Energy Roundup: Chu Backs FutureGen, World's Largest Laser, and More

(MoneyWatch)  FutureGen might just have a future -- Energy Secretary Steven Chu met with FutureGen Alliance officials today and said the project has merit, a move that suggests the troubled near-zero emission coal-fueled plant might have a new life under the Obama administration. FutureGen, a project aimed at generating electricity while permanently storing carbon dioxide deep beneath the earth, was axed by the Bush administration in January 2008. FutureGen CEO Michael Mudd said funding might be available for the $1.5 billion commercial scale plant through the stimulus package. [Source: Technology Review]

World's most powerful laser ready for nuclear fusion experiments --U.S. engineers have finished building the world's most powerful laser, a 12-year, $3.5 billion project designed to simulate the energy force of the sun and demonstrate the possibility of nuclear fusion. The Energy Department is expected to announce Tuesday it has certified the National Ignition Facility, a massive building equipped with 192 separate laser beams directed on a tiny pellet of hydrogen fuel. [Source: BBC]

Constellation Energy sells off commodities trading units -- Constellation Energy, which faced bankruptcy late last year, has finalized sales of most of its commodities trading operations in Houston and London. Macquarie Group of Australia has purchased Constellation's natural gas trading unit and an affiliate of Goldman Sachs bought its coal, freight and international commodities business. [Source: Baltimore Sun]

Irish firm to invest $1 billion in wind energy -- Mainstream Renewable Power, the Irish renewable energy firm, will invest $1 billion over the next five years to build wind farms in Chile. The project is expected to generate more than 400 megawatts of electricity and supply power to more than 300,000 homes. Mainstream is ready to develop even more wind farms, based on comments from its CEO, who said their research shows Chile has the natural resources to develop 44,000 megawatts of wind energy and 37,000 megawatts of solar energy. [Source: Cleantech Brief]

Electric car projects offer a little respite in sagging industry -- Detroit Electric, along with its new Malaysian partner Proton Holdings, says it will produce 270,000 electric vehicles a year by 2012. Proton, which will build the cars, is well-known among green car aficionados and is responsible for the Lotus Elise sports car. General Electric may be placing a larger stake into another electric car company - Tesla Motors. In a leaked interview with Tesla CEO and PayPal founder Elon Musk, GE was the second-largest investor in the company's recent round of fundraising. [Source: Greentech Media, Daily Finance] UPDATE: GE pulled back its intended investment at the last minute. But don't worry, three other venture firms stepped up and Tesla completed its $40 million fund drive. [Source: Greentech Media, Business Insider]

Noble makes second natural gas discovery in recent months -- Noble Energy made a natural gas discovery offshore Israel -- its second this year -- in a well drilled to a depth of 12,000 feet in undersea Levantine basin. Houston-based Noble operates Israel's first offshore natural gas platform and is working to start production in the new region in 2012. [Source: Houston Chronicle]