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Republicans have vowed to tear apart the Inflation Reduction Act, but the chief executive of NextEra Energy, the US’s largest renewable developer, says that’s “unlikely” if they win the election.

The US’s largest renewable developer on the IRA

The Biden administration’s landmark climate change law, the Inflation Reduction Act, has created a US clean energy manufacturing boom, thanks to the generous tax credits and other incentives. The Republican Party says it’s going to work to repeal it.

But NextEra Energy’s chief executive, John Ketchum, told analysts yesterday [via the Financial Times] that “in the 21 years I’ve been at the company, as we’ve changed administrations and as we’ve seen changes in Congress, we’ve never seen a change or repeal of tax credits – no matter what form they’ve taken… [it’s] really hard to overturn existing law … no matter what the political winds are.”

He also pointed out, “If you think about where the investments are being made around IRA and where a lot of the benefit of IRA is flowing, it’s flowing to Republican states, and it’s flowing to parts of those states that are really difficult to stimulate economically.”

Florida-based NextEra Energy is the fourth-largest US energy group after oil majors ExxonMobil, Chevron, and ConocoPhillips. It saw record renewables and battery storage orders in 2022 and 2023 that totaled 17,000 megawatts of capacity.

If it meets its 2026 targets, NextEra Energy will have a portfolio of 63 GW in operation – or as the FT points out, “more than all but nine countries in the world.”

Electrek’s Take

What Ketchum says carries weight, as his company is a renewable powerhouse – and it also owns Republican stronghold Florida’s largest electric utility.

And it would be self-defeating for states like Texas, South Carolina, and Tennessee to work to repeal a law that’s creating jobs and bringing money into their states. But time will tell.


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BYD’s $10,000 Seagull EV worrying rivals as it hits new markets

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BYD's ,000 Seagull EV worrying rivals as it hits new markets

China’s BYD is launching its cheapest electric car in Europe next year. Ahead of its official debut, BYD’s $10K Seagull EV is already creating a stir among foreign rivals.

BYD is on a roll. Earlier this year, it declared a “liberation battle” against gas-powered vehicles and launched its cheapest EV, the Seagull Honor Edition.

Starting at $9,700 (69,80 yuan), BYD’s new Seagull EV is already stoking fear among rivals. Powered by BYD’s Blade batteries, the electric car is available in 30.08 kWh and 38.88 kWh models, which provide up to 190 miles (305 km) and 252 miles (405 km) CLTC range, respectively.

The low-cost EV earned the nickname “mini Lamborghini” as former Lamborghini designer Wolfgang Egger led the project.

Despite its affordable price tag, the Seagull’s interior features a 10.1″ rotating center screen with an otherwise minimalist design. Users can also interact and play media with DiLink’s intelligent network.

BYD’s Seagull is available in three trims in China. The base (Active) starts under $10K (69,800 yuan). The Free trim starts at $10,500 (75,800 yuan), while the range-topping Flying model costs $12,000 (85,800 yuan).

BYD-$10K-Seagull-EV
BYD Seagull EV (Source: BYD)

BYD’s $10K Seagull EV causing a stir among rivals

Terry Woychowski, former GM executive and president of automotive at Caresoft Global, called BYD’s low-cost Seagull a potential “clarion call for the rest of the industry” earlier this year.

Caresoft, an engineering and consulting firm, looks at every vehicle component to determine how it can be improved for its clients. After testing the Seagull, the company said it was simple and efficiently designed. More importantly, Caresoft was surprised by the electric car’s quality and reliability.

BYD's-$10K-Seagull-EV
BYD Dolphin Mini (Seagull) launch in Brazil (Source: BYD)

“What they do is done very well,” Woychowski said, “It’s efficiently done. BYD has already launched the Seagull in overseas markets, including Brazil.

The affordable EV is creating a stir among rivals. Ford CEO Jim Farley called it a “pretty damn good” car. Meanwhile, Martin Sander, head of Ford’s European EV unit, said, “Of course, we are nervous when new competition is coming to the market.”

Sold under the name Dolphin Mini, BYD’s low-cost electric car starts at around $20,000 (99,800 BRL) in Brazil, undercutting most of the competition.

BYD's-$10K-Seagull-EV
BYD Dolphin Mini (Seagull) EV (Source: BYD)

In Mexico, it starts at $19,780 (358,800 pesos). Although Mexico “is not great for us,” according to BYD Americas CEO Stella Li. Li explained, “In the end we found a lot of demand, a lot of heat” for the Seagull.

Now, BYD aims even higher. Next year, it will launch the Seagull EV in Europe to compete with VW, Stellantis, and others on its home turf.

BYD-Seagull-EV
BYD Seagull EV (Source: BYD)

Despite tariffs, BYD expects the Seagull to start at less than 20,000 euros ($21,500). That’s still thousands lower than its rivals.

And BYD isn’t stopping there. The EV maker plans to launch a higher-end 25,000 euro ($27,000) electric car, according to European managing director Michael Shu. In addition, with two plants planned in the region, BYD expects to overcome the potential impacts of EU tariffs on China-made EVs.

Electrek’s Take

Although several automakers have recently announced plans to launch affordable EVs, BYD is already on top of the market.

With BYD’s $10K Seagull EV rolling out globally, rivals are bracing for the impact. Other automakers, like Ford and Kia, have shifted plans to focus on smaller, more affordable EVs to keep up with demand.

Meanwhile, although BYD is best known for its low-cost electric cars, the automaker is expanding into new segments.

BYD launched the Sea Lion 07, a mid-size electric SUV set to rival Tesla’s best-selling Model Y. Starting at $26,250 (189,800 yuan), the new electric SUV undercuts the Model Y, which starts at $34,550 (249,900) in China.

