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Another EV stock is set to debut in the US as Vietnamese electric vehicle maker, Vinfast, considers an IPO as soon as January 2023.

After a promising start in 2021, Vinfast, the automotive division of Vietnam’s largest conglomerate, Vingroup, looks to accelerate its EV rollout. Vingroup aims “for a better life for everyone” with advanced technologies like electric vehicles and software manufacturing solutions. The Vingroup also owns the leading retail real estate brand in Vietnam.

However, with electric vehicles rapidly gaining market share in all major global economies, Vinfast is arguably the Groups most intriguing business division.

Vinfast is setting its sights on becoming a global EV powerhouse after announcing earlier this year it will discontinue production of ICE vehicles while unveiling a full lineup of electric cars, which includes:

  • VF 5 (mini)
  • VF 6 (subcompact)
  • VF 7 (compact)
  • VF 8 (mid-size)
  • VF 9 (full-size)

After delivering the first 100 Vinfast VF 8 models, the EV maker reiterated its intention to become a global brand by entering the US, Canada, and Europe.

With plans to begin production at its new North Carolina EV facility in 2024, Vinfast is also planning to go public on the US stock market.

Vinfast-stock-1
Vinfast VF8 (left) and VF9 (right) Source: Vinfast

When will Vinfast stock be available for investing in the US?

With most electric vehicle stocks down significantly this year (like most investments this year), Vinfast is looking to join the party.

According to a report from Bloomberg, Vinfast could go public as soon as January 2023, citing sources who asked to remain unidentified as the information is not yet disclosed.

One of the sources says Vingroup is looking to raise at least $1 billion, depending on the level of interest. After privately filing for a US listing in April, with the company’s CFO saying an IPO could be “sometime in 2023,” Vinfast is in the midst of talks with investors for the best timing.

With relatively volatile market conditions lately due to geopolitical tension, rising interest rates, and inflation eroding consumer budgets, the Vingroup is still finalizing details.

Vinfast said in July it would receive $1.2 billion in incentives for North Carolina EV plant, which expects to reach 150,000 annual production capacity when up and running in 2024.

So far, Vinfast has around 73,000 reservations globally for its EV models.

Electrek’s Take

Even though EV stocks have underperformed this year, Vinfast going public makes sense. For one, it will help the company raise funds if needed while also establishing brand value in the US.

Rivian, Lucid, and others have gained significant attention and capital from going public. Meanwhile, Vinfast will also have to prepare to be watched under a microscope as investors gain access to its every move.

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Enwin Utilities adds $1 million Terex electric bucket truck to fleet [video]

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Enwin Utilities adds $1 million Terex electric bucket truck to fleet [video]

The Windsor, Ontario utility says it’s driving towards a more sustainable future after adding a dozen new electric vehicles to its fleet – including a state-of-the-art, 55-foot Terex electric bucket truck.

Based on a Class 7 (33,000 lb. GVWR) International eMV Series BEV, the Terex EV takes the eMV’s 291 kWh battery and adds the Terex Optima 55-foot aerial device and HyPower SmartPTO system to create a fully electrified utility service vehicle that can do anything its diesel counterparts can do while offering better, safer working conditions for utility crews.

“We’ve got 12 EVs,” said Gary Rossi, president and CEO, Enwin Utilities. That number represents fully 10% of the utility’s entire vehicle fleet. “Our centerpiece is our electric 55-feet bucket truck. It’s very quiet,” continues Rossi. “So (the truck) allows us, our crews, to communicate better. It’s not as loud in the community when they’re doing repairs in someone’s backyard.”

That notion is echoed by Terex, itself. The company says its HyPower SmartPTO (power take off), which replaces a mechanical PTO, avoids a loud idling engine while reducing workers’ exposure to toxic exhaust fumes.

The utility company says the new electric bucket truck cost it almost $1 million Canadian – but while that might sound like a lot, Rossi says the price is similar to what a similarly-optioned ICE version of the bucket truck would cost.

“It’s all about building Windsor’s future and literally plugging into the battery factory down the road that is being constructed and showing that Windsor is a leader on this front,” says Drew Dilkens, Mayor of Windsor. “I don’t own an internal combustion engine vehicle,” adds Mayor Wilkins. “I only own two electric cars. My wife and I, we made the change starting in 2019 and I can’t see myself ever going back.”

