Autonomy, an EV subscription company, has announced it is launching a new SaaS business line called Autonomy Data Services (ADS) in partnership with Deloitte. This strategic move includes securing funding of $2.5m, a $32 million debt-for-equity swap, and acquiring all subscription-related technology and IP. This new SaaS business is a significant pivot for Autonomy and underlines its focus on technology and subscriptions. The ADS business model has no RV risk which should cater to OEMs, fleet operators, rental car companies, and car dealerships seeking to implement subscription offerings.
The University of Nottingham has begun a £5.3m research programme, called The Hy2FlyGHT initiative, which will explore the development, manufacturing and testing of cryogenic hydrogen-electric propulsion systems. This initiative is expected to develop a 2MW aviation system which is typically suited for larger sustainable aircraft. The university also sees this as a way to (potentially) bring economic prosperity to the East Midlands, as it wants to make the area a hub for net zero aviation innovation.
China has filed an appeal to the World Trade Organization (WTO) against the EU’s imposition of provisional tariffs, which could reach up to 38%, on Chinese EVs. The Chinese government believes that the tariffs have violated WTO rules and impacted companies’ legal rights. The EU believes it is in the right as the Chinese govt, for several years, invested heavily in the R&D of domestic EV firms thus resulting in many Chinese EV OEMs having a material (competitive) edge over their European peers.
The Texas Department of Transportation (TxDOT) has awarded $156m to transit agencies to improve, upgrade and expand its bus services for people to get to jobs, school and other important destinations. More than $123m in funding was approved by the Texas Transportation Commission and TxDOT also won a federal grant of $26.8m from the Federal Transit Administration. The funding will be used by transit agencies across the state to support a range of projects that will focus on New Facilities and Fleet, Intercity Connections and New Services.
Greenstat has announced it has started construction of its 20MW green hydrogen production plant in Fiska, Norway. The construction is pencilled in to take 2 years to complete and should be operational by Q4 2026. The company plans to offer green hydrogen to maritime traffic along the Norwegian coast as well as ZEVs and construction machinery in the region.
Deals
Chaiz, an American comparison marketplace for extended car warranties, has announced it has raised $3.7m in a Seed round led by ResilienceVC. Investors such as Anker Capital, Automotive Ventures, Everywhere Ventures, FJ Labs, Monte Carlo Capital, Never Lift Ventures, RedBlue Capital, and Springtime Ventures also participated. This startup allows users to research, compare, and buy protection plans online. The startup intends to use the funds to expand its product offering to cover recreational vehicles, motorsports, and home appliances.
DC Connected Car, a German AI-driven remote vehicle diagnostics startup, has raised €2.1m in a Seed round led by VENPACE. The startup will deploy the raised capital to develop advanced diagnostic tools for roadside assistance, warranty, & repair and expand its international footprint.
Miru, a Canadian-based electrochromic window (eWindows) startup, has raised $20m in a Series A round led by BDC Capital and Angelo Paletta, president and CEO of TNG Capital. The startup intends to utilise the funds raised to accelerate investment into its dynamic glass roofs for automobiles and support building new pilot lines in North America and Europe.
Kazam, an Indian EV charging station startup, has raised $8m in a Series A3 round led by Vertex Ventures. The startup intends to use the capital to increase its technology and product teams, enhance its platform offerings, and expand its market presence. It aims to digitise the entire e-mobility value chain, from managing grid energy to fuelling EVs and overseeing fleet operations.
Gaussion, a UK-based fast-charging battery startup, has announced it has successfully raised $12m in a Series A round led by Autotech Ventures. This startup is looking to address the problem around EV charging speed(s). Therefore, it focuses on using an external magnetic field to steer ions within battery cells, which results in rapid charging and reduces cell degradation.