Watts up? We hope you’ve had a good week! As we mentioned in our last publication, we have made the decision to start posting weekly instead of daily. By doing so, we hope to provide more detailed and interesting insights for our subscribers.

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—Lachlan Cooney

Nikola has filed for bankruptcy following financial struggles

Nikola has just filed for Chapter 11 bankruptcy protection and is set to sell its assets, this announcement follows recent financial struggles and controversies with its previous CEO.

The company was once valued at $27 billion, but after facing production challenges, high costs, and safety concerns, Nikola's value plummeted to under $50 million.

Nikola has ensured that it will maintain support for existing vehicles over the next few months as the company winds down.

—Nikola

Rivian wrapped up 2024 on high note, reporting $170 million in gross profit for Q4, driven by a higher revenue per vehicle and strong sales of software and regulatory credits.

The company delivered 14,183 vehicles in the fourth quarter and 51,579 for the full year. Likewise, in 2024, Rivian secured major financial backing from Volkswagen, Amazon, and the DOE.

Looking ahead, Rivian expects to achieve modest gross profit in 2025 as it plans to further scale its operations.

—Multiple sources

Cambridge GaN Devices (CGD) has secured $32 million in Series C funding to accelerate its growth in the power electronics industry.

Led by a strategic investor, the funding validates CGD’s innovative gallium nitride technology, which offers faster switching speeds, lower energy consumption, and enhanced efficiency compared to traditional silicon-based solutions.

CGD says its proprietary ICeGaN technology delivers efficiency levels above 99%, and it is helping industries to reduce energy consumption and carbon emissions.

The funding will also fuel its expansion across Cambridge, North America, Taiwan, and Europe.

—CGD

Wallbox and Believ have partnered to expand vehicle charging across the UK

Wallbox and Believ have announced a strategic partnership to expand rapid and ultra-rapid electric vehicle charging across the UK.

The rollout will feature Wallbox's DC fast chargers, including its 60 kW to 220 kW Supernova models, aimed at key locations like major travel routes and retail destinations.

Believ will deploy Wallbox's technology to enhance the national charging infrastructure, with installations already completed in Scotland. Both companies have emphasised the importance of accessible, high-speed charging in supporting electric vehicle adoption.

—Multiple sources

Blink Charging has announced a new agreement to install up to 50 electric vehicle charging points across the City of Alameda in California.

Phase 1 of the project will see the deployment of 13 charging points over the course of this year. Phase 2, which is dependent on the city's budget, will see a further 34 charging point deployments.

Blink will also provide site assessments, installations, and maintenance to help support the project.

—Blink Charging

Europe has reached a major milestone in its electric transition, surpassing one million public charge points, according to LCP Delta.

This marks a rapid expansion from just 100,000 in 2018, with projections to hit two million by 2029 and three million by 2032.

The Netherlands leads with over 175,000 chargers, followed by France with 165,000, and Germany with 140,000. Despite selling the most EVs in Europe last year, the UK ranks fourth with around 95,000 public charge points, as many drivers prefer cheaper home charging.

—LCP Delta

European Energy has successfully divested its largest solar project to date

European Energy has successfully divested its largest solar project to date, marking its second major U.S. divestment since entering the market in 2021.

The recent announcement brings European Energy's total capacity divested to 800 MW.

The company's latest solar project, once fully operational, is expected to generate around 1,389 GWh annually, enough to power around 128,000 households.

—European Energy

Grenergy has unveiled a multi-billion dollar investment plan focused towards energy storage, set to invest $2.6 billion between 2023 and 2026.

Of this, $2.3 billion will be allocated for its 2 GW Oasis de Atacama storage project in Chile. The company is also looking to expand its model across Latin America, Europe, and the United States. Its current portfolio exceeds 25 GWh in energy storage capacity, alongside 15.6 GW in solar power.

—Grenergy

OCI Energy and Arava Power have announced a joint venture to develop Project SunRoper, a 260 MWac solar farm in Wharton County, Texas.

The project, set to begin construction later this year, will provide renewable energy to one of the country's most demanding electricity markets.

This marks the second major collaboration between the two company's, following the success of Project SunRay, a 200 MWac solar farm that became operational last year.

—Multiple sources

IONETIC has officially started production at its £5 million pilot plant

IONETIC has officially started production at its £5 million pilot plant in Northamptonshire, as it scales up to supply electric vehicle battery packs for automakers in the UK and US.

With major global players investing billions in EVs, IONETIC aims to support smaller manufacturers, ranging from bus to off-road automakers, who lack the budget to develop their own battery technology.

The company's CEO, James Eaton, highlighted that while in-house battery development can cost upwards of £30 million, IONETIC can deliver customised solutions for under £1 million, helping more companies transition to electric mobility efficiently.

—IONETIC

Toyota has stepped in to support LG Energy Solution's Michigan battery plant with a $1.5 billion order, this follows General Motors’ decision to pull out of the project.

GM's recent decision to sell its $1 billion stake had left LG searching for new customers, and Toyota has agreed to shift an existing order from another LG facility once the Lansing plant acquisition has been finalised.

The batteries will be used in both electric and hybrid-electric vehicles, with LG also eyeing the growing market of stationary storage, as AI-driven data centre demand continues to rise.

—Multiple sources

CATL and Volkswagen have signed a memorandum of understanding to expand their long-standing partnership, aiming to advance lithium battery technology.

The companies are collaborating to develop cost-effective and high-performance battery solutions. More so, plans to explore battery recycling and vehicle-to-grid technology are also in discussion.

The deal includes Volkswagen China, SAIC Volkswagen, FAW Volkswagen, and Volkswagen Anhui.

—Multiple sources