The company is also launching a series of high-end luxury vehicles under its Yangwang brand. In February, the brand launched its first electric supercar, the U9, starting at $233,400 (1,680,000 yuan).

Yangwang’s first vehicle, the U8 off-roader, made its European debut at the Geneva International Motor Show in February.

BYD also launched its first pickup, the Shark PHEV, last week in Mexico, which will rival Toyota’s best-selling Hilux and Ford’s Ranger.

Source: Bloomberg

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Gravity to implement 500 kW EV charger ‘trees’ on US streets to grow network larger than Tesla’s

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Gravity to implement 500 kW EV charger 'trees' on US streets to grow network larger than Tesla's

NY-based startup and EV infrastructure specialist Gravity has launched a new line of universal EV charger “trees” it hopes will bring convenient charging sessions curbside on city streets. The deployment will start modestly, but Gravity is targeting a street charging network that is ” more expansive than Tesla’s current Supercharger network.”

Gravity Inc. is a startup focused on sustainable fleets and the infrastructure required to operate them efficiently. In 2021, Gravity began rolling out a fleet of all-electric Mustang Mach-E yellow cabs around New York City while partnering with building owners and parking operators to implement electric vehicle charging infrastructure to support individual drivers and large EV fleets.

At that time, Gravity was already teasing plans to open the “only true fast-charging site in Manhattan” to support the taxis and local EV owners. In October 2023, Gravity released a full suite of 500kW EV chargers, some of the fastest we’ve seen.

This technology caught the eye of Google Ventures (GV), which led to a successful seed funding round for an undisclosed amount a month later. Since then, Gravity has been able to roll out dozens of UL-Listed EV chargers in the US and made good on its word to open access to 24 500kW EV chargers at a new “Gravity Charging Center” opened this past March—hailing the piles as the fastest in the United States.

The charging center operates out of a Manhattan parking garage in which Gravity mounted its 500kW Distributed Energy Access Points (DEAPs) to the ceiling above existing parking spaces. Today, Gravity announces it has adapted its DEAP EV chargers into “trees” that can be easily installed curbside to make charging even faster and more convenient for city drivers.

EV charger trees
Source: Gravity Inc.

Gravity is rolling out EV charger “trees” in the US

The startup shared details of its latest EV charger rollout today, which includes 200kW and 500kW distributed energy access points as part of a universal on-street cable and mounting system.

These EV charging trees have a hinged swing arm that houses a cable that pivots down for curbside sessions. This offers local drivers easy access from the street, no matter their make, model, or port location. When a charging session is completed, the arm raises automatically, and the EV connector latches back onto the pole, out of sight and out of the way for passersby to trip over.

Gravity engineers worked alongside design firm Rangr Studio to develop the EV charger trees to alleviate issues some curbside chargers face around the globe. However, the network of this particular type of charger remains relatively small in the US, at least for now.

Given such a small scale in North America, Gravity believes even a modest rollout of its new EV charger trees will help it become the largest fast-charging network in the US. The startup boldly said that its goal is to expand the DEAP footprint to one day be more prominent than Tesla’s Supercharger network – one of the most prominent and dependable in the country. Gravity Inc.’s founder and CEO Moshe Cohen elaborated:

Right now, American cities are choosing the curbside charging that drivers will use for decades to come. Unfortunately, many are looking to obsolete overnight Level 2 charging with cables that clutter sidewalks and that don’t fit the needs of urban EV drivers. EV drivers require and deserve so much better. We took up the challenge of making every aspect of the on-street charging experience faster and better and can’t wait to deploy our new DEAP Trees by the thousands. With even partial adoption by American cities, this product alone could quickly become the largest fast charging network in America, eclipsing even the Supercharger network.

Similar to the parking garage infrastructure in New York, Gravity’s EV charger trees do not require any utility upgrades for installation and can deliver up to 200 miles of range in 13 minutes on a 200kW charger or 5 minutes on a 500kW charger. These rates are far faster than the Tesla Superchargers currently operating around NYC, which deliver charge rates between 72kW and 150kW.

Both EV charger tree systems deliver 1,000V and are bidirectional-ready, offering future opportunities to send access energy back to city grids. Look for EV charger trees curbside, especially in New York City, and let us know if you spot one!

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Oil prices extend losing streak, on pace for third daily decline

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Oil prices extend losing streak, on pace for third daily decline

An oil pumpjack is pictured in the Permian Basin in the Loco Hills regions, New Mexico, on April 6, 2023.

Liz Hampton | Reuters

Crude oil futures fell for a third session Wednesday, extending this week’s losing streak as prices soften ahead of a crucial OPEC meeting in June.

U.S. crude oil and global benchmark Brent are down more than 2% for the week.

Here are today’s energy prices:

  • West Texas Intermediate July contract: $77.83 a barrel, down 83 cents, or 1.06%. Year to date, U.S. crude oil has gained 8.7%.
  • Brent July contract: $81.97 a barrel, down 91 cents, or 1.10%. Year to date, the global benchmark is up 6.5%.
  • RBOB Gasoline June contract: $2.47 a gallon, down 1.49%. Year to date, gasoline futures are up 17.6%.
  • Natural Gas June contract: $2.68, up 0.64%. Year to date, gas is up about 7%.

Oil prices are drifting lower in the absence of major developments to guide the market as traders have moved on from geopolitical tensions.

OPEC and its allies, led by Russia, will hold a crucial meeting to review production policy next weekend. A coalition of nations in the broader OPEC+ grouping are cutting 2.2 million barrels per day, which has supported oil prices this year. The group is likely to extend those production cuts as prices soften, according to analysts.

Investors are waiting for U.S. petroleum inventory data later this morning for demand signals and minutes from the Federal Reserve’s latest meeting for signs of where interest rates may go.

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