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![dynacert](https://investingnews.com/media-library/dynacert.png?id=27779319&width=1200&height=525)
DynaCERT director Kukucha resigns
dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") announces the resignation of Mr. Stephen Kukucha from the Board of Directors of the Company received today, February 15, 2022. dynaCERT thanks Mr. Kukucha for his dedicated service on the Board of Directors.
About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology along with its proprietary HydraLytica(TM) Telematics, a means of monitoring fuel consumption and calculating GHG emissions savings designed for the tracking of possible future Carbon Credits for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, which has shown to lower carbon emissions and improve fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment. Website: www.dynaCERT.com.
READER ADVISORY
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.
dynaCERT Launches into the FreightTech Industry
dynaCERT Receives Conditional Approval to Graduate to the Toronto Stock Exchange
dynaCERT Inc. (TSXV:DYA) (OTCQB:DYFSF) (FRA:DMJ) (“dynaCERT” or the “Company”) is pleased to announce that it has received conditional approval from the Toronto Stock Exchange (“TSX”) to graduate its listing from the TSX Venture Exchange (“TSXV”) to the TSX.
The Company is also pleased to report that it has closed its transactions with KarbonKleen Inc. (“KarbonKleen”) and dynaCERT International Strategic Holdings Inc. (“DISH”), as previously announced on May 11, 2020 (See Press Release dated May 11, 2020).
Jean-Pierre Colin, Executive Vice President of dynaCERT, stated, “Graduating to the TSX represents a significant milestone in our efforts to broaden our appeal to a larger shareholder base, including institutional investors, and raise the Company’s profile among the investment community. We expect this graduation to further enhance the liquidity of our stock and enable us to continue building long-term shareholder value.”
Jim Payne, dynaCERT’s President & CEO, stated, “With the approval of the KarbonKleen Transaction we can now embark on the Subscription Programme. We believe, with the success of the program, it will open the opportunity for DISH to raise debt or equity financings in a non-dilutive fashion to dynaCERT, to assist our entire global channel of dealers and to more easily roll out our HydraGEN™ Technology to end-users world-wide through a Subscription monthly payment basis.”
Final approval of the TSX listing is subject to the Company fulfilling all remaining conditions as required by the TSX, including the completion of a traditional underwritten prospectus offering with a minimum of 50 subscribers, raising a minimum gross proceeds of not less than $5 million and compliance with public distribution and all other standard listing requirements of the TSX on or before August 12, 2020. The Company expects to be able to satisfy all of such requirements prior to such time and will issue a statement once timing for completion of the final listing requirements can be estimated and a final trading date has been confirmed by the TSX.
About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com.
READER ADVISORY
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to completion of a $5 million financing, satisfaction of TSX listing conditions, listing on the TSX, expanding the Company’s Subscription programme and having DISH engage in future financing activities. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
On Behalf of the Board
Murray James Payne, CEO
For more information, please contact:
Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com
Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
nmassicotte@dynaCERT.com
Click here to connect with dynaCERT Inc. (TSXV:DYA; OTC:DYFSF) for an Investor Presentation.
dynaCERT Invests in the USA and Receives a Purchase Order for 3,000 HydraGEN™ Units
dynaCERT Inc. (TSXV:DYA) (OTCQB:DYFSF) (FRA:DMJ) (“dynaCERT” or the “Company”) is pleased to report that it has granted to KarbonKleen Inc. (“KK”), dynaCERT’s Preferred Service Provider, the exclusive Dealership rights in the trucking industry in the United States of America until December 31, 2024. The exclusivity granted to KK is subject to certain quotas of a minimum of 150,000 HydraGEN™ Technology Units over a little more than three years. On May 9, 2020, KK has provided the Company with a purchase order for 3,000 HydraGEN™ Technology Units as described below.
Concurrent with this transaction, KK has entered into a strategic partnership with Velociti Inc. (“Velociti”), whereby Velociti will provide installation services for KK throughout the USA and elsewhere where Velociti operates and also to provide HydraGEN™ Technology Units to Velociti’s existing clients.
The pre-existing rights and Dealer relationships that dynaCERT has in the USA continue unrestricted and dynaCERT can continue discussions to add some qualified Dealers in the USA until the latter of November 1, 2020 or the end of USA restrictions due to COVID-19. Such dealers will continue to operate unfettered by the transactions described herein and KarbonKleen’s exclusivity. Pricing of dynaCERT’s HydraGEN™ Technology in the USA is subject to dynaCERT’s proprietary USA pricing list published exclusively for its Dealers from time to time and remains applicable to KK.
dynaCERT is also pleased to report that it has established a 100%-owned subsidiary called dynaCERT International Strategic Holdings Inc. (“DISH”) to be used to support sales efforts worldwide with investments in strategically unique and exceptional CleanTech innovators directly related to dynaCERT’s business, including a subscription programme of dynaCERT’s HydraGEN™ Technology to enhance end-user adoption.
In a series of related transactions with KK, DISH has agreed to provide KK with HydraGEN™ Technology Units until December 31, 2021 in return for subscription revenue whereby KK continues to offer on a back-to-back basis a subscription programme to outfit large Canadian and USA trucking fleets with HydraGEN™ Technology. DISH will be delivering dynaCERT’s new 3,000 Unit purchase order from KK under the terms of this arrangement.
