Daily Energy/Automotive News Headlines Wed May 08, 2024
London ,08 May 2024, (Oilandgaspress): — European natural gas prices saw a fair amount of volatility in April. TTF front-month futures traded from a little over EUR25/MWh at the start of April to almost EUR34/MWh mid-month, only to fall back below EUR30/MWh by the end of the month. However, prices yet again rallied in early May. Reduced Norwegian gas flows to Europe, and a late cold spell across large parts of the continent increased heating demand over the second half of April.
Gas storage had been flat in Europe for several weeks at 62% full (although that’s increased to 64% more recently). As a result, storage has gone from seasonal record highs at the start of April to being more aligned with levels seen in 2020 at the end of April. While the pace of inventory builds has been below normal for the second half of April, we think Europe will hit 100% full storage ahead of the start of the next heating season. This should keep downward pressure on prices, and we still expect TTF to average EUR25/MWh for the remainder of the injection season. Read More
Marathon Watch and the Jeep® brand proudly announced the launch of the new Jeep x Marathon collection, introducing four feature timepieces that honor each brand’s rich history and honorable service supplying the Allied Forces dating back to 1941.
The collaborative Jeep x Marathon timepieces embody the resilient spirit of both companies and reflect upon their shared military roots and functional designs. The series draws inspiration from two iconic vehicles, the Willys MB — the first automobile used by the U.S. in World War II — and the modern Jeep Wrangler Rubicon. The new collection stands as a testament to an ethos of utilitarian design and pays homage to each brand’s origins.
Further tying the two brands together is the military specification of “General Purpose.” In 1941, American firm Willys-Overland was awarded a contract by the U.S. military to supply four-wheel-drive reconnaissance vehicles for use in the European theater. Some say that soldiers shortened the “General Purpose” designation to “GP,” from which the easily pronounceable word “Jeep” was derived.
As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product. In filling stations monitored across several states, including Lagos and the FCT, the queues have since thinned out, a development that will keep improving daily in other states.
The Company wishes to state that at the moment, it has over 1.5 billion litres stock of PMS, which is equivalent to over 30 days sufficiency.
The NNPC Ltd is also collaborating with relevant downstream agencies, such as the Nigeran Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the sector and security operatives to address hoarding and other unwholesome practices.. Read More
MIT has written a new chapter in something that most people probably thought they knew completely: evaporation.
The scientists say the discovery could explain “mysterious measurements” in the literature of clouds which may increase the precision of climate modeling, while also aiding in industrial applications. In this study, the discovery that evaporation can occur just with light and without heat was so unexpected and surprising that it was subjected to 14 different tests and measurements to try and disprove what the scientists observed. . Read More
Eni (A- S&P / A- Fitch / Baa1 Moody’s) intends to place today two new fixed rate bonds in USD with a 10-year and 30-year maturity (the “Bonds”).
The Bonds are to be issued in accordance with the resolution adopted by the Board of Directors on April 4, 2024 and is aimed to maintain a well-balanced financial structure and the proceeds will be used for general corporate purposes. The Bonds, targeted to institutional investors, will be placed subject to market conditions. For the issuance of the Bonds, Eni has mandated a syndicate composed of Barclays, BofA Securities, Citi, Goldman Sachs International, IMI – Intesa Sanpaolo, J.P. Morgan, Morgan Stanley, Santander, Wells Fargo Securities, who will act as joint bookrunners. Read More
China issued draft rules on Wednesday to regulate its lithium battery market, after rapid expansion in the sector hit industry profits and sparked concerns about overcapacity in international market.
The proposals, issued by the Ministry of Industry and Information Technology, are intended to safeguard the healthy development of the lithium battery sector, the ministry said.
The rules would guide lithium battery firms to reduce manufacturing projects that ‘purely’ expand production capacity.
They would also require projects built on farmland and ecological zones to be shut down or put under strict controls and gradually removed.
Rapid expansion of production capacity along the lithium battery supply chain has led to a plunge in prices for products including battery and raw materials, hitting companies’ profits in the world’s biggest market. . Read More
Hyundai Seeks Continued Success on Their Home Turf of WeatherTech Raceway Laguna Seca
After two double podiums to start the IMSA Michelin Pilot Challenge (IMPC) season, Hyundai Motor America will look to repeat last year’s strong performance at WeatherTech Raceway Laguna Seca in hopes of taking the lead in the Driver’s and Manufacturer’s Championships at its home race weekend the Motul Course de Monterey Powered by Hyundai N.
