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The Station: Battery companies entice capital, startups safe funding, and Chinese language EV maker Zeekr prepares for IPO
Welcome again to The Station, your central hub for all issues transportation. Now we have loads of thrilling information to cowl, so let’s bounce proper in.
Deal of the Week: Northvolt raises $1.2 billion for battery manufacturing growth
Swedish lithium-ion battery producer Northvolt not too long ago raised round $1.2 billion in convertible notes from buyers, together with BlackRock, Goldman Sachs, and Volkswagen, amongst others. The corporate plans to make use of the funds to construct new battery factories in North America and Europe. Since 2017, Northvolt has raised a complete of $9 billion in debt and fairness, securing over $55 billion in orders from main clients similar to BMW, Volvo, and Volkswagen.
Different notable offers:
– Accure, a startup using AI to foretell lithium-ion battery failures, raised $7.8 million in a Sequence A2 spherical.
– Channel19, a startup offering software program for refrigerated trucking corporations, raised $2.7 million in funding.
– Electrical Period, a startup based by former SpaceX engineers, raised $11.5 million for its EV charging station software program and {hardware}.
– NaaS Know-how Inc., a Chinese language EV charging service firm, introduced its plans to accumulate Cost Amps AB for $66.4 million.
– Nickelytics, an promoting tech startup centered on rideshare, was acquired by Texas-based enterprise capital group T72 Membership Inc.
– Zeekr, a Chinese language EV maker, is making ready for its preliminary public providing with a objective to succeed in a valuation over $13 billion.
Notable reads:
– Polestar plans to combine Mobileye’s superior driver help system into its upcoming Polestar 4 electrical SUV coupe.
– Tesla shareholders who sued the corporate in relation to Elon Musk’s tweet in 2018 will obtain a $42.3 million payout.
– Baidu expanded its Apollo Go driverless ride-hailing service to cowl journeys to and from Wuhan Tianhe Worldwide Airport.
– Jaguar Land Rover discovered a use for its second-life Jaguar I-Tempo batteries.
– The Nationwide Freeway Visitors Security Administration is investigating whether or not Ford’s recall of Mustang Mach-E electrical automobiles adequately addressed points.
– Uber raised its minimal age requirement for brand spanking new drivers in California to 25 years outdated because of excessive insurance coverage charges.
– Normal Motors’ Ultium Cells three way partnership with LG Vitality Options reached an settlement with the United Auto Employees to extend pay for staff at its Ohio battery manufacturing unit.
– Wu Xinzhou, former vice chairman of autonomous driving at Xpeng, introduced he has taken a job at Nvidia.
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FAQs
What’s Northvolt’s funding for?
Northvolt raised $1.2 billion in convertible notes to construct new battery factories in North America and Europe.
Which main buyers participated in Northvolt’s funding spherical?
Traders in Northvolt’s spherical included BlackRock, Goldman Sachs, Volkswagen, and extra.
What’s Zeekr’s purpose with its preliminary public providing?
Zeekr is aiming to realize a valuation of over $13 billion with its IPO.
What’s the goal of Baidu increasing its Apollo Go service?
Baidu expanded Apollo Go to supply driverless ride-hailing journeys to and from Wuhan Tianhe Worldwide Airport.
What’s the goal of Jaguar Land Rover’s second-life batteries?
Jaguar Land Rover discovered a use for its second-life batteries in a brand new utility.
Conclusion
The station coated a variety of thrilling transportation information this week. From Northvolt’s large funding increase to Zeekr’s impending IPO, the battery sector and EV market proceed to draw vital consideration. Remember to keep tuned for extra updates and developments on the planet of transportation.
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