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☆ EV, energy storage battery prices set to fall more - report
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

A slide in prices of EV batteries could help the industry cushion profits from a price war started by Tesla (TSLA.O) in January to stoke demand. Prices for battery materials hit record highs during the pandemic as lower borrowing costs buoyed EV demand, but they have been falling since. The average price drop for cells used in EV batteries reached 10%, "highlighting an uninspiring growth pattern in the EV battery market", the research firm said. LFP batteries, widely used for energy storage and inexpensive EVs, were developed in the United States, but China now dominates global production. Prices for batteries used in energy storage have also slid due to weak demand outside of China, forcing battery makers to pare back production to buoy prices.

Persons: TrendForce, EVs, pare, Akash Sriram, Devika Organizations: EV, Tesla, stoke, Consumer, Battery, Thomson Locations: United States, China, EVs, Bengaluru

☆ Solus unit to build Canada copper foil facility as part of EV battery push
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Sept 5 (Reuters) - A unit of South Korea's Solus Advanced Materials (336370.KS) will build a copper foil facility in the Canadian province of Quebec, producing technology for electric vehicle (EV) batteries, Ottawa said on Tuesday. "Canada is a partner of choice when it comes to the future of the automotive sector," Champagne said in a statement. The Volta plant is expected to employ 260 people. Granby is close to Becancour, a small town to the east of Montreal seeking to become an EV supply chain hub. Last month a consortium of Ford Motor Co F.N and South Korean companies said they would build a C$1.2 billion plant to produce EV battery materials in Becancour.

Persons: Francois, Philippe Champagne, Champagne, David Ljunggren, Josie Kao Organizations: Volta Energy Solutions, Ford Motor Co, Thomson Locations: OTTAWA, KS, Canadian, Quebec, Ottawa, Granby, Canada, Becancour, Montreal

☆ The Ukraine War has accelerated research into lithium-ion battery alternatives, including ones made of sand
▼ + stars: | 2023-09-03 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +4 min

The war in Ukraine has spurred more research into clean energy, including lithium-ion alternatives. Polar Night Energy says batteries made of sand could be as effective without the same risks. It has also spurred research into safer alternatives to the lithium-ion batteries used in the ever-expanding electric vehicle market. One of the key resulting innovations has been new alternatives to lithium-ion batteries, the development of which is tied to human rights abuses and environmental harm. Beyond the human rights abuses prevalent in the cobalt industry, lithium-ion batteries also present environmental hazards.

Persons: Olga Khakova, Khakova Organizations: Energy, Service, Research, The Washington Post, Global Energy Center, Atlantic Council, Washington Post, Amnesty, Democratic, CNN Locations: Ukraine, Wall, Silicon, Europe, Russia, Finnish, Democratic Republic of, Congo

☆ Exclusive: China's Gotion buys 25% stake in Slovak EV battery startup Inobat
▼ + stars: | 2023-09-01 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, Sept 1 (Reuters) - Chinese battery maker Gotion High Tech (002074.SZ) is buying a 25% stake in Slovak battery maker Inobat and will provide supply chain and technology support as the startup scales up production of electric vehicle batteries, the companies said on Thursday. Inobat said the investment will provide it access to Gotion's research and development, as well as to the Chinese battery maker's raw materials including lithium, and to cell production and recycling capabilities. Gotion said last year that it plans to locate one third of its production capacity outside China by 2025 to meet growing demand from EV makers and energy storage clients. The Chinese battery maker is building a $2.36 billion plant in Michigan and is looking at setting up an EV battery plant in Morocco with a potential investment of up to $6.3 billion. Inobat has signed declarations of intent with the governments of Spain and Serbia to build EV battery plants, though those agreements are not final.

