According to the International Energy Agency (IEA), global EV sales reached 7.2m units by the end of May 2025, thus resulting in a 28% YoY increase and signalling strong momentum in the global shift toward electric mobility. Furthermore, the IEA predicts that the total EV sales for 2025 could exceed 20m, potentially capturing over 25% of the global car market. China continues to dominate, accounting for 4.4m EVs sold in the first 5 months, a 33% YoY rise, driven by government incentives and fierce domestic competition. In May alone, New Energy Vehicles reached a 52.9% retail penetration rate. Plug-in hybrids are also gaining traction, with a 34.1% sales increase. Europe saw a 27% YoY rise in EV sales, totalling 1.6m units, with standout growth in Germany, Italy, and Spain. However, France experienced a dip due to reduced subsidies. North America posted modest growth at 3% YoY, with 700,000 units sold. The USA saw a 4% YoY increase, while Canada’s sales dropped 20% following subsidy cuts. Key market drivers include government policies, affordability, competition, and charging infrastructure expansion, with regional disparities shaping the pace of adoption.
Asda has announced it is investing £1.3m to expand its EV home delivery fleet, marking a significant step in its sustainability strategy. The investment will fund the addition of 112 new electric vans (a mixture of Ford & Maxus models) and the installation of charging infrastructure at 21 stores across the UK by September 2025. This move will more than double Asda’s EV fleet from 82 to 194 vehicles, reinforcing its commitment to reducing greenhouse gas emissions. The new EVs will be deployed in various areas, including Aberdeen, Birmingham, London, and Swansea, thus supporting Asda’s goal to transition to a fully electric home delivery fleet by 2028. The initiative aligns with the retailer’s broader environmental targets, which include achieving net-zero carbon emissions by 2040. The rollout is also expected to improve operational efficiency and reduce fuel costs over time. This expansion is part of a growing trend among UK retailers to electrify their logistics operations in response to increasing regulatory pressure and consumer demand for greener services. By investing in EV infrastructure and fleet upgrades, Asda is positioning itself as a leader in sustainable retail logistics, contributing to the UK’s wider decarbonisation efforts in the transport sector.
BYD has announced it has launched its most affordable model in the UK, the Dolphin Surf, priced at £18,650, intensifying its competition with Tesla. The Dolphin Surf is a compact hatchback designed for urban drivers, offering a 211-mile range and a 44.9kWh battery, making it one of the most competitively priced EVs in the UK market. This launch is part of BYD’s broader strategy to expand aggressively in Europe and challenge Tesla’s dominance in the EV sector. BYD is leveraging its vertical integration and cost efficiencies to undercut rivals on price. The Dolphin Surf joins BYD’s growing UK lineup, which includes the Atto 3 SUV and Seal saloon. With the UK’s 2035 ban on new petrol and diesel cars approaching, BYD aims to capture budget-conscious consumers seeking affordable, zero-emission alternatives.
Altilium has announced it is investing £30m in a new EV battery recycling facility in Plymouth, expected to create over 50 high-skilled jobs. The 174,000 sq ft ACT 3 plant will recover critical materials like lithium, nickel, and cobalt from up to 24,000 EV batteries annually, supporting the UK’s clean energy goals and reducing reliance on imported materials. Set to be commissioned in H2 26, the facility will contribute to industrial resilience, energy security, and economic growth. Altilium has already attracted £14m in investment from global backers such as SQMi, Marubeni, and Mizuho Bank. The company is also launching a Series B1 retail funding round via Republic Europe, inviting local investors to participate. Altilium’s leadership and local government officials see the project as a cornerstone of the South West’s green economy, promoting sustainability and job creation in the region.
The New York State Energy Research and Development Authority (NYSERDA) has launched a $3.7m funding opportunity to support projects that integrate hydrogen and fuel cell technologies into the state’s energy grid. The initiative aims to enhance grid resilience, reduce emissions, and advance the state’s Climate Leadership and Community Protection Act goals. Eligible projects must demonstrate how hydrogen or fuel cells can support decarbonisation, improve grid reliability, or provide backup power during outages. NYSERDA is particularly interested in solutions that benefit disadvantaged communities and promote (greater) equity in clean energy access. Funding will be awarded through a competitive process, with applications due by August 2025. The program is part of New York’s broader strategy to become a national leader in clean hydrogen innovation, complementing its participation in the Northeast Regional Clean Hydrogen Hub (NE Hub).