Headed into this race, three of the top five positions in the IMPC TCR class driver standings are occupied by Hyundai drivers. Bryan Herta Autosport’s (BHA) No. 76, No. 98 and No. 33 Hyundai Elantra N TCR entries occupy second, third and fourth respectively. Denis Dupont and Preston Brown lead the Hyundai’s in the No. 76 Elantra N TCR, followed by Mason Filippi and Mark Wilkins 50 points behind in the No. 98 Elantra N TCR, while Harry Gottsacker and Robert Wickens in the No. 33 Elantra N TCR sit in fourth. This third round of the IMPC schedule is set for Saturday, May 11, with the green flag flying at 1:55 p.m. PT for the two-hour event.
• WeatherTech Raceway Laguna Seca: 2.238-mile, 11-turn road course • Championship Standings: Second place for the No. 76 Elantra N TCR drivers Denis Dupont and Preston Brown Hyundai will once again be entering the Nürburgring 24 Hours taking place May 30 – June 2, 2024. Read More
German businesses are taking a clear stand for diversity, openness and tolerance
“We stand for values” is the name under which more than 30 leading and distinguished German companies have joined forces to form an alliance for diversity, openness and tolerance. It includes numerous DAX companies, family-owned businesses, German SMEs and start-ups. The initiative is also backed by the Federation of German Industries (BDI) and the German Trade Union Confederation (DGB).
In their first joint campaign, the companies are calling on their combined 1.7 million employees to take part in the upcoming European elections and engaging in numerous activities to highlight the importance of European unity for prosperity, growth and jobs. The alliance aims to highlight the values that have made our peaceful co-existence possible and to underline that diversity and intercultural cooperation are essential for economic success.
The alliance is set to go public on 7 May 2024. . Read More
Mercedes-Benz Research & Development North America funds educational initiatives in AI and automated driving at Stanford and the University of California San Diego
Mercedes-Benz Research & Development North America, Inc. (MBRDNA), a Silicon Valley-headquartered research and development subsidiary of Mercedes-Benz, has started new research collaborations with two universities. The first is the Stanford University School of Engineering and the second is the University of California San Diego’s Contextual Robotics Institute. MBRDNA has earmarked a six-month funding initiative aimed at advancing AI research and its potential to elevate the in-car passenger experience and autonomous driving.
Both universities are poised to gain enhanced research prospects, resources, and real-world applications through close collaboration with MBRDNA’s engineers. MBRDNA expects to gain potential innovations emerging from these collaborations.
New research horizons for Stanford students
Stanford, recognised as one of the cradles of AI innovation since the establishment of the Stanford Artificial Intelligence Lab (SAIL) in the 1950s, has been chosen by MBRDNA as a key enabler in advancing the AI-driven passenger experience. Fifteen Stanford students enrolled in project-based design, innovation and development courses will have the opportunity to embark on field trips to two global hubs of innovation at Mercedes-Benz. These are MBRDNA’s headquarters in Silicon Valley, California, and Mercedes-Benz’s global headquarters in Stuttgart, Germany.
The academic challenge presented to the students is related to the MBUX Virtual Assistant announced at CES 2024, for which Mercedes-Benz has used advanced software and generative AI to create an even more natural and intuitive relationship with the car. Read More
Join the Porsche Ride
.The sixth stage of the Join the Porsche Ride scheme centred around Sao Paulo, Brazil. Here, in November 2023, under the motto ‘We empower people’, Porsche AG, together with Porsche Brazil and Audi Brazil, announced the application phase of a new initiative to introduce young people to training positions.
Equal distribution in terms of gender
The first class of the programme has now officially begun, with 15 students being selected from more than 400 applications. The offer is aimed at young people who mostly come from poorer backgrounds and the intention is to reduce the all-too-prevalent educational inequality. When selecting participants, extra care was taken to ensure equal distribution in terms of gender in order to encourage women into the automotive sector.. Read full article
Nissan Formula E Team is ready to take on the revised track layout around the popular Tempelhof Airport Street Circuit this weekend in Rounds 9 and 10 of the 2023/24 ABB FIA Formula E World Championship. Berlin will mark the first of four consecutive double-headers which will round off Season 10.
Last time out in Monaco, the team secured a positive points haul with excellent race pace shown by both drivers allowing them to charge through the field efficiently and add 12 points to the squad’s season total.
Oliver Rowland recorded his first Formula E victory in Berlin with Nissan in 2020 with a dominant drive, leading every lap from pole position to secure the win. The Brit currently sits fourth in the ABB FIA Formula E World Championship standings heading to Germany.