As its first investment, DISH has agreed to invest a total of US $1,092,000 in KK in a transaction whereby the Company will own, indirectly through DISH, twenty percent (20%) of KK and a Promissory Note from KK due December 31, 2021, bearing interest of 10% per annum. The purpose of this investment by DISH is to accelerate its market penetration and sales in the USA market which both dynaCERT and KK have determined is a growing priority in North America.
DISH shall have representation on the board of directors of KK for as long as DISH retains its shares of KK and DISH retains pre-emptive rights on any future financings of KK. The shareholders of KK will also enter into a shareholders agreement which provides for the manner in which shares of the Company may be voted. The Company believes that the aggregate number of shares held, or controlled or directed, by such parties represents less than 10% of the issued and outstanding shares of the Company.
Brian Semkiw, KarbonKleen’s Chairman & CEO, stated, “In the past few months, some of the largest fleets in North America have been piloting HydraGEN™ Technology. These fleets have been experiencing the benefits of the reduced emissions, increased performance and fuel savings across all users and we expect a vibrant expansion of the pilot programmes to full fleet deployment with the subsiding of the Coronavirus pandemic. This investment by DISH and our partnership with Velociti will enable us to meet the anticipated demand with the delivery and maintenance professionalism that large fleets demand.”
Jean-Pierre Colin, Executive Vice President of dynaCERT, stated, “Establishing a long term, “razor-blade” stream of recurring monthly cash flows from large fleets using dynaCERT’s HydraGEN™ Technology provides better certainty of share value. The Strategy of setting up dynaCERT International Strategic Holdings Inc. or DISH as a finance arm of dynaCERT is beneficial to potential logistics companies and truck owners who can now finance, on a monthly basis, the roll-out of their HydraGEN™ Units on their entire fleets. DISH will be able to greatly reduce the up-front capital costs to end users of our products. As a subsidiary to dynaCERT, as dynaCERT experiences future growth, DISH intends to finance sales growth in such a way that is non-dilutive to dynaCERT.”
Jim Payne, dynaCERT’s President & CEO, stated, “KarbonKleen has proved their capability of connecting and selling to the largest fleets in North America. At our recent international sales meetings in February 2020, dynaCERT invited Velociti to present their unique skills and penetrating reach in the trucking industry in the USA and we were very proud to introduce them to partner with KarbonKleen. Our three-party collaboration results in an unprecedented strategic growth business engine with favourable potential in our own backyard. I feel confident that dynaCERT has found the right solution to deliver both financing and service to our dealer’s clients with such a professional team of high calibre people. In addition to our on-going work to verify future Carbon Credits, residual monthly cash flows from subscriptions benefits our shareholders.”
The transactions described herein are subject to regulatory approval, including the approval of the TSX Venture Exchange. Closing is expected to be completed upon receipt of such approval.
About Velociti Inc.
Based in Kansas City, MO, Velociti Inc. is a global provider of technology deployment services, offering specialized installation and services of a broad range of transportation and networking technology products in 46 countries and all 50 states. Velociti’s experience allows enterprise level technology consumers to maximize ROI as a result of leveraging expert, rapid deployment. Velociti clients include many Fortune 500 companies from a wide variety of market segments including transportation, retail, distribution, manufacturing, healthcare, government, education, food service and public venues. For more information visit www.velociti.com
About KarbonKleen Inc.
KarbonKleen provides an end-to-end FreighTech solution to improve diesel efficiency and reduce carbon emissions. Through strong partnerships and innovative technology development, coupled with proprietary service, support, and training methodologies, KarbonKleen helps its clients achieve their primary business goals through the application of technology. KarbonKleen is a Preferred Systems Provider for dynaCERT and is dedicated to the proliferation of dynaCERT technology for the benefit of its customers and the planet. Website: www.karbonkleen.com
About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com.
READER ADVISORY
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to potential investment by DISH in cleantech innovators, potential revenue from KK subscription programme, accelerating market penetration in the USA, KK intentions to roll-out 3,000 HydraGEN™ Technology Units, exclusivity granted on the basis of future quotas and potential expansion of pilots fleets to full fleet deployment. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
On Behalf of the Board
Murray James Payne, CEO
For more information, please contact:
Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com
Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
nancy@irprocommunications.com
Click here to connect with dynaCERT Inc. (TSXV:DYA; OTC:DYFSF) for an Investor Presentation.
dynaCERT Inc. Invites You to Join Us at the Vancouver Resource Investment Conference
dynaCERT Inc. (TSXV:DYA) would like to cordially invite you to visit us at Booth #610 at the Vancouver Resource Investment Conference (VRIC) to be held at the Vancouver Convention Centre West (1055 Canada Place, Vancouver) on Sunday January 19 – Monday January 20, 2020.
The Vancouver Resource Investment Conference has been the bellwether of the junior mining market for the last twenty-five years. It is the number one source of information for investment trends and ideas, covering all aspects of the natural resource industry.
Each year, the VRIC hosts over 60 keynote speakers, 350 exhibiting companies and 9000 investors.
Investment thought leaders and wealth influencers provide our audiences with valuable insights. C-suite company executives covering every corner of the mineral exploration sector as well as metals, oil & gas, renewable energy, media and financial services companies are available to speak one on one. This is a must-attend for investors and stakeholders in the global mining industry.
For more information and/or to register for the conference please visit: https://cambridgehouse.com/vancouver-resource-investment-conference.
We look forward to seeing you there.
For further information:
dynaCERT Inc.
Nancy Massicotte
604-507-3377
nancy@irprocommunications.com
www.dynacert.com
Click here to connect with dynaCERT Inc. (TSXV:DYA; OTC:DYFSF) for an Investor Presentation.
