Denmark’s Orsted wins $680 million JPMorgan backing for U.S. solar and battery projects
Aerial view of Eleven Mile Solar in Coolidge, Az.
Photo: Van Applegate
Danish renewable energy developer Orsted won a $680 million investment from JPMorgan in two U.S. projects as incentives from the Biden Administration’s signature climate law — the Inflation Reduction Act (IRA) — spur a clean energy boom in the U.S.
JPMorgan will provide tax equity financing for Orsted’s Eleven Mile Solar Center, a 600-megawatt solar and storage project near Coolidge, Arizona, and the 250-megawatt Sparta Solar project in Mineral, Texas.
Eleven Mile Solar, which includes more than 857,000 solar panels and 2,000 batteries from domestic manufacturers First Solar and Fluence, respectively, as well as tracking systems from Nextracker, qualifies for a one-time investment tax credit for the storage system, as well as an annual credit from a production tax credit for the solar array. Both credits were extended under the IRA.
Clean energy projects have relied on tax equity partnerships for years. Put simply, large financial institutions provide part of the financing for a renewable energy project, in exchange for the project’s tax credits. Developers themselves rarely have high enough tax bills, so a partnership allows them to monetize their credits.
But the partnerships are complex and the markets are limited. Smaller developers don’t always have the means to enter into these partnerships, and the appetite from large financial institutions to take stakes in renewable energy projects is limited.
The IRA sought to change that by adding in a provision allowing the credits to be transferred to a third party, creating a new pool of potential capital from corporations looking to offset tax bills. The project developer can either sell the credits themselves, or the tax equity partner — in this case JPMorgan — can decide to sell the credits to another party.
Prior to the IRA, the tax equity market was between $18 billion and $20 billion per year, according to the American Council on Renewable Energy. That’s “[s]till far short of what is needed in the post-IRA clean energy investment landscape,” the investment bank Evercore ISI noted. The bank estimates the potential market for tax credit transfers hitting $47 billion in 2024, and rising to more than $100 billion annually by 2030.
Aerial view of Eleven Mile Solar in Coolidge, Az.
Photo: Van Applegate
“This is the first time we’ve been able to do something like this…and it really opens the doors for a lot more corporates and companies with tax liability in the United States to come in and help support clean energy projects,” Melissa Peterson, head of onshore and origination at Orsted, told CNBC. “It’s really a unique structure that we hope to replicate over and over again.”
Construction at the $1 billion Eleven Mile Solar site began in January 2023 and, once operational later this year, it will be able to power roughly 65,000 homes. Two-thirds of the power will be used for a new Meta Platforms data center under construction nearby. Orsted is selling the power to Salt River Project — the local utility — who’s then selling it to Meta.
Boston Consulting Group estimates that between 2022 and 2030 data center electricity consumption will more than triple, requiring the same amount of power as 40 million households by the end of the decade. This comes on top of load growth from increased use of electricity, meaning U.S. power demand is now growing significantly for the first time in decades.
“We’ve been working in the United States for over 10 years, and this is probably the best time as a renewable energy developer to be working here in the U.S.,” said Orsted’s Peterson. “We see tons of opportunity with the increasing demand we’re seeing from reshoring manufacturing, big tech companies, paired with things like the Inflation Reduction Act, paired with lots of corporates who have ambitious climate targets.”
“We really see this as the pinnacle of opportunity for us,” she added.
– CNBC’s Harriet Taylor and Van Applegate contributed reporting.
Stellantis is recalling over 375,000 Jeep Wrangler and Grand Cherokee 4xe plug-in hybrids, telling owners to avoid charging and park away from any buildings due to a potential fire risk.
Stellantis recalls Jeep Wrangler, Grand Cherokee PHEVs
After an internal investigation found 19 reports of fires, Stellantis said it was recalling about 320,065 Jeep plug-in hybrid SUVs in the US.
The recall affects certain model-year 2020-2025 Jeep Wrangler 4xe and 2022-2026 Jeep Grand Cherokee 4xe models.
Stellantis is recalling another 20,753 Jeep PHEVs in Canada, 2,653 in Mexico, and 32,238 in markets outside of North America.
Until the remedy is available, the company is urging owners to refrain from charging and to park away from buildings or other vehicles. The risk of a fire is less when the battery is drained, the company said.
The batteries were produced by Samsung SDI, the same defect that led to the recall of 154,000 Jeep plug-in hybrids in 2024. Vehicles included in that recall will still need the new remedy.
According to Stellantis, nine of the reported fires were from Jeep Wranglers and Grand Cherokees included in the 2024 recall.
Stellantis said a remedy “is imminent,” and affected drivers will be notified when they can schedule a service appointment.
Until then, owners can call customer care at 1-800-853-1403 with questions or concerns. You can also visit recalls.mopar.com for more information.