Sacha Fenestraz is enjoying a consistent run of form with points in his last three outings. The Franco-Argentine will be searching for another top-ten finish as the series advances past the halfway mark this weekend. The most visited venue in Formula E history and the only ever-present city on the calendar has a new look for Season 10 to enhance the racing for the more powerful Gen3 cars. The changes have seen the pit lane and start/finish line move, now allowing a longer run down to the first corner. The iconic sight of the Douglas DC-6 airplane awaits the drivers at Turn 2 in this latest track development, with the altered infield section set to provide a greater technical challenge. Track action gets underway with FP1 on Friday, while qualifying starts at 10:20 CEST (UTC+2) and the E-Prix at 15:00 CEST on both Saturday and Sunday. Read full article
The Nissan/NISMO team secured their first GT500 class victory of the 2024 Super GT Series season at Fuji International Speedway on May 4. The race, now a fixture of the spring holiday period, drew a crowd of 88,400 fans and was the first-ever three-hour Super GT event.
The Nissan/NISMO teams, operating with a new executive director and new driver line-up for the 2024 season, headed into the weekend with the aim of securing consecutive wins at Fuji, following their victory at the circuit in the fourth round of last year’s season.
In this, the second race of the season, the Nissan Z NISMO GT500 teams fielded four cars: the #3 Niterra Motul Z (Mitsunori Takaboshi/Atsushi Miyake), the #12 Marelli Impul Z (Kazuki Hiramine/Bertrand Baguette), the #23 Motul Autech Z (Katsumasa Chiyo/Ronnie Quintarelli), and #24 Realize Corporation Advan Z (Tsugio Matsuda/Teppei Natori). In accordance with the results of the opening round, success weights were added to the #23 Z (12kg) and #3 Z (10kg), while the #12 Z and #24 Z raced with no success weights. The weekend yielded a dream finish for Nissan Z NISMO GT500 teams with #3 Z driven by Mitsunori Takaboshi and Atsushi Miyake, securing a runaway victory and the #23 Z of Katsumasa Chiyo and Ronnie Quintarelli taking home 2nd place.. Read full article
Toyota’s Financial Results.
Toyota has released its 2024 financial results. Once again, Toyota Times is first to break down the figures and key points. Read More
Nikola Corporation (NKLA), EMBR Motors, Inc., Cole Cannon and David “Dave” Sparks are pleased to announce that they have amicably resolved the claims and disputes between them in the lawsuit pending in the U.S. District Court for the District of Arizona, styled Nikola Corp. v. EMBR Motors, Inc. et al., No. 2:24-cv-00690-DWL. The lawsuit’s claims against EMBR Motors, Inc. and Messrs. Cannon and Sparks — which claims they deny — are being dismissed with prejudice and without any finding of liability or fault against them.
After reviewing the plans of Nikola’s current management and Board of Directors, Cole Cannon, David “Dave” Sparks, Paul Southam and Hans Peterson, four of the five individuals who had previously been nominated by M&M Residual, LLC to run as director nominees, decided to stand down and no longer seek election to the Board of Directors at Nikola’s 2024 Annual Meeting. M&M Residual, the nominating stockholder of the insurgent slate, withdrew its nomination of these individuals and has withdrawn its slate in its entirety. Cannon, Sparks, Southam and Peterson now support Nikola’s current Board of Directors and their direction for the Company. Furthermore, EMBR is not engaged in any business with Milton or M&M Residual.
A spokesperson for Nikola commented: “We appreciate the chance to work with the four former candidates and get their input. We always value creative ideas and are happy to speak to shareholders who care about the Company and its future. We wish EMBR and their owners the best, especially with respect to our shared goals of an electrified vehicle future.” Read More
LOT Polish Airlines will add the Embraer (NYSE: ERJ; B3: EMBR3) E195-E2 to their fleet to enhance operational flexibility and accommodate network expansion. LOT will lease three new E195-E2 from Azorra, reaffirming their commitment to sustainable growth with the addition of the 25% more efficient E2 to their fleet. The first jet will arrive by the end of July this year, with all aircraft deliveries completed by October.
LOT requires a flexible solution for its capacity needs as the airline’s network grows. The E2 allows a seamless transition over just a few days for LOT’s existing E-Jet first generation flight crews, and offers a spacious and comfortable cabin experience for passengers, delivering an unmatched travel experience with no middle seats. The new E2s also add flexibility, complementing LOTs larger narrow body aircraft at similar seat costs.
“Embracing the future with a nod to our pioneering past, we are pleased to announce the lease of three state-of-the-art Embraer E195-E2 jets from Azorra. This strategic enhancement to our fleet not only marks our continued commitment to sustainable aviation but also celebrates our partnership with Embraer since the introduction of the first E-Jet in 2004. With the E195-E2’s exceptional efficiency and passenger comfort, we are set to enhance our network, introducing additional frequencies to selected destinations” – said Michał Fijoł, CEO of LOT Polish Airlines. Read More
Embraer has reached a new delivery milestone on the world’s preferred small narrowbody aircraft program; the delivery of the 1800th E-Jet production aircraft. The new Azorra owned E190-E2 was handed over to Royal Jordanian Airlines today at Embraer’s facility in São José dos Campos, Brazil.
Today’s delivery is the third E2 for the airline which currently also operates four first generation E-Jets. RJ will recieve a total of eight E2s under the existing deal.
E-Jets have enjoyed global success in the fleets of 90 airlines and leasing companies from more than 60 countries since the first aircraft entered service in 2004. The E190-E2 is part of a family of advanced-generation E-Jets that offer the quietest, lowest polluting, and most fuel-efficient aircraft in the under 150 seat market. In 20 years of service, the E-Jets have carried two billion passengers on 26 million flights a distance of 140 million kilometres with 90 airlines from 60 countries. Read More
Scoot, the low-cost subsidiary of Singapore Airlines (SIA), commenced revenue flights with its new Embraer E190-E2 fleet earlier today. The first aircraft, named Explorer 3.0, departed Singapore’s Changi Airport, bound for Krabi, Thailand.
“We would like to congratulate Scoot on this momentous occasion,” said Martyn Holmes, Chief Commercial Officer of Embraer Commercial Aviation. “We are proud to see the modern and fuel-efficient E2 aircraft grace the skies over Singapore and Southeast Asia and would like to thank all the involved stakeholders who worked tirelessly to make this possible.”
Mr. Holmes represented Embraer at Scoot’s E190-E2 launch event which was held at Changi Airport prior to the departure of the first revenue flight.
The operation of Explorer 3.0 will see an increase in the frequency of Scoot’s flights to Krabi and Hat Yai from 7-times weekly to 10-times weekly for both destinations.
Scoot’s second E190-E2 arrived in Singapore on 29 April and will commence revenue flights soon. Read More
2024 Guidance reiterated: Management believes current estimates are still valid and represent evenly balanced risks and opportunities for full-year operations. Commercial Aviation deliveries between 72 and 80 aircraft, and Executive Aviation deliveries between 125 and 135. Total company revenues in the US$6.0-6.4 billion range, Adjusted EBIT margin between 6.5% and 7.5%, and Adjusted free cash flow of US$220 million or higher.
- Embraer delivered 25 jets in 1Q24 of which 18 were executive jets (11 light and 7 medium) and 7 were commercial jets – an increase of +67% compared to the 15 aircraft delivered in 1Q23.
- Firm order backlog of US$21.1 billion in 1Q24 – the highest level over the past 7 years. Commercial Aviation registered an increase of US$2.3 billion (+26% qoq). For more information please see our 1Q24 Backlog and Deliveries release.
- Revenues totaled US$897 million in the quarter or an increase of +25% yoy. Executive Aviation stood out with 2.75x growth – the highest 1Q revenues and number of deliveries over the past 8 years.
- Adjusted EBIT reached US$6.8 million with an +0.8% margin in 1Q24 (-4.4% in 1Q23).
- Adjusted free cash flow w/o Eve in 1Q24 was negative US$(346) million because of the preparation for higher number of deliveries in the coming quarters.
- Liability management with further US$276 million reduction in gross debt w/o Eve during the quarter. Read More
Zepp.solutions, a leader in the European hydrogen fuel cell industry, has secured a €3 million investment. This funding comes from the Rotterdam Energy Transition Fund and a reputable private investor deeply embedded in the Rotterdam tech scene. The investment will support zepp in expanding its operational capabilities in response to rising market demands. This is the first external capital injection for zepp.solutions, which has grown into a multi-million company on a bootstrapped basis since its foundation in 2017. This expansion is a strategic move to meet the rising market demand for zepp.solutions fuel cell systems as the European hydrogen sector is moving towards implementation on a larger scale.
“Receiving this first investment is a major milestone for our team” said Jonas Brendelberger, co-founder of zepp.solutions. “It’s a strong signal of trust in what we are building here and a perfect fit, bringing on board partners who will further strengthen our roots in the Rotterdam and Delft tech sector.”
