Rho Motion has announced it believes global EV sales will exceed 20 million units in 2025. This growth is driven by increasing consumer demand, government incentives, and advancements in EV technology. China is expected to continue leading the market, followed by Europe and the US. The expansion of charging infrastructure and the introduction of more affordable EV models are key factors contributing to this surge. Major automakers are heavily investing in EV production to meet regulatory requirements and consumer preferences. The report also highlights that the automotive industry is undergoing a significant transformation, with a strong focus on sustainability and reducing carbon emissions. Despite challenges such as high production costs and supply chain disruptions, the EV market is poised for substantial growth. The increasing availability of zero-emission vehicles and supportive policies are expected to drive the transition towards cleaner transportation.
Plug Power has secured $30m by transferring investment tax credits from its Woodbine, Georgia, green hydrogen plant to an unnamed major investor. This move boosts Plug Power's liquidity and offsets a portion of its investment in the 40MW liquid green hydrogen plant. The plant is eligible for both the $3/kg clean hydrogen production tax credit under Section 45V and the 30% investment tax credit (ITC) for energy storage equipment, as outlined in the IRA. Despite the suspension of IRA funding under the Trump administration, Plug Power leveraged the transferability of tax credits to maintain financial stability. This transaction is seen as a strategic, non-dilutive balance sheet opportunity, setting the stage for future ITC monetisation. The company emphasised that this approach helps reduce future fuel costs and supports the ongoing development of Plug Power's green hydrogen ecosystem.
Hyundai Motor Group has announced significant expansions to its R&D facilities in Europe, aiming to accelerate innovation in sustainable mobility and high-performance vehicle technologies. The enhancements include an expanded test centre at Nürburgring and a new Square Campus in Germany’s Rhine-Main region. The Nürburgring test centre, operational since 2013, now features an additional 834 square meters of space, including workshops, specialised labs, and high-voltage EV charging infrastructure. This expansion supports Hyundai's focus on integrating electric high-performance capabilities with its N-performance lineup. The new Square Campus, pencilled in to open in March 2025, is a state-of-the-art 25,000-square-meter facility. It includes the largest 4-wheel noise, vibration, and harshness dynamometer, advanced chassis and powertrain testing equipment, and sustainability features like eco-friendly materials, photovoltaic panels, heat pump systems, and a rooftop garden. This campus will serve as a hub for advancements in electrification, ADAS, and infotainment systems, tailored specifically for European markets. These investments reflect Hyundai’s confidence in EV growth and commitment to sustainable innovation.
In 2024, car manufacturers significantly boosted the UK EV market with £2.4bn in incentives, marking a nearly 150% increase from the previous year. This surge in support was driven by the introduction of the Zero Emission Vehicle (ZEV) mandate, which required 22% of car sales to be EVs. The average incentive per EV rose to £6,860, the highest since 2016. Despite high car prices and supply chain disruptions, manufacturers like Tesla led price cuts, prompting others to follow suit. This resulted in lower residual values and guaranteed future values. The market also saw an increase in zero percent finance offers for EVs, despite high interest rates. As the ZEV mandate is set to rise to 28% in 2025, strategic planning remains crucial for manufacturers to stay competitive.
Greater Manchester has announced it is investing £86m to improve air quality and promote sustainable transport. The plan includes £51.1 million for 117 new buses, with 40 being zero-emission and 77 meeting Euro VI standards. Additionally, £5m is allocated for local traffic management, and £8m will help transition taxis to cleaner vehicles. The investment also covers £21.9m for administration, delivery, and monitoring. This initiative aims to meet the UK's nitrogen dioxide targets without implementing a Clean Air Zone, relying instead on cleaner public transport. The Bee Network, launched in 2023, has already shown success in reducing emissions and integrating transport services. This new funding will further support Greater Manchester's efforts to build a modern, sustainable transport network.
Hygenco's green ammonia project in India has received pre-certification under the EU's Renewable Fuels of Non-Biological Origin (RFNBO) rules. This certification is a significant achievement, as it aligns with the EU's stringent sustainability criteria and supports the import of renewable hydrogen and its derivatives into Europe. The project, located in Tamil Nadu, aims to produce 1.1 million tonnes per annum of green ammonia annually using renewable energy sources. This green ammonia will be used for various applications, including fertilisers and as a hydrogen carrier. The pre-certification under RFNBO rules ensures that the production process meets the EU's environmental standards, making it eligible for export to the European market. This development is part of the EU's broader strategy to reduce reliance on fossil fuels and promote the use of renewable hydrogen. By supporting projects like Hygenco’s, the EU aims to achieve its climate goals and foster international cooperation in the green energy sector.
Tesla has joined other automakers in challenging the EU's tariffs on Chinese EVs in court. The EU recently imposed tariffs of up to 45.3% on Chinese-built EVs, citing unfair subsidies and market distortions. These tariffs are part of the EU's broader strategy to protect its automotive industry from the influx of cheaper Chinese EVs. Tesla, which manufactures some of its vehicles in China, argues that these tariffs are detrimental to its business and the broader goal of promoting sustainable transportation. The company is concerned that the tariffs will increase costs for consumers and slow the adoption of EVs in Europe. The legal challenge highlights the growing tensions between the EU and China over trade policies and market access. The EU's decision has already prompted retaliation from Beijing, including investigations into European exports. This dispute underscores the complexities of global trade in the rapidly evolving EV market and the challenges of balancing protectionist policies with the need for international cooperation on climate goals.
Deals
Alteva, a Cologne-based battery startup, has raised €1.7m in a Pre-seed funding round. The round was led by HTGF, with participation from UnternehmerTUM Funding for Innovators, NRW.BANK, and angel investors. This startup focuses on developing ultra-lightweight batteries aimed at decarbonising the global transport sector. Their batteries, based on research from the German Aerospace Centre, are designed to be significantly lighter and more energy-dense than current market options. The funds will be used to complete prototype development, with series production expected within the next 2-3 years following successful trials with pilot customers. Alteva's technology has the potential to electrify aviation, long-distance, and heavy goods transport, contributing to a reduction in fossil fuel dependency. The startup's goal is to create cleaner and more sustainable energy storage solutions, ultimately transforming the transport sector and reducing emissions.
Tive, a Boston-based supply chain and logistics visibility technology company, has raised $40m in a Series C funding round. The funding round was led by WiL and Sageview Capital, with participation from AVP, RRE Ventures, Two Sigma Ventures, Qualcomm Ventures, Fifth Wall, Supply Chain Ventures, and Sorenson Capital. Tive specialises in providing real-time visibility into supply chains through its cloud platform, patented sensor technology, and 24/7 live monitoring services. These technologies help reduce delays, minimise rejected loads, and decrease theft, damage, and spoilage. Additionally, Tive's Green Program focuses on reducing electronic waste by renewing and recirculating trackers to extend their lifespan. The company plans to use the new funds to accelerate its growth and enhance its leadership in the supply chain visibility sector. Currently, more than 900 global shippers, logistics service providers, and retailers use Tive's solutions to monitor shipment location and condition in real time.
Sonocharge Energy, a California-based battery performance platform company, has raised $23.5m in funding to advance its battery performance technology. The funding round was led by Cycle Capital, with participation from Honda, Khosla Ventures, Temasek, and non-dilutive funding partners. Sonocharge Energy is developing a platform that uses acoustic wave-induced electrolytic motion to enhance charging performance and safety in lithium batteries. This technology aims to extend battery life and improve performance for e-mobility and various energy storage applications. The new funds will be used to expand its team in Silicon Valley and accelerate the commercial deployment of its solutions with key EV and battery manufacturers. This includes optimising the technology for specific use cases and preparing for manufacturing. The company has already demonstrated significant improvements in battery performance through customer-funded lab tests.