Saudi Arabias Crown Prince Mohammed bin Salman (R) takes part in a working session with the US president (not pictured) at the Al Salam Royal Palace in the Saudi coastal city of Jeddah, on July 15, 2022.
Mandel Ngan | AFP | Getty Images
Saudi Arabia announced its commitment to building a nuclear energy program, as well as a pledge to allow greater oversight for atomic energy inspectors, at a time when the kingdom is pushing ahead with its drive to become a more powerful player on the international stage.
The Saudi energy minister said his country would move to much more robust safeguards and checks from the International Atomic Energy Agency, the U.N.’s nuclear watchdog, than it had previously. Under the agency’s Small Quantities Protocol (SQP), the IAEA exempts countries with little or no nuclear material from many inspections and transparency requirements.
“The kingdom has recently taken the decision to rescind its Small Quantities Protocol and to move to the implementation of a full-scope Comprehensive Safeguards Agreement,” Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud said during the annual conference of the IAEA in Vienna on Monday.
“The kingdom is committed through its policy on atomic energy to the highest standards of transparency and reliability,” he said.
The watchdog agency had been pushing the kingdom and other countries with SQPs to switch to the Comprehensive Safeguards Agreement (CSA) for years – IAEA Director General Rafael Grossi called them a “weakness” amid global non-proliferation efforts.
Rafael Grossi, Director General of the International Atomic Energy Agency, arrives for a meeting of the Board of Governors at IAEA headquarters on September 11, 2023 in Vienna, Austria.
Thomas Kronsteiner | Getty Images
In a post on social media platform X, Grossi wrote: “We signed an agreement for #SaudiArabia to provide the @IAEAorg with junior professional officers, marking a significant step in nuclear expertise and cooperation,” and thanked the kingdom for its support.
The announcement put the spotlight on the kingdom’s nascent nuclear energy efforts — Saudi Arabia has a small nuclear reactor, a research unit set up with the help of Argentina, that it has not yet put into operation. Moving to the CSA will enable the kingdom to access fissile material and start running the reactor, which would make it the second Arab country in the world with a nuclear energy program after the United Arab Emirates.
“I look forward to receiving Saud Arabia’s formal communication about its decision,” Grossi said late Monday. “The IAEA stands ready to provide support in this regard.”
The Saudi energy minister did not comment on whether his country would also join the IAEA’s Additional Protocol, which requires more thorough oversight including snap inspections.
Concerns of a Middle East arms race
Prince Abdulaziz’s comments come amid increasing concern among nuclear nonproliferation experts and lawmakers about Saudi Arabia’s intentions with the technology. Saudi Crown Prince Mohammed bin Salman said in a recent wide-ranging interview with Fox News that if Iran developed nuclear weapons, Saudi Arabia would too. He initially made the same assertion in an interview with CBS in 2018.
The kingdom under Mohammed bin Salman’s leadership has made strides in elevating its position as a global player, from hosting the G20 and mediating between Russia and Ukraine to investing billions of dollars in global sports deals and major events. It has flexed its muscle as a so-called “middle power,” establishing itself as a diplomatic actor able to leverage its relationships with both the West and Russia and China for its own benefit. A nuclear program would elevate that position further.
Saudi Arabian Crown Prince Mohammed bin Salman Al Saud and U.S. President Joe Biden shake hands next to Indian Prime Minister Narendra Modi on the day of the G20 summit in New Delhi, India, September 9, 2023.
Evelyn Hockstein | Reuters
Riyadh is also trying to obtain as many concessions as possible from Washington as the Biden administration tries to push it toward a normalization deal with Israel. U.S. assistance with a nuclear energy program is one of Saudi Arabia’s key demands — but not everyone is happy about that.
“A normalization agreement with Saudi Arabia would be a welcome development. But not at the cost of allowing the Saudis to develop nuclear weapons. Not at the cost of a nuclear arms race throughout the Middle East,” Israeli opposition leader Yair Lapid said in a statement last week. Numerous U.S. and European lawmakers have also voiced objections and concerns.