Persons: Inobat, Li Zhen, Northvolt, Gotion, Nick Carey, Simon Cameron, Moore Organizations: Gotion High Tech, Gotion, Volkswagen, Volvo, Reuters, BlackRock, EV, Thomson Locations: Europe, North America, China, Michigan, Morocco, Spain, Serbia

☆ Indian EV cell maker Log9 flags production hit on delayed visas to Chinese experts
▼ + stars: | 2023-08-28 | by ( Rama Venkat | ) www.reuters.com time to read: +2 min

"If the Chinese engineers don't arrive on time, then our cell line production will get impacted," Log9's co-founder and director, Pankaj Sharma, told Reuters. A delay of about four months in the issue of visas would hamper the speed at which its factory reaches peak production levels, Sharma said. Log9's Bengaluru factory, its only manufacturing unit currently, has an annual installed capacity of 250 MWh of battery production. Log9 has sold over 1,000 battery units so far in 2023 after clocking sales of 4,000 units last year, according to Sharma, who declined to disclose the production figures. The company will begin the next funding round by the end of this year or early next year, Sharma said.

Persons: Pankaj Sharma, Sharma, Amara Raja, Rama Venkat, Dhanya Skariachan, Eileen Soreng Organizations: Reuters, Maersk, Blue Dart Express, Quantum Energy, Hala, Malaysia's Petronas, Thomson Locations: BENGALURU, Bengaluru, New Delhi, China, India

Leading the round alongside BlackRock, the world's biggest asset manager, were Canada Pension Plan, Ontario Municipal Employees Retirement System and, as previously reported, pension investor Investment Management Corporation of Ontario. The fresh funds will help the firm expand its factory footprint, Hartman said. Separately, Northvolt has assembled its first energy storage system products in Poland and expects to start customer deliveries from later this year. "We have a business plan... we always want to make sure we have access to the markets," Hartman said. Reuters has previously reported, citing sources, that Northvolt was preparing for an initial public offering that could value the company at more than $20 billion.

Persons: Helena Soderpalm, IMCO, Northvolt, Alexander Hartman, Goldman Sachs, Baillie Gifford, Swedbank, Singapore's, Chow, Hartman, Supantha Mukherjee, Simon Jessop, Mark Potter Organizations: REUTERS, BlackRock, Reuters, Management Corporation of Ontario, Volkswagen, Chow Tai Fook Enterprises, BMW, Volvo, Thomson Locations: Vasteras, Sweden, BlackRock, Canada, STOCKHOLM, LONDON, Swedish, Europe, North America, Ontario, Hong Kong, Germany, United States, Scania, Poland, Stockholm, London

☆ EV battery imports face scrutiny under US law on Chinese forced labor
▼ + stars: | 2023-08-17 | by ( Nichola Groom | ) www.reuters.com time to read: +6 min

More than a year of enforcement of the Uyghur Forced Labor Prevention Act (UFLPA) has already stymied development of solar energy projects as detained panel shipments languish in U.S. warehouses. When shipments are detained, CBP provides the importer with a list of examples of products from previous reviews and the kind of documentation required to prove they are not made with forced labor, CBP told Reuters. "The timing of these changes does not reflect any specific changes in strategy or operations," a CBP spokesperson said in a statement, adding that the list of eight product types was "not exhaustive." In a report to Congress last month on UFLPA enforcement, CBP listed lithium-ion batteries, tires, "and other automobile components" among the "potential risk areas" it was monitoring. The stepped-up focus on automakers follows a study by Britain's Sheffield Hallam University published in December that said nearly every major automaker has exposure to products made with forced labor in Xinjiang.

Persons: Janet Yellen, Mark Schiefelbein, Dan Solomon, Chevalier, Solomon, Britain's, Ron Wyden, Wyden, we've, Tesla, Brandon Daniels, Nichola Groom, David Shepardson, Jan Schwartz, Daniel Leussink, Matthew Lewis Organizations: Reuters, U.S . Customs, Border Protection, Beijing, Uyghur, Labor, U.S . Solar Energy Industries Association, Biden, CBP, Miller, Britain's Sheffield Hallam University, U.S, Senate, Benz, Volkswagen, Friedrichshafen AG, Bosch, General Motors, Honda, Toyota, Continental AG, Thomson Locations: United States, Diaoyutai, Beijing, China, Xinjiang, U.S, Detroit, UFLPA, Los Angeles, Washington, Hamburg, Tokyo

☆ General Motors is investing in a startup working on better and cheaper EV batteries
▼ + stars: | 2023-08-16 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Future low-cost GM EVs could benefit from the batteries being developed by Mitra Chem. General Motors said on Wednesday it's leading a $60 million financing round in Mitra Chem, a California-based startup working to develop lower-cost batteries for electric vehicles. Mitra Chem, founded by veterans of Tesla and Toyota , is working to develop new types of batteries based on lithium iron phosphate chemistry. Tesla, Rivian and Ford Motor are among the automakers using LFP cells in their more affordable models. Golan said that if Mitra Chem is successful, its batteries could appear in GM's vehicles later in this decade.

Persons: Bolt, Tesla, Mitra Chem, General Motors, Chem, Mitra, Vivas Kumar, Gil Golan, Golan, Mitra Chem weren't Organizations: Ford, EVs, General, Toyota, Ford Motor, Mitra Locations: Orion Township , Michigan, Mitra, California

☆ China is on course to overtake Japan and become the world's No.1 car exporter
▼ + stars: | 2023-08-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

China, automobile, vehicles Vcg | Visual China Group | Getty ImagesChina is on course to overtake Japan as the world's top auto exporter by the end of 2023, according to Moody's Analytics. "At this pace, China is on track to overtake Japan by the end of the year," Moody's economists wrote, a global ranking which Japan has claimed since 2019. According to Moody's projections, China produces more than half the world's lithium supply, thanks to its low labor costs compared to rivals Japan and South Korea. Moody's AnalyticsAs a result, some of the world's largest auto companies have set up production facilities in China, including Tesla and BMW . The Asia-Pacific region, which is home to some of the world's largest auto exporting powerhouses such as South Korea, China and Japan, has seen a mixed recovery in auto exports, Moody's highlighted.

Persons: Moody's Organizations: Visual China, Getty, Japan, EV, Tesla, BMW, Chery, SAIC Locations: China, Japan, South Korea, Germany, Thailand, Asia, Pacific

☆ Goldman Sachs tells clients to buy this major automaker on its 'strong' EV potential
▼ + stars: | 2023-08-13 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Toyota has big plans when it comes to electric vehicles — and investors are underappreciating its potential in the market, according to Goldman Sachs. The Wall Street bank suggests that Toyota's plans would raise its share of the global EV market to 8.6% in 2026 and 10.5% in 2030 from negligible levels today. "We think this strategy is grounded on Toyota's robust finances and ability to exercise control over its supply chain thanks to vertical integration," the Goldman analysts said. Goldman Sachs expects shares of Toyota Motor to rise by 15% to 2,800 Yen ($19.4) in the next 12 months. "This will not only allow it to utilize existing assets but also shorten the lead time from development to the start of production and the time to market," the Goldman analysts said.

Persons: Goldman Sachs, —, Tesla, Kota Yuzawa, Toyota's, Goldman, — CNBC's Michael Bloom Organizations: Toyota, Kota, Goldman Locations: U.S

That is by far the most ever spent on clean energy in a year. Solar and Wind Power Have Taken Off Electricity generation per year, in terawatt hours China 600 TWh 500 Solar Wind U.S. China 400 E.U. It would shred regulations designed to curb greenhouse gases, dismantle nearly every federal clean energy program and boost the production of fossil fuels. 1 2 3 4 5 Even Tulsa, with its strong links to oil and gas, is embracing clean energy. “But we also understand that energy is energy, whether it is generated by wind, steam or whatever it might be.”Around the country, clean energy is taking root in unlikely locales.