China’s National Energy Administration (NEA) has launched a comprehensive hydrogen pilot scheme targeting 11 strategic areas to accelerate the commercialisation and scalability of hydrogen technologies. This initiative includes both individual project pilots and regional-city-led pilots, all of which must be operational or have completed trial objectives by June 2028. The scheme emphasises green hydrogen production using electrolysers of at least 100MW powered by over 80% renewable energy, with nuclear-powered hydrogen also encouraged in stable baseload regions. Off-grid systems in remote areas will integrate solar, wind, and storage to create resilient microgrids. Low-carbon hydrogen from industrial by-products and retrofitted fossil sources with carbon capture will also be explored. Storage and transport pilots will test 100km pipelines, 5-tonne-per-day liquid hydrogen plants, and advanced storage technologies like LOHCs and metal hydrides. Usage pilots will focus on industrial substitution, hydrogen-ammonia power generation, and long-duration energy storage for grid stability. Each province and central state-owned enterprise can nominate up to 5 project pilots and 2 regional pilots, with preference for those aligned with national R&D goals and featuring innovative technologies. The NEA will evaluate projects based on technological advancement, commercial viability, carbon reduction, and replicability.
Neoenergia has announced it has begun construction on the first of 2 green hydrogen plants in Taguatinga, Brazil. The project, valued at over c.$5.4 million, is part of Brazil’s push to develop a low-carbon hydrogen economy. A 150kW photovoltaic solar plant will power the facility and will include a hydrogen refuelling station for both light and heavy-duty vehicles, supporting zero-emission mobility. The initiative is part of Brazil’s Research, Development and Innovation Program, regulated by ANEEL. Neoenergia emphasised Brazil’s competitive edge in renewable energy, positioning the country as a leader in the global energy transition. This project contributes to Brazil’s growing portfolio of hydrogen infrastructure, which includes 12 low-carbon hydrogen hubs selected by the Ministry of Mines and Energy to compete for $1bn in international funding. These efforts aim to decarbonise heavy industries and position Brazil as a key exporter of green hydrogen, especially to markets like the EU that are seeking reliable, low-cost sources of clean energy.
Deals
Vecmocon Technologies, a Delhi-based EV startup, has secured $18m in Series A funding to expand its product offerings and boost R&D. The latest $8m tranche, led by Ecosystem Integrity Fund and Aavishkaar Capital, builds on a $10m round from November 2024, which included investments from British International Investment and Blume Ventures. Vecmocon specialises in battery management systems, smart chargers, and vehicle intelligence modules, serving OEMs, fleet operators, and EV infrastructure providers. Its technology currently supports over 100,000 EVs across various categories. The new funding will help Vecmocon expand into high-voltage EVs, including passenger cars and electric buses, and strengthen its position in India’s growing EV ecosystem. The company aims to increase its R&D efforts for mobility solutions and contribute to the country’s clean transportation goals.
Volantis, a California-based semiconductor startup, has raised $9m in a Seed funding round to advance its development of photonically integrated computers. The startup is developing a novel photonic compute architecture that uses direct laser modulation and wafer-scale integration to enable ultra-fast communication across densely connected compute systems. This approach aims to significantly reduce energy consumption and cost while boosting computational speed. Volantis plans to use the capital to refine its chip architecture, expand its engineering team, and initiate early customer engagements. The company’s technology is positioned to transform high-performance computing by addressing the growing demand for faster, more efficient data processing in AI, cloud, and edge computing environments.
Warp, a Los Angeles-based logistics technology company, has raised $10m in Series A funding, led by Up.Partners and Blue Bear Capital. This brings the company’s total funding to $22 million. Warp specialises in optimising the middle mile of freight logistics by connecting shippers, cross-docks, and carriers through a unified operating system. The new capital will support the expansion of Warp’s AI-driven logistics platform and the launch of its first fully robotic cross-dock facility. This flagship site will automate the entire freight lifecycle, ranging from inbound receiving and dimensioning to smart sortation and outbound dispatch, enhancing speed, accuracy, and efficiency. Warp aims to transform domestic freight movement with real-time tracking, AI-powered routing, and a flexible national fleet. The company’s platform provides customers with greater control and visibility over their USA supply chains, addressing key challenges in logistics and supply chain management.