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Baker Hughes CEO on opportunities in AI, new power demand

U.S. crude oil rