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On 13 February ECD sold its majority owned subsidiary, Ovonic Battery Company, Inc. OBC), to BASF Corporation for the gross purchase price of $58 million in cash before transaction fees, minority participations, and working capital and other adjustments. Earlier post.) million in outstanding 3% Convertible Senior Notes due 2013.
WiTricity Corporation (WiTricity), IHI Corporation (IHI) and Mitsubishi Motors Corporation (MMC) will join forces to research and develop easily deployable electric vehicle (EV) wireless charging systems readily compatible with electric grids.
Nikola Corporation, a designer and developer of BEV and FCEV Class 8 trucks is executing a reverse merger with VectoIQ Acquisition Corp. to create a company focused on the development of next generation smart transportation. VectoIQ Acquisition Corp. Kim Brady, currently the CFO at Nikola, will continue in that role post-close.
Class 8 electric powertrain company Hylion intends to merge with Tortoise Acquisition Corp. NYSE: SHLL), a publicly traded special purpose acquisition company with a strategic focus on the energy sector and decarbonizing commercial transportation in North America. is serving as legal advisor to Tortoise Acquisition Corp.
NYK Line, Toshiba Energy Systems & Solutions Corporation, Kawasaki Heavy Industries Ltd., The companies will target newly constructed domestic vessels in the entire vessel value chain (i.e., Role of each company. Project management, ship design and legal compliance. Toshiba Energy Systems & Solutions Corporation.
The Board of Management and Supervisory Board of Daimler AG has approved a new corporate structure for Daimler AG. The new structure comprises three legally independent entities—Mercedes-Benz AG, Daimler Truck AG and Daimler Mobility AG—under the umbrella of Daimler AG.
Element 1 Corporation (e1NA), Zhejiang Methanol Hydrogen Technology (ZMHT) and Zhejiang Element 1 (e1China) have formed a joint venture company—Zhejiang Hydrogen One Energy Technology Co., e1China, an affiliate company of e1NA will have a 20% ownership interest in the JV. Element 1 L/M-Series Hydrogen Generator.
As another step toward autonomous driving systems, Volvo Car Corporation is demonstrating a new traffic jam assistance system. —Peter Mertens, Senior Vice President Research and Development of Volvo Car Corporation. But the legal situation for this technology still remains unclear. Earlier post.).
Tesla is taking an interesting approach with its Legal Department by building a “full-scale internal litigation and trial team,” according to General Counsel and Corporate Secretary for the automaker, Brandon Ehrhart. It is an interesting approach to the legal side of things.
Less than one year after its launch, the French battery company Verkor has raised €100 million (US$119 million) in funding. Barber Hauler Capital Advisers, Santander Corporate & Investment Banking acted as financial advisors to the company, and De Gaulle and Fleurance & Associés as legal advisors.
Düsseldorf, Germany-base E.ON, one of the world’s largest investor-owned power and gas companies, is adopting a new strategic direction under which is will split itself in two. will take necessary preparatory steps for the New Company’s public listing. About 40,000 employees will be assigned to the distinctly focused company.
As part of its strategy of developing solutions to reduce CO 2 emissions, Valeo has acquired the Variable Torque Enhancement System (VTES) ( earlier post ) business of UK automotive technology development company Controlled Power Technologies (CPT). VTES will be integrated into Valeo’s Powertrain Systems Business Group with immediate effect.
Ford Motor Company is the only automaker named a 2016 World’s Most Ethical Company by Ethisphere Institute today; this marks the seventh consecutive year Ethisphere Institute has named Ford a World’s Most Ethical Company. Engine manufacturer Cummins, Inc. and Tier 1 supplier Delphi Automotive also made the 2016 list.
Tesla’s legal team received a boost last month, with the company hiring Derek Windham, a top securities lawyer, as its senior director and deputy general counsel for corporate and securities. He would be reporting to the head of Tesla’s in-house legal team, who, in turn, reports directly to CEO Elon Musk. .