$24M Contract to Leading US Waste Management Business
United States focused Cleantech company Carbonxt Group Ltd (ASX:CG1) (‘‘Carbonxt” or “the Company”) is pleased to report that it has secured a four-year contract extension to supply premium PAC products from the Company’s fully-owned Black Birch facility to Reworld, an existing Carbonxt customer and a global leader in sustainable waste solutions, which will generate group revenues of approximately $6 million per annum for the duration of the contract.
- Significant contract extension for the ongoing supply of premium Powder Activated Carbon (‘PAC’) products to Reworld – an existing Carbonxt customer and a leading provider of sustainable waste solutions in the US waste-to-energy industry
- Contract is for a four-year term and comprises a material expansion to the supply of PAC from Carbonxt to Reworld from the Company’s Black Birch facility, which will generate annual revenues of ~$6m for the duration of the contract
- Commencing in October 2024, revenues from the Reworld contract extension will represent an increase of over 25% in total annual revenues for the Group, alongside a significant uplift in gross margin for the Black Birch facility
- Carbonxt’s renewable product portfolio, superior product performance and customer service were highlighted as primary factors in Reworld’s decision to extend and expand the contract
- Reworld contract follows Carbonxt’s recent $4.3m up-front forward sale to utility provider Wisconsin Public Service (WPS), further consolidating the Company’s strong position and ahead of the forthcoming commissioning of its flagship activated carbon production facility in Kentucky
All amounts are in AUD unless otherwise stated.
Commencing in October 2024, annual revenues from the contract will represent an increase of over 25% on existing group revenues. In addition, as a result of previous efficiency improvements carried out at Black Birch to boost capacity, along with improved economies of scale from the expanded contract volume, the sale of PAC products to Reworld is expected to achieve gross margins for the Black Birch facility of over 40%.
The PAC will be used in the majority of Reworld’s US thermomechanical treatment facilities (TTFs) that utilize an activated carbon technology to remove mercury, dioxins and furans. The PAC will be manufactured and supplied from Carbonxt’s Black Birch facility in Georgia, which utilizes recovered wood- based material to produce its carbon products.
Carbonxt presently supplies a minor share of Reworld’s PAC requirements. The new 4-year contract commencing in October 2024 will see Carbonxt supply a majority of Reworld’s PAC needs.
A key decision factor for Reworld was the renewable and recycled nature of the Carbonxt PAC products, as Reworld is committed to supplier sustainability and prioritizes suppliers with recycled products. This decision aligns strategically with the focus by Reworld on a more circular economy, advancing zero-waste- to-landfill initiatives and a commitment to sustainability objectives.
Carbonxt will now play a significant role for Reworld in meeting its emission compliance objectives and help drive them towards their sustainability goals. As part of the contract, Carbonxt is joining Reworld’s Preferred Supplier Program and will be partnering with Reworld in various sustainability efforts including the development and purchase of renewable energy credits (RECs). This program aligns both companies’ sustainable business practices and supports the potential for additional collaborative business opportunities.
The contract with Reworld follows a recent $4.3m sale of Activated Carbon (AC) products to US utility Wisconsin Public Service (WPS) (refer ASX Announcement 28 May 2024). The WPS contract was agreed on forward-sale terms, providing Carbonxt with a material increase in short-term cash.
The recent sales momentum for premium activated carbon products in the US market comes ahead of the forthcoming commissioning of Carbonxt’s flagship, state-of-the-art activated carbon production facility in Kentucky in joint venture with its US development partner, KCP.
The field team is overseeing final development works at the Kentucky plant, which remains on track for first production in Q3 CY2024. Negotiations with several large customers for the sale of premium AC products from Kentucky are well advanced, and the Company looks forward to providing further updates soon as production commences.
Comment
Managing Director Warren Murphy said: “This contract expansion and extension with Reworld is a significant development for the Company, and firmly establishes Carbonxt’s presence in the US waste-to- energy sector. Reworld’s expansive network of sustainable waste facilities coupled with Carbonxt’s renewable products enables large-scale emission compliance through a greener supply chain. This is an industry where the need for technologies to meet sustainability and decarbonisation goals is growing rapidly, and our suite of renewable best-in-class PAC products are a perfect fit. With an increase in demand from additional new sectors and ongoing solid performance from our technology portfolio, we remain in a strong position to scale up operations and deliver further value to our shareholders.”
Click here for the full ASX Release
This article includes content from Carbonxt Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
SunCable Gets Environmental Approval for Australian Solar Farm, Will Power Darwin and Singapore
Renewable energy company SunCable has received principal environmental approval for its flagship Australia-Asia Power Link (AAPowerLink) project, the company announced via press release on Tuesday (July 16).
“This approval allows us to progress the development, commercial, and engineering activities required to advance the project to Final Investment Decision targeted in 2027,” said Cameron Garnsworthy, SunCable's managing director.
Approval came from the Northern Territory's government and the Northern Territory Environment Protection Authority.
AAPowerLink is a proposed 12,000 hectare solar precinct in the Northern Territory's Barkly region. Its onshore component, known as DarwinLink, will supply up to 4 gigawatts (GW) of green electricity to the Darwin area. Meanwhile, SingaporeLink, its international branch, will supply up to 1.75 GW to Singapore through a 4,300 kilometre subsea cable.
