NEW YORK -- Duke Energy (NYSE: DUK) and ENN Group announced an agreement to accelerate the development of low-carbon and clean energy technologies. The announcement was made at the Clinton Global Initiative's annual meeting.
Duke Energy's agreement with ENN Group, one of China's largest privately-held, diversified energy companies, includes potential development of commercial solar projects. It also encompasses joint technology development in coal-based clean energy, biofuels, natural gas, smart grid, energy efficiency and carbon-capturing algae.
"China is leading the world in investing in clean energy and we can make greater progress by joining forces and working together," said Duke Energy CEO Jim Rogers. "We must move at 'China speed' to combat global warming."
"ENN's mission is to find ways to produce energy that pollutes less, conserves more and protects the environment, and we are looking forward to working together with Duke Energy to drive innovation," said Wang Yusuo, chairman of ENN Group. "We are one of China's largest suppliers of natural gas. We also have growing subsidiaries operating around the world working on an array of renewable energy technologies and zero-emission coal-based power, carbon capture technologies and bio-energy."
Under the memorandum of understanding signed by senior executives from both companies, Duke Energy and ENN are launching a series of meetings to share information, view technology demonstrations and develop "best practice" models. The companies are also evaluating a partnership to pursue the commercial development of "utility-scale" solar photovoltaic projects in the U.S.
The announcement follows a similar MOU signed in August in Beijing between Duke Energy and China Huaneng Group, China's largest electric utility, encompassing high-level discussions and information-sharing on a number of renewable and clean-energy fronts. The Clean Air Task Force, an environmental organization focusing on the deployment of low-carbon energy systems, played a key role in the MOUs signed with Huaneng Group and ENN.
"Now more than ever, the world is looking to the U.S. and China to lead the response to climate change and the looming threat it poses to our planet," Rogers said. "Cooperative agreements like this one will enable our two countries to quickly commercialize and drive down the cost of clean energy technologies to help avoid the worst effects of global warming," he added.
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