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Who needs Volvo anyway? Shortly after co-parent company Volvo Cars announced plans to cut ties with Polestar, the EV-centric brand has turned to an all-star lineup of international banks for external funding totaling close to one billion dollars. Polestar’s other owner, Geely Holding, is still very much involved and will also help Polestar continue work to roll out its two incoming electric SUVs and beyond.

Polestar Automotive Holding UK PLC ($PSNY) is an automotive melting pot founded in 2017 with Swedish design roots from Volvo Cars and manufacturing know-how from Zhejiang Geely Holding Group, better known as Geely.

During its seven-year run, Volvo and Geely worked together to bring 2.5 EVs to market. That includes the Polestar 1 PHEV, the flagship Polestar 2 BEV, and the new Polestar 3 SUV, which just kicked off production in China this week but has yet to reach customers.

Beyond those models, Polestar already has three additional EVs in its pipeline, keeping the company plenty busy through 2026. Following an IPO that wasn’t as successful as anticipated, evoking global job cuts, Volvo Cars began to weigh its options on what to do with the EV brand it spun out of its own DNA years ago.

That led to a public breakup announced at the end of January 2024, in which the Swedish legacy automaker let its electric child down softly, describing the parting of ways as a “natural evolution” for both brands. Volvo essentially handled all control over to its partner Geely and cut its funding but said it would remain a strategic partner in Polestar R&D, manufacturing, and after-sales.

Last week, Volvo Cars shared plans to sell 62.7% of its stake to Geely, holding on to its remaining 18%. With close to 80% of Polestar in its portfolio, Geely said it would approve the sale and move forward with the EV brand. However, as large as Geely is, continuing Polestar’s production plans requires massive funding, so it has turned to big banks for help and found several affluent suitors.

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Polestar 3 (Source: Polestar)

Polestar pushes forward sans Volvo, but with fresh funding

According to news from Polestar today, it has successfully secured $950 million in external funding financed by 12 international banks, including BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC, and SPDB.

The funding will be distributed as a three-year loan facility, giving Polestar enough financial runway to continue development and reach its 2025 business targets. As of December 31, 2023, Polestar’s cash was around $770 million, so it was by no means in dire straights when Volvo bailed, but losing that automaker’s funding soured its 2024 outlook.

In addition to bank funding, Geely said it intends to participate in future financing if and when required. Polestar CEO Thomas Ingelath spoke about the fresh funding round:

Securing funding from a syndicate of global banks reflects our partners’ support for Polestar’s growth course. Together with Geely’s full financial support and access to innovative technology and engineering expertise, we have reinforced our path towards cash flow break-even targeted in 2025.

Polestar 3 production is expected to begin in South Carolina in Q2 2024, offering EV production on two continents to serve numerous markets worldwide. Despite the financial relief from bank funding, Polestar still has a lot riding on the success of its 3 and 4 SUV models.

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Classic Jeep Grand Wagoneer gets a battery electric makeover [video]

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Classic Jeep Grand Wagoneer gets a battery electric makeover [video]

Texas-based tuning firm Vigilante 4×4 is known for its wild, high-horsepower Jeep SJ Hemi restomods – but they’re more than just a hot rod shop. To prove it, they’ve developed a bespoke, all-electric skateboard chassis designed to turn the classic Jeep Grand Wagoneer into a modern, desirable electric SUV.

The scope of the Vigilante 4×4 electric chassis project is truly impressive. More than just a Jeep SJ frame with an electric drive train bolted in, the chassis is a completely fresh design that utilizes precise 3D scans of the original SJ Wagoneers, Grand Wagoneers, and J-Trucks to establish hard points, then fitted with low-slung battery packs to give the electric restomods superior weight balance, a lower center of gravity, and objectively improved ride and handling compared to its classic, ICE-powered forefathers.

The result is a purpose-built platform that delivers power to the wheels through a dual-motor system – one mounted in the front, and one at the rear – to provide a permanent, infinitely variable four-wheel drive system that offers both on-road performance and the kind of off-road capability that made the Grand Wagoneer famous in the first place.

Vigilante 4×4 electric Jeep SJ


“This isn’t a replacement for our Vigilante HEMI offerings,” reads the official copy. “It’s a total revisit of the Vigilante platform under electric power.”

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The company emphasizes that its new chassis is still in the prototype stages. As such, there are no specs, there is no pricing, there are no range estimates. Despite it all, the response from Jeep enthusiasts has already been strong. “Keep in mind this is our first prototype,” a spokesperson said. “There’s still a lot of work to be done – but the journey has begun.”

Electrek’s Take


Electric SJ chassis; Vigilante 4×4.

Retro done wrong – think the Dodge Charger Daytona EV or VW ID.Buzz – is a disaster. Always. If that nostalgic tone is just a little bit off, the song doesn’t work. The heartstrings don’t pull. Done right, however, the siren song of nostalgia will have you putting a second mortgage on your house to put a Singer Porsche or ICON Bronco in your garage.