Persons: ”, Fatih Birol, Al Gore, Crews, Francis Energy, Dewey, Bartlett Jr, “, J.W, Peters, Mr, Lazard, Gregory Nemet, —, Biden, Tesla, Giovanni Bertolino, Jon Creyts, Steve Uerling’s, Uerling, Cathy Zoi, It’s, Mary Barra, ’, Barra Organizations: Buses, Port, International Energy Agency, India India, Energy, The New York Times, Heritage Foundation, Republican, Ford, University of Tulsa’s School of Petroleum Engineering, “ Oil, Drillers, Navistar, Public Service Company of Oklahoma, Francis, Solar Power, U.S . Steel, Gas, University of Wisconsin -, Panasonic, United, European Union, United States ’, General Motors, RMI, Ford Fusion, Tesla, Postal Service, Amazon, Peterbilt, Companies, Francis Energy, BMW Group, Honda, Hyundai, Kia, Benz Group Locations: Pittsburgh, Milwaukee, Port of Los Angeles, Houston, Europe, United States, America, China, Britain, terawatt, India, U.S, States, Beijing, London, Tokyo, Washington, Oslo, Dubai, Tulsa, Okla, Italian, Oklahoma, Oklahoma City, Texas, Galveston, In Arkansas, Republican, University of Wisconsin - Madison, Georgia, Korean, Nevada, tailpipes, California, New York, San Francisco, Canada, South Korea, Russia, Ukraine, Steve Uerling’s Tulsa, E.U, G.M

LONDON, Aug 11 (Reuters) - U.S. hedge fund Davidson Kempner Capital Management (DK) said on Friday it had agreed to sell Prelios to fintech firm ION Group, in a long-awaited deal which two sources said valued the Italian credit manager at 1.35 billion euros ($1.5 billion). DK, which did not disclose the sale price, had been looking for a buyer for years, and held discussions for several months with ION. Dublin-based ION Group was in turn in talks with banks for months to secure funding for the deal. Founded by former Salomon Brothers trader Andrea Pignataro, ION Group provides services of trading, analytics, treasury and risk management for capital and commodity markets. In 2021 in Italy alone, ION bought banking software provider Cedacri for $1.8 billion and acquired Cerved in a deal that valued the credit data and management group at nearly 2 billion euros.

Persons: Salomon, Andrea Pignataro, UniCredit, Intesa, DK, Lazard, Prelios, Mediobanca, Goldman Sachs, Morgan Stanley, Riccardo Serrini, Valentina Za, Pablo Mayo, David Goodman, Susan Fenton Organizations: Davidson, Capital Management, ION Group, ION ., ION, Reuters, BNP, Banco, Standard Chartered Bank, Mediobanca, UBS, X3, DK, Thomson Locations: ION . Dublin, Italy

☆ Europe Is Embarking on a Mining Renaissance. Winning Over Locals Is Proving a Challenge.
▼ + stars: | 2023-08-10 | by ( Yusuf Khan | ) www.wsj.com time to read: +12 min

“It’s definitely a [mining] renaissance,” said Rebecca Campbell, global mining and metals lead at law firm White & Case. “We’re trying to foster a permitting landscape that is both efficient and responsible.”In Europe, the mining renaissance comes after years of nearly no new mining activity on the continent. Left: A layer of spodumene within the host rock that Savannah Resources intends to mine. Savannah Resources, which has set up two offices in the municipality, has said it would strictly avoid that and instead build reservoirs to store rain water. That view is echoed by Savannah Resources.

Persons: COVAS, Portugal —, Barroso, BEL, mina ”, ”, Nelson Gomes, Covas, Alex Gorman, “, Nelson, YUSUF KHAN, “ It’s, Rebecca Campbell, ” “, Jayni Hein, Hein, “ We’re, Peel Hunt’s Gorman, Dale Ferguson, Gomes, Jessica Polfjärd, Polfjärd, Ana Fontoura Gouveia, Fontoura, ” Fontoura, Yusuf Khan Organizations: COVAS DO BARROSO, Associação, Peel, Vulcan Energy Resources, Adriatic Metals, White, Covington, Burling, Environmental, Council, Savannah Resources, Sustainable Business, Sweden’s Moderate Party, Serra Locations: Portugal, Porto, Boticas, Covas, It’s, Europe, Germany, Sweden, Bosnia, Finland, Greece, U.S, Savannah, London, spodumene, Serbia, China, yusuf.khan

In this article SBGINXSTGTNSSP Follow your favorite stocks CREATE FREE ACCOUNTChristian Petersen | Getty Images Sport | Getty ImagesTensions are building among broadcast station owners and pay TV providers as the local rights to air NBA, NHL and MLB games go up for grabs. Pay-TV providers are also exploring alternatives to keep local games in the bundle. The NBA's Phoenix Suns and Utah Jazz recently reached deals to be be aired on local broadcast networks run by Gray and Sinclair, respectively. "The reality is that the issue people keep talking about is the rights fees. But the rights fees aren't necessarily the question," said Berke.

