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Volkswagen says it signed a memorandum of understanding (MoU) Friday with Ellia Group to explore V2G technology and how it can potentially help stabilize the energy grid while rewarding EV drivers.

Vehicle-to-grid (V2G) technology has immense potential as more electric vehicles hit the road. EV chargers and the technology behind connectors have evolved as automakers work with tech leaders, charging companies, and utility companies to allow their vehicles to be used for more than zero-emission driving.

For example, Ford, Hyundai, Porsche, Nissan, Tesla, and others have explored how drivers can utilize V2G technology to send energy back from their vehicles to the energy grid.

EV batteries have incredible storage ability, which is a significant advantage as countries move to renewable energy sources. Renewable energy sources like wind and solar hold incredible value, but they also come with hurdles.

For one thing, wind and solar cannot be produced on demand, making storage solutions essential. Although the transition will require more transmission capacity, electric vehicles offer a unique solution.

Elia is Belgium’s high voltage transmission operator, maintaining electricity supply and demand. The company believes electric vehicles can be a key asset for balancing the grid, referring to them as “batteries on wheels.”

Volkswagen is joining Elia’s mission as the automaker accelerates its transition to sustainable transportation and explores how V2G technology can help integrate EVs for a superior energy grid.

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Volkswagen V2G promotion Source: V2G UK

Volkswagen, Elia agree on plans to integrate V2G into the grid

Over the next few years, Volkswagen, Elli (VW’s energy and charging division), Elia, and its startup re.alto will explore the benefits of V2G integration and the potential challenges that come along with it.

According to the press release, VW’s new partnership aims to show how electric vehicle drivers “will be able to charge their EVs when there are high amounts of renewable energy” available on the grid and “inject the electricity stored in the EVs back into the grid when it needs it most” with V2G technology.

Elli’s CEO, Elke Temme, talks of the benefits of using bi-directional power, stating:

An essential key to achieving climate neutrality lies in linking of the energy and mobility sectors. Using the electric vehicle battery as a mobile power bank delivers a triple benefit: Firstly, the climate benefits as renewable energy can be stored and therefore be used more efficiently; secondly, the electric grid benefits, as the car can contribute toward grid stability, and thirdly, the customer can earn additional revenue with vehicle-to-grid services. To explore the benefits of this consumer-centric approach, this cooperation with Elia Group is crucial for us.”

The technology, when deployed properly, can benefit all parties involved. With less stress on the energy grid, utility companies can offer lower rates to consumers. On top of this, for sending energy back when it’s needed most, EV drivers can earn incentives.

Volkswagen and its partners will focus on four critical areas that would lead to the successful integration of V2G, including:

  • Price signals (incentives) – Exploring ways to incentivize EV drivers to use their vehicles to store and send energy back to the grid.
  • Market design – Working to remove barriers preventing EV owners from being able to choose their energy supplier.
  • Trusted data – EVs must have some verification process to plug into the grid for security purposes.
  • Secure connectivity – Ensuring the connection is secure and any data transferred is safe.

For V2G to work on a wide scale, Volkswagen and its partners recognize these critical factors must be addressed first.

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Formula E’s new car is all-wheel drive and accelerates faster than F1

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Formula E's new car is all-wheel drive and accelerates faster than F1

Formula E unveiled its new “Gen3 EVO” car, an update to the Gen3 car which debuted last season, ahead of the Monaco ePrix this weekend.

The new car will be used for next season, and is basically a mid-cycle update of the Gen3 car which has been in service for last and this season. The succeeding Gen4 car is not expected until 2027.

The Gen3 car was introduced as both lighter and more powerful as the previous generation car, with a lot of promises about how much quicker it could be in the races.

It also utilized some pretty unique design ideas. The biggest difference is the addition of a front motor, but this motor was only used for braking, and conversely, the rear friction brakes were entirely deleted and instead the rear axle is braked only by the rear motor using regenerative braking, for a total of 600kW regenerative braking power.

However, The Gen3 didn’t turn out to be all that much faster. This often happens with new racecars as teams get used to tuning and using them, but teams struggled to harness the extra power available to them.

