Connect with us

Published

on

In this article

A view of the ExxonMobil Baton Rouge Refinery in Baton Rouge, Louisiana, May 15, 2021.
Kathleen Flynn | Reuters

Activist firm Engine No. 1 after winning three board seats at Exxon is meeting with other oil companies in its climate change fight, a source familiar told CNBC’s David Faber.

The hedge fund has spoken with executives at several oil and gas corporations including Chevron, the source familiar told CNBC.

Engine No. 1 may not necessarily target Chevron in its next challenge, or target any company at all, according to the source.

Chevron confirmed the meeting with Engine No. 1 to CNBC.

“We have contingency plans to respond to many different types of events, including an activist investor,” Chevron said in a statement to CNBC’s Leslie Picker. “We engage regularly with shareholders in constructive two-way dialogue and look forward to discussing the next chapter of our lower carbon story with them later this month.”

The Wall Street Journal first reported the activist firm’s meeting with Chevron.

Engine No. 1 gained two board seats at Exxon’s annual shareholder meeting in May, and a third seat in June.

The upstart activist firm has been targeting Exxon since December 2020, pushing the company to reduce carbon emissions in the face of a changing climate.

Engine No. 1 also launched an exchange-traded fund in June to further its shareholder activism focused on environmental, social and governance issues.

—CNBC’s David Faber, Leslie Picker and Pippa Stevens contributed reporting.

Enjoyed this article?
For exclusive stock picks, investment ideas and CNBC global livestream
Sign up for CNBC Pro
Start your free trial now

Continue Reading

Environment

Why tech giants such as Microsoft, Amazon, Google and Meta are betting big on nuclear power

Published

on

By

Why tech giants such as Microsoft, Amazon, Google and Meta are betting big on nuclear power

Data centers powering artificial intelligence and cloud computing are pushing energy demand and production to new limits. Global electricity use could rise as much as 75% by 2050, according to the U.S. Department of Energy, with the tech industry’s AI ambitions driving much of the surge.

Data centers powering AI and cloud computing could soon grow so large that they could use more electricity than entire cities.

As leaders in the AI race push for further technological advancements and deployment, many are finding their energy needs increasingly at odds with their sustainability goals.

“A new data center that needs the same amount of electricity as say, Chicago, cannot just build its way out of the problem unless they understand their power needs,” said Mark Nelson, managing director of Radiant Energy Group. “Those power needs. Steady, straight through, 100% power, 24 hours a day, 365,” he added.

After years of focusing on renewables, major tech companies are now turning to nuclear power for its ability to provide massive energy in a more efficient and sustainable fashion.

Google, Amazon, Microsoft and Meta are among the most recognizable names exploring or investing in nuclear power projects. Driven by the energy demands of their data centers and AI models, their announcements mark the beginning of an industrywide trend.

“What we’re seeing is nuclear power has a lot of benefits,” said Michael Terrell, senior director of energy and climate at Google. “It’s a carbon-free source of electricity. It’s a source of electricity that can be always on and run all the time. And it provides tremendous economic impact.”

After nuclear was largely written off in the past due to widespread fears about meltdowns and safety risks — and misinformation that dramatized those concerns — experts are touting tech’s recent investments as the start of a “nuclear revival” that could accelerate an energy transformation in the U.S. and around the world.

Watch the video above to learn why Big Tech is investing in nuclear power, the opposition they face and when their nuclear ambitions could actually become a reality.

Continue Reading

Environment

Isuzu NRR-EV gets to work as first electric trucks reach customers

Published

on

By

Isuzu NRR-EV gets to work as first electric trucks reach customers

Isuzu is giving Red Bull electrified wings – the iconic drinks company is officially the first to put the production version of its new-for-2025 Isuzu NRR-EV medium duty electric box truck to work in North America.

Deployed by Red Bull North America, these first-ever customer Isuzu NRR-EV medium duty trucks are busy delivering cans of Red Bull products throughout Southern California with zero tailpipe emissions, marking the first time the best-selling low-cab/cabover box truck brand in the US can make such a claim.

“Today marks a major milestone for the industry and for us. Watching the NRR-EV evolve from a concept to a viable operating product is a big deal,” explains Shaun Skinner, President of Isuzu Commercial Truck of America. “Our teams and our clients have put so much time and effort into making this happen, and it speaks to our teamwork and dedication to more sustainable transportation solutions. It is no longer just a plan, we have zero-emission trucks serving our customers’ needs!”