Persons: Christian Petersen, Sinclair, Diamond, Bill Morrow, RSNs, George Kubas, Lee Berke, There's, Gray, Brian Lawlor, Lawlor, Jeff Speer, —, Ion, Berke, David Peralta, Kole Calhoun, Starling Marte Organizations: Getty, NBA, NHL, MLB, Scripps Co, Gray Television, Nexstar Media Group, Diamond Sports Group, Warner Bros, Broadcasters, Comcast, Charter, DirecTV, Gray, Nexstar, Communications, Ohio, Bally Sports, Cincinnati Reds, Cleveland Guardians, Progressive, Diamond Sports, Diamond, Phoenix Suns, Utah Jazz, Clipper, Las Vegas Golden Knights, NHL Stanley, Scripps, Scripps Sports, Knights, Warnes Bros, Vegas Golden Knights, Florida Panthers, Mobile, — ABC, NBC, CBS, Fox, CW Network, Nexstar's CW Network, ACC, Nascar, Suns, Arizona Diamondbacks, Oakland Athletics, Chase Field, The Diamondbacks Locations: Cleveland, Los Angeles, Las Vegas, Las Vegas , Nevada, Phoenix , Arizona

☆ Hyundai and Kia warn drivers of 90,000 vehicles to park outside due to fire risk
▼ + stars: | 2023-08-03 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

These include 2023 Kia Soul and Sportage vehicles and 2023 and 2024 Kia Seltos models. Last year, owners of nearly 500,000 Kia and Hyundai vehicles were, similarly, warned to park their vehicles away from structures because of a risk of fire. Hyundai and Kia also recalled over 250,000 vehicles in 2022, again warning drivers to park outside, because of the potential for fire from a trailer hitch wiring issue. In a 2021 recall, owners of 380,000 Kia vehicles were also warned to park outside because there was a risk of fire from electronic circuits under the hood. In 2020, Kia recalled 295,000 vehicles because they could catch fire while driving because of fuel leaks.

Persons: Hyundais, Kia Organizations: CNN, Hyundai, Kia, National, Hyundai Motor Group Locations: United States, Canada, South

☆ Factbox: The complexity of transforming rare earths from mine to magnet
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +3 min

China accounts for about 60% of global rare earth mine production, but its share jumps to 85%-90% of processed rare earths and magnet output. The ore contains a small percentage of rare earths, but other minerals are removed through flotation, magnetic or electrostatic processing to produce a mixed rare earth concentrate that often contains 60% to 70% rare earths. So-called light and heavy rare earths must go through different separation circuits where individual rare earths are extracted. METALS/ALLOYSSeparated rare earth oxides or carbonates are then refined into rare earth metals. Small amounts of rare earths dysprosium and terbium are often added to create more heat resistance in the magnet.

Persons: Steve Marcus, Goldman Sachs, Eric Onstad, Susan Heavey Organizations: REUTERS, Thomson Locations: Pass , California, U.S, China

☆ Battery maker IBC to set up plant in India's Karnataka for nearly $1 bln
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - International Battery Company (IBC) has signed an investment pact worth 80 billion rupees ($971.89 million) with India's southern state of Karnataka to build a battery manufacturing facility, the state's minister said on Tuesday. The manufacturing facility will be spread across 100 acres in the state, Minister for Commerce & Industries, Infrastructure MB Patil said in a post on messaging platform X.Bloomberg News reported on Tuesday that the company would manufacture lithium-ion cells at the facility. IBC plans to begin production by 2025, Bloomberg News reported, citing Gunjan Krishna, commissioner at Karnataka's Industries and Commerce Department, adding that the private company is aiming to ramp up capacity to 10 gigawatt by 2028. The company, which met state government officials in June, had then expressed an interest in investing on battery production in Karnataka, Patil had said in a post in June. ($1 = 82.3140 Indian rupees)Reporting by Anirudh Saligrama in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Gunjan Krishna, Patil, Anirudh, Shailesh Organizations: International Battery Company, Commerce & Industries, Patil, Bloomberg, IBC, Bloomberg News, Karnataka's Industries, Commerce Department, Thomson Locations: Karnataka, Bengaluru

