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Hydrogen fuel cell vehicles are set to become a major player in China’s commercial truck market, predicts JPMorgan’s Elaine Wu.

“Currently, the fuel cell vehicles account for less than 5% of the commercial truck market in China and that could grow to about one-third of total market share in 2050,” Wu, head of Asia ex-Japan ESG and utilities research at the firm, told CNBC’s “Squawk Box Asia” on Monday.

Fuel cell electric vehicles run on electricity powered by hydrogen, which can can be used to store and deliver energy derived from other sources. Hydrogen is a clean fuel and when consumed in a fuel cell, produces only water.

One reason why fuel cell vehicles are a “very good option” for the commercial truck market is due to their refueling time of only around 10 to 15 minutes, Wu said. They also have a travel range of around 800 kilometers, about 50% to 100% above lithium battery electric vehicles.

Major automakers such as Toyota, Honda and BMW are tapping into the hydrogen fuel cell market.

China is already pushing for the promotion of fuel cell vehicles, according to the JPMorgan analyst.

“The [Chinese] government is promoting something, what we call ‘city clusters’ so that there could be demonstrative cities telling successful stories of how fuel cell vehicles are implemented in various parts of the country,” Wu said.

“This is also a policy that we saw implemented about a decade ago, when the central government was trying to produce lithium battery electric vehicles. And we saw how successful that was.”

Beijing has said it would like 20% of new cars sold to be new energy vehicles by 2025. Competition is fierce in the domestic electric vehicle space, with Tesla competing against the likes of homegrown players such as Nio and Xpeng.

China’s climate goals

With China’s pledge to become carbon neutral by 2060, hydrogen will likely play a role in heavy industry as a clean energy source, according to Wu.

“For this heavy industrial sector, high heat content is required and renewable power therefore is not a good option to fuel heavy industrial sector — but hydrogen is,” she said.

The analyst said China leads the world in hydrogen production, and accounts for a third of global output.

“In the future, there could be promotion of green hydrogen production whereby renewable power is going to be used to produce hydrogen,” Wu added.

Hydrogen is currently produced from coal, and shifting to green production will only be possible if renewable power costs continue to decline, she added.

“What we’ve seen in the past 10 years is that the cost to produce solar power has dropped by 80% in China. The cost of wind power production has dropped by 40%,” she said. “If this trend continues — and we believe that it will due to technology advancement — so that means that green hydrogen will be possible in the future when these things come into play.”

— CNBC’s Anmar Frangoul and Evelyn Cheng contributed to this report.

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CATL unveils new EV battery that charges as fast as pumping gas

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CATL unveils new EV battery that charges as fast as pumping gas

China’s Contemporary Amperex Technology Co., Limited (CATL) has unveiled its latest battery cell technologies, which charge as quickly as filling up a gas tank while potentially lowering costs without compromise.

CATL has quickly become the world’s largest battery manufacturer by a wide margin. It is one of, if not the biggest, force for advancing electric transportation.

A big part of CATL’s success is due to its advancements in lithium-iron phosphate battery cells, also known as LFP. LFP cells are cheaper than nickel-rich batteries, but they used to have much lower energy density.

The Chinese battery manufacturers managed to close the gap somewhat while maintaining lower costs, resulting in LFP cells becoming popular for entry-level EVs.

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Now, CATL is looking to do the same with sodium-ion batteries.

Like LFP cells, sodium-ion battery cells have the potential to be cheaper than more common Li-ion cells, but they also offer potential for superior performance, particularly in terms of faster charging and longer lifecycles.

CATL has unveiled today Naxtra, its new sodium-ion battery cells, and it claimed some truly impressive specs.

The new cell reportedly achieves an energy density of 175 Wh per kg (385 Wh per lb), on par with the higher-end of LFP battery cells.

The new cells also offer potential for significant safety improvements.

CATL shared several intense stress tests, including drilling into a cell and even cutting it in half without any thermal event:

The next-gen sodium cells could help further lower the cost of electric vehicles without compromising performance, and while increasing safety.

