Porsche has announced it has launched a pilot project to recycle high-voltage batteries from its vehicles, aiming to recover valuable raw materials and test a closed-loop raw material cycle. This initiative is part of Porsche’s sustainability strategy, specifically its Circular Economy pillar. The project involves shredding batteries to produce black mass, refining this material to extract key components such as nickel, cobalt, manganese, and lithium, and using these recycled materials to produce new battery cells. Approximately 65 tons of black mass have been produced thus far. Porsche plans to test these new battery cells in its vehicles, showcasing a closed-loop cycle that extends resource lifecycles and subsequently reduces environmental impact. This effort aims to decrease reliance on volatile raw material markets and prepare for the upcoming EU regulations on battery recycling. Porsche’s initiative highlights its commitment to responsible resource management and environmental stewardship.
BYD has announced it surpassed Tesla in annual sales for 2024, recording revenues of 777 billion yuan (c.$107bn) and delivering 4.27 million cars, including a blend of EVs and hybrids. This marks a 29% increase from the previous year. In contrast, Tesla reported revenues of $97.7bn with 1.79 million battery-powered vehicle deliveries, experiencing a 1.1% decline in annual deliveries. BYD highlighted the company's rapid development and its leadership in various sectors, including batteries, electronics, and new energy vehicles. BYD has introduced an ultra-fast charging system that adds 250 miles of range in 5 minutes, outpacing Tesla's Superchargers. Additionally, BYD launched an advanced driver-assistance system for most models at no extra cost, increasing pressure on Tesla. BYD's dominance in China, the world's largest auto market, contrasts with Tesla's challenges in securing regulatory approval for its Full Self-Driving service in the country.
Equifax UK has launched a new Financed Emissions Calculator in partnership with Scottish data firm CienDos. This cloud-based tool is designed to help financial institutions automate, measure, and track their financed emissions, streamlining sustainability reporting requirements. The calculator integrates environmental data with financial risk assessments, enabling lenders to determine the greenhouse gas emissions indirectly attributed to their lending and investment activities. The tool addresses the challenge of tracking financed emissions, which can account for up to 95% of a financial institution's total carbon emissions. Traditionally, banks have managed these emissions using manual calculations based on high-level estimations. The Financed Emissions Calculator ingests data from multiple public and private sources, converts it into structured data points, and assigns a PCAF Data Quality Score or CienDos Assessment Score to ensure accuracy and transparency. Equifax's extensive commercial credit data, combined with CienDos's emissions data technology, aims to transform the management of portfolio emissions for financial firms. This solution supports the financial sector's role in combating climate change by providing precise and auditable carbon values for every credit line.
Stagecoach South West has announced it is advancing its electrification efforts with the procurement of 90 battery-electric buses from Alexander Dennis, Volvo, and Yutong. These buses will be deployed across depots in Barnstaple, Exeter, and Torbay by H1 2026. This project, supported by the ZEBRA scheme, also includes infrastructure upgrades such as charging points at Exeter's Matford park-and-ride site, which will also serve as a community charging hub. The fleet will consist of 10 Alexander Dennis Enviro100EV small single-deckers, 48 Enviro400EV double-deckers, 20 Volvo BZLs, and 12 Yutong E10s. This initiative is expected to significantly reduce CO2 emissions, with the 20 Volvo buses alone potentially cutting up to 12,000 tonnes over their 15-year lifespan. Stagecoach emphasised the importance of local authority support in achieving these ambitious green goals. The electrification work at Exeter has already commenced, with similar efforts to follow at Barnstaple and Torbay. This project highlights Stagecoach's commitment to sustainable transport and its role in reducing the environmental impact of public transportation.
Hyundai Motor Group has announced it has opened its new $12.6bn Metaplant America in Georgia, which will generate 8,500 direct jobs and marks the largest economic development initiative in the state's history. This state-of-the-art facility will produce electric and hybrid vehicles for the Hyundai, Kia, and Genesis brands. Initially, the facility will have the capacity to manufacture 300,000 electric and hybrid vehicles, with plans to ramp up capacity to 500,000 in the future. The facility has already rolled out its first vehicle, a Hyundai IONIQ 5, with the IONIQ 9 electric SUV now in production. This is a significant milestone for the company and the region. Furthermore, Hyundai plans to invest an additional $21bn in America by 2028, enhancing its manufacturing capabilities and upgrading facilities in Alabama and Georgia.
GeoRedox, a US start-up, has unveiled plans to produce ultra-low-cost clean hydrogen using stimulated geologic hydrogen technology. Partnering with Sage Geosystems, GeoRedox aims to accelerate natural hydrogen production by injecting water into iron-rich rock formations, mimicking the natural serpentinisation process. This method involves increasing the rock's exposed surface area and controlling water flow to enhance hydrogen generation. The hydrogen gas is then extracted using wells, akin to natural gas collection. GeoRedox plans to start constructing a field demonstration site in 2026. The company believes its approach can yield larger quantities of hydrogen in easier-to-reach locations, potentially competing in the existing global hydrogen market. This innovative technology could significantly impact the hydrogen industry by providing a scalable, carbon-free energy solution.
