REE Automotive, an EV company specialising in modular platforms, has announced its order book value has surpassed $50m, alongside increasing its dealer network to 66 sales and service locations, across North America. Many of its products, such as the P7-C electric chassis cabs, are eligible for incentives, such as the federal iMHZEV and provincial Go Electric incentives in Canada, which can total over $100,000. It is important to highlight that many of its vehicles are FMVSS, CARB and EPA certified, which help it unlock state incentives.
Xiaomi has announced that some potential customers for its SU7 electric sedan may have to wait between 4-7 months due to strong demand. Reportedly, pre-orders for the EV hit 88,898 in the first 24 hours of it going live. Xiaomi is a prominent player in the smartphone industry, behind only Apple and Samsung, and its products are generally affordably priced. The SU7 is priced between c$29,870-$41,445 depending on the model and many industry experts expect the company to leverage its expertise in smartphones to make premium smart dashboards, a factor many Chinese consumers prize highly.
Pajarito Powder, a USA-based developer and manufacturer of advanced catalysts, has been awarded $20m in funding by the US Department of Energy (DOE). This funding is for 2 projects that will focus on boosting production and helping reduce catalyst and fuel cell costs. Pajarito will collaborate with Auris Noble and Nel Hydrogen to develop an increased supply of catalysts designed to reduce the amount of iridium needed for proton exchange membrane electrolysis. This should result in reducing the amount needed in green hydrogen production by 14-60%. In terms of fuel cells, Pajarito is planning to scale up production of carbon supports and platinum alloy catalysts and reduce carbon-supported catalyst costs. This is anticipated to result in low-cost, commercial deployment of fuel cells, alongside improved fuel cell performance.
Metroline, a ComfortDelGro bus subsidiary, has won 4 out of 5 large local service contracts in Greater Manchester. These contract wins were awarded under the 3rd (and final) tranche of bus franchising. Metroline has stated that these large franchise contracts are over 5 years (with an option to extend for two 1-year terms) and in total are worth c£422m to the bus operator. This encompasses 232 services and will need 420 buses and over 1,350 drivers. Diamond Bus North West, a Rotala bus subsidiary, was the other big winner, as it captured 3 out of 4 small(er) contracts.
BMW Group has announced it is expanding its partnership with Celonis (a German data processing company), to help boost sustainability. Celonis is a market leader in process mining, and it will use this technique to help optimise BMW’s processes and increase its efficiency, productivity, and sustainability. Both companies believe that if you can tackle inefficiencies, then both employees and customers have better experiences which then helps reduce carbon emissions. BMW will give all its Group employees access to Celonis thus enabling them to analyse all company processes relevant to them and to identify and eliminate anything that causes inefficiency.
Xpeng has announced it is entering the German market with 24 (retail) locations and outlined ambitions to launch in the UK, Italy and France in the future. It has set itself a target of gaining a 3% market share in Germany by 2025, as well as reaching 120 retail locations before 2027, with both being bold goals. The timing of its entry is interesting as the EV OEM believes it can replicate the success it has had in China, in different markets. European OEMs are behind their Chinese peers and cannot compete in terms of price point(s) and this should help Xpeng gain a foothold in the German (and later on European) market. However, for consumers brand loyalty and prestige are apparently stronger factors in Europe, than in China, so it will be interesting to monitor which way potential buyers behave in the coming months.
The IKEA Foundation has donated $100m to The Drive Electric Campaign to help ramp up EV adoption. Investors, such as the European Climate Foundation have also donated to the Drive Electric Campaign. IKEA’s donation will be used to help support the transition to electrification in Africa, Latin America, and Southeast Asia. Bear in mind, that road transportation accounts for c15% of GHG emissions and this needs to be tackled. The Drive Electric Campaign focuses on tackling key barriers that hinder lowering emissions/slowing EV adoption such as limited charging infrastructure and a lack of EV-friendly policies, which will (potentially) help move the needle.
Ballard Power Systems has announced it has been awarded $54m of investment tax credits which it will use to help support its planned fuel cell gigafactory. This is on top of the $40m in funding it received last month from the DOE. The gigafactory is in Rockwall (Texas) and Ballard will invest c$110m into the facility from 2024-2027. The plant is anticipated to have the capacity to produce up to 20,000 fuel cell stacks and fuel cell engines per year.
Deals
Ember, a Scottish electric coach operator, has announced it has successfully raised £11m in a Series A funding round. This round was led by Inven Capital, 2150, and AENU, with Pale Blue Dot also participating. The raised capital will be used to expand its route offerings, develop new renewable energy-powered transport hubs and further invest in its EmberOS platform (designed for optimal charge management and network efficiency). From day 1, Ember has taken a different approach than traditional coach operators by working closely with companies such as Pelican Bus and Coach. The startup is striving to electrify intercity bus travel by creating a new, highly optimised, all-electric network. We champion Ember’s goals and believe its holistic approach will help save tonnes of emissions going forward.
BasiGo, an East African e-mobility startup, has obtained $3m of equity funding from CFAO Group (and Mobility54; the VC arm of CFAO). This capital will be used to scale up its operations in Kenya and Rwanda, as it has received over 500 orders from bus operators in Nairobi and 100 orders from operators in Kigali. Interestingly, CFAO launched the 1st dealership for BYD electric cars in Kigali. We believe CFAO, with its extensive operations in over 40 African countries, along with BasiGo’s mission statement to electrify mobility in Africa, will be a successful partnership.