At peak power, the solar power plant will be able to generate 17 to 20 GW from solar photovoltaic arrays. “As a comparison, Loy Yang in Victoria (A and B), which is Australia’s largest power station, has a capacity of 3.6 GW, although the power generated per GW of capacity is higher for coal-fired power than for solar PV,” states a project overview.
In terms of economic value, SunCable said AAPowerLink is anticipated to deliver more than AU$20 billion to the Northern Territory during the construction period and first 35 years of operation. A peak workforce of 14,300 is projected, with an average of 6,800 direct and indirect jobs for each year of the construction phase.
AAPowerLink has held major project status with the Northern Territory government and Commonwealth government since 2019 and 2020, respectively. It has also been assessed as "investment ready" by Infrastructure Australia.
Following this week's environmental approval, SubCable will be able to pursue continuing negotiations for Indigenous land use agreements with traditional owners across the project footprint, as well as the development of a second-generation site to enable supply of up to 4 GW to Darwin customers over two stages of development.
SunCable also plans to look into adding wind generation to the project to drive down levelised energy costs for customers. Aside from that, the company will examine ways to optimise the AAPowerLink system as a whole.
Should a final investment decision be made in 2027 as scheduled, AAPowerLink is expected to be completed and commence electricity supply in the early 2030s.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
EV Winter? West Still Lagging Behind China as Buyers Face High Prices, Range Anxiety and Tariffs
Although electric vehicle (EV) sales have trended steadily upward over the last five years, industry experts present at Fastmarkets' Lithium Supply and Battery Raw Materials Conference are concerned that high price points, continued range anxiety and geopolitical tensions could impede future market growth.
Although EVs gained market share last year, accounting for 18 percent of the 75.3 million automobiles sold, figures from the International Energy Agency show that China continues to lead other regions by a wide margin.
Of the 14 million EVs sold in 2023, most new registrations were made in China, which came in at 60 percent. Meanwhile, Europe and the US accounted for 25 percent and 10 percent, respectively.
During a panel discussion at the event titled “The Future of Demand: Are We in EV Winter?” participants highlighted several reasons why China is outpacing every other region when it comes to EV adoption.
The most prominent factor is the sheer size of the Chinese automobile industry. “China is an automotive machine the likes of which the world has never seen before,” said Michael Dunne, CEO of Dunne Insights.
“China last year produced 30 million cars — that's three times as many as were produced here in the US. China can supply half the world's demand for vehicles," added the market intelligence expert.
Demographic factors have also led to purchase hesitation in markets outside of China.
While awareness of EVs is no longer a significant hurdle, with brands like Tesla (NASDAQ:TSLA) gaining high visibility, convincing older drivers to switch from gasoline-powered vehicles remains a challenge. While 30 percent of American drivers aged 18 to 25 plan to buy an EV, 58 percent of people in the country still prefer gasoline vehicles.
“EV manufacturers are seeing that consumers, especially here in North America, like to drive heavy vehicles long distances at higher speeds. And that's the antithesis of what a battery-powered EV wants,’ said Dunne.
These trends have led to more consumers in North America opting for plug-in hybrid EVs (PHEVs) or traditional internal combustion engine vehicles. And they're not the only trends dampening purchases.
American drivers still lack EV enthusiasm
Another difference between China and other markets is general excitement, the panelists noted.
Chinese consumers have become more excited about EVs, especially after the introduction of Tesla's Model 3, which changed perceptions around EVs, according to Dunne. He noted that before 2020, Chinese consumers weren’t excited about EVs; however, once the Model 3 was released there was a shift.
“I saw a tremendous mindset change — a perception among Chinese consumers where suddenly EVs were the new cool (thing) when the Model 3 was introduced and manufactured in China,” said Dunne.
He went on to explain that suddenly, brands like BYD (OTC Pink:BYDDF,SZSE:002594) gained significant traction. Prior to that point, BYD was lagging in the auto industry, with sales declining in 2018 and 2019.
Dunne believes that a domestic manufacturer in North America and Europe needs to release a standout model, proving that there is a company in these regions that can offer an excellent product at a reasonable price. Without that, customers may remain satisfied with their hybrids, PHEVs or gasoline-powered vehicles.
Feeding into the lack of enthusiasm for EVs is their high price point, an area that Chinese manufacturers have addressed through a wide range of EV offerings at various price points.
For Phoebe O’Hara, battery raw materials analyst at Fastmarkets, the issue of affordability and lack of choice are two sides to the same coin. “China is the only region where EV prices went down last year; in the US and Europe they went up,” she said, noting that the cost of the average EU EV is 2.4 times higher than the average national income.
“If we're trying to open up to low- and middle-income consumers, which is most of the market, there simply aren’t any (EVs) available,” said O’Hara, adding that in the UK there are 600 internal combustion engine vehicle models, compared to two EV models. “I think China is the answer when it comes to affordability,” she said.
Geopolitical tensions spur pricey tariffs
EV sector tariffs are also throwing a wrench in widespread adoption outside China.
Currently EVs manufactured in China are subject to tariffs in the EU and North America. On July 4, the EU raised tariffs on Chinese EVs, with new rates ranging from 17.4 to 37.6 percent on top of the existing 10 percent duty.
While this move aims to protect the EU's motor industry, it may increase EV prices for consumers.
The new tariffs also impact Beijing, which is already in a trade war with Washington, as the EU is a key market for Chinese EVs. EU officials claim China's "unfair subsidization" allows the country's EVs to be sold cheaper than EU-made vehicles, an allegation that China denies. Likening China's advantage to the US/Russia space race of the 1960s, Dunne noted that “automakers globally recognize China has a huge lead in terms of batteries, power supply chains and costs … (however), the urgency doesn’t seem to be there, and that’s really concerning.”
