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Hello!
It’s been a strong week for clean energy companies in global financial markets as four firms raise millions in funding from the United States, Hong Kong, Spain and France. In fact, China’s Tianqi Lithium, one of the world's top producers of lithium chemicals for electric vehicle batteries, plans to sell about 164.12 million shares in its Hong Kong listing, in the city’s largest share sale so far this year, according to sources. The news comes as the White House and EU made pledges towards phasing out combustion engine cars and investing more money in electric vehicle (EV) production.
Tianqi Lithium will sell its shares for between HK$69 and HK$82 ($8.79-$10.45) each for a Hong Kong listing which could raise up to $2 billion, said two sources with direct knowledge of the matter. Tianqi plans to open the books from today to July 6, and debut in Hong Kong on July 13, according to a Reuters source. The sources could not be named as the information was not yet public and Tianqi did not immediately respond to a request for comment.
Lithium prices have soared in the past year, despite some volatility caused during Shanghai's COVID lockdown, on sustained global demand for electric vehicles. Failure to obtain adequate supplies of lithium, nickel, manganese or cobalt could slow the shift to EVs, make those vehicles more expensive and threaten carmakers' profit margins. Major carmakers have been racing to secure battery cell supplies, but finding enough battery raw materials may be a bigger problem.
Speaking of demand for electric vehicles, the White House said on Tuesday that companies are planning to invest more than $700 million to boost U.S. manufacturing capacity for EV chargers, whilst EU countries backed a law requiring new cars sold in the EU to emit zero CO2 from 2035. That would make it impossible to sell internal-combustion engine cars. It will require governments and industries to invest heavily in cleaner manufacturing, renewable energy and electric vehicles.
Elsewhere, a top U.S. solar energy project developer announced a $750 million equity investment from the climate-focused private equity fund TPG Rise Climate. The announcement from TPG is part of the firm's push into climate change and clean energy investing on behalf of clients that include large pension funds and insurance companies seeking to do more for the environment.
Meanwhile, French renewable energy company NW Groupe raised 300 million euros ($315 million) for its NW Storm arm, as France builds up its renewable power sector to reduce its reliance on Russian energy following Russia's invasion of Ukraine. In Spain, renewable power company Opdenergy announced plans to launch an initial public offering to raise up to 200 million euros ($209.80 million) to finance its business plan up to 2025, in what will be Spain's first flotation this year.
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Women wearing summer kimonos and straw hats walk on the street as Japanese government issues warning over possible power crunch due to heatwave at Asakusa district in Tokyo, Japan June 29, 2022. REUTERS/Issei Kato
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Breakingviews: The European Union’s gas headache hasn’t gone away. Despite strong progress in hiking liquefied natural gas (LNG) purchases, the bloc is some way off its self-imposed year-end target of cutting Russian gas imports by two-thirds. They shouldn’t wait until the weather turns cold to implement robust energy-saving measures.
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Grace, Alina, Daisy, Jenna, Liz, Eden and Kayley - a group of students from Newquay, UK - who formed Ocean Revolution, a plastic pollution awareness jewelry business. Ocean Revolution recently won the Company of the Year Award and Sustainability Award at Young Enterprise, a UK education charity’s national competition.
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“Climate change is a global issue and one that will severely impact young people’s futures if left alone. Despite COP26 and net zero pledges, there was a distinct lack of climate action at the G7 summit on Monday.
“Young people like ourselves are keen to get involved with the climate change agenda, it’s just about access to opportunities like the ones Young Enterprise offer. As it’s our future at risk, we have a vested interest in protecting our planet.
“Plastic pollution is one issue we’re especially passionate about, particularly around raising awareness and creating a legacy, so this global issue is not forgotten about.
“When we formed Ocean Revolution, our jewelry business which uses micro-plastics collected from Cornish beaches, we envisioned making plastic pollution collection creative and more enjoyable.
“Whilst participating in the Young Enterprise programme has equipped us with entrepreneurial skills, winning the competition has displayed just how crucial pollution is, not only as a challenge but an opportunity to reform our ways of living worldwide.”
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Activist investors intent on shaking up Corporate America may be getting cold feet as new data points to a slowdown of campaigns as markets gyrate amid fears of faster rate hikes, runaway inflation and geopolitical turmoil.
Data from research firm Insightia shows that investors launched only 22 activist campaigns in the U.S.-headquartered companies between May 20 and June 20, down from 25 during the same time in 2021 and 42 campaigns launched in 2018, the year with the most campaigns during that period in the last seven years.
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U.S.-based air pollution control company CECO Environmental has hired Lynn Watkins-Asiyanbi as its new senior vice president, general counsel and corporate secretary. She has nearly 20 years of legal experience, both in private practice and with global industrial companies, such as John Bean Technologies, W.W. Grainger and U.S. Foods.
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Finnish biofuel producer Neste has appointed Chris Cooper as its new president, who will be responsible for supporting and aligning regional business strategies and act as Neste's primary representative for the U.S. community at Neste's regional headquarters in North America in Houston, Texas. Prior to his new role, Cooper spent over two years as the vice president for North America renewable aviation at Neste and held various senior positions at other U.S-based energy companies such as Chevron and Phillips 66.
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Chris Boardman has been appointed as a permanent national active travel commissioner alongside several other senior officials in the British Department for Transport. Boardman, who has served as interim commissioner since January 2022, will head up the new executive agency alongside chief executive officer Danny Williams and chief operating officer Louise Wilkinson.
Williams has spent over 25 years leading media businesses, including setting up a start-up and developing large and high performing teams within global corporations. He was a member of the Mayor of London's Roads Task Force and has been advocating for change in how villages, towns and cities approach walking and cycling. Wilkinson has a long career in strategic finance and accounting within the civil service and local government. Most recently she has worked for the cabinet office as a deputy director of finance.
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"Ninety six percent of adjustments which enable talented disabled people to work are cost neutral, thus demonstrating inclusive workplaces are viable for all businesses."
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Dr. Sarabajaya Kumar, UCL School of Public Policy/ co-author of "Ableism and the Labor Market" report for the Association of Disabled Professionals
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The EU energy chief Kadri Simson will be speaking at the MEF Energy Forum 2022 later today.
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U.S. federal government offices, the stock and bond markets, Federal Reserve and International Monetary Fund will be closed on July 4 to celebrate Independence Day.
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Kenya is scheduled to launch its international financial center in Nairobi on July 4, which aims to compete with established financial centers like Mauritius to host global financial firms like banks and insurance firms.
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The Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammad Sanusi Barkindo and Nigerian junior oil minister Timipre Sylva are among the main speakers at this year's Nigeria Oil and Gas Conference in Abuja on July 5.
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