Ford has stated it plans to invest up to c.$4.8bn in its German operations to enhance its EV production capabilities. This significant investment aims to transform Ford's Cologne plant into a major hub for EV manufacturing, aligning with the company's broader strategy to accelerate its transition to electric mobility. The funds will be used to upgrade facilities, increase production capacity, and support the development of new EV models. This move is part of Ford's commitment to achieving carbon neutrality in Europe by 2035 and reflects the growing demand for electric vehicles in the region. The investment will also create new jobs and strengthen Ford's presence in the European market. Additionally, Ford plans to collaborate with local suppliers and partners to ensure a robust supply chain for its EV production. By focusing on Germany, Ford aims to leverage the country's strong automotive industry and skilled workforce to drive competitiveness in the EV sector. This strategic investment underscores Ford's dedication to sustainable transportation and its efforts to lead the automotive industry's shift towards greener technologies.
The European Commission has approved significant funding for hydrogen development in Austria and Lithuania, with €400m allocated to Austria and €36m to Lithuania. This funding, part of the European Hydrogen Bank's auction, aims to support the production of renewable hydrogen, with Austria expected to produce up to 112,000 tonnes and Lithuania 13,000 tonnes. The initiative aligns with the EU's Clean Industrial Deal, REPowerEU Plan, and Hydrogen Strategy, which focus on decarbonising industry, reducing dependence on fossil fuels, and promoting renewable energy. The funding will help both countries achieve their national hydrogen objectives and support the EU's targets for renewable fuels of non-biological origin (RFNBOs) in transport and industry. This move is expected to strengthen the competitiveness of the EU's hydrogen industry and contribute to the broader goals of environmental sustainability and energy security.
Harbinger has announced a bold new initiative to stabilise EV pricing through the Inflation Reduction Act (IRA) guarantee. This move aims to provide consumers with more predictable and affordable EV prices, addressing concerns about fluctuating costs. The IRA guarantee will help mitigate the impact of market volatility and supply chain disruptions, ensuring that EV prices remain stable and accessible. Harbinger's strategy includes leveraging federal incentives and tax credits provided by the IRA to reduce the overall cost of EVs. Harbinger's IRA Risk-Free Guarantee lowers the starting price of its electric trucks to match diesel prices, offering a $12,900 credit at purchase. If the IRA tax credit is cancelled, Harbinger skips the repayment, ensuring price stability and eliminating financial uncertainty for customers. By doing so, the company hopes to make EVs more attractive to a broader range of consumers, promoting the adoption of clean transportation solutions. This initiative is part of Harbinger's commitment to sustainability and its efforts to support the transition to greener energy sources. The stabilisation of EV pricing is expected to boost consumer confidence and drive growth in the EV market. Harbinger's approach highlights the importance of government support in fostering a sustainable and resilient EV industry.
VinFast has announced plans to install up to 100,000 EV charging stations across Indonesia, aiming to support the country's transition to green transportation. This initiative is part of VinFast's broader strategy to expand its presence in Southeast Asia and promote sustainable mobility. The Vietnamese EV manufacturer will collaborate with local partners to deploy the charging infrastructure, ensuring widespread access for EV users. By providing extensive charging facilities, the company hopes to alleviate concerns about charging accessibility and further increase its market share. The project underscores VinFast's commitment to environmental sustainability and its efforts to support the global shift towards cleaner energy solutions.
Volvo Buses has announced it has secured a contract to deliver 106 electric buses to Vastmanland and Orebro counties in Sweden. This order, made by Svealandstrafiken (a public transport operator that serves the aforementioned counties) includes 33 additional Volvo 7900 Electric Articulated buses, building on an initial purchase of 60 Volvo 8900 Electric and 13 Volvo 7900 Electric Articulated buses. Deliveries are expected to begin in 2026 and 2027, adding to Svealandstrafiken’s existing fleet of 17 Volvo electric buses in Vasteras. The 7900 units will operate in city traffic routes in Orebro, whilst the 8900 units will serve regional routes in both counties. The buses will be manufactured in Sweden, whilst the body will be produced by MCV in Egypt. This order reflects Volvo Buses' strategic shift in Europe and commitment to developing public transport solutions.
