The Week in Cleantech: 17 September 2023

China's Electric Car Dominance Forces West to Play Catch-Up

The European Commission has initiated an investigation into China's subsidies for electric cars, potentially leading to higher tariffs and a trade conflict. China, once considered a climate villain, now lectures the West on climate credentials, highlighting its efficient electric car industry's contributions to climate change mitigation. However, the EU's lack of a developed battery supply chain puts it at a disadvantage as it plans to ban new polluting cars by 2035.

The West is facing the consequences of years of neglect in building clean technology industries. China's dominance in electric vehicles and battery production threatens Western competitiveness and climate goals. Europe and the U.S. must balance affordable clean tech imports with developing domestic industries for job creation and strategic security.

Covered in: Politico and 14 other sources tracked by Cleantech Vanguard.

Apple's Carbon Neutrality: From Watches to an Eco-Friendly Tech Empire

Apple has declared its Watch Series 9 as its first carbon-neutral product, marking a significant step towards its 2030 goal of achieving carbon neutrality across its entire value chain. The company's strategy focuses on reducing emissions from electricity, materials, and transportation, while also utilising high-quality carbon credits from nature-based projects to offset any remaining emissions. The Watch Series 9 reduces product emissions by over 75% and meets stringent criteria, including clean electricity usage, recycled materials, and reduced air transportation.

Apple's commitment to carbon neutrality, especially in its popular product lines, highlights its leadership in climate action. Although the use of carbon offset credits remains controversial, Apple's robust standards for project certification demonstrate its dedication to genuine carbon removal. Furthermore, recent innovations like FineWoven and fiber-based packaging showcase the tech giant's sustainable product design, setting a strong example for the industry. Additionally, the introduction of Grid Forecast in the Home app demonstrates Apple's commitment to empowering users with information to make environmentally conscious decisions.

Covered in: Carbon Credits and 9 other sources tracked by Cleantech Vanguard.

BMW, Ford, and Honda Partner to Launch ChargeScape for Smart EV Charging

Global automakers BMW Group, Ford Motor Company, and American Honda have joined forces to create ChargeScape, a collaborative venture aimed at bridging the gap between electric utilities, automakers, and EV owners. Operating in the U.S. and Canada, ChargeScape's platform will enable EVs to interact with the electric grid in innovative ways, offering managed charging, energy-sharing services, and financial incentives for EV owners. The platform seeks to simplify integrations between automakers and utilities and provide utilities access to stored EV battery energy. Future plans also include enabling vehicle-to-grid (V2G) applications.

ChargeScape addresses the growing adoption of EVs, which poses challenges to the electric grid. By enhancing the efficient use of EV batteries and aligning charging with off-peak hours, it contributes to grid resiliency and the expansion of renewable energy usage. The platform also streamlines communications between automakers and EV owners, making it easier for utilities to identify EV customers. Overall, ChargeScape accelerates smart charging solutions and supports the transition to renewable energy in the automotive industry.

Covered in: Industrial News and 5 other sources tracked by Cleantech Vanguard.

Top-3 Funding Rounds Raised by Cleantech Startups

• Ascend Elements, a U.S. company specializing in sustainable battery materials for electric vehicles, has successfully secured $542 million in new equity investments. This funding comprises $460 million from Series D investments and an additional $82 million from earlier this year. This substantial equity financing represents one of the most significant cleantech equity private placements in the United States for 2023 and ranks among the top 10 equity private placements in the country this year. (Battery Industry)
• Heliene Inc., a Canadian solar panel manufacturer, has successfully raised $170 million to facilitate its expansion in North America. This funding consists of $20 million in equity and $150 million in debt. The financing was led by the company's key partners and customers. Heliene's recent expansion includes a 500 MW plant in Minnesota, and with this new funding, it plans to further augment its operations by adding two additional 300-MW lines at the same facility and focusing on workforce development in 2023. (Renewables Now)
• Vesper Energy, a developer of utility-scale renewable energy assets in the United States, has successfully secured a $100 million equity investment to bolster its portfolio of solar and energy storage projects. This substantial investment comes from GCM Grosvenor Inc., a US alternative asset manager, and will be disbursed over the next year. As part of this investment, GCM Grosvenor Inc. will acquire a minority stake in Vesper Energy, becoming a fellow shareholder alongside US hedge fund Magnetar Capital. (Renewables Now)

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