On top of the new Naxtra cell, CATL has also unveiled its next-gen Shenxing LFP battery cells.

Its charge rate is truly impressive. CATL shared several examples of cars charging at around 1,000 kW and maintaining over 500 kW at over 50% state of charge:

The new cell is being described as capable of adding 300 miles (482 km) of range in about 5 minutes – depending on the EV model.

That’s virtually as quick as filling up a tank of gas.

CATL says that the Shenxing will be in 67 electric vehicle models by the end of the year.

The next-gen cell was unveiled after BYD, CATL’s biggest competitor, also unveiled its latest technology, capable of charging electric vehicles at extremely high speeds.

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New York adds $30 million more to its EV rebate pot

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New York adds  million more to its EV rebate pot

New York State has announced an extra $30 million for point-of-sale rebates to lease or buy more than 60 new EV models.

The rebates are available to consumers through New York’s Drive Clean Rebate program, which offers a point-of-sale rebate off the manufacturer’s suggested retail price (MSRP) of an EV at participating car dealerships in New York State.

The rebate is available in all 62 counties, with the highest rebate of $2,000 available for EVs with a greater-than-200-mile range. (For a 40- to 199-mile range, the rebate is $1,000.) The New York State Energy Research and Development Authority (NYSERDA) runs the program.

NYSERDA President and CEO Doreen M. Harris said, “Converting to EVs reduces the total cost of vehicle ownership through lower fuel and vehicle maintenance costs, and NYSERDA is proud to help provide New Yorkers with more purchasing power through these rebates.”

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The Drive Clean Rebate program has issued over 190,000 rebates to consumers since 2017, contributing to the more than 280,000 EVs on the road in New York State. 

NYSERDA also boosted its EV charging incentives. Through the Charge Ready NY 2.0 program, the state is boosting the cash available for Level 2 charger installations at apartment buildings, workplaces, and hotels from $2,000 to $3,000 per port. And if the chargers go into disadvantaged communities, that amount jumps to $4,000 per port.

New York has racked up over 17,000 public EV chargers, making it second only to California for charger count. On top of that, there are more than 4,000 semi-public stations tucked into workplaces and multifamily buildings across the state.

Read more: New York awards $60M to Revel to install 267 DC fast chargers


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ArcBest Freight and logistics company deploys 14 electric terminal tractors

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ArcBest Freight and logistics company deploys 14 electric terminal tractors

LTL carrier ArcBest Freight (ABF) announced plans to add five new Orange EV electric terminal tractors to its existing ZEV fleet, bringing its total deployment of these battery electric HDEVs to 14 … with even more to come.

LTL stands for “Less than Truck Load,” and basically means that, since whatever you’re shipping won’t take up a full container, you can share the costs of shipping with other customers with goods going the same way. You save a little more money and the shipper makes a little more money, making it a rare win-win scenario in the shipping space. And that’s important, because LTL containers amount to a massive 15% of total US shipping.

ABF has been putting Orange EV yard dogs to work in their LTL traffic terminals since their initial deployment of four trucks in June 2022. The company added five more a few years later, and just purchased five more — further underscoring their confidence in the benefits of transitioning their fleet to electric power.

“The Orange EV terminal trucks meet our operational requirements and expectations for safe, reliable, and affordable service and performance,” explains Matthew Godfrey, ABF Freight president. “We’re committed to responsible environmental management, and our investment in EVs aligns with our continuous efforts to enhance efficiency while maintaining exceptional service standards.”

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ABF joins other large logistics companies like YMX and DHL in deploying the Orange EV terminal trucks, which have logged hundreds of thousands of hours of service for their customers.

Electrek’s Take

Over at The Heavy Equipment Podcast, we had a chance to talk to Orange EV founder Kurt Neutgens ahead of last year’s ACT Expo for clean trucking. On the show (embedded, above), Kurt explained how his experience at Ford helped inform his design ideology, and that the Orange EV was designed to be cost competitive with diesel options, even without subsidies.

Give it a listen, then let us know what you think of the big yard dogs in the comments.

SOURCE | IMAGES: Orange EV; via PR Newswire.

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