CTV News Windsor

Enwin says its commitment to clean energy extends beyond its vehicle fleet. The company recently unveiled a massive MW solar rooftop net metering facility at its Rhodes Drive headquarters with over 3,000 solar panels. The site, one of Canada’s largest solar installations, generates enough clean electricity to power 300 homes annually.

SOURCE | IMAGES: Terex; Enwin via CTV News Windsor.

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Damen sets a world record for most powerful electric tugboat

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Damen sets a world record for most powerful electric tugboat

Built by Damen Shipyards and the first fully electric tugboat to be deployed in the Middle East, the new RSD-E Tug 2513 Bu Tinah put in its record-breaking performance took place at Khalifa Port during ADIPEC, the world’s largest energy conference.

The RSD-E Tug 2513 is based on the already efficient hull design of the standard, diesel-powered RSD Tug 2513, but its new, fully electric propulsion arrangement enables it to offer zero emissions operations in situations where oil or fuel leakage would be – let’s say especially bad.

But, while the “clean” aspect of all-electric operation is obvious, its Guinness World Record of performance shows that the Damen RSD-E Tug 2513 is up to whatever task its owners put to it.

“This Guinness World Record achievement demonstrates that the transition to alternative energy does not come at the cost of performance,” explains Maritime & Shipping Cluster, AD Ports Group, Captain Ammar Mubarak Al Shaiba. “We are very proud that the first electric tug in the Middle East is also making waves on a global level with this accolade and the fact that in parallel it is improving the sustainability of our operations alongside cost efficiencies in terms of overall fuel saving is extremely important. This vessel is now a key component of our Marine Services fleet and our electrification strategy.”

To earn its record, the the Damen RSD-E Tug 2513 Bu Tinah recorded an average high peak bollard pull of 78.2 tonnes (about 86 ‘Murican tons). The record-setting tugboat can undertake a minimum of two towage operation on a single charge, and can be recharged on a marine DC fast charger in just two hours.

Electrek’s Take

Electric tug achieves Guinness World Record
Damen RSD-E Tug; via Damen.

We’ve come a long way since 2021, when a 6MW electric tugboat was pulling about 50 tonnes of bollard weight. A nearly 50% jump in performance without a similar weight or mass gain is a sign of advancing technology – and we are here for it.

SOURCE | IMAGES: Damen.

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Trump picks Liberty Energy CEO and Oklo board member Chris Wright as Energy secretary

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Trump picks Liberty Energy CEO and Oklo board member Chris Wright as Energy secretary

US President-elect Donald Trump speaks during a meeting with House Republicans at the Hyatt Regency hotel in Washington, DC on November 13, 2024. 

Allison Robbert | AFP | Getty Images

President-elect Donald Trump on Saturday selected Liberty Energy CEO Chris Wright to serve as the next energy secretary of the United States.

Liberty Energy is an oilfield services company headquartered in Denver with a $2.7 billion market capitalization. The company’s stock gained nearly 9% on Nov. 6 after Trump won the U.S. presidential election, but its shares have since pulled back.

Wright serves on the board of Oklo, a nuclear power startup backed by OpenAI CEO Sam Altman that is developing micro reactors.

Wright will also serve on Trump’s Council of National Energy, the president-elect said Saturday. The council will be led by Trump’s pick for Interior Secretary, North Dakota Gov. Doug Burgum.

Wright has denied that climate change presents a global crisis that needs to be addressed through a transition away from fossil fuels.

“There is no climate crisis and we’re not in the midst of an energy transition either,” Wright said in a video posted on his LinkedIn page last year. “Humans and all complex life on earth is simply impossible without carbon dioxide. Hence the term carbon pollution is outrageous.”

“There is no such thing as clean energy or dirty energy,” Wright said. “All energy sources have impacts on the world both positive and negative.”

Trump described Wright as a “leading technologist and entrepreneur in the energy sector.”

“He has worked in Nuclear, Solar, Geothermal, and Oil and Gas,” the president-elect said in a statement Saturday.

“Most significantly, Chris was one of the pioneers who helped launch the American Shale Revolution that fueled American Energy Independence, and transformed the Global Energy Markets and Geopolitics,” Trump said.

Trump has vowed to increase fossil fuel production to reduce energy costs, though analysts and some oil executives have said the president has little influence on oil and natural gas output in the U.S.

The U.S. has produced more crude oil than any other country in history, including Russia and Saudi Arabia, since 2018, according to the Energy Information Administration.

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