Watts up? It’s been a rough week for the Swedish battery manufacturer Northvolt, as the company has filed for bankruptcy in Sweden. The announcement follows the company’s recent financial struggles, including its bankruptcy filing in the US in November of last year.

It’s not all doom and gloom this week however, as the CIP clean energy fund, known as CI V, has surpassed its €12 billion target, and VinFast is planning to install 100,000 electric vehicle chargers across Indonesia.

We’ll be breaking down these stories, and many more, in this weeks edition of Watts Forward.

We hope you have a great weekend!

—Lachlan Cooney

Geely Auto debuts in Australia and New Zealand

Geely Auto has officially entered both Australia and New Zealand's electric vehicle markets, following the local debut of its EX5.

This milestone signifies the company's expansion across five continents. More so, Geely announced additional plans to expand to the UK, Brazil, and South Africa by the end of this year, aiming to surpass 1,100 sales and service outlets.

As for its EX5, the EV has already gained traction in China, Indonesia, and Thailand, with cumulative deliveries exceeding 100,000 units just seven months after its launch.

—Geely

Duvenbeck has announced that it will use MAN's fully electric eTGX truck for a 634 kilometre long logistics route, following an initial delivery of eTrucks in late 2024.

The eTGX will handle deliveries from suppliers in Herne, transporting them to Volkswagen's Wolfsburg plant. The eTGX will utilise both public charging infrastructure and Duvenbeck’s transhipment centre in Herne, with plans to charge at another depot in Peine later this year.

The initiative supports Volkswagen’s goTOzero impact logistics programme, aimed at reducing emissions within the logistics industry. So far, MAN’s eTGX is proving its suitability for sustainable, high-volume logistics.

—MAN Truck & Bus

Stellantis Pro One, the groups commercial vehicle unit, has signed an agreement with IVECO, bringing two all-electric light commercial vehicle models to the European market.

The vehicles will be based on Stellantis Pro One's electric mid and large-size van platforms. Production will take place at the company's facilities in Italy, Poland, and France, before being distributed by IVECO across Europe.

Commercial launch is planned for mid-2026, based on a ten-year supply agreement. This partnership will expand on IVECO's existing electric range, providing more options for its customers as electrification within the logistics industry continues to grow.

—Stellantis

Faraday Future is planning to enter New York's electric vehicle market, introducing both its FF 91 2.0 and potential future FX models.

The company is looking to offer premium leasing services, focusing on flexible lease terms and tailored solutions for its customers. By doing so, Faraday Future is hoping to enhance its market presence, utilising New York's growing demand for EVs.

The company's CEO, Matthias Aydt, emphasised the company's commitment to driving innovation, noting that New York has been on Faraday Future's radar since 2021.

—Faraday Future

VinFast to install 100,000 chargers across Indonesia

VinFast plans to install up to 100,000 charging stations across Indonesia, following a meeting between company representatives and Indonesia's President, Prabowo Subianto.

Rosan Roeslani, the country's Investment Minister, also confirmed that VinFast’s electric vehicle factory, located in West Java, is set to begin operations later this year. The factory's construction was announced in 2024, thanks to a $200 million investment, and is estimated to produce 50,000 units annually.

The adoption of electric vehicles in Indonesia has continued to grow over recent years, and VinFast are hoping to accelerate this trend with its planned charging infrastructure.

—VinGroup

EVgo and Toyota have opened their first DC fast charging stations under Toyota’s “Empact” vision, located in Baldwin Park and Sacramento, California.

The stations, which will be operated by EVgo, feature high-powered 350kW chargers and are capable of charging up to eight vehicles at a time.

Toyota's “Empact” vision aims to expand electric vehicle infrastructure within underserved communities, promoting electrified mobility across the country.

—Toyota

Landis+Gyr has reached an agreement with KD Group to sell its EV Solutions business, formerly known as Etrel.

This follows an announcement made last month, where the company stated that it was stepping away from the electric vehicle charging industry in the EMEA. Under KD Group’s ownership, operations are expected to continue, building on the business's 15 year legacy.

While no purchase price has been disclosed, Landis+Gyr publicly stated that the business generated $20 million in revenue in 2023.