Tesla has lost its Head of Legal, David Searle, who reportedly left his position at the automaker less than a month ago. Searle oversaw an internal purchasing probe during his final days at the company before leaving. Tesla has gone through several Head Legal employees in the past several years. I’d love to hear from you!
Tesla has beefed up its “hardcore” legal team with a new General Counsel hire in Brandon Ehrhart, who spent over two decades with Dish Network. Ehrhart said on LinkedIn one week ago that he was assuming a new position as General Counsel and a Corporate Secretary for Tesla at its headquarters in Austin, Texas.
The judge in the Elon Musk pay package case is being warned by the Delaware High Court that the massive legal fee windfall is a major risk. This works out to $280,000 an hour, but the highest-paid corporate attorneys are paid around $2,500 an hour. history,” the report states. worked out to about $35,000 an hour.
California has officially submitted its first draft of regulations for the operation of autonomous semi-trucks, as Tesla and other companies continue to develop their own self-driving technologies. NEWSOM'S PROPOSED AUTONOMOUS TRUCK REGULATIONS Newsom Reconfirms His Commitment to Corporate Profit Over Good Jobs.
Alberta, Canada’s Climate Change and Emissions Management (CCEMC) Corporation is providing C$46 million (US$45 million) in funding to support six new carbon capture and storage and cleaner technology projects in the Canadian oil sands region. N-Solv Corporation: $10 million for the N-Solv BEST Pilot Plant at Suncor Dover in Fort McMurray.
Founded in 1992, USCAR is the collaborative automotive technology company for Chrysler Group LLC, Ford Motor Company and General Motors. The goal of USCAR is to further strengthen the technology base of the domestic auto industry through cooperative research and development.
Since the company was established in 1998, it has placed more than 45,000 electric-powered vehicles on the road worldwide. The six GEM passenger and utility models are legal on most streets with posted speeds of 35 mph or less. -based subsidiary of Chrysler Group LLC.
Tesla confirmed that its Head of Legal, David Searle, has not left his position less than a month ago. Searle is still with the company. Tesla’s Legal Department has been increasing its employees. Earlier this month the company hired Derek Windham as its senior director and deputy general counsel for corporate securities.
Toyota Motor Corporation (TMC) has agreed to settle the civil penalty demanded in the National Highway Traffic Safety Administration’s 5 April letter related to the company’s recall for slow-to-return and sticky accelerator pedals by paying $16.375 million. Earlier post.). Statement from Toyota Motor.
NTT DATA Corporation and DENSO Corporation have started to build an industry-wide ecosystem for electric vehicle (EV) batteries to create a global trusted dataspaces where only necessary data can be shared, while also protecting private data. The two companies were officially approved as business operators in September 2022.
San Diego, Ca-based V-Vehicle Company (VVC) ( earlier post ) has been informed that the Program Office of the US Department of Energy (DOE) will not recommend approval of VVC’s two loan applications for $321.1 Varasano, a former Oracle Corporation and Booz Allen Hamilton executive, founded VVC in 2006. The second was for $241.2
The parties would jointly manage the JV, through a company to be owned in equal shares by the parties. After construction and ramp-up of the spodumene concentration plant, the JV is expected to produce up to 750 ktpa of 6% spodumene concentrate from Wodgina which is planned to be used as feedstock to the future lithium hydroxide plant.
An electric jet startup company, Lilium, has partnered with software giant Palantir to introduce what they think is the future of mobility. Over the past ten years, there has been an explosion in the number of companies looking to offer personal electric aircraft to the masses. Shoot me an email at william@teslarati.com.
announced that the United States Bankruptcy Court for the District of Delaware (the "Court") has granted A123 interim approval to use $50 million of Debtor-in-Possession (DIP) financing, which is being provided by Wanxiang Group Corporation (Wanxiang). He suggested that what the company calls its “stalking horse”—i.e.,
Bridgestone Corporation announced that its subsidiary Bridgestone Europe NV/SA, has entered into an agreement with TomTom to acquire TomTom Telematics, its digital fleet solutions business, for a cash consideration of €910 million (US$1.034 billion). —Harold Goddijn, CEO, TomTom.
Koch Minerals & Trading, LLC (KM&T), a diverse global trading, logistics and investment company and subsidiary of Koch Industries, Inc. Perella Weinberg Partners LP acted as sole financial advisor to Compass Minerals in the transaction and Cleary Gottlieb Steen & Hamilton LLP acted as the company’slegal advisor.
Alberta-based Climate Change and Emissions Management Corporation (CCEMC) ( earlier post ) has issued a $35-million open innovation international challenge to create new, carbon-based products and markets. The CCEMC is a not-for-profit corporation that operates independently of government.
The US Securities and Exchange Commission charged Volkswagen AG, two of its subsidiaries, and its former CEO, Martin Winterkorn, for defrauding US investors, raising billions of dollars through the corporate bond and fixed income markets while making a series of deceptive claims about the environmental impact of the company’s “clean diesel” fleet.
BP and Verenium Corporation announced an agreement for BP Biofuels North America to acquire Verenium’s cellulosic biofuels business, including the facilities in Jennings, LA and San Diego, CA, for $98.3 In 2008, the two companies had formed a strategic partnership to accelerate the development and commercialization of cellulosic ethanol.
Global automotive supplier Visteon Corporation and certain of its US subsidiaries voluntarily filed petitions for relief under Chapter 11 of the US Bankruptcy Code. Visteon is taking this step to maximize the long-term value of the company. Visteon is taking this step to maximize the long-term value of the company.
As ABC News reported, Biller was quoted as saying: “ You have to understand that Toyota in Japan does not have any respect for our legal system…they did not have any respect for our laws. Biller has claimed that his accusations are verifiable based on documents that are in his possession.
Delaware’s corporate grip seems to be slipping. These companies, if they do leave, would join Elon Musk’s Tesla, SpaceX, Boring Company, Neuralink, and X. “Never incorporate your company in the state of Delaware,” he posted on X in January 2024. The trend has been informally dubbed as “Dexit.”
Ford, Honda, and BMW have announced plans to create a new “vehicle-to-grid company” that’s aimed at standardizing vehicle charging via a singular platform. The company is still pending regulatory approvals, as we used to be concerned about corporate monopolies and are bound by tradition to pretend that still happens.
With corporate media finally aware of the perils of connected vehicles, we’ve seen a rash of articles exploring how insurance rates have spiked due to automakers sharing user data. The entire business model is predicated upon this, minus the fact that it became a legal requirement to drive in most states by 1970.
Chair: Melissa Lavinson, Vice President, Federal Affairs and Policy, Chief Sustainability Officer, PG&E Corporation. Scott Keogh, President, Audi of America (Co-Chair); Dean Seavers, President, National Grid U.S. Passek, President, Copper Development Association; William Peduto, Mayor of Pittsburgh, Pa.; automation and the sharing economy).
KMI) and El Paso Corporation on Sunday announced a definitive agreement whereby KMI will acquire all of the outstanding shares of EP in a transaction that will create the largest midstream and the fourth-largest energy company in North America with an enterprise value of approximately $94 billion and 80,000 miles of pipelines.
Elon Musk’s AI startup, xAI, has been incorporated in Nevada as a benefit corporation. By doing so, the company would be able to prioritize societal and environmental impact in its operations. In xAI’s official website , the company noted that its work is aimed at accelerating “human scientific discovery.”
The remaining violations were discovered as the scope of the investigation broadened based on allegations of historical violations at the companies’ other facilities. Duke Energy Corporation subsidiaries also operate facilities with coal ash basins in South Carolina (approximately 5.99 million tons of coal ash).
Ford Motor Company and its financing subsidiary, Ford Motor Credit Company, introduced the North America auto industry’s first sustainable financing framework, focusing on and paying for ambitious plans in vehicle electrification and other environmental and social areas.
Bestavros and his colleagues wrote that: Secure multi-party computation (MPC) can possess substantial social value: it enables companies, government agencies, and other organizations to benefit from collective data aggregation and analysis in contexts where the raw data are encumbered by legal and corporate policy restrictions on data sharing.
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