At the same time, the series switched tire providers, and the new tires may have proven to be a limiting factor.

Now, the Gen3 car is hoping to fix both of these problems at once. Not only has Hankook provided stickier tires (with 5-10% more grip, and made of 35% recycled materials) which should help to harness some of the car’s additional power, Formula E has also taken the rather unique move (in the world of formula cars) of activating the Gen3 car’s front motor for thrust, not just regen – thus making its cars all-wheel drive.

The Gen3’s inclusion of a front motor left many thinking – ourselves included – that it would inevitably get activated not just for regen, but for power delivery.

There have been all-wheel drive single seater open wheel cars in the past, but it has only been tried a few times. Currently, other open-wheel single seaters (like F1, IndyCar and the like) are rear-wheel drive only.

AWD has been popular on road cars recently, because it enhances acceleration and drivability. And on EVs, it’s quite easy to add, because you can just slap a second motor on the other axle and run a few cables to it, rather than needing to run driveshafts and gearing mechanisms all through your car to transfer the power from a single combustion engine to two separate axles.

However, sportscar and racing enthusiasts have often preferred rear-wheel drive because it makes cars more squirrelly and difficult to control, showcasing driver skill more readily.

So Formula E is going to allow all-wheel drive only in certain situations. During qualifying duels, race starts, and during the activation of “attack mode,” a temporary 50kW power boost that each driver gets at certain points in the race.

One complaint about the Gen3 cars was that attack mode was hard to use, because the car felt like it couldn’t properly utilize that additional 50kW. By activating the front motor, this should give drivers a huge advantage – quicker acceleration through and out of corners is an enormous benefit.

While 0-60 numbers don’t matter a lot for a racecar – they’re only ever at 0mph at one point, at the start of the race, after all – acceleration is still important for exiting corners, and gives you a lasting benefit for the entire straight if you can get a better exit than another racer. And the Gen3 EVO boasts a truly impressive 0-60 number: 1.82 seconds.

This 0-60 time is 30% quicker than an F1 car and 36% quicker than the Gen3 car, thanks to that front motor helping pull the car forward with 4 contact patches instead of 2.

In addition, the design of the car has changed somewhat. The nose and front wing have been redesigned from the (perhaps overly) angular design of the original Gen3 car. Over the last season and a half, cars have struggled with front wing damage, so hopefully the new wing will be a little more durable.

All told, Formula E says that the new car could be 1-3 seconds faster per lap, depending on circuit and whether the AWD system is in use. This would be a pretty massive improvement as far as laptimes go, but we’ll have to see how it plays out when next season comes around.

Now, if only we could also see that 600kW mid-race charging they’ve been working on…

The new Gen3 EVO car will start seeing use next season, but if you want to see the current Gen3 car in action, you can watch it this weekend at the Monaco ePrix.

The race proper starts at 6am PDT, 9am EDT, 1pm UTC, and 3pm local Monaco time on Saturday April 27. In the US, all sessions other than the race will be available on the Roku channel, practice sessions will be on Formula E’s YouTube, and the race will be on CBS/CBS Sports Network. To see how to watch the race in other countries, head on over to Formula E’s Ways to Watch site.

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Daily Ev Recap:  Ultra-fast charging adds 370 miles of range in 10 minutes

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Exxon stock falls as earnings miss on lower natural gas prices and squeezed refining margins

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Exxon stock falls as earnings miss on lower natural gas prices and squeezed refining margins

An Exxon gas station is seen on October 06, 2023 in the Brooklyn borough of New York City.

Michael M. Santiago | Getty Images

Exxon Mobil on Friday reported first-quarter earnings that missed expectations as the industry came under pressure from eroding refining margins and collapsing natural gas prices.

Exxon’s stock was down less than 1% in early trading.

Here is what Exxon reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

  • Earnings per share: $2.06 vs. $2.20 expected
  • Revenue: $83.08 billion vs. $78.35 billion expected.

The nation’s largest oil company reported net income of $8.22 billion, or $2.06 per share, a 28% decrease from earnings of $11.43 billion, or $2.79 per share, in the same period a year ago.

Oil is up more than 16% this year and gasoline futures have surged nearly 32%, but the rally has done little to lift the Exxon’s fortunes due to headwinds elsewhere in the industry. Natural gas prices have plummeted 37% this year, and refining margins are lower than they were a year ago. Chevron faced similar issues this quarter.

Revenue beat expectations, coming in at $83.08 billion, but was lower than a year ago, when the company reported $86.56 billion.

Exxon’s fuel business saw earnings plummet 67% to $1.38 billion, compared with $4.18 billion in the prior year, due to refining margins coming down from last year’s highs.

The company’s chemical products segment saw profits more than double to $785 million compared with $371 million in the same quarter last year.

Exxon is currently locked in a dispute with Chevron over the latter’s pending acquisition of Hess Corp. Exxon has taken Chevron to arbitration court to defend rights the company claims to Hess’ assets in Guyana under a joint operating agreement.

Chevron said Friday that it expects the Hess deal to close in 2024.

Read Exxon’s full earning release here.

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Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices

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Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices

Gas pumps are seen at a Chevron gas station in Orlando. 

Paul Hennessy | SOPA Images | Lightrocket | Getty Images

Chevron beat earnings expectations Friday, but its profit fell from the year-ago period as its refineries and international gas business faced headwinds.

Here is what Chevron reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

  • Earnings per share: $2.93 adjusted vs. $2.87 expected
  • Revenue: $48.72 billion vs. $50.66 billion expected

The oil major’s net income declined 16% to $5.5 billion, or $2.97 per share, compared with the same quarter a year ago when it earned $6.57 billion, or $3.46 per share. Excluding one-time items, Chevron reported earnings of $2.93 per share, which beat Wall Street estimates.

Revenue of $48.72 billion fell from $50.79 billion a year ago and was short of analyst expectations.

Chevron shares fell about 1% in premarket trading on the news.

The company attributed declining profits to lower sales margins at its refineries and lower natural gas prices eating into profits in international production. Exxon faced similar issues this quarter.

Oil prices have gained more than 16% this year and gasoline futures are up 31%, but the rally did little to lift profits given trouble elsewhere in the energy industry.

Natural gas prices have plummeted 37% this year due to a supply glut. Retail and distribution margins for gasoline, or the difference between the retail and refining prices, were also lower in February and March compared with the same period last year, according to the Energy Information Administration.

Chevron’s refining business in the U.S. saw earnings plummet by more than half to $453 million. Profits in international refining took an even bigger hit, falling nearly 60% to $330 million. 

The U.S. oil and gas business booked earnings of about $2 billion, a 16% increase over the prior-year period due to higher sales volume. Chevron produced 1.57 million barrels of oil and gas daily in the U.S. for the quarter, an increase of 35%, or 406,000 bpd, from a year ago.

The oil major attributed the production gains to strong output in the Permian and the Denver-Julesburg basins. 

International oil and gas earnings fell 6% to $3.2 billion as production fell by 39,000 barrels to 1.77 million bpd due to maintenance in Nigeria and field declines. Still, total worldwide production increased 12% to 3.35 million bpd — its highest first-quarter output on record.

Chevron said it is confident its pending acquisition of Hess Corp. will close in 2024, despite a challenge from Exxon Mobil in arbitration court over rights in a joint operating agreement for oil assets in Guyana.

Chevron said it expects the shareholder vote and the Federal Trade Commissions request for information on the deal to be wrapped up in the second quarter.

Capital expenditures rose to $4.1 billion, a 37% increase over the $3 billion spent in the year-ago period. The higher spending was on its oil and gas production and old assets from PDC Energy after completing its acquisition of the company last August.

Chevron still paid out $3 billion in dividends and repurchased nearly $3 billion of its shares in the quarter, though its return on capital of 12.4% was lower than the 14.6% in first quarter last year.

Read Chevron’s full earnings release here.

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