Geely to acquire Polestar stakes from Volvo: China's Zhejiang Geely Holding Group is set to acquire its subsidiary Volvo Car AB's 48% stake in the struggling EV maker Polestar, Bloomberg reported on Thursday. The transaction will relieve financial pressure off Volvo amid a slow EV market and record-low Polestar shares as the automaker faces software-development issues and a delayed launch of its latest model. Volvo still aims for EVs to make up 50% of its deliveries by 2025.

IN OTHER EV NEWS- Volkswagen to invest more into its Brazil EV plan: German carmaker Volkswagen plans to pour an additional USD 1.8 bn into its Brazilian business over the next five years, Reuters reported on Saturday. The additional investments will double VW’s initial 2022-2028 investment plan for the country and enable it to launch an additional four models including Brazil’s first locally made hybrid models, an all-electric model and a pickup truck.

Google to run on green energy with new Dutch wind projects: Google has signed its largest ever power purchase agreement (PPA) for two wind farms off the coast of the Netherlands, Reuters reported on Thursday. Crosswind and Ecowende Consortia, joint ventures between Shell and Dutch energy company Eneco, are developing the projects which will provide Google with 478 MW of power. Google has inked several other smaller PPAs for renewable projects in Europe as part of its goal to match every hour of electricity it uses with an hour of clean energy production. No details were provided for the other PPAs, which are in Italy, Poland, and Belgium.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • India opens up bids for 4 GW wind farms: India invited bids on Friday for the development of four 1GW offshore wind energy projects along its south-eastern coast, allowing winning developers to sell electricity directly to consumers. The government will not offer a viability gap funding to subsidize the project. (Statement)
  • Germany planning massive critical minerals funding: Germany has reportedly earmarked EUR 1 bn to shore up mineral reserves as part of a strategy to counter Chinese and other foreign influence in the green transition sector. The state will review which rare earth extraction, processing, and recycling ventures are eligible for funding. An EU Commission report cautioned in September that the bloc is under threat of becoming “ hooked ” on Chinese minerals in its switch to clean energy. (Bloomberg)
  • Canada’s AIMco sets up energy transition fund: The Alberta Investment Management Corporation (AIMco) has set up a new USD 745 mn fund for the global energy transition and decarbonization efforts. The pension manager is eyeing investments in carbon capture, industrial decarbonization, renewable fuels, electrification, storage, and energy efficiency. (Reuters)
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