The recall comes after Stellantis issued one for nearly 25,000 Jeep Wrangler PHEVs less than two weeks ago due to a software glitch that left drivers stranded with bricked vehicles. Some had to be towed to dealers.
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Zero Motorcycles, long known for its powerful electric motorcycles, is diving deeper into the world of urban mobility with the launch of the all-new LS1 electric scooter. Unveiled today at EICMA 2025 in Milan, the LS1 is designed to expand Zero’s reach beyond motorcycles and into the increasingly important city commuter segment.
The LS1 marks a key milestone in Zero’s “All-Access” initiative, aimed at making electric two-wheelers available to a broader range of riders. Compact, lightweight, and built for life in dense city environments, the LS1 brings Zero’s signature electric performance into a much more approachable and user-friendly package.
Powered by a mid-mounted motor and fueled by two swappable floorboard-mounted batteries, the LS1 offers up to 115 km (71 miles) of range in standard configuration. Riders looking to go further can add an optional third battery, stored under the seat, to extend range to 170 km (106 miles).
With a top speed of 100 km/h (62 mph), ABS, traction control, and a low seat height, the LS1 seems to offer the kind of versatility and rider confidence needed for navigating tight European streets.
For charging, the removable batteries can be topped up indoors using the included 800W charger (0–95% in 4.5 hours or 20–80% in 3 hours), or more quickly with an optional 1,500W fast charger that cuts those times nearly in half. That ease of off-board charging, combined with under-seat storage big enough for a helmet or groceries, seeks to make the LS1 a practical daily driver for urban riders and apartment dwellers.
Built as part of Zero’s expanding partnership with Zongshen, which also saw Zero roll out two trail-oriented e-motos, the LS1 seems to offer a nice balance between Zero’s design and more affordable Chinese production. And with a projected price of roughly €5,200 depending on the country/market, it seems reasonably priced to sell.
“The LS1 is designed for the people we see every day in cities like Paris, Milan, or Barcelona,” said Zero CEO Pierre-Martin Bos. “It’s simple, stylish, and makes electric riding accessible to a whole new group of riders.”
Bos recently replaced Sam Paschal as Zero’s new CEO, part of significant shifts lately at Zero that saw the company move its base of operations out of the US and reduce its workforce. A representative of Zero at the EICMA booth also explained that Zero’s former CTO Abe Askenazi is also no longer with the company.
Electrek’s Take
This is an interesting move by Zero, and probably a smart one. Flagship electric motorcycles may feature impressive performance, but they aren’t bringing in big profits right now. Smaller, modest e-motos that fit into more lifestyles are where the volume is at right now.
The LS1 brings the brand’s premium engineering and EV know-how to a format that more riders actually want, and can use every day. It’s lightweight, nimble, and doesn’t try to be a motorcycle in disguise. For city riders who’ve wanted a legit, high-quality electric scooter from a trusted brand, this could be an answer.
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After teasing another new vehicle, Toyota said “a major unveiling” is set for next week. Is this Toyota’s electric truck?
What new vehicle is Toyota teasing now?
After stealing the spotlight at the Japan Mobility Show last week with the Corolla Concept, Land Cruiser FJ, and ultra-luxe Century brand, Toyota is at it again.
Toyota is teasing another new vehicle ahead of what it’s calling a “major unveiling” set for next week. “Get ready to embark on a new journey together,” the company said.
The image appears to be of the new Hilux, Toyota’s compact midsize Hilux pickup truck. The Hilux is the best-selling pickup outside of North America, going head-to-head with the Ford Ranger and other smaller trucks. It’s even Toyota’s most popular vehicle in some markets across Southeast Asia and Africa.
Currently in its eighth generation, Toyota’s pickup is due for an overhaul. Toyota teased the new vehicle, revealing slim LED headlights and a rugged front-end design.
A video from Toyota Thailand offers a better look at the pickup from the back and side. The rear features redesigned taillights similar to those on the front end. You can also see it’s a four-door pickup, or Double Cab.
Toyota said the major unveiling is set for November 10. We have yet to learn the prices or any powertrain specs (or even officially what vehicle it is), but it could arrive with a battery-electric (BEV) powertrain.
According to Drive, Toyota’s plans to release an electric Hilux pickup leaked during the Tokyo Motor Show. A slide shown to Malaysian media was leaked on Instagram, revealing two pickups, one clearly marked as a BEV. The other vehicles included the new bZ4X, Land Cruiser FJ, and Yaris Ativ.
The leaked image comes after Toyota Thailand president Noriaki Kamashita told reporters during last year’s Bangkok International Motor Show that the Hilux EV would launch by the end of 2025.
Although an electric variant is a possibility, the Hilux is expected to continue to be offered with its current mild-hybrid 2.8-liter turbo diesel engine.
We will learn more next week. Check back on November 10 for the full details.
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