The development also comes against the backdrop of continued gridlock in talks between Washington and Tehran, the latter of which has been rapidly increasing its uranium enrichment levels in the years since former President Donald Trump pulled the U.S. out of the Iranian nuclear deal in 2018. The multilateral Obama-era deal had allowed the lifting of economic sanctions on Iran in exchange for curbs to its nuclear program.
A picture taken on November 10, 2019, shows an Iranian flag in Iran’s Bushehr nuclear power plant, during an official ceremony to kick-start works on a second reactor at the facility.
ATTA KENARE | AFP via Getty Images
The IAEA in early September announced that there was “no progress” in the IAEA’s efforts to monitor Iran’s nuclear activity, and that “verification and monitoring has been seriously affected by Iran’s decision to stop implementing its nuclear-related commitments under the JCPOA,” the acronym for the Iran deal, which is formally called the Joint Comprehensive Plan of Action.
Iran maintains that its program is solely for civilian purposes, but it has increased its uranium enrichment to 60% purity – just a short technical step away from 90% purity, which is the level needed for bomb-making capability. Iranian President Ebrahim Raisi said the changes came after European signatories to the JCPOA “trampled upon their commitments” in the deal.
Still, the U.N. watchdog said that Iran’s enriched uranium stockpile was down this month compared to May, potentially in a nod to the U.S. But it remained 18 times higher than its limit under the JCPOA.
CNBC has contacted the Iranian foreign ministry for comment.
New calls to revive a cancelled pipeline project pit Republican President Donald Trump against Democratic New York Gov. Kathy Hochul , with Coterra Energy caught in the middle. Conversations about the natural gas Constitution Pipeline resurfaced last week after Trump lifted a stop-work order on the Empire Wind 1 project as part of what appeared to be a compromise with New York. The pipeline met opposition during Trump’s first term and was shelved roughly five years ago. One of the original sponsors of the pipeline was Cabot Oil & Gas, which merged with Cimarex Energy in 2021 to form Coterra, a holding in the Club’s 30-stock portfolio. “I am encouraged by Governor Hochul’s comments about her willingness to move forward on critical pipeline capacity,” Interior Secretary Doug Burgum posted on X on May 19. Then, a day later, the Empire Wind project was given the green light to go forward. Burgum’s office did not reply when CNBC reached out for further details regarding his statement. The White House did not respond immediately to our inquiries either. A spokesperson for Hochul told CNBC, however, that “no deal on any natural gas pipeline was reached,” in exchange for the wind project, which, coincidentally, a unit of another Club name, GE Vernova , has a hand in. The governor’s office said the timing of Burgum’s post alluded to a quid pro quo that did not happen. In a statement last week , Hochul said, “New York will work with the Administration and private entities on new energy projects that meet the legal requirements under New York law.” The pipeline is not the only dispute between Trump and Hochul. They are also locked in a toll battle over congestion pricing for motorists to enter the busiest parts of New York City. As the politics play out on the pipeline, Coterra CEO Tom Jorden reminded investors what’s at stake during the company’s post-earnings conference call earlier this month. “The Constitution Pipeline, as originally configured, originates in our [Marcellus] field in Northeast Pennsylvania and goes into the New England market [through New York],” Jorden said. “We’re watching and participating in that [pipeline] conversation seriously.” If the pipeline were to be built, “the expectation is that we would make a commitment to deliver long-term volumes into that line,” the CEO continued. “We’re looking at that as a potential future opportunity for growth in the Marcellus.” Most of Coterra’s Marcellus Shale properties, which represent 75% of the firm’s total natural gas output, are in Susquehanna County, Pennsylvania. Alongside a messy first quarter earlier this month, overshadowed by operational issues, Coterra said it’s shifting more of its near-term focus away from oil, which has been struggling, and toward natural gas . The company, which we covet for its ability to switch between oil and gas spending, cited positive macro conditions and Northeast storage volumes as reasons to predict a robust 2025 and 2026 for gas. Coterra said it began drilling two Marcellus rigs in April, lifting its capital spending in the region by an additional $50 million. The Constitution Pipeline, which would certainly support Coterra’s bet on natural gas and the Marcellus, has taken many twists and turns over the years. Cabot, the original champion of the project, sold a majority ownership stake to Williams Energy in 2010, four years before