Despite tariffs, Chinese automakers have maintained profitability and competitive prices in markets like Europe, except in the luxury EV segment, where tariffs on Shanghai Automotive Industry vehicles have increased costs for consumers.
“But I think the people that inevitably lose out are consumers,” said O’Hara.
Overall, the panelists suggested that while tariffs have added some complications, the bigger challenge is developing domestic supply chains and manufacturing capabilities to reduce reliance on imports.
Ultimately, the experts acknowledged China's significant competitive advantage due to its massive automotive manufacturing capacity and supply chain capabilities. With that in mind, they suggested that western automakers should adopt and learn from China's strategies to become more competitive.
At the same time, they cautioned against becoming overly reliant on China, which could lead to losing domestic market share and increasing geopolitical tensions. Overall, a balanced approach was recommended — leveraging China's strengths while investing in domestic supply chains and capabilities to reduce dependency.
While many Chinese EVs face tariffs, subsidies have offered some support to the industry. The US$7,500 consumer tax credit for new EVs included in the Inflation Reduction Act has helped spur EV sales in the US.
As of January 1, 2024, that rebate can be applied at the dealership, effectively lowering the total upfront cost. According to a February Reuters report, the US government issued US$135 million in EV tax credits over the first month of the year.
Speaking about the benefits of subsidies, O’Hara noted that when the UK removed EV subsidies in 2022, sales plummeted 22 percent year-over-year. The panelists explained that when subsidies and incentives are used strategically, they can support industry development, but emphasized that they shouldn’t be used as a crutch that prevents automakers from making the necessary investments and innovations to succeed on their own.
Something that O’Hara thinks is more beneficial than short-term subsidies is leadership.
“Honestly, it's rhetoric,” she said. “If you don't have somebody in power who's supporting the energy transition, who's saying positive things about vehicles and supporting OEMs — if you can’t do anything in a business way, you do it with soft power. And I think the UK is great example where that has fallen completely to the wayside.”
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Tesla's Share of US EV Market Dips Below 50 Percent for First Time
Tesla’s (NASDAQ:TSLA) share of the US electric vehicle (EV) market fell below the 50 percent threshold for the first time ever in 2024's second quarter, according to a July 11 report from Cox Automotive.
The company’s dominant position in the American EV market, which it has held since the introduction of its Model S in 2012, took a hit on the back of competition from rival automakers, including EV manufacturers in China.
Tesla accounted for 49.7 percent of EV sales in the US from April to June, down from 59.3 percent a year earlier. The decline came despite growth in overall US EV sales, which rose 11.3 percent compared to the same period last year.
The total number of electric cars and light trucks sold in the US exceeded 330,000 units during the second quarter, representing 8 percent of all new car sales in the period, up from 7.2 percent a year earlier.
The drop in Tesla’s market share can be attributed to several factors. One is that traditional automakers like Ford (NYSE:F), Hyundai (KRX:005380) and Kia (KRX:000270) have been aggressively expanding their EV offerings.
Just last month, Hyundai and Kia entered into a long-term agreement with Chilean chemicals company SQM (NYSE:SQM) to acquire their supply of lithium hydroxide, a necessary component for EV batteries.
At the same time, Tesla’s EV lineup has aged, with the best-selling Model Y debuting in 2020.
In contrast, competitors are introducing newer models with updated technology and designs. Hyundai and Kia, for example, offer a broader range of EVs at competitive prices, with the former finding commercial success for its IONIQ 5 release, while the IONIQ 6 is one of the 10 most fuel-efficient EVs in the US this year.
Tesla’s global sales were down in Q2 as well. The company reported a 4.8 percent drop in sales worldwide for the quarter, with approximately 444,000 units sold. Cox estimates its US sales fell by 6.3 percent to 164,000 cars.
Chinese Tesla rival BYD steps up
BYD (OTC Pink:BYDDF,SZSE:002594) is China's largest EV maker and another significant rival for Tesla.
On July 9, it announced a US$1 billion deal to establish a manufacturing plant in Turkey.
The facility is expected to produce up to 150,000 vehicles annually and will help BYD circumvent newly increased tariffs imposed by the European Union on Chinese-made EVs. The Turkish plant is also part of BYD’s broader strategy to expand production outside China, including new facilities in Thailand and plans for a plant in Mexico.
BYD’s expansion comes amid increasing regulatory challenges in the west.
As mentioned, the European Union recently raised tariffs on Chinese EVs by an additional 17.4 percent, while the US has imposed a 100 percent border tax on Chinese-made electric cars.
In December of last year, BYD also announced plans to open an EV plant in Hungary.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Electric Vehicle Market Update: H1 2024 in Review
The electric vehicle (EV) market has boosted demand for commodities such as lithium and cobalt in recent years, making EV sales a good metric for evaluating the battery metals landscape.
However, slowing growth in EV adoption in 2023 led to lower predictions for EV sales this year and lower prices for battery metals. Now that we’re half way through 2024, some interesting trends have emerged that may lead market participants to rethink their EV sales forecasts.
With those factors at play, what are the key electric vehicle trends to watch? Here the Investing News Network (INN) takes a look at what's moving the EV market in 2024, as well as what’s on the horizon for the EV sector longer term.
