{"id":80567,"date":"2023-11-13T00:00:00","date_gmt":"2023-11-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/11\/13\/italys-eni-set-to-sell-10-of-renewables-arm-plenitude-gm-and-stellanis-invest-in-ev-metalfree-magnet-startup\/"},"modified":"2023-11-13T00:00:00","modified_gmt":"2023-11-13T00:00:00","slug":"italys-eni-set-to-sell-10-of-renewables-arm-plenitude-gm-and-stellanis-invest-in-ev-metalfree-magnet-startup","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/11\/13\/italys-eni-set-to-sell-10-of-renewables-arm-plenitude-gm-and-stellanis-invest-in-ev-metalfree-magnet-startup\/","title":{"rendered":"Italy\u2019s Eni set to sell 10% of renewables arm Plenitude, GM and Stellanis invest in EV metalfree magnet startup"},"content":{"rendered":"

Italy\u2019s Eni is set to sell a stake in its renewables unit Plenitude: <\/strong>Italian state-controlled oil giant Eni is reportedly set to sell a 10% stake in its renewable energy and gas production arm Eni Plenitude<\/a> to Zurich-based fund Energy Infrastructure Partners AG for USD 800 mn, Bloomberg<\/a> reported last week, citing sources with knowledge of the matter. The transaction \u2014 which values the company at some EUR 8 bn \u2014 is reportedly in its final stages of negotiations and is set to be finalized by the end of the month. The stake sale will give the Italian company a cash injection it can use for investments, and would allow Eni to lock in a value for Plenitude and lay the groundwork for IPO plans as soon as 2024, Bloomberg notes.<\/p>\n

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GM <\/strong>+ Stellantis invest in metalsfree EV magnet startup:<\/strong> US and Dutch giant automakers General Motors and Stellanis are joining US-based rare metalsfree EV magnet startup Niron Magnetics<\/a> \u2019 latest USD 33 mn funding round, Reuters<\/a> reported last week. Niron Magnetics will use the funds to develop its patented Clean Earth Magnet \u2014 a permanent magnet manufactured without the use of critical metals such as neodymium and praseodymium. The move comes as EV makers around the world seek to reduce their reliance on critical metal and mineral imports from China, which supplies around 90% of the world\u2019s rare-earth magnet supply, Niron CEO Jonathan Rowntree told the newswire. <\/p>\n

Why permanent magnets? <\/strong>Electric motors that use rare metal magnets in their production are by far the most commonly used motors in the EV market given their high power density, torque density, and efficiency, according to EV reporter<\/a>, adding that in 2021 permanent magnet motors made up 84% of the electric car market. Motors without permanent magnets are cheaper but less efficient and require a larger battery, reducing the driving range, Reuters<\/a> writes.<\/p>\n

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