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Burbo Bank, Liverpool Bay, England, viewed from the sea turbines on Burbo wind farm off the UK coast.

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Danish renewables giant Orsted on Wednesday announced plans to cut jobs, pause its dividend payouts to shareholders and exit several offshore wind markets after a tumultuous year of rising costs.

Orsted, the world’s largest offshore wind developer, said it planned to take steps “to become a leaner and more efficient” organization following a year marked by “substantial challenges.”

These measures include a reduction of as many as 800 jobs worldwide, a pause for dividends for the financial years 2023 to 2025 and a retreat from markets in Norway, Spain and Portugal.

Shares of Orsted traded 1% lower at 11 a.m. London time (6 a.m. ET).

The Copenhagen-listed stock price has fallen more than 40% over the last 12 months, with the company beset by challenges facing the broader wind industry. Supply chain disruption and higher interest rates sent wind energy stocks tumbling last year.

“Despite a year with strong underlying business progress, 2023 marked a year with substantial challenges for Ørsted,” Mads Nipper, chief executive of Orsted, said in a statement.

Nipper said the company’s financial results had been “adversely affected” by impairments on U.S. offshore projects taken in the third quarter of 2023.

Orsted canceled two major offshore wind farm projects in the U.S. late last year, citing high inflation, rising interest rates and supply chain bottlenecks.

William Pettitt, offshore infrastructure construction manager with Orsted, steps inside a monopile at the EEW wind turbine manufacturing facility in Paulsboro, New Jersey on July 14, 2023.

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Orsted said it was now targeting 35 to 38 gigawatts (GW) of power generation capacity by the end of the decade, a downward revision from its previous target of 50 GW.

Project cancelations and the phasing out of capital expenditure across the portfolio will result in roughly 35 billion Danish kroner ($5.05 billion) of capital expenditure relief in 2024 to 2026, the company added.

“We’ve revisited our portfolio to prioritise growth options with the highest potential for value creation and at the same time reduce risks in the development and execution of our projects,” Nipper said.

“We remain optimistic about the future of the renewable energy industry, and we’re confident we can be a key contributor in accelerating the renewable build-out in the years to come.”

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Electrogenic is giving Mazda Miata fans an EV version with its ‘Plug-and-Play’ conversion kit

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Electrogenic is giving Mazda Miata fans an EV version with its 'Plug-and-Play' conversion kit

Mazda Miata fans rejoice! EV conversion specialist Electrogenic has introduced a new “plug-and-play” conversion kit for the Mazda MX-5 that makes the original model all-electric. This EV conversion kit keeps the soul of the beloved Mazda Miata, but adds more performance and playfulness to a car that is already renowned for being a joy to drive.

The Mazda MX-5, known by many in North America as the Miata, is a two-door, RWD roadster introduced by the Japanese automaker in 1989. Since then, the Mazda Miata has seen four design generations and has become one of the best selling two-door sports cars of all time.

Over the past 35 years, the Miata has sold over one million units, and although production has ceased to make way for a fifth generation model, sales continue for the previous versions. The MX-5 has garnered a loyal fanbase of owners who recognize the value and performance the two-door brings and as much of the industry goes electric, many of those fans have been wondering when Mazda will deliver a Miata EV.

In 2023, the automaker shared the next generation of the Miata would be electrified, but has not specified whether that means hybrid, PHEV, or BEV. Regardless, that model is expected to debut in 2026 as a completely new take on the MX-5. For those traditionalists who love the original Mazda Miata, who can now convert it to an EV using Electrogenic’s new conversion kit.

Electrogenic future-proofs first-gen Mazda Miata as EV

The first-generation Mazda Miata (MX-5) is the latest vehicle to receive Electrogenic’s “plug-and-play” EV capabilities from a conversion kit that contains proprietary powertrain technology and an integration software suite.

We’ve previously seen Electrogenic adapt its EV conversion technology in a 1960s Jaguar E-Type, a 1929 Rolls-Royce Phantom II, and most recently, the DeLorean DMC-12 from Back to the Future. Now, Electreogenic has delivered the potential for a Mazda Miata EV—something many in the MX-5 community have pined for.

Electrogenic’s drop-in kit creates an EV version of the original Mazda Miata, a model that remains quite beloved despite being over 30 years old. Electrogenic CEO Steve Drummond elaborated:

We’re delighted to introduce the latest addition to our world-leading range of ‘plug-and-play’, EV conversion kits. We’ve long been intrigued by the concept of a light, well-balanced, rear-wheel-drive electrified modern-classic, one that truly delivers when it comes to the old-school thrill of driving. It seems we weren’t alone, as we’ve received a great deal of interest in the idea of an MX-5 conversion over the years. It’s exciting to finally reveal our creation to the world and give MX-5 fans the chance to electrify one of the most popular sports cars in history.

To enable Mazda Miata EV conversions, Electrogenic created a package that is straightforward to install and can be fitted by a trained mechanic in just a few days. To accomplish this, the MX-5 was 3D scanned so the EV 42 kWh OEM-grade battery assembly could be placed precisely under the hood where the 1.8-liter four-cylinder engine was. Batteries were also installed in the rear, in place of the fuel tank, but Electrogenic was able to leave the trunk space untouched, so luggage capacity remains the same.

