SVOLT closes financing round with €1.3 billion
The Chinese battery cell manufacturer SVOLT has announced the conclusion of a B-financing round of 10.28 billion yuan (about 1.33 billion euros). In addition to the development of new technologies, this will primarily be used to finance the establishment and expansion of production capacities.
Faraday Future looks to China for production
California’s electric car startup Faraday Future plans to build a plant in China with an initial annual production capacity of over 100,000 vehicles. Industry insiders say that Faraday Future is negotiating with Geely about contract manufacturing.
Disclosed e-mobility funding at over €1.5Bn
Dutch consultancy EVBoosters releases its funding report for global e-mobility investments in Q1/2020. While they saw the market slowing down as the first lockdowns set in, companies kept making deals in some unusual fields in particular.
Electric carmaker Nio is lacking liquidity
The Chinese electric vehicle maker Nio raised substantial doubt in its ability to continue its business due to on-going financial difficulties that have been exacerbated by the coronavirus. The reduced EV subsidies in China also played a part.
Battery market: massive growth and 52% lower prices
According to a new analysis, Bloomberg New Energy Finance (BNEF) has estimated that the market for lithium-ion batteries will drop prices by 52% before 2030, and that by 2040, the market will grow to 942 GW/2,857 GWh, requiring investments of around $620 billion.
Faraday Future “efficiently insolvent” says founder
The funds of Faraday Future are ultimately depleted and the EV startup “efficiently insolvent” founder Nick Sampson declared in an email to employees. Himself and senior product VP Peter Savagian have left the company and most workers have been sent on unpaid holiday.
CATL stock exchange looks increasingly timid
The plans for the stock exchange entry by Chinese battery cell manufacturer Contemporary Amperex Technology (CATL) are becoming more pronounced: The company starts accepting subscriptions from potential investors on Wednesday.
UK planning major battery and HPC network
The UK is installing a battery supported HPC charging network for electrified vehicles. The company Pivot Power and the National Grid are planning to connect 45 battery storage units with critical infrastructure junctions as part of a 1.6 billion pound project.