☆ Panasonic Q1 profit jumps, maintains FY forecast
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

Panasonic, whose energy unit makes batteries for Tesla Inc (TSLA.O), said operating profit came to 90.37 billion yen ($637 million) in the three months to end-June, versus the 91.18 billion yen average forecast in a poll of 11 analysts by Refinitiv. Its battery unit, Panasonic Energy, and Subaru (7270.T) said they have started talks to establish a battery supply partnership for electric vehicles that would supply the Japanese automaker with cylindrical lithium-ion batteries. Panasonic, whose products span consumer electronics and delivery robots to sensing cameras and self-checkout systems, maintained its full-year forecast at 430 billion yen. That compared to a 413.96 billion yen average profit forecast in a poll of 20 analysts by Refinitiv. ($1 = 141.9500 yen)Reporting by Daniel Leussink; Editing by David DolanOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Leussink, David Dolan Organizations: Japan's Panasonic Holdings, Panasonic, Tesla Inc, Refinitiv, Panasonic Energy, Subaru, Reuters, Thomson Locations: TOKYO

☆ Japan's W-Scope signs 5-yr supply deal with Samsung SDI, shares surge
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: 1 min

TOKYO, July 31 (Reuters) - Japan's W-Scope (6619.T) said on Monday it had signed a five-year deal with battery maker Samsung SDI (006400.KS) to supply separators used in lithium-ion batteries, mainly to power electric vehicles (EVs). The company's shares ended up 8.8% in Tokyo. Subsidiary W-Scope Chungju Plant (393890.KQ) will supply about 4 billion square metres of separators to Samsung SDI in South Korea, the United States, and other areas, the company said in a statement. The deal, which runs from 2023 to 2027, has already been factored into the company's earnings for this year, W-Scope added. Reporting by Chang-Ran Kim; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Chang, Ran Kim, Eileen Soreng Organizations: Samsung SDI, Thomson Locations: TOKYO, Tokyo, South Korea, United States

☆ Burning car carrier towed to temporary location off Dutch coast
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, July 31 (Reuters) - A burning car carrier off the Dutch coast has been towed to a new location away from shipping lanes as part of an operation to salvage the ship, the Dutch public works and water management ministry and local media said on Monday. The freighter, which was travelling from Germany to Egypt when the blaze broke out on July 26, was towed to a location north of the Dutch islands Ameland and Schiermonnikoog, the Rijkswaterstaat ministry said in a statement. A Rijkswaterstaat spokeswoman told the Dutch ANP press agency that at the new temporary location, the ship would be further removed from shipping routes and more sheltered from wind. Dutch Coastguard/Handout via REUTERSThe relocation is an intermediate step in the difficult salvage operation, the spokeswoman said. The company declined to say anything about the car brands, including whether they included any cars from Japanese manufacturers.

Persons: Shoei, Charlotte Van Campenhout, Robert Birsel, Mark Heinrich Our Organizations: Panamanian, Fremantle Highway, Dutch ANP, Dutch Coastguard, Ship, Thomson Locations: AMSTERDAM, Germany, Egypt, Dutch, Netherlands

☆ Robinhood rival eToro agrees $120 million share sale at discounted valuation
▼ + stars: | 2023-07-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Pedro Fiúza | Nurphoto | Getty ImagesStock trading platform eToro agreed to a $120 million secondary share sale, giving the company a slightly lower valuation than the $3.5 billion it was valued at in a primary funding round earlier this year. The round is a secondary share sale, meaning the company hasn't issued any new shares and won't net any income from the transaction. eToro is not raising money — rather it is a moment for some long standing shareholders and employees to take some liquidity. EToro most recently raised $250 million from investors at a $3.5 billion valuation, far lower than the $10 billion it was seeking in its bid to float via SPAC. EToro agreed it would convert the investment to equity on the condition that the SPAC deal doesn't go ahead — which it didn't.