it was approved. The pipeline was canceled in 2020 after a slew of regulatory and legal hurdles, including a denied water permit by New York State. Cabot’s minority stake, however, kept what’s now Coterra in the game. CTRA YTD mountain Coterra YTD The financial benefits of easier and more cost-effective transportation of natural gas could also translate into a boost for Coterra shares, which closed just under $25 on Tuesday and moved lower Wednesday. The stock has declined more than 3% year to date compared to the S & P 500 ‘s slight 2025 gain. “We’re going to be in a bull market for gas, at least for the next year or so,” said Roth analyst Leo Mariani, echoing Jorden’s prediction. Mariani and his Roth colleagues have a $34 per share price target on Coterra. That’s higher than our Club price target of $30. At current share price levels, Coterra’s multiple of 8.5 times next 12 months’ earnings per share (EPS) estimates makes it cheaper compared to industry peers such as EOG Resources , which trades at 11.5 times forward earnings, and Diamondback Energy , which trades at 10.15 times. That could change if investors became more willing to pay up for Coterra earnings. Bottom line The Club agrees that Coterra’s shift to natural gas is a smart play, given current macro conditions and commodity prices. If the Constitution Pipeline were to become a reality, that would be a big deal. As our sole oil and energy stock, we’re fans of the company’s flexibility to shift its strategy to adapt to commodity prices. Jorden’s interview earlier this month with Jim Cramer on “Mad Money” helped ease our concerns about the company, including some operational issues that muddied the latest quarter. While these issues are resolved, Jim still isn’t ready to add to our Coterra position given the oil industry’s headwinds. That’s reflected in our hold-equivalent 2 rating on the stock. (Jim Cramer’s Charitable Trust is long CTRA See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
New York Governor Kathy Hochul (C) holds a picture of US President Donald Trump during a press conference at Grand Central Terminal on Feb. 19, 2025 in New York City.
Coming in hot… well, as hot as these solar cars can get, upwards of 60 mph.
It’s hard to believe we’re just over a month away from this year’s Electrek Formula Sun Grand Prix 2025 collegiate solar car track event! In July, some of the greatest engineering minds from universities across North America will roll into Bowling Green, Kentucky, with their respective hand-built solar-powered EVs to go head-to-head in a competition all about pushing the limits of sustainable transport. The goal? Complete as many laps as possible each race day using nothing but sunshine.
The event is open to the public and free to attend. Raycing kicks off on July 3 from 10 a.m. to 6 p.m. CT and continues through July 5 from 9 a.m. to 5 p.m. CT. You’re not going to want to miss this!
As a refresher, the Formula Sun Grand Prix (FSGP) is held annually and typically acts as a pre-qualifier for the American Solar Challenge (ASC), a cross-country solar car race held every two years. During ASC years, FSGP is where teams prove their vehicles are road-worthy and safe enough to trek over 1,500+ miles from Tennessee to Wyoming on public roads.
Advertisement – scroll for more content
This year, however, is an off-year for ASC. Teams will only compete in the track event. Here are last year’s FSGP/ASC results and highlights.
The 2025 Electrek FSGP will again be held at the National Corvette Museum Motorsports Park in Bowling Green, Kentucky, which, interestingly enough, General Motors occasionally uses for Corvette testing and development. It’s here, students will go head-to-head in a grand prix-style event, competing to complete as many laps as possible using nothing but solar power. It may sound simple, but it’s a test of speed, efficiency, and endurance.
Last year’s event drew a record turnout, with more than 32 teams and 710 student participants from universities across the U.S. and Canada.
The ASC and FSGP are organized by the Innovators Educational Foundation (IEF), a 501c3 non-profit providing hands-on, multidisciplinary learning opportunities for college students. In 2023, Electrekannounced the signing of a five-year title sponsorship agreement with the IEF, which will guarantee funds to host the yearly races through 2028.
This was a natural fit. EVs, solar power, sustainable transport, and collaboration—this is what we’re all about at Electrek, and we’re thrilled to once again be a part of such an incredible event.
Other 2025 Electrek FSGP sponsors include Altair, Blue Origin, MathWorks, Generac, and in previous years Tesla, which have used the event as prime recruiting grounds. In fact, in past years, one recruiter even told Electrek that “getting great employees at the Formula Sun Grand Prix was like shooting fish in a barrel” and added “students at these events are orders of magnitude more likely to yield successful hires than typical campus recruiting events.”
