Carbon Neutral Energy invests in Houston

Source: press release, 1 June 2021

Carbon Neutral Energy Chairman, Michael Dumas, and Chief Executive, Stuart Nelson
Carbon Neutral Energy Chairman, Michael Dumas, and Chief Executive, Stuart Nelson (photo: CNE)

Carbon Neutral Energy (CNE) is setting up in Houston with a top-tier team and the ambition to increase green electrification and reduce carbon emissions.

The hybrid power company, which has successfully embarked on a USD 420 million fund-raise in the UK, is fast-tracking its expansion into the US due to the huge demand for mobile energy storage systems fuelled by emergencies like the loss of power in Texas earlier this year.

CNE has developed a revolutionary energy storage solution that meets the growing challenge of storing and using electricity produced from renewable sources.

Michael Dumas has joined as Chairman while Stuart Nelson takes up the role of Chief Executive of CNE (USA). The industry heavy hitters with a depth of shipping, maritime and sales experience will spearhead the new business, capitalising on the gap in the market for energy storage systems with large capacity battery storage which can store and deliver significant green power capacity to address inadequacy in grid infrastructure.

Michael Dumas says, “The major power crisis in the state earlier this year, resulting from three severe storms sweeping across the US, meant half a million Texans were without power. Two things happened: sources of electricity, like wind turbines, went offline and demand for the energy they produce went up. The crisis drew much attention to the state’s lack of preparedness for such storms. Economic damage from the blackouts was estimated at USD 195 billion, making this the costliest disaster in Texas’ history. CNE’s battery storage solution can add capacity and stability to the electrical grid to help prevent this happening in the future.”

“Battery storage is vital in balancing the grid due to the growing diversity of supply. Climate change could make these events more frequent, so we believe the time to act is now. Our mobile, modular energy storage systems can help build resilience into the Texas grid,” Dumas adds.

With a depth of international shipping and maritime expertise, Dumas joins CNE (USA) from Maritime Holdings where he was President and Chief Executive Officer. Michael also held the role of Chief Financial Officer for Intermarine, which specialises in marine heavylift and project cargo. His career has spanned corporate finance and business development with Freeport McMoRan Copper and Gold, including acting as liaison head for Rio Tinto Minera, S.A. in Madrid, Spain.

Formerly President of Cameron International’s Flow Control Division, Stuart Nelson takes up the role of Chief Executive. With extensive experience in leading manufacturing, sales and service of multiple product lines for the energy industry, Nelson managed Cameron’s Drilling Pressure Control products as Vice President and General Manager.

CNE (UK) chairman and interim CEO, Mark Patterson, says, “The energy transition that is taking place will accelerate rapidly in the USA and presents a massive opportunity for CNE. With the huge opportunity ahead, the groundwork already carried out by the UK team in the last 18 months and the appointments of Michael and Stuart, CNE is well-placed to capitalise on this market opportunity across the US for our products. We are thrilled to have attracted two high calibre people with the expert knowledge, drive and the enthusiasm needed to make the most of the opportunity in America.”

Patterson will also take an active role on the CNE (USA) board and will be a significant shareholder in the new entity.

Commenting on his appointment, Nelson adds, “We are impressed with the CNE UK team’s commitment and drive to develop and grow this opportunity. US industrial users are ready to leverage the benefits of large capacity mobile battery storage and we are excited about capitalising on the potential for CNE’s innovative range of products. We are planning to manufacture here in Texas and are exploring various facilities as well as how we will further strengthen the management team going forward.”

CNE has invested heavily in its game-changing technology. With a defined market strategy to become a significant player in mobile green battery storage market, CNE is raising funds to ensure it has the right level of capital to exploit the opportunity and build a business capable of creating and supporting hundreds of green energy jobs.

CNE’s systems offer large capacity battery storage from 1 MW to 5 MW in the form of a mobile unit with a suite of smaller static modules that can also be combined to create mega storage banks. These can be customised to meet any size of customer power requirements at any location, potentially creating gigawatt storage systems.