Per Electrogenic, the Mazda Miata EV conversion only weighs 100kg (221 lbs) more than the original ICE version (1,100kg). As such, the Miata EV’s weight distribution remains identical, while its power-to-weight ratio has been improved by 21%.

The 42 kWh battery pack powers an electric motor that sends 160 hp (120kW) into a single-speed, fixed-ratio gearbox, delivering 2,500Nm of torque to the Miata’s rear wheels. That EV power jumps from 116 hp in the original gas Miata and can propel the all-electric Mazda from 0 to 60 mph in six seconds. Like the original, the converted MX-5 can reach a top speed of 115 mph.

Additionally, the Mazda Miata EV conversion delivers 150+ miles of range in real-world driving and can fast charge in one hour using a CCS plug.

The EV conversion can be applied to both manual and automatic MX-5s. As with all Electrogenic conversions, the Miata’s original structure is entirely preserved; nothing is cut or drilled, and the installation is entirely reversible.

The kit has been designed specifically for Mk1 MX-5/Miatas and is now available globally via Electrogenic’s network of vetted installer partners. Learn more here.

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Where do you charge your EV?

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Where do you charge your EV?

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See the first electric motorcycle to just roll off Can-Am’s production line

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See the first electric motorcycle to just roll off Can-Am's production line

Can-Am, a subsidiary of BRP (Bombardier Recreational Products), marked a significant milestone this week as its first electric motorcycle rolled off the production line.

The long-anticipated event took place at the company’s assembly plant in Querétaro, Mexico, signaling a new chapter for the brand as it leverages its storied powersports legacy to launch a new line of modern electric commuter motorcycles.

The first Origin model off the line, part of Can-Am’s new electric lineup, represents the company’s first foray into the rapidly growing electric motorcycle market. Designed to appeal to urban commuters and environmentally conscious trail riders, the Pulse and Origin bikes feature a sleek design, sporty performance, and a promise of zero-emissions, low-maintenance riding that the company hopes draws in new riders as well as seasoned veterans.

“Today, we are celebrating the first Can-Am electric motorcycles coming off the assembly line,” remarked Can-Am CMO Josee Perreault. “With this milestone, Can-Am is bringing new energy to the global electric motorcycle market. Built on 80+ years of powersports ingenuity, these all-new, all-electric bikes are proof once again that innovation is at the core of what we do. Today marks the day we reclaim our two-wheel heritage. Can-Am motorcycles are officially here!”

The first two models in Can-Am’s electric lineup were originally unveiled back in 2022, ahead of their official launch earlier this year.

The Can-Am Pulse is designed as a naked street bike, while the Origin is the more dual-sport version, despite both sharing the same Rotex powertrain.

The bikes will roll out next year with 8.9 kWh battery packs, putting them on the lower end of battery capacities these days for full-size electric motorcycles. Those battery packs offer an estimated city range of 100 miles (160 km) or 90 miles (145 km) for the Pulse and Origin, respectively. The batteries fall just below the capacity of models offered by LiveWire, such as the Del Mar and Mulholland, but above Zero Motorcycles’ entry-level electric rides.

The good news is that smaller batteries charge faster, with the company claiming a 20-80% charge time of just 50 minutes when using a Level 2 charger. For city jaunts, 90-100 miles is likely plenty for most riders. Just don’t expect to be cruising the highways for too long with a modest battery pack like this. For the Origin, trail riding may require careful selection to ensure charging facilities are available nearby, though more off-road trails are beginning to install charging networks, even if the pace has been slow.

The bikes also share a 47 hp (35 kW) electric motor. With a 0-60 mph (0-96 km/h) of 3.8s and 4.3s for the street-ready Can-Am Pulse and dual sport Can-Am Origin, respectively, it sounds like both models take advantage of every single watt available to them. And with an enclosed chaincase powering that rear wheel, the bike is supposedly quieter than most other chain-driving electric motorcycles.

The Pulse is priced at US $13,999, unless you want the Pulse ’73 model with a few extra colorway and body accoutrements, plus fancy LED lights, for a grand total of US $15,999. It costs just a bit more to hit the dirt with the Origin starting at US $14,499 for the standard version or $16,499 for the Origin ’73 edition.

Those prices fall far north of smaller commuter motorcycles available from US-based companies like Ryvid, but undercut the flagship electric motorcycles offered by companies like LiveWire and Zero.

But Can-Am is hoping on more than just pricing to win over riders, relyign on the bikes’ supposed unique riding experience. “We’ve put years of product design, development, and engineering into them to optimize the riding and ownership experience,” explained Can-Am’s Chief Design Officer Denys Lapointe. “They’re contemporary, technologically advanced, and they’re designed to be simple and fun to ride regardless of your experience. Once behind the handlebars, riders will see that we built these from the ground up with them in mind, from the nimble handling, to the comfort and ergonomy that makes them feel at one with the bikes. Here’s to awakening the energy within every rider!”

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