Persons: Pedro Fiúza, hasn't, eToro, Fintech, doesn't Organizations: Nurphoto, Getty Images Stock, CNBC, Investors, Vision, ION Investment Group, Velvet Sea Ventures, Twitter Locations: Lisbon, Portugal, eToro

☆ Burning car carrier off Dutch coast being towed away from shipping lanes
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, July 31 (Reuters) - A burning car carrier off the Dutch coast is being towed to a new location away from shipping routes as part of a difficult operation to salvage the ship, the Dutch water board Rijkswaterstaat and media said. The ship will be towed to a location 16 km north of the Dutch islands Ameland and Schiermonnikoog, Rijkswaterstaat said in a statement on Sunday. A Rijkswaterstaat spokeswoman told to the ANP Dutch press agency that at the temporary location, the ship would be further away from shipping routes and slightly out of the wind. The relocation is an intermediate step in the difficult salvage operation, the spokeswoman said. The company declined to say anything about the car brands, including whether it included any cars from Japanese manufacturers.

Persons: Rijkswaterstaat, Shoei, Charlotte Van Campenhout, Robert Birsel Organizations: Panamanian, Fremantle Highway, ANP Dutch, Ship, Thomson Locations: AMSTERDAM, Germany, Egypt

Thanks to their ability to store large amounts of energy in a small package, lithium-ion batteries have become increasingly popular, powering such devices as laptops and vape pens as well as electric cars and bikes. While most of the batteries operate safely, a small percentage can malfunction and catch fire, sometimes with lethal results.

☆ Fire on car carrier ablaze off Dutch coast now less intense
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, July 28 (Reuters) - The fire which has been burning on a car carrier off the Dutch coast has lessened in intensity and salvagers have been able to board the ship to secure stronger tow lines, authorities said on Friday. Smoke rises as a fire broke out on the cargo ship Fremantle Highway, at sea on July 26, 2023. The Dutch coastguard said on its website on Thursday that the cause of the fire was unknown, but an emergency responder is heard in a recording released by Dutch broadcaster RTL saying, "The fire started in the battery of an electric car". An investigation has been launched by the Panama Maritime Authority and the Netherlands is assisting the inquiry, the Dutch Safety Board has said. The 199-metre (653-ft) Fremantle is drifting about 17 km from the northernmost Dutch coast, the coastguard said.

Persons: Miranda Murry, Daniel Leussink, Geert De Clercq, Marine Strauss, Anthony Deutsch, Tassilo Hummel, Philippa Fletcher, Leslie Adler Organizations: Panamanian, Fremantle Highway, Fremantle, Ship, Coastguard, REUTERS, K Line, Kawasaki, Dutch coastguard, RTL, Panama Maritime Authority, Dutch Safety, coastguard, Thomson Locations: AMSTERDAM, Coastguard Netherlands, Dutch, Netherlands, Fremantle, Germany, Egypt, Wadden, Denmark

☆ Carrier ablaze off Dutch coast carrying almost 500 electric cars
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, July 28 (Reuters) - The car carrier burning off the Dutch coast since Tuesday night is carrying nearly 500 electric vehicles, ship charter company "K" Line said on Friday, significantly more than the 25 initially reported by the coastguard. There were 3,783 vehicles on board, including 498 battery electric vehicles, a Tokyo-based spokesperson for K Line (Kawasaki Kisen Kaisha), which had chartered the vessel, said. He declined to say anything about the car brands, including whether or not it included any cars from Japanese manufacturers. An investigation has been launched by the Panama Maritime Authority and the Netherlands is assisting the inquiry, the Dutch Safety Board has said. The 199-metre (653 ft) Fremantle, which is still burning, is drifting about 17 km from the northernmost Dutch coast, the coastguard said.

Persons: Miranda Murry, Daniel Leussink, Marine Strauss, Anthony Deutsch, Tassilo Hummel, Philippa Fletcher Organizations: coastguard, Panamanian, Fremantle Highway, K Line, Kawasaki, RTL, Panama Maritime Authority, Dutch Safety, Fremantle, Thomson Locations: AMSTERDAM, Tokyo, Dutch, Netherlands, Germany, Egypt, Wadden, Denmark

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