The NRR-EV is available with a number of different battery configurations, ranging from three 20 kWh battery packs (60 kWh total) up to nine 20 kWh battery packs, with five and seven pack options in between. The nine-pack version is good for up to 235 miles of range with a 19,500 lb. GVWR. The batteries, regardless of configuration, send power to a 150 kW (200 hp) electric motor with 380 lb-ft. of torque available at 0 rpm.

For “Red Bull” duty, the Isuzu trucks ship with a 100 kWh total battery capacity, and are fitted a lightweight, all-aluminum 6-bay beverage body, the vehicle’s design maintains its cargo capacity. The NRR-EV’s 19,500 lb. GVWR (Class 5) chassis, combined with the lightweight body and “big enough” battery spec provides Red Bull’s delivery drivers a hefty, 9,000 lb. payload.

Isuzu began assembling NRR-EV trucks at its Charlotte, Michigan assembly plant in August 2024. Customer deliveries are set to begin nationally in Q1 of 2025.

Electrek’s Take

ISUZU ANNOUNCES START OF PRODUCTION FOR ITS ALL-NEW NRR-EV!
Isuzu NRR-EV production line; via Isuzu.

Isuzu’s N-series trucks are everywhere – and for good reason. They’re dependable, they’re affordable, and they have a nationwide network of GM dealers supporting them. I am a huge fan of these trucks, and can’t wait to sample the electric version from behind the wheel.

SOURCE | IMAGES: Isuzu.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Hyundai is preparing to launch its first electric minivan: Here’s what we know so far

Published

on

By

Hyundai is preparing to launch its first electric minivan: Here's what we know so far

Hyundai is gearing up to launch its first all-electric minivan. Production is set to begin next year, and the EV minivan is expected to play a key role in its global expansion. Here’s what to expect.

Hyundai will launch its first EV minivan in 2025

The Staria is Hyundai’s successor to the Starex, its multi-purpose vehicle (MPV), launched in 2021. Like its replacement, the Staria is offered in a minivan, minibus, van, pickup, and several other configurations like limousines and ambulances.

Although the Staria was launched with only diesel and gas-powered powertrain options, Hyundai added its first hybrid model in February.

Hyundai will introduce the Staria Electric, its first electric minivan, next year. In March, Hyundai unveiled its new ST1 electric business van, which is based on the Staria. However, the minivan will get its own EV model in 2025. The ST1 is Hyundai’s first commercial EV. It’s available in refrigerated van and basic chassis cab options.

Hyundai is already building gas-powered and hybrid Staria models at its Ulsan plant in Korea, but it is preparing to begin producing the EV version.

Hyundai-first-EV-minivan
Hyundai Staria Hybrid minivan (Source: Hyundai)

According to the Korean media outlet Newsis, sources close to the matter on Friday said Hyundai will begin converting a production line (Line 1) at its Ulsan Plant 4 for Staria Electric around January 25, 2024.

The expansion is part of Hyundai’s broader plan to introduce 21 electric vehicles by 2030, accounting for over 2 million in sales.

Hyundai-first-EV-minivan
Hyundai Staria hybrid (Source: Hyundai)

A report from The Korean Economic Daily in June claimed Hyundai would expand Staria EV production into Europe starting in the first half of 2026. European-made models will be sold domestically and overseas, like in Australia and Thailand. Hyundai aims to sell 15,000 to 20,000 of the EV model annually.

The Staria Electric will be powered by Hyundai’s fourth-generation 84 kWh EV batteries and will have over 10% more capacity than the ST1.

Hyundai-first-EV-minivan-interior
Hyundai Staria hybrid interior (Source: Hyundai)

Hyundai sold 37,769 Starias through the first 11 months of 2024. Last year, Hyundai Staria sales reached 39,780, including domestic and export sales. By the end of the year, Staria sales are expected to exceed 40,000 for the first time.

Hyundai’s sister company also has big plans to expand its commercial business with a new lineup of EVs based on its PBV (Platform Beyond Vehicle). Its first electric van, the PV5, was spotted earlier this year as a potential Volkswagen ID.Buzz challenger.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending