Elon Musk-led Tesla Inc has denied a Wood Mackenzie report that said it missed big on solar-roof installation targets due to stiff competition from GAF Energy and other rivals. According to the industry analysis firm’s report, Tesla’s average installations per week were 21 in 2022, far lower than the company’s 1,000-per-week target for 2021. Musk […]
EV startup Lucid to cut about 18 per cent of its workforce – EQ Mag
NEWARK-HEADQUARTERED LUCID GROUP Inc, an electric vehicle (EV) producing company, announced its plans to cut down 18 per cent of its entire workforce as a part of its restructuring process. The decision would impact nearly 1,300 employees. According to a Reuters report, the Air luxury sedan-producing company is planning to communicate with its employees in […]
President Biden Vetoes Anti-ESG Bill – EQ Mag
WASHINGTON, D.C. : President Biden vetoed a bill today that would deny retirement plan fiduciaries the discretion to consider climate change and other environmental, social, and governance (ESG) factors when making investment decisions and exercising shareholder rights. The bill would have blocked the Department of Labor from enforcing a rule ensuring that investment advisors retain […]
Volkswagen to build electric vehicle battery plant in Canada – EQ Mag
Volkswagen announced Monday it plans to build a major plant for electric vehicle batteries in Canada. The European automaker said the Volkswagen Group and its battery company PowerCo will establish its first overseas ”gigafactory? for battery cell manufacturing in St. Thomas, in southwestern Ontario. The start of production is planned for 2027. The company signed […]
The Collapse of Silicon Valley Bank and the New Era for Sustainable Innovation – EQ Mag
The financial and innovation news late last week and over the weekend was dominated by the spectacular collapse of Silicon Valley Bank (SVB), prompting widespread concern about the U.S. innovation ecosystem and broader financial markets. What happened? SVB, which largely served venture capital (VC) firms and venture-backed startups in the U.S., failed and was taken […]
Don’t let China control clean energy supply chain, US officials warn – EQ Mag
HOUSTON : Officials from President Joe Biden’s administration warned leaders of the U.S. clean energy transition this week to decarbonize quickly and keep the supply chain out of China’s control. Washington’s message at the CERAWeek energy conference in Houston reflects growing concern that the rapid investment it is encouraging to fight climate change could backfire […]
The ironic side effects of the rapid global energy transition – EQ Mag
LITTLETON, Colorado : There’s a consensus among some climate advocates that catastrophic global environmental damage can only be avoided by a rapid and comprehensive retooling of the world’s energy system and tough caps on emissions for industry. That view is shared by growing numbers of civilians, businesses and governments as worsening droughts, floods, wildfires and […]
Biden and EU’s von der Leyen to meet amid subsidies dispute – EQ Mag
European Commission President Ursula von der Leyen will discuss clean energy and supply chains with President Joe Biden in Washington on March 10, the White House said, as European nations worry that new U.S. subsidies will hurt their economies. Biden’s Inflation Reduction Act, a $430 billion bill that offers massive subsidies for U.S.-made products and […]
Research: Exploring ways to harness plant molecules for solar energy – EQ Mag
Washington [US] : The current solar panels aren’t very efficient as they are only able to convert up to about 20 per cent of the sun’s energy into electricity. As a result, to generate a lot of electricity, the panels require a lot of space–sometimes leading forests to be cut down or farms being replaced. […]
Solar Industry Awaits Numerous Challenges as IRA Falls Short of Being a Panacea – EQ Mag
US President Joe Biden signed the most ambitious climate act in the history of the country during 2022 through the Inflation Reduction Act (IRA) in the hope of accelerating renewable energy development, though experts have pointed out that it would take another 2-3 years before seeing a sizable growth in solar power. The US will […]