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Formula E unveiled its new “Gen3 EVO” car, an update to the Gen3 car which debuted last season, ahead of the Monaco ePrix this weekend.

The new car will be used for next season, and is basically a mid-cycle update of the Gen3 car which has been in service for last and this season. The succeeding Gen4 car is not expected until 2027.

The Gen3 car was introduced as both lighter and more powerful as the previous generation car, with a lot of promises about how much quicker it could be in the races.

It also utilized some pretty unique design ideas. The biggest difference is the addition of a front motor, but this motor was only used for braking, and conversely, the rear friction brakes were entirely deleted and instead the rear axle is braked only by the rear motor using regenerative braking, for a total of 600kW regenerative braking power.

However, The Gen3 didn’t turn out to be all that much faster. This often happens with new racecars as teams get used to tuning and using them, but teams struggled to harness the extra power available to them.

At the same time, the series switched tire providers, and the new tires may have proven to be a limiting factor.

Now, the Gen3 car is hoping to fix both of these problems at once. Not only has Hankook provided stickier tires (with 5-10% more grip, and made of 35% recycled materials) which should help to harness some of the car’s additional power, Formula E has also taken the rather unique move (in the world of formula cars) of activating the Gen3 car’s front motor for thrust, not just regen – thus making its cars all-wheel drive.

The Gen3’s inclusion of a front motor left many thinking – ourselves included – that it would inevitably get activated not just for regen, but for power delivery.

There have been all-wheel drive single seater open wheel cars in the past, but it has only been tried a few times. Currently, other open-wheel single seaters (like F1, IndyCar and the like) are rear-wheel drive only.

AWD has been popular on road cars recently, because it enhances acceleration and drivability. And on EVs, it’s quite easy to add, because you can just slap a second motor on the other axle and run a few cables to it, rather than needing to run driveshafts and gearing mechanisms all through your car to transfer the power from a single combustion engine to two separate axles.

However, sportscar and racing enthusiasts have often preferred rear-wheel drive because it makes cars more squirrelly and difficult to control, showcasing driver skill more readily.

So Formula E is going to allow all-wheel drive only in certain situations. During qualifying duels, race starts, and during the activation of “attack mode,” a temporary 50kW power boost that each driver gets at certain points in the race.

One complaint about the Gen3 cars was that attack mode was hard to use, because the car felt like it couldn’t properly utilize that additional 50kW. By activating the front motor, this should give drivers a huge advantage – quicker acceleration through and out of corners is an enormous benefit.

While 0-60 numbers don’t matter a lot for a racecar – they’re only ever at 0mph at one point, at the start of the race, after all – acceleration is still important for exiting corners, and gives you a lasting benefit for the entire straight if you can get a better exit than another racer. And the Gen3 EVO boasts a truly impressive 0-60 number: 1.82 seconds.

This 0-60 time is 30% quicker than an F1 car and 36% quicker than the Gen3 car, thanks to that front motor helping pull the car forward with 4 contact patches instead of 2.

In addition, the design of the car has changed somewhat. The nose and front wing have been redesigned from the (perhaps overly) angular design of the original Gen3 car. Over the last season and a half, cars have struggled with front wing damage, so hopefully the new wing will be a little more durable.

All told, Formula E says that the new car could be 1-3 seconds faster per lap, depending on circuit and whether the AWD system is in use. This would be a pretty massive improvement as far as laptimes go, but we’ll have to see how it plays out when next season comes around.

Now, if only we could also see that 600kW mid-race charging they’ve been working on…

The new Gen3 EVO car will start seeing use next season, but if you want to see the current Gen3 car in action, you can watch it this weekend at the Monaco ePrix.

The race proper starts at 6am PDT, 9am EDT, 1pm UTC, and 3pm local Monaco time on Saturday April 27. In the US, all sessions other than the race will be available on the Roku channel, practice sessions will be on Formula E’s YouTube, and the race will be on CBS/CBS Sports Network. To see how to watch the race in other countries, head on over to Formula E’s Ways to Watch site.