A hydrogen bus trial has commenced at the Sizewell C construction site, aiming to transport workers using clean energy. The trial involves 3 hydrogen double-decker buses and 1 single-decker bus provided by Wrightbus. This initiative seeks to evaluate the operational performance of hydrogen buses and reduce carbon emissions during the construction phase. If successful, Sizewell C plans to order up to 150 hydrogen buses, potentially creating the largest hydrogen bus fleet in the UK. The project also explores the use of electric buses, aiming for a mixed zero-emission fleet. This trial supports Sizewell C's commitment to sustainability and the decarbonisation of transport. The hydrogen buses are part of a much broader effort to deliver 60% of construction materials by rail and sea, minimising the environmental impact on the local area. This initiative highlights the potential of hydrogen as a viable fuel for large-scale transportation.
It has been a tough week for Tesla as it faces significant challenges in Europe and Canada. In Europe, Tesla's sales have plummeted by 49% YoY in the first 2 months of 2025, with new registrations falling to 19,046 from 37,000 in the same period of 2024. This decline is attributed to the ageing design of Tesla's models, increased competition from traditional and new Chinese automakers, and controversies surrounding the CEO. Despite the overall growth in EV sales, the ACEA calls for more support to sustain the transition to zero-emission mobility. In Canada, the government has frozen all rebate payments to Tesla and banned the company from future EV rebate programs due to concerns over abuse and ongoing trade tensions with the USA. This decision follows a surge in rebate claims from Tesla, with one dealership in Quebec City claiming nearly C$20m in subsidies over a single weekend. The freeze affects C$43m in rebate payments and is part of Canada's response to the US tariffs imposed by President Trump. Tesla's sales in Canada dropped by about 70% in January compared to December 2024, largely due to the pause in federal and regional rebates. The ban will remain in place as long as the US tariffs are enforced.
Deals
Leta, a Kenyan logistics startup, has announced that it has raised $5m in seed funding to scale its AI-powered logistics platform across Africa. The funding round was led by Speedinvest, with participation from Google’s Africa Investment Fund and Equator. Leta's technology optimises delivery routes, tracks shipments in real time, streamlines payments, and provides data-driven logistics insights. This helps businesses reduce costs and improve operational efficiency. The new capital will enable Leta to expand its operations beyond its current markets in Kenya, Nigeria, Uganda, Zambia, and Zimbabwe and enter new markets like Rwanda and Mauritius. Leta plans to introduce fintech-driven logistics solutions, including fuel cards for delivery partners and asset financing for logistics vehicles.
Persefoni, a sustainability management software company, raised $23m in a Series C funding round to expand its product offerings. Investors such as G Rise, Rice Investment Group, Clearvision Ventures, NGP Energy Technology Partners, and Prelude Ventures participated in this round. Persefoni offers AI-driven tools for companies and financial institutions to manage their carbon footprint and sustainability reporting. The company expects the new financing to carry the company to profitability by H2 2025. Persefoni has launched several AI products, including the PersefoniGPT. Looking ahead, it plans to launch a Product Carbon Footprint/LCA capability and make further improvements to audit and control features.
Fleetio has acquired Auto Integrate, a prominent maintenance authorisation platform, and raised over $450m in a Series D funding round. This funding round was co-led by Elephant and Goldman Sachs Alternatives. This acquisition aims to create a one-stop-shop for fleet maintenance, integrating Auto Integrate's software with Fleetio's fleet optimisation platform. The combined entity will service over 8 million vehicles and process more than 13 million repair orders annually through a network of 110,000+ repair shops across North America. The new funding will finance the acquisition and enhance Fleetio's capabilities, including solutions for running, repairing, and optimising vehicles and assets. Auto Integrate's software allows repair shops to electronically submit repair orders for approval, reducing vehicle downtime and improving operational efficiency. This strategic union is valued at over $1.5bn and aims to deliver a more connected maintenance experience for fleet operators.
JLL has announced it has acquired Javelin Capital, a renewable energy-focused investment banking firm, to enhance its US energy and infrastructure capital markets capabilities. Javelin Capital specialises in M&A, restructuring, capital raising, debt, and corporate finance services for the clean energy sector. This acquisition aims to expand JLL's reach in the rapidly growing clean energy market, driven by increasing demand, tightening regulations, technological advancements, and the compelling economics of renewable energy. Javelin Capital's 16 employees, based in New York and Chicago, will join JLL's Capital Markets, Americas business, led by Mark Gibson. The acquisition will enable JLL to provide comprehensive solutions for new market entrants, public and private funding, and energy investments from existing clients. JLL emphasised that this move will bolster its ability to guide clients through the clean energy transition, matching their work in Asia and Europe. This strategic acquisition aligns with JLL's commitment to sustainability and its goal to serve as a globally connected capital advisor in the energy and infrastructure sectors.
GridPoint, a Virginia-based energy management technology company, has raised $45m to expand its platform aimed at decarbonising commercial buildings and stabilising power grids. The funding round was anchored by a $20m investment from Marunouchi Innovation Partners (MIP), a climate tech fund sponsored by Mitsubishi Corporation. GridPoint's platform leverages data analytics, ML, and intelligent automation to optimise energy use, reduce costs, and enhance grid resilience. GridPoint's technology connects energy grids with commercial buildings and behind-the-meter distributed energy resources, thus addressing the increasing demand for electricity driven by data centres, AI, and renewable energy adoption. The company’s solutions are deployed in over 20,000 commercial buildings across various industries. The new funding will support GridPoint's international expansion, particularly into Japan and South Korea.