—Landis+Gyr

The number of the week is 14,000,000—the estimated number of home batteries shipped in the past five years.

DATAportl estimates that 14 million home batteries (residential energy storage systems) have shipped in the past five years. Most are installed alongside solar panel systems, with over one-third of global solar installations now including battery storage.

—DATAportl

CIP’s clean energy fund surpasses €12 billion

Copenhagen Infrastructure Partners (CIP) has announced that its CI V fund surpassed its €12 billion target at final close.

The fund will be used to invest in wind, solar, and battery storage projects across Europe, North America, and Asia. The company has already committed 60% of the fund, ensuring prompt capital deployment.

Currently, CI V is on track to be fully committed by next year. More so, it's expected to add 30 GW of capacity, enough to power around 10 million households.

—CIP

Octopus Energy has secured four new solar and wind deals across France, enough to power 150,000 homes by 2030.

The projects, purchased on behalf of the Sky fund, include two solar farms from BayWa r.e., the Vallee 1 wind farm from Enertrag, and the Terrier de la Pointe wind farm from Q ENERGY.

The company now manages around 500 MW of renewable energy projects within France, spanning over 30 sites that range from operational to under-construction.

The expansion is a part of Octopus Energy's €1 billion investment plan, with France now claiming the spot as Octopus' largest renewable generation market in Europe.

—Octopus Energy

Renewco Power and Atlantica Sustainable Infrastructure have announced a partnership to construct up to 2.2 GW of battery energy storage system (BESS) projects across Spain.

Renewco will develop the projects to a ready-to-build status, while Atlantica will oversee the construction and management.

This partnership aligns with Spain's broader push towards accelerating its BESS capacity. In fact, due to an urgent need for increased capacity, the Spanish government has hinted that BESS projects will feature a specialised grid connection route.

—Renewco Power

Velto Renewables has announced a partnership alongside Q ENERGY, looking to acquire renewable energy projects across Europe.

The first acquisition includes a 130 MW solar and wind portfolio in France, featuring the Les Ilots Blandin project, a floating photovoltaic park. Additional acquisitions in both Spain and Portugal are set to be completed in the coming weeks.

The projects are expected to be operational by 2026. In total, they will generate over 210,000 MWh annually, enough to power more than 50,000 homes.

—Velto Renewables

Northvolt files for bankruptcy in Sweden

Northvolt has filed for bankruptcy in Sweden, following a recent struggle to raise capital and supply chain disruptions.

Despite the company's efforts to restructure, including financial support from its lenders, Northvolt was unable to secure the necessary financial conditions to continue its operations.

A court-appointed trustee will now oversee the bankruptcy process, including the sale of assets and the settlement of outstanding obligations.

Tom Johnstone, Northvolt's Interim Chairman, acknowledged the difficulty of the decision, highlighting Northvolt’s achievements over the years.

—Northvolt

Thailand's Board of Investment has approved a $1 billion investment by Sunwoda, aiming to advance the production of electric vehicle batteries.

The investment will allow Sunwoda to establish a lithium-ion cell facility in the Chonburi Province. Once constructed, battery cells will be produced for both electric vehicles and energy storage systems.

This move will help reinforce the country's battery supply chain, supporting both domestic and export markets. Likewise, the project is expected to create over 1,000 local jobs once production begins.

—Thailand’s BOI

Tesla has announced plans to construct its third Megafactory in Brookshire, Texas, thanks to a near $200 million investment.

Spanning 1.6 million square feet, the factory will produce both Megapacks and Powerwalls. It is estimated to generate upwards of $10 billion in annual revenue, while creating around 1,500 local jobs.

No official timeline has been disclosed as of yet, but operations are rumoured to start in late 2026. Once operational, the factory will play a key role in Tesla's energy storage expansion.

—Multiple sources

Samsung SDI has announced a rights offering to raise $1.38 billion, with the company looking to support its expansion within the battery industry.

The funding will be used to invest in a joint venture alongside General Motors, expand its production capacity in Hungary, and develop solid-state batteries in Korea.

11.8 million shares will be issued, with the final price being determined in May. The process will follow a structured approach, and new shares will be listed on the 19th of June.

—Samsung SDI

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