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Exxon CEO says dispute with Chevron over Hess Guyana oil assets could drag into 2025

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Exxon CEO says dispute with Chevron over Hess Guyana oil assets could drag into 2025

Darren Woods, chairman and chief executive officer of Exxon Mobil Corp, speaks during the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Monday, March 18, 2024. 

F. Carter Smith | Bloomberg | Getty Images

Exxon CEO Darren Woods said Monday that the dispute with Chevron over Hess Corporation‘s oil assets in Guyana likely will not be resolved until 2025.

“My view is it will go into 2025,” Woods told CNBC’s David Faber at the Milken Institute’s Global Conference in Los Angeles. Hess had previously indicated that the case could drag into next year.

“This is an important arbitration obviously not only for Exxon Mobil but for Chevron and Hess,” Woods said. “What we need to do is take our time to do what’s right to make sure that we do all the due diligence and we get to the answer — the right answer.”

Exxon is claiming a right of first refusal on Hess’ assets in Guyana under a joint operating agreement that governs a consortium that is developing the South American nation’s prolific oil resources. The oil major filed for arbitration in March at the International Chamber of Commerce in Paris.

Woods said the panel of arbitrators is still being selected and then the process will go into discovery. The CEO has repeatedly expressed confidence that Exxon will prevail in the dispute, saying the company wrote the agreement that governs the consortium.

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Chevron has rejected Exxon’s claims that the agreement applies to its pending all-stock deal to acquire Hess, valued at $53 billion.

The arbitration court will ultimately decide the timeline of the proceedings, but Hess has asked the panel to hear the merits of the case in the third quarter with an outcome in the following quarter. Chevron CEO Mike Wirth told analysts during the company’s first-quarter earnings call in April that this timeline should allow the parties “to close the transaction shortly thereafter.”

“We see no legitimate reason to delay that timeline,” Wirth said.

If Exxon prevails in the case, Chevron’s deal with Hess would break up. Woods has said Exxon is not making a play to buy Hess, but wants to defend its right in the interest of shareholders and find out what value is being placed on Hess’ Guyana assets.

Hess has a 30% stake in an oil patch called the Stabroek block off the coast of Guyana. Exxon leads the project with a 45% stake while China National Offshore Oil Corp. maintains 25% stake.

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Chevron CEO says natural gas demand will outpace expectations on data center electricity needs

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Chevron CEO says natural gas demand will outpace expectations on data center electricity needs

Chevron CEO Mike Wirth: Demand for natural gas will be higher than expected

Natural gas demand will likely outpace expectations as electricity consumption surges from artificial intelligence and data centers, Chevron CEO Mike Wirth told CNBC on Monday.

“It’s a little hard to quantify right now because this is evolving so quickly on the AI side,” Wirth told CNBC’s Sara Eisen at the Milken Institute’s Global Conference in Los Angeles. “But I think demand for natural gas is likely to be higher than what people have been estimating up until now.”

Wirth said the move to electrify the nation’s vehicle fleet, heating and manufacturing as well as the increase in demand from data centers will require reliable and affordable backup power generation.

Wind and solar offer affordable power in some regions, but they still face challenges in generating enough electricity to meet peak demand because they rely on variable weather conditions, the Chevron CEO said.

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“Data centers don’t shut down when the sun goes down,” Wirth said. “We need to have the ability to provide baseload supply for all of these needs. I think natural gas will be a big part of that equation going forward.”

Wirth said coal plants are being phased out in the U.S., nuclear power is expensive and geothermal energy is not as proven as other power sources. “You come back to natural gas as the most likely source of that reliable baseload supply,” the CEO said.

Electricity demand in the U.S. is expected to surge by as much as 20% by 2030, according to research from Wells Fargo published in April. Natural gas demand could increase by 10 billion cubic feet per day, or bcf/d, by the end of the decade as a consequence, according to Wells. To put that in context, the U.S. currently consumes 35 bcf/d for power generation and 100 bcf/d total.

