SYDNEY: Australian billionaire Mike Cannon-Brookes on Thursday (Sep 7) stood by the economics of a plan to ship energy from a giant solar farm in the country's north to Singapore via undersea cable as he
Cannon-Brookes, the co-founder of tech firm Atlassian turned environmental activist, said he continued to believe outside investors would be drawn to the Sun Cable project, adding it already had demand for more energy than it could produce.
"We have spent a lot of time with customers and are pretty clear on the unit economics," Cannon-Brookes told reporters after his business Grok Ventures' purchase of the project for an undisclosed sum was completed on Thursday.Sun Cable under Cannon-Brookes' control will be split into two business units, focusing on Australia and Singapore, which may broaden its appeal to investors, Cannon-Brookes said.
Sun Cable was owned by the private firms of Cannon-Brookes and Fortescue Metals billionaire founder Andrew Forrest. But it was , Australia's closest equivalent to Chapter 11 bankruptcy, in January after the two parties failed to agree on future funding.Cannon-Brookes said the company would apply for a licence with Singapore's Energy Market Authority this month with hopes of meeting thatThe company was also in talks with the Indonesian government about building the cable in its waters, he added.
The proposed Australia-Asia PowerLink would send power from a 20 GW solar farm with the world's biggest battery in Australia through a 4,200km undersea cable to Singapore.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore Tonight - Singapore Tonight Tue 5 Sep 2023From business to politics, health to technology, we bring you up-to-date with the latest news on Singapore and analyze how these events may affect you tomorrow.
Read more »
Billion-dollar money laundering case: Man financed purchase of 10 units at luxury condo Canninghill PiersSINGAPORE — A man implicated in one of Singapore’s biggest money laundering probes&n
Read more »
New mother Osaka targets Grand Slam return at Australian OpenNEW YORK : Naomi Osaka said she plans to compete at January's Australian Open and will maintain a busy schedule next year when she returns to competition after giving birth to her first child. The four-time major champion withdrew from this year's Australian Open due to her pregnancy and welcomed daughter
Read more »
- 'I lost three firefighters': Australian fire chief on the life-threatening work of combating wildfiresIn this three-part series, Surviving the Sizzle, Julie Yoo explores the personal stories of people on the frontlines of battling with extreme heat. In the first episode, she speaks to Chris Hardman, chief fire officer at Forest Fire Management Victoria on the real and present danger of an overheated planet.
Read more »
Singapore retail sales rise 1.1% in July, less than expectedExcluding cars, retail sales rose just 0.4 per cent year on year. Read more at straitstimes.com.
Read more »
Commentary: Presidential Election shows the long reach of short-form videos in Singapore politicsThe immense popularity of short-form videos - particularly in President-elect Tharman Shanmugaratnam’s winning campaign - suggests that other political candidates will have to master this particular format for future elections, says Chua Chin Hon, Lead, Artificial Intelligence Strategy and Solutions for Mediacorp New
Read more »