It’s too soon to tell what side of that line the Vigilante 4×4 Jeep SJ will eventually fall, but one thing (at least) is certain: it’s closer to the mark than that Wagoneer S.

SOURCE | IMAGES: Vigilante 4×4, via Mopar Insiders.


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EQORE bags $1.7M to bring smart storage to power-hungry factories

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EQORE bags .7M to bring smart storage to power-hungry factories

EQORE, a distributed battery storage startup based in Somerville, Massachusetts, has raised $1.7 million in seed funding to help industrial buildings tackle rising electricity costs. The round was oversubscribed and includes backing from the Massachusetts Clean Energy Center (MassCEC), Henry Ford III of Ford Motor Company, and Jonathan Kraft of The Kraft Group.

The timing couldn’t be more relevant. Data centers are booming, and that demand is slamming an already stressed grid. Big, utility-scale batteries help at the grid level, but they can’t fix the bottlenecks happening on local distribution networks. That’s where onsite storage steps in — storing energy when demand is low and discharging it when demand spikes, which helps stabilize costs for both the grid and the businesses using it.

MassCEC’s head of investments, Susan Stewart, said, “What excites us the most about EQORE’s technology is the dual impact: grid support and customer savings.” She noted that commercial and industrial buildings are ideal hosts for battery storage, but haven’t gotten much attention until now. “EQORE is closing that gap.”

Investor Randolph Mann highlighted what makes the company stand out: “By uniting advanced controls with high‑resolution metering and true end‑to‑end service, EQORE finally makes commercial behind-the-meter storage effortless and financially compelling for businesses.”

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EQORE comes out of MIT’s Sandbox program and delta v accelerator and is currently part of the Harvard Climate Entrepreneurs Circle incubator. CEO and cofounder Valeriia Tyshchenko, a third‑generation engineer from Ukraine and MIT graduate, said the new funding will help the company scale alongside its existing revenue.

With the seed round closed, EQORE plans to grow its team and ramp up battery deployments at energy-intensive manufacturing facilities. The company doesn’t just install batteries; it operates them. Its autonomous software shifts when a facility uses power based on market conditions and utility incentives, reshaping load in real-time without disrupting operations.

Read more: Battery boom: 5.6 GW of US energy storage added in Q2


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Check out Hyundai’s cool new off-road electric SUV concept [Images]

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Check out Hyundai's cool new off-road electric SUV concept [Images]

Hyundai took the sheets of its new off-road electric SUV, the Crater Concept, at the LA Auto Show. Here’s our first look at the compact off-roader.

Meet Hyundai’s new off-road SUV, the Crater Concept

We knew it was coming after Hyundai teased the off-road SUV earlier this week, hidden under a drape. Hyundai took the sheets off the Crater Concept at the LA Auto Show on Thursday, giving us our first real look at the rugged off-roader.

Hyundai refers to it as a compact off-road SUV that’s inspired by extreme events. The concept was brought to life at the Hyundai America Technical Center in Irvine, California.

The off-road SUV draws design elements from Hyundai’s Extra Rugged Terrain (XRT) models, such as the IONIQ 5 XRT, Santa Cruz XRT, and the new Pallisade XRT Pro.

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Although it’s a concept, Hyundai said the Crater Concept is a testament to its commitment to designing future XRT vehicles that are more functional, more capable, and more emotional.

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The Hyundai Crater off-road SUV Concept (Source: Hyundai)

“CRATER began with a question: ‘What does freedom look like?’ This vehicle stands as our answer,” Hyundai’s global design boss, SangYup Lee said.

The off-road SUV features Hyundai’s new Art of Steel design theme, first showcased on the THREE concept at the Munich Motor Show in September.

Hyundai-off-road-SUV
The Hyundai Crater Concept (Source: Hyundai)

Hyundai said the design team was guided by one clear goal: To create a rugged and capable vehicle that’s designed to go anywhere. The Crater Concept embodies that vision with added wide skid plates, 33″ off-road tires, limb risers, rocker panels, and a roof platform.

Hyundai designed the interior for “tech-savvy adventure seekers,” with a singular design centered around a high-brow crash pad that stretches across the dashboard.

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The Hyundai Crater Concept (Source: Hyundai)

The concept also swaps the traditional infotainment setup for a head-up display that spans the entire front window, which Hyundai said includes a live rearview camera.

Hyundai’s off-roader includes a new Off-Road Controller for front and rear locking differentials, as well as a terrain selector with modes including Sand, Snow, and Mud. Other off-road features include downhill brake control, trailer brake control, a compass, and an altimeter.

Although Hyundai said it was electric, it didn’t reveal any further details about the powertrain. The off-road SUV could be a battery-electric or fuel-cell-electric vehicle.

Like the new Nexo, Hyundai’s hydrogen fuel cell vehicle, the concept features “HTWO” lamps exclusive to its FCEVs.

Earlier this week, the design team at Hyundai Design North America also introduced its new design and ideation studio codenamed “The Sandbox.” The creative design studio is set to serve as a global hub for future XRT vehicles and gear.

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