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Investment in electric vehicles and their components and infrastructure continue to grow in spite of the pandemic and economic downturn, not to mention the infancy of the market.According to MarketWatch.com, there is “sky high” investor interest in clean energy and electric vehicle companies using a new form of initial public offering (IPO) in which investors merge with a company and take it public immediately. One such company is called Fisker, and it plans to use the proceeds of its IPO schedule for the 4th quarter to develop an SUV EV for the ’23 model year. The car is called the Ocean (we like it already) and will be “premium yet affordable” with a starting price of $37,500 — coming in much under the Model Y, Tesla’s compact SUV selling for $49,990.
Last week, “Rivian closed a $2.5 billion funding round ahead of the production launch next year of its SUV, pickup, and delivery vehicles for Amazon.”
“Karma Automotive, which is in the early stages of producing a plug-in hybrid sports car, has raised another $100 million.”
“Nikola Motors, which has yet to build anything but plans electric and hydrogen-powered pickups and big rigs, saw its stock price soar after going public in June via a transaction similar to Fisker’s.”
Axios quotes an industry analyst from Wood Mackenzie who told E&E News that “The [electric vehicle] uprising is real, but the scale of investment into what I would view as fledgling companies is staggering.”
As Greentech Media reported, oil and gas giant BP announced yesterday that it will cut its oil and gas output by 40% by 2030 and increase its low-carbon investment tenfold by then as it begins to detail its 2050 net-zero strategy. This announcement comes after BP head of strategy Giulia Chierchia told investors on a […]
President Trump trumpeted his trade deal with China, but so far it has been a bust, according to The Wall Street Journal — the Chinese have not purchased nearly the amount of energy (in terms of total dollars) as they promised — only $2B in oil and gas purchases against a commitment of $25B for this year.
A federal judge in Washington, DC ruled yesterday that the Dakota Access Pipeline must shut down and empty all its oil until the government completes an environmental review of the pipeline’s impacts, giving the Standing Rock Sioux Tribe, whose reservation lies downstream, a huge victory. Similarly, late in the day, the Supreme Court refused to overturn the order of a district judge that shut down construction of parts of the Keystone XL pipeline so it is also blocked for now.
Why It Matters: The Dakota and Keystone XL news is greatly tempered by the fact that numerous other pipeline projects can go ahead despite their inadequate permit unless they are individually challenged in court and blocked.
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