Erik van der Zant, Head of Investments at InnovationQuarter and interim fund manager of the Energy Transition Fund: ”Zepp’s ambition is a great match with the mission of the Energy Transition Fund, which is to reduce CO2-impact in the Rotterdam area by supporting promising climate tech companies. InnovationQuarter looks forward to working together with zepp on their growth.”
Alderman Chantal Zeegers of Rotterdam commented on the investment: “The Rotterdam area is responsible for a fifth of all CO2 emissions in the Netherlands. We need to get these emissions down to zero by 2050. Tech-intensive companies like zepp.solutions are a big part of the solution and help build a viable hydrogen ecosystem. Rotterdam is happy to participate through our Energy Transition Fund.”
Enabling zero emissions
Zepp’s hydrogen fuel cell systems contain all the hard- and software required to turn hydrogen gas into usable electricity at high efficiency and unparalleled power density. These systems are specifically designed for medium- to heavy-duty applications and enable manufacturers of trucks or machines and shipyards to transition towards zero-emission technology. The large scope of integration minimizes the required integration
Recent examples of applications with zepp’s technology are the Ab Initio inland barge by Concordia DAMEN, the Rotterdam-based hydrogen water taxi and several Liebherr excavators. Another major success story is the integration of a zepp system into a yard tractor by Terberg Benschop, this vehicle has been operating on hydrogen since October 2020. Upcoming deliveries include two fuel cell powered hydrogen-electric 44t on-road trucks (Europa), as well as a mobile power genset to be used at Amsterdam’s Schiphol Airport.
Last year, zepp.solutions secured a €2 million grant from the European Just Transition Fund to support the establishment of their new assembly plant in the greater Rotterdam area, which, once completed, will have an annual capacity of up to 1000 units and will create up to 100 new jobs.
Result of collaboration
The successful fundraising is the result of a long and intensive collaboration between zepp.solutions and InnovationQuarter, manager of the Rotterdam Energy Transition Fund. Earlier, InnovationQuarter supported zepp.solutions in the development of the world’s first hydrogen-powered water taxi in Rotterdam. . Read more
Eve Air Mobility has been named a member of Japan’s Advanced Air Mobility (AAM) Public-Private Committee. The committee is responsible to evaluate and make recommendations to the Japanese Ministry of Economy, Trade & Industry and Ministry of Land, Infrastructure, Transport & Tourism on AAM regulations & policies for Japan. Established in 2018, the committee is made up of selected members discuss the development of various AAM services such as passenger transportation, scenic flights, and air ambulance services throughout Japan. Read More
BW Energy is pleased to announce that the DHBSM-2P pilot well confirms that the Hibiscus South deposit extends into the northern part of the field with good reservoir quality, increasing reserve estimates. The Company plans to complete the well as a production well later in 2024.
The DHBSM-2P pilot was drilled from the MaBoMo production platform to a total depth of 5,130 metres. The target area is located approximately 3.2 kilometres west-northwest of the MaBoMo and was drilled by the Borr Norve jack-up rig. Evaluation of logging data, sample examination and formation pressure measurements confirm approximately 25 metres of pay in an overall hydrocarbon column of 35 metres in the Gamba formation.
The well data provides additional confirmation that the Hibiscus South structure is a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field. This will enable the Company to book additional reserves not currently included in its annual statement of reserves and provide the opportunity to drill one or more additional production wells from the MaBoMo facility.
“We continue to increase the production and reserve base through low-cost and low-risk development activity in line with BW Energy’s strategy,” said Carl K. Arnet CEO of BW Energy. “The Hibiscus South pilot well is another confirmation of the significant potential of the Dussafu licence which holds multiple additional prospects.”
Preliminary evaluation indicates gross recoverable reserves of 5 to 6 million barrels of oil and approximately 14 million barrels of oil in place. Read More
Katja Wodjereck, Neste’s Executive Vice President, Renewable Products business unit and a member of the Executive Committee since 1 April 2023 steps down from her position as of today and leaves the company to pursue other opportunities.
Carl Nyberg, Executive Vice President, Renewables Supply Chain and Sustainability and a member of the Executive Committee since 2019, will take the interim lead in the Renewable Products business in addition to his existing responsibilities.
“I want to thank Katja for her contribution in the past year during which important milestones have been achieved to grow the renewables business. I wish her all the best in her future endeavours,” says Neste’s President and CEO Matti Lehmus. Read More
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