Global electric vehicle sales up in H1 2024
While sales looked rough early in the year looking at numbers by a month-on-month perspective, they were up significantly year-over-year. According to EV market research firm Rho Motion, January sales dropped by 26 percent from December to 1.1 million vehicles sold, only to fall another 25 percent month-over-month in February to 0.8 million vehicles sold.
However, taking a look at year-over-year shows that combined EV sales for the first two months of the year were actually up by 32 percent over the January/February period in 2023.
Sales pushed past the million mark once again in March and the months that followed. By the end of May, more than 5 million EVs had been sold around the world in the first five months of the year. Compared to the same period last year, the number of EVs purchased rose by 20 percent.
This growth isn't even across the board, though. One of the key trends to watch in this year’s EV market landscape is the marked difference in growth trajectories for the three major regional markets.
2024 EV market trends in China, North America and Europe
China continues to lead the world in EV adoption rates, based on Rho Motion’s data. The Chinese EV market grew by 31 percent in the January to May period compared to 2023, compared to just 5 percent growth in North America (excluding Mexico) and 4 percent in Europe.
Looking at May alone, China’s sales were up 36 percent year-over-year. The numbers were not so hot for the other two key markets, which were down by 3 percent and 9 percent respectively.
The United States and Canada, says Rho Motion’s leading EV Data Analyst Charles Lester, are “suffering a blow to sales figures this year as Tesla (NASDAQ:TSLA) struggles to get back into the fast lane and President Biden announces tariffs for Chinese EV and battery imports.”
The world’s largest EV manufacturer is China’s BYD (OTC Pink:BYDDF,HKEX:1211), which launched an affordable EV model priced below US$10,000 earlier this year. The company plans to grow its annual sales by 20 percent to reach 3.6 million EVs in 2024, with a goal of selling about 500,000 units internationally. Rho Motion reports that BYD’s market share in Europe has reached 1 percent, up from about 0.5 percent in 2023, and the company sold 176,000 units overseas in the first five months of the year.
These cheaper Chinese EV models pose a problem for the other two major auto markets, North America and Europe, which are already grappling with trying to grow their own domestic EV industries to challenge China’s overwhelming dominance in the global EV market.
In May, the Biden administration effectively quadrupled tariffs on Chinese EVs to 100 percent, and disqualified imported EVs from the US$7,500 federal tax credit, in a move to protect the US auto industry.
Shortly after, the European Union (EU) imposed its own tariffs on Chinese EVs, which Reuters reports range from 17.4 percent for BYD to 38.1 percent for SAIC Motor Company (SHA:600104), another major Chinese EV maker. This is on top of the standard 10 percent car duty.
Lester warned against the tariffs on Chinese EV imports imposed by the EU. “If they hope to achieve their ambitious climate goals, they will want to maintain good trade relations with the fastest-growing EV market,” he said.
In late June, the Canadian government said it is also looking to protect its investments in the country’s burgeoning EV industry through new tariffs on China EV imports.
"A surge of low-cost EV imports from China will undermine everything being done right now to rebuild and grow a strong and truly national auto industry," Unifor President Lana Payne said.
In the US, the apparent stagnation in EV sales so far this year is largely a reflection of falling demand for Tesla vehicles. In its Q1 2024 earnings report, the company reported a 13 percent drop in revenue compared to last year, which was attributed to a more competitive EV market and more consumers choosing hybrid models over pure EVs. Tesla deliveries declined by 9 percent year-on-year, while total revenue dropped to US$21.3 billion from US$23.3 billion.
Tesla CEO Elon Musk told shareholders that more affordable Tesla models are in the works and could be brought to market in “early 2025, if not late this year.” However, in May his company laid off 10 percent of its global workforce.
Tesla sales lag as other US EV brands grow in 2024
The roadblock Tesla’s struggling to overcome hasn’t led other major US EV brands to hit the brakes, according to Bloomberg, which shared data from US auto industry authority Cox Automotive. The graph below shows that six of the 10 top brands saw EV sales growth in the US of over 50 percent year-over-year in the first quarter.
Q1 2024 year-over-year EV sales growth by brand in the US.
Chart via Bloomberg.
The companies in the US EV market that saw the biggest increases are Ford (NYSE:F) at 86 percent, Toyota (NYSE:TM,TSE:7203) at 85.9 percent, Mercedes-Benz (OTC Pink:MBGAF,ETR:MBG) at 66.9 percent, Rivian (NASDAQ:RIVN) at 58.8 percent, and Hyundai (KRX:005380) and Kia (KRX:000270), which were both up 56 percent.
Bloomberg reporter Tom Randall points out that removing the two worst performing brands for the quarter — Tesla, down 13.3 percent, and GM (NYSE:GM), down 20.5 percent — puts Q1 US EV sales growth at 23 percent year-over-year. GM’s sales drop had little to do with a drop in demand, but rather because it stopped the production of its Chevy Bolt, which was one of the best selling EV models in the US. Its new EV, the Chevy Equinox, is expected to release in 2024.
However, despite a stellar start to EV sales in 2024, both Ford and Toyota shifted into reverse on their once ambitious EV manufacturing targets. While Ford first made cuts to its expansion plans in late 2023, as recently as June 24, the auto giant said it is suspending the release of new battery electric vehicle (BEV) models because it doesn’t see the economic case for it in the current environment.
"We will not launch a second-gen [EV] product unless it's profitable within the first year and we are going to get a return on that capital we're investing," said Ford Chief Financial Officer John Lawler. This is telling, coming from the second best-selling EV brand in the US so far in 2024.