Goldman Sachs is forecasting that natural gas will provide 60% of the new electricity demand from data centers, while renewables will provide 40%. The investment bank says natural gas pipeline operators such as Kinder Morgan, Williams Cos. and producer EQT Corp. stand to benefit.

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Lilium (LILM) receives firm order from UrbanLink to put 20 eVTOL jets into service in Florida

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Lilium (LILM) receives firm order from UrbanLink to put 20 eVTOL jets into service in Florida

Electric vertical takeoff and landing (eVTOL) developer Lilium has announced a new partnership with advanced air mobility (AAM) operator UrbanLink that includes the purchase of at least 20 all-electric eVTOL jets. The aircraft will be operated around Florida as UrbanLink looks to become the first US airline fully committed to the nascent technology.

Lilium ($LILM) is a startup founded in Munich, Germany, in 2015 that has since expanded its footprint of development teams across Europe and the United States. Its current staff sits around 1,000 personnel, including 500 aerospace engineers, who continue to work toward bringing Lilium’s unique eVTOL Jet design to commercial operations in Regional Air Mobility (RAM).

Last fall, we saw Lilium achieve development certification from the European Aviation Safety Agency (EASA), enabling the startup to continue developing, testing, and preparing its eVTOL jets ­en route toward certification and production before commercial operations.

Speaking of commercial operations, Lilium announced a new partnership with PhilJets in February to bring eVTOL jet rides to the Phillippines. Today, Lilium announced another partnership, this time with UrbanLink Air Mobility in the US, that includes a firm order with room for even more eVTOL jet sales in the future.

eVTOL jet
UrbanLink’s planned eVTOL service map / Source: Lilium

Lilium sells 20 eVTOL jets with opportunity for 20 more

Lilium shared details of its new partnership with UrbanLink today. The partnership includes a firm order for at least 20 eVTOL jets with an option for an additional 20 aircraft. The deal also includes scheduled pre-delivery payments from UrbanLink as the AAM operator looks to become one of the first US airlines to fully embrace aviation technology and integrate eVTOLs into commercial operations.

UrbanLink is led by Ed Wegel, a veteran in the aviation industry who previously served as founder and CEO of charter airline GlobalX alongside stints at Atlantic Coast Airlines and JetBlue. Wegel spoke:

While many airlines have discussed the potential of operating eVTOL aircraft, none have made a definitive commitment. UrbanLink will be the first airline in the U. to integrate eVTOL aircraft into its fleet. We are dedicated to revolutionizing the way people move to and from as well as within urban cores. After thorough evaluation of various manufacturers, we found the Lilium Jet to be the optimal choice for our needs, thanks to its superior cabin design, range, capacity, and cost-effectiveness.

To begin, UrbanLink intends to put the initial 20 eVTOL jets from Lilium into operation around South Florida, offering emissions-free flight routes between Miami, West Palm Beach, Boca Raton, Fort Lauderdale, and Marco Island.

Lilium began producing its first eVTOL jets in late 2023 and is targeting its first piloted flight tests ahead of airworthiness certification by the end of the year. Lilium CCO Sebastien Borel spoke about the company’s progress and its new collaboration with a regional airline like UrbanLink:

We are proud that UrbanLink has selected the Lilium Jet for its network and operations. This is a huge milestone, not only for Lilium, but for the commercialization of eVTOLs in the US We believe that this purchase of eVTOL aircraft is the first by a commercial operator that isn’t invested in the manufacturer that it is purchasing from. This is a sign that the market for eVTOL aircraft has matured and there is growing demand for aircraft that can provide connections between, rather than just within, cities. I know that Ed has the vision and operational expertise to make regional air mobility a success

UrbanLink intends to begin commercial flight services with the Lilium eVTOL jets by late 2026.

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