And when it comes to industry talent, FSGP/ASC has serious roots.
JB Straubel, Tesla’s co-founder, ex-CTO, and current sitting board member, got his start in the Stanford Solar Car program. While he currently serves as CEO of lithium-ion battery materials company Redwood Materials, Straubel talks about how many of Tesla’s early hires came straight out of that same solar car team in the video below.
Below are the full recap videos from the Formula Sun Grand Prix/American Solar Challenge. The event’s official Flickr page has also amassed more than 1,500 photos. Check them out—they’re super cool!
More details and full results on last year’s Electrek American Solar Challenge and Formula Sun Grand Prix can be found on the event’s website.
Note: The Formula Sun Grand Prix is not in any way associated or affiliated with the Formula 1 companies, FORMULA 1 racing, or the FIA Formula One World Championship.
FTC: We use income earning auto affiliate links.More.
The struggling carmaker is urgently cutting costs as it looks to turn things around. Nissan is offering buyouts to US workers at its Canton, Mississippi, plant, citing it as a “crucial” part of its comeback plan.
Nissan offers buyouts for US workers at its Canton plant
Nissan has been in the spotlight over the past few weeks for all the wrong reasons. It began earlier this month, following the company’s announcement that it was abandoning plans to build a new EV battery plant in Japan.
The facility was set to produce lower-cost LFP batteries, which have been key to BYD and other Chinese EV brands’ rapid rise in the global auto industry. With an annual production capacity of up to 5 GWh, the plant was expected to slash EV battery costs by 20% to 30%.
Facing slumping sales, lower profits, and more competition, Nissan launched its new recovery plan, dubbed “Re:Nissan,” earlier this month.
Advertisement – scroll for more content
The comeback strategy involves cutting 20,000 jobs, or around 15% of its global workforce, by 2027. Nissan is also closing several plants to slash costs by 250 billion yen as it aims to return to profitability by fiscal year 2026.
According to an internal email, viewed by Reuters, Nissan is offering buyouts for US workers at its Canton plant. The email also stated that merit-based pay increases are suspended globally.
Christian Meunier, Nissan America’s chairman, said the buyouts are “crucial for Nissan’s comeback” in the US, its most important market.
Nissan’s new LEAF EV (Source: Nissan)
“While substantial efforts have been made in the US to help right-size Nissan, we need to take additional, limited, strategic action here at a local level,” Meunier said in an email.
Nissan announced a voluntary separation program for a select number of US salaried employees. Since the plan is still ongoing, Nissan didn’t provide any further details.
Nissan’s upcoming lineup for the US, including the new LEAF EV and “Adventure Focused” SUV (Source: Nissan)
On Wednesday, a separate report from Bloomberg News claimed that Nissan is looking to raise over 1 trillion yen ($6.9 billion) with the help of the UK government to repay a massive loan due next year.
Nissan invested $500 million to upgrade its Canton plant for electric vehicle (EV) production in the US. Although it initially planned to begin building EVs in the US this year, Nissan delayed production until at least 2028.
Nissan next-gen LEAF testing in the US (Source: KindelAuto)
Later this year, Nissan will launch the upgraded LEAF, now with a longer driving range, an NACS charging port, and a more SUV-like design. It will be one of ten new Nissan or Infiniti models to launch by 2027.
Electrek’s Take
As Electrekreported yesterday, Nissan’s comeback plan hinges on its upgraded e-Power technology. The only issue is that the system is designed for hybrids.
Nissan is following in Toyota and Honda’s footsteps by advancing new hybrid and plug-in hybrid tech, but the company is already two steps behind.
Doubling down on hybrids and PHEVs while delaying more EV projects will likely only set Nissan up for failure over the next few years.
The Japanese automaker is already losing market share in some of its biggest markets, like China and Southeast Asia.
Can Nissan turn things around in the US, its most important market? Or, will it continue to fall out of favor with lower-cost, more advanced EVs on the way from brands like Rivian and Lucid? Let us know your thoughts in the comments.
FTC: We use income earning auto affiliate links.More.