And then there’s Toyota, which is looking to delay the planned 2025 launch of EV production in the US to 2026. In April, Toyota Chairman Akio Toyoda expressed his company’s belief that a “multi-pathway approach” is the best route to decarbonizing transportation, and that “customers, not regulations or politics,” will dictate the path forward. In addition to BEVs, the Japanese car maker is also focused on hybrid and hydrogen-powered vehicles as well as continuing with its internal combustion engine (ICE) models.
What’s in store for the rest of 2024? A lot of optimism still remains for the EV market for the remainder of the year.
The International Energy Agency’s (IEA) Global EV Outlook 2024 released in late April is forecasting that EV sales will hit 17 million worldwide by the end of the year — representing one in five of new car purchases.
“Electric cars continue to make progress towards becoming a mass-market product in a larger number of countries,” the IEA stated. “Tight margins, volatile battery metal prices, high inflation, and the phase-out of purchase incentives in some countries have sparked concerns about the industry’s pace of growth, but global sales data remain strong.”
The long-term outlook for the EV market
Looking further out, the IEA expects that EVs will represent half of total global auto sales in 2035. That figure could increase to two-thirds if governments are able to meet all their energy and climate mandates on schedule.
Speeding up the adoption of EVs will also require automakers to bring more affordable models to market that are price competitive with their internal combustion engine equivalents. China is already doing well in this facet of the market; however, much ground needs to be covered in the North American and European markets, which are struggling with supply chain issues for EV battery metals as well as a lack of public charging infrastructure.
According to IEA estimates, more than 60 percent of electric vehicles sold in China last year were cheaper than their ICE counterparts. In Europe and the US, depending on the geographic location and the vehicle type, the agency reports that EVs are 10 percent to 50 percent more expensive than ICE vehicles. On the plus side, based on current trends, the IEA forecasts that price parity between EVs and ICE vehicles could be reached in ex-China markets by 2030.
For its part, BloombergNEF released its Long-Term Electric Vehicle Outlookin June. Using its base case scenario, the firm's analysts predict that by 2027, annual passenger EV sales will reach 30 million, representing 33 percent of total global vehicle sales, and forecast that EV sales will top 40 million in 2030. By 2040, they predict this figure will hit 73 million, making up 73 percent of total vehicle sales worldwide.
This base case scenario is based on consumer demand replacing policy-driven demand as battery prices decline, costs become competitive with ICE vehicles and battery technologies improve range and performance.
Chart via BloombergNEF
Investor takeaway
In 2024, the global EV market is sending clear signals that this is very much a growth stage market. The early adopters have bought in and now automakers must prove to the average consumer that their product is worth consumers' hard-earned dollars. Additionally, if governments want car buyers to come along for the ride on the road to net-zero, they’ll have to play a bigger role incentivizing both consumers and producers to go all-in on EVs.
Regardless, the long-term outlook for the EV market remains a positive one, which bodes well for battery metals demand. Check out our articles on the Biggest Electric Vehicle Stocks and How to Invest in Battery Metals for more insight into the investment opportunities in this sector of the growing green economy.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
From EVs to Energy: Experts Explore Cleantech Investment Opportunities at Collision
At this year's Collision event, a clear message emerged from industry experts: cleantech is no longer a niche market, but a mainstream investment opportunity with significant growth potential.
The sector has evolved beyond early stage venture capital funding, now encompassing a wider range of investment channels. From infrastructure projects like modernizing power grids and developing sustainable transportation systems, to energy storage solutions and eco-friendly buildings, the cleantech sector is poised for a new era of investment.
In a panel discussion at Collision, which ran from June 18 to 20 in Toronto, Canada, Andrew Beebe, managing director at Obvious Ventures, compared cleantech's early days to those of the internet — there wasn't much investment interest. In fact, he recalled, venture capitalists initially didn't even know what the internet was.
“And then like two years later, they all had internet funds. And then two years after that, they stopped calling them internet funds, because they were just funds, they were just technology — because the internet was clearly going to be part of the global fabric of our economy. And I think the same thing is happening in climate," he said.
DCVC partner Rachel Slaybaugh noted that mainstream investment in climate solutions is increasing as the economic benefits become clearer. She pointed to electric vehicles (EVs) as a compelling example, saying they offer a lower total ownership cost and a positive driving experience. In her opinion, this shift reflects a growing understanding of the economic viability of climate solutions, moving beyond early adopters driven by a desire for impact.
Chante Harris, founder and managing partner at Eunoia, echoed that statement during a separate panel. “When I think of conscious investments, I think about how we are building both towards returns and impact,” she said.
Harris went on to say that in recent years there has been a surge in venture capital funding for cleantech.
“Seventy percent of all venture capital last year went into climate technology, a huge win for the space. At the same time, two-thirds of that actually went into hardware," she told listeners at the conference.
This surge in venture capital funding has coincided with various policy and market drivers; Harris said that in the US over US$300 billion has been committed to climate solutions through the Inflation Reduction Act, the Chips Act and the Bipartisan Infrastructure Law, which contain provisions that could indirectly lead to environmental benefits.
She also highlighted the importance of cleantech for corporations seeking to achieve net-zero goals, emphasizing that they are essential for companies to meet their objectives.
5 cleantech investment opportunities to watch
1. Nuclear energy and hydrogen
Among the cleantech investment opportunities discussed at Collision was nuclear fission, especially micro and small modular reactors, which will be able to help fill growing demand for clean power.
Slaybaugh noted that Amazon's (NASDAQ:AMZN) recent purchase of a nuclear-powered data center exemplifies this shift. In addition, she pointed to hydrogen as a potentially transformative clean fuel source due to the simplicity of extracting it from the ground compared to building electrolyzers.
“If we can make it work, there's a real chance to have the economics of hydrogen be really transformative,” she said.
2. Hydro power
Curtis VanWalleghem, co-founder and CEO of Canadian energy storage startup Hydrostor, highlighted the challenges associated with wind and solar energy while showcasing his company.
He emphasized their unpredictable nature, which can lead to curtailment during periods of surplus and intermittency when wind or solar energy isn't available. He identified a need for new long-duration storage solutions.
“Historically, people think of storage (and) they think of lithium-ion batteries and pumped hydro. And those are the two kinds of leading storage solutions, but they do have limitations. Lithium-ion batteries degrade, they're pretty costly to build and they have a short life. Pumped hydro, on the other hand, uses a lot of water, a lot of space and it’s very challenging to find sites where you can build additional ones,” he told the audience at Collision.
Hydrostor’s Advanced Compressed Air Energy Storage technology uses water pressure to store compressed air, releasing and combining it with stored heat to generate electricity. “The big advantage versus lithium-ion is our system lasts 100 years and never degrades, and to add an hour costs US$50 per kilowatt hour of storage capacity. A lithium-ion costs about US$300, it lasts 10 years and fades every year that it's operating,” said VanWalleghem.
The firm has an operational facility in Ontario, and in a few months will begin construction of a plant in Australia that will power a small mining town with 100 percent renewable energy. Projects are also set to begin in California next year.
“Our business plan has us in the next 15 years contracting and starting construction on 100 of these Advanced Compressed Air Energy Storage facilities,” VanWalleghem said.
3. Electric vehicles
While emerging clean technologies are gaining traction, established cleantech solutions are also seeing continued advancements. John Rizzo, chief technical officer at InductEV, highlighted how his company is developing wireless EV chargers to address insufficient charging infrastructure, which is hindering widespread adoption.
“Our approach is to charge the vehicles wirelessly while they're going about their route. Imagine a bus that's going about its route stopping at a bus station, or imagine a loading truck going to a loading dock, stopping for 45 minutes, and it's charging then," he said, noting that this allows for much more flexibility.
Tom Guy described how Etc., an incubation arm of BT Group (LSE:BT.A,OTC Pink:BTGOF), is piloting a project to repurpose decommissioned street cabinets that used to store broadband and telephone cables into EV charging ports.
“We've got power in the right places,” he said about his company. “So what we're doing now is learning how to control the power and create a charging network across the (United Kingdom).”
4. eVTOL aircraft
Archer Aviation (NYSE:ACHR), a company at the forefront of developing electric vertical takeoff and landing (eVTOL) aircraft, also took to the stage. Chief Regulatory Affairs Officer Billy Nolen described his company’s forthcoming plans to offer affordable urban air mobility as a sustainable, efficient alternative to traditional aviation.
“We're one of only two companies in the US to receive what we call our airworthiness criteria from the Federal Aviation Administration. We have received our Part 135, which allows us to operate commercially; we received our Part 145, which allows us to repair our own aircraft, and this year we are moving into what we call our four credit flight testing with the Federal Aviation Administration," he explained at the conference.
Speaking about the Archer Midnight, which has been described an an electric air taxi, Nolen emphasized how its distributed propulsion — six five-blade motors on the front and six two-blade motors on the back — results in a significantly reduced failure rate compared to helicopters, which have just two motors.
The Archer Midnight will be able to transport a pilot, four passengers and their bags, will reach speeds of up to 150 miles per hour and will have a range of up to 100 miles. The company plans to enter the market with a price structure comparable to that of Uber (NYSE:UBER) Black, with the ultimate goal of driving costs down to a price point similar to Uber X. The company has aggressive growth plans in place, with visions of affordable urban air mobility by 2028.
“I expect that over the next six months, nine months, 12 months, you'll see eVTOLs in the news all the time because we will begin to do more flying or testing,” said Nolen. The company is initially launching its service in New York City in collaboration with United Airlines (NASDAQ:UAL), aiming to provide air taxi travel from Newark Airport or JFK Airport to midtown Manhattan, which typically takes one to two hours by car due to traffic. According to Nolen, the trip could be completed in just 15 to 20 minutes with Archer Midnight. Similar services are planned for Chicago, and the company recently established a network in San Francisco. Service is expected to begin sometime in 2025.
Nolen also revealed that Archer is working closely with the United Arab Emirates, with a contract in place to start service there with the Archer Midnight in 2026. The company also plans to establish service in India, and has announced a deal with Korea’s version of Uber, called KakaoMobility.
Investor takeaway
Discussions at Collision highlighted the increasing mainstream interest and investment in cleantech. The growing demand for viable clean energy solutions is driving significant venture capital funding into the market, with a focus on clean sources of fuel and transportation, as well as innovative energy storage solutions.
The emergence of new investment opportunities in cleantech underscores the shift toward sustainable and impactful investments that not only aim for returns, but also contribute to environmental benefits.
As the world continues to prioritize environmental sustainability and climate action, it's evident that cleantech is becoming an integral part of global investment strategies. The ongoing commitment to advancing climate solutions and the development of innovative technologies will play a crucial role in shaping a more sustainable future.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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