The 2nd European Hydrogen Bank (EHB) auction has announced that it has received 61 bids from projects across 11 European countries. Thus, total grant requests reached c.€4.8bn, which is x4 times the available €1.2bn budget from the Innovation Fund. These projects represent 6.3 GW of proposed electrolyser capacity, aiming to produce over 7.3 million tonnes of renewable hydrogen over 10 years, covering 7% of the EU’s REPowerEU ambition. Under the auction framework, projects have 2.5 years to reach financial close, 5 years to begin hydrogen production and up to 10 years of subsidies (contingent on verified production). Notably, €200m has been allocated specifically for green hydrogen and its derivatives intended for the maritime sector, which resulted in 8 maritime-related projects submitting bids. CINEA will review the bids, ranking them by the bid price, with results expected around May 2025 and grant agreements set to be signed by November. This auction highlights the attractiveness of the Innovation Fund as a tool for Europe’s industrial decarbonisation and competitiveness, reinforcing the development of a European market for clean hydrogen. We are pleased to hear that maritime projects are getting involved and we hope more projects get involved in the 3rd auction in 2026.
The European Bank for Reconstruction and Development (EBRD) has announced it is providing a €50m loan to Turkey’s TEB Arval to expand its EV fleet. This funding will finance the acquisition of 1,200 EVs, including a blend of battery electric vehicles and plug-in hybrid electric vehicles, as part of TEB Arval's strategy to reduce its carbon footprint. Turkey’s rapid urbanisation has increased the need for sustainable transport solutions to mitigate environmental impacts. TEB Arval aims to increase the share of EVs in its fleet by 2027, thus positioning itself as a leader in Turkey’s transition to low-carbon mobility. The EBRD's investment supports greener mobility solutions and promotes environmental responsibility. TEB Arval offers EV leasing options, consultancy, charging solutions, and driver training. Notably, the EBRD has committed over €22bn to Turkey across 476 projects since 2009, predominantly in the private sector.
The UK government has announced a significant boost to EV infrastructure in the Midlands, with over 16,000 new EV chargers set to be installed. These will be rolled out in 13 local authorities across the Midlands, supported by Midlands Connect, having received £40.8m LEVI Fund. Bear in mind, thus far (the lack of) EV infrastructure has been a barrier to EV adoption. Therefore, this initiative is part of the government's broader strategy to support the transition to cleaner transportation and reduce carbon emissions. The funding will be allocated to local authorities, businesses, and organisations to facilitate the installation of chargers in various locations, including residential areas, public spaces, and commercial sites. By increasing the availability of chargers, the government hopes to encourage more people to switch to EVs, contributing to the UK's environmental goals and improving air quality. This initiative is expected to play a crucial role in supporting the country's climate action plan and fostering a cleaner, healthier environment for residents. The government will work closely with local partners to ensure the efficient and effective implementation of the new charging infrastructure, helping to create a sustainable future for the Midlands and beyond.
Toyota has launched its most affordable smart EV in China, aiming to increase its market share in the world's largest EV market. The new model, priced competitively at c.$20,000, is part of Toyota's strategy to attract budget-conscious consumers and compete with local EV manufacturers. This move is seen as a significant step for Toyota, which has been slower to embrace the EV market compared to its peers. The smart EV features advanced connectivity and autonomous driving capabilities, appealing to tech-savvy buyers. Toyota's focus on affordability and smart technology is expected to boost its presence in China, where the demand for EVs continues to grow rapidly. The launch aligns with Toyota's broader goal of expanding its EV lineup and achieving carbon neutrality by 2050. By offering a cost-effective and technologically advanced EV, Toyota aims to capture a larger share of the Chinese market and strengthen its position in the global EV industry.
Deals
Glimpse, a Somerville-based battery solutions start-up, raised $10m in a Series A funding round led by TDK Ventures, with support from Ibex Mobility and Flybridge Capital Partners. Glimpse aims to improve battery quality control for cell producers and buyers using advanced X-ray CT scanning technology. The company plans to use the funds to increase the throughput of its scanning technology and expand into new markets beyond the battery cell industry. Glimpse's solutions combine the latest hardware advancements in X-ray technologies with high-performance software, transforming CT scanners into scalable, collaborative, and cost-efficient battery quality management tools.