Copper mining could reemerge as an industry in France: France is pushing to revive copper mining — which hasn’t been active in the country for more than 20 years — in response to a growing demand from renewable energy farms and interconnection projects pending with neighboring countries, Bloomberg reported on Friday, citing comments by Finance Minister Bruno Le Maire. The country is also looking to accelerate lithium and geothermal energy projects to meet their climate targets and boost self sufficiency as competition for resources heats up.

IN OTHER NEWS- Paris-based hydrogen EV rental startup HysetCo has raised almost EUR 200 mn in a funding round led by hydrogen infrastructure company Hy24, according to Bloomberg. Hyset will use the funding to expand its French operations and explore expansion into neighboring markets.

Hy24 has been active in the region: Hy24 has partnered with the UAE’s Masdar to boost large-scale green hydrogen production projects globally under the Clean Hydrogen Infrastructure Fund it manages. Hy24 has also invested USD 115 mn alongside Singapore’s sovereign fund GIC in InterContinental Energy's green hydrogen expansion plans in the Middle East and Australia.

Polestar deliveries plummet 1Q 2024: Volvo-affiliated EV manufacturer Polestar saw a 40% decline y-o-y in its EV deliveries for 1Q 2024, Reuters reported on Thursday. The company expects accelerated deliveries of its luxury SUVs, Polestar 3 and Polestar 4 to help boost revenues in 2H 2024, CEO Thomas Ingenlath said. Polestar aims to deliver 155k to 165k cars next year.

IN OTHER EV NEWS- US battery materials firm Ascend Elements and Polish company Elemental Strategic Metals have launched a JV focused on recycling EV batteries, Reuters reported last week. No investment details were revealed. A jointly developed plant in Poland can recycle up to 12k metric tons of batteries yearly, equivalent to around 28k EVs. A lithium extraction plant is also set to open at the same site in 2026, and will be capable of processing up to 20k metric tons annually.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • China’s EV maker Hyper to start using all-solid-state batteries in 2026:Chinese EV manufacturer GAC Aion ’s Hyper has completed research and development on all-solid-state batteries and will start using them on its vehicles in 2026. The batteries offer 400 watt hours per kilogram and over 1k kms of driving range. (Reuters)
  • Indian bn’aire Gautam Adani to establish climate-focused think tank: Gautam Adani — founder and chairman of Indian conglomerate Adani Group — is establishing a climate-focused think-tank with an initial funding of RS 1bn (USD 12 mn) from Adani Group. The think tank will focus on climate change, the energy transition, and international politics, and will later expand to major Indian cities and overseas locations such as Washington and London. (The Financial Times)
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