ibrahim, minister of economy in May of last year. 

While speaking at the Future Aviation Forum in Riyadh on May 10, the minister noted that the pandemic resulted in a loss of $52 billion to the aviation sector. 

The minister added that Saudi Arabia is aiming to host 330 million passengers by 2030. 

Al-Ibrahim also revealed that Jeddah to Cairo was the busiest route in terms of international flights, while Riyadh to Jeddah was the busiest domestic route. 

The Kingdom’s growth in the aviation sector is expected to be an essential catalyst for the growth of the entire Gulf Cooperation Council’s tourism market. 

That was the message of Paul Griffiths, the CEO of Dubai Airports, during an interview on the Arab News talk show Frankly Speaking.

Griffiths, who has been a key figure in the transformation of Dubai airport into the world’s busiest by international passenger numbers, said: “I think a lot of people will be expecting me to say, ‘Well, Saudi Arabia is going to be a competitor’. Actually, the Saudi market is incredibly important for Dubai.”

Similar sentiments were expressed at the World Economic Forum’s annual meeting in Davos a week prior. 

Taking part in a panel discussion on “Saudi outlook,” Khalid Al-Falih, the Saudi investment minister, said: “A rising tide lifts all boats. Regional integration is more important to the smaller but very important economies next to us than it is to Saudi Arabia." 

He added, “So, I believe the Kingdom’s rise in its economic and competitive performance actually helps their competitiveness. It allows companies and enterprises and the governments of those countries to integrate with the larger global economy in Saudi Arabia.” 


PIF-backed Rakiza raises $1bn to invest in Oman and Saudi Arabia 

PIF-backed Rakiza raises $1bn to invest in Oman and Saudi Arabia 
Updated 21 March 2023

PIF-backed Rakiza raises $1bn to invest in Oman and Saudi Arabia 

PIF-backed Rakiza raises $1bn to invest in Oman and Saudi Arabia 

RIYADH: Public Investment Fund-backed Rakiza has raised $1 billion to invest in three projects in Oman and is close to signing off on several deals in the Kingdom, according to a statement.

The fund has taken a 30 percent stake in telecom firm Omantel’s passive tower assets in the Sultanate, a majority stake in Khazaen Fruit and Vegetable Central Market, and an estimated 31 percent stake in the Oman International Container Terminal in the Port of Sohar.  

These mean that 25 percent of its acquired capital has already been deployed in Oman, Rakiza said in a statement.

The fund is co-managed by Oman Infrastructure Investment Management and London-based infrastructure equity manager Equitix. 

Rakiza aims to invest in infrastructure projects in Oman and the Kingdom to drive stable returns as well as a stake in sectors like renewables, power, water, telecommunications, and logistics. 

“Our target of raising over $1 billion is an important milestone, on which Rakiza hopes to build with similar future initiatives,” Rakiza founder and OIM CEO, Muneer Al-Muneeri, said. 

The company is also close to sealing investment deals in Saudi Arabia as well as securing its first acquisition in the Kingdom, no further information about these deals was disclosed. 

“The Gulf Cooperation Council is an attractive home for smart capital and an exciting investment destination for those with local access,” said Hugh Crossley, Equitix co-founder and CEO. 

Last year, Saudi Arabia’s PIF committed $300 million to Rakiza. The Asia Infrastructure Investment Bank has also invested $50 million in the infrastructure fund. 

“Driven by Rakiza’s local investment teams in our Riyadh and Muscat offices, we aim to deliver on the fund’s return objectives by investing in and developing compelling essential infrastructure projects in Oman and Saudi Arabia,” Crossley added. 

Saudi-Oman bilateral relations have been positively impacted in recent times with agreements being reached by both countries. 

Last month, Saudi Arabia and Oman signed 13 investment memoranda of understanding between the public and private sectors covering various industries.