UK’s VivoPower to merge with Canada’s Fast: British power infrastructure developer VivoPower International has signed a non-binding agreement to merge with Canada's hydrogen technology firm Future Automotive Solutions and Technologies (Fast) to create a new USD 1.13 bn, according to a statement. The agreement values VivoPower at USD 556 mn and Fast at USD 578 mn, and is set for completion by the end of year. A key condition for the merger to move forward is the completion of a USD 904 mn merger between VivoPower's unit Tembo E-LV and blank check firm Cactus Acquisition.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

About the companies: VivoPower offers sustainable energy solutions, energy infrastructure, solar projects and designs EVs. Fast’s technology converts internal combustion engine vehicles to run on hydrogen. Tempo specializes in creating EV solutions for industries such as mining, infrastructure, utilities, tourism, and government services, according to its website.

BP to sell onshore wind business + shift focus to solar with Lightsource bp: British oil giant BP plans to sell its US onshore wind energy business BP Wind Energy and shift focus to developing utility-scale onshore renewable energy and wind power globally through its JV Lightsource bp, according to a press release (pdf). BP Wind Energy operates nine wind energy assets across seven US states, with a combined capacity of 1.7 GW. These assets, controlled remotely from Houston, Texas, are already supplying power to various offtakers.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Despite renewables growth, China’s coal use is still rising: China’s electricity from thermal sources, including coal and natgas, rose 3.7% y-o-y in August to 614.9 bn kWh but still fell behind clean energy growth. Clean energy production rose 5.8% to 907.4 kWh, including a 21.7% increase in solar’s share of total output, 6.6% increase in wind, and 4.9% increase in nuclear generation. (Reuters)
  • Coal India looks to Argentina and Chile for critical minerals: State-run Coal India is looking for critical energy transition minerals in Argentina and is discussing acquiring lithium from Chile with officials. State-owned Khanij Bidesh India is eyeing Australia for minerals as well, already securing “non-invasive” exploration permission. (Reuters)
  • Indonesia + Britain sign critical minerals agreement: Britain has signed an MoU with Indonesia to partner on critical minerals through knowledge sharing, supply chain resilience, and processing. Indonesia has abundant sources of nickel ore and copper, and is looking to attract investments for processing and EV battery manufacturing. (Reuters)
  • EVs surpass gasoline cars in Norway: Electric vehicles now outnumber gasoline cars in Norway, marking a global first. 754.3k of the 2.8 mn registered passenger cars in the country are electric and 753.9k are gasoline-powered. Meanwhile, the number of diesel cars continues to decline. (Statement)
Tags: