PM Keir Starmer has announced a comprehensive plan to support the UK car industry, focusing on the transition to EVs, alongside other initiatives to bolster economic growth. This plan includes a £2.3bn investment to enhance zero-emission vehicle manufacturing and improve EV infrastructure. This initiative aims to make EVs more accessible to consumers and support the industry's shift to cleaner technologies. Key elements of the plan include revising the Zero Emission Vehicle Mandate to provide manufacturers with greater flexibility up to 2030, allowing hybrid vehicles to be sold until 2035, and continuing to boost demand for EVs. The government will also introduce tax breaks worth hundreds of millions of pounds to help people switch to EVs. The PM emphasised the need to go further and faster in reshaping the economy to address global economic challenges. The plan aims to provide certainty and stability for British car brands such as Rolls-Royce, Vauxhall, and Land Rover, ensuring they can compete globally. The government will publish a modern Industrial Strategy this summer to help businesses capitalise on future industries. Transport Secretary Heidi Alexander highlighted that the reforms would protect and create jobs, making the UK a leader in the EV transition. The initiative is part of the broader Plan for Change, which aims to stimulate growth and safeguard industries, enabling them to thrive in the years to come.
Equinor, Shell, and TotalEnergies have committed $714m to expand the Northern Lights Carbon Capture and Storage (CCS) project. Bear in mind Equinor, Shell, and TotalEnergies jointly own the Northern Lights project, with each company holding an equal stake of 33.3%. This investment will fund the 2nd phase, increasing the project's CO2 storage capacity from 1.5 million tonnes per year to at least 5 million tonnes annually. The expansion includes additional onshore storage tanks, a new jetty, and more injection wells. This CCS project, located in Oygarden, Norway, aims to provide a secure and permanent storage solution for CO2 emissions. A commercial agreement has been signed with Stockholm Exergi to transport and store up to 900,000 tonnes of biogenic CO2 annually for 15 years. The Norwegian Government and European Commission have supported this initiative, highlighting the importance of public-private partnerships in advancing CCS technology.
Solaris has announced it has secured a contract to deliver 89 electric buses to Nobina Sverige AB for use in Stockholm. This order includes Solaris Urbino 15 LE electric models, which are equipped with Solaris High Energy batteries and a liquid-cooled electric central engine from ZF with an output of 300 kW. The buses, each 15 meters long, will be delivered in H2 26 and will serve both urban and suburban routes. This contract follows previous orders from Nobina, including 55 electric buses for Stockholm and 28 for Skane in 2024. Solaris has been active in the Swedish market since 2003, delivering nearly 800 buses, including a mix of zero-emission battery and hydrogen vehicles. The partnership underscores Solaris's commitment to providing sustainable and reliable transportation solutions, contributing to greener urban mobility.
Hyundai Motor India has announced it is accelerating its EV strategy to capitalise on India's growing shift towards electric mobility. The company plans to launch 3 new electric models and establish 600 fast-charging stations across the country by 2031. One of the key motivations behind Hyundai’s strategy is that it believes it can increase its EV market penetration from the current 2.5% to c.12-13% within 5 years, driven by supportive policies and increased participation from prominent (domestic) players such as Tata Motors and Mahindra. Hyundai's strategy includes localising the manufacturing of key EV components, such as battery packs and electric drivetrains, to enhance price competitiveness. The company has already introduced the Ioniq 5 and the (newly launched) Creta Electric, which is selling c.1,000 units per month.
Libbation has announced that it has opened a new upcycling facility for EV batteries in Biberist, Switzerland. This 7,000-square-meter facility is reportedly the largest of its kind in Europe and aims to reach an annual capacity of 500 MWh by 2026, with potential scalability to 1 GWh. The facility will help reduce dependency on raw material imports and strengthen Europe's energy security. Libbation specialises in creating stationary energy storage systems from recycled EV batteries, offering modular designs that range from 97 kWh to 60 MWh. The company has seen significant growth, producing 27 MWh in 2024, up from 7 MWh in 2022. The new facility is co-located with the battery recycling company Librec, creating regional synergies. This expansion supports the growing demand for sustainable energy storage solutions and contributes to resource conservation in Europe.
Capital Transit in Juneau, Alaska, is constructing a new charging station for its fleet of battery-electric buses. The city replaced seven 2010 diesel buses with EVs in December 2024. These new buses, manufactured by Gillig, have performed well even in winter conditions, with minimal operational issues. The buses can complete long routes and still retain battery capacity at the end of the day. The charging station will be installed at the Valley Transit Centre, enhancing the efficiency of the fleet. The new buses offer a quieter ride and allow passengers to charge mobile devices. Additionally, Capital Transit plans to introduce online fare payment through a mobile app. This initiative marks a significant step towards sustainable urban mobility in Juneau.
The UK Government has announced it has shortlisted 27 projects under its Hydrogen Allocation Round 2 (HAR2), which is aiming to deliver a combined 875MW of low-carbon hydrogen production capacity between 2026 and 2029. These projects, involving companies such as RWE, Uniper, and Centrica, will supply hydrogen for a myriad of sectors, such as power, glass manufacturing, brick-making, and sustainable aviation fuel. Hydrogen UK highlighted that HAR2 builds on lessons from previous rounds and strengthens the UK's leadership in clean energy. The government emphasised that not all shortlisted projects might be successful. This initiative is part of the UK's broader strategy to enhance its hydrogen economy and achieve its clean energy goals.
Singapore announced it has launched a $1bn initiative to purchase carbon credits, aiming to achieve net-zero emissions by 2050. This program, managed by the National Climate Change Secretariat (NCCS), will focus on carbon credits from projects that deliver significant environmental and social benefits. The initiative is part of Singapore's broader strategy to enhance its carbon market and support global climate action. The carbon credits will be sourced from various projects, including reforestation, renewable energy, and methane capture. These projects are expected to contribute to biodiversity conservation, community development, and sustainable land management. The NCCS will prioritise credits that meet stringent international standards, ensuring transparency and accountability. This move aligns with Singapore's Green Plan 2030, which outlines the country's sustainability targets and initiatives. By investing in carbon credits, Singapore aims to offset its emissions while promoting sustainable development globally. The initiative also positions Singapore as a leader in the carbon market, potentially attracting more green investments.
Deals
Fourier, a Californian-based sustainable energy startup, has raised $18.5m in a Series A funding round, co-led by General Catalyst and Paramark Ventures. This capital will be used to commercialise its AI-optimised modular electrolyser systems for distributed green hydrogen production. The technology, based on PEM electrolysis, integrates water deionisation and uses advanced algorithms to enhance performance by monitoring & predicting production, thus minimising system downtime. Fourier's system aims to address the high costs, inefficient production, and complex distribution logistics associated with hydrogen production. The funding will support the company's efforts to scale its operations and bring its solutions to the market.
EVident Battery, an advanced battery technology startup, has secured $3.2m in Seed funding, led by Ibex Investors, to advance its AI-powered EV battery pack inspection technology. Its technology offers rapid, non-destructive inspections that can be completed in under 2 minutes, addressing the challenge of detecting non-cell failures without dismantling the battery. The funding will support EVident's R&D efforts, manufacturing capabilities, and sourcing of strategic partnerships. The company aims to standardise EV battery service and inspection, creating a centralised database for full transparency. EVident has also launched a pilot product to validate its technology in real-world conditions, refine AI models, and scale deployment. This initiative is expected to enhance the reliability and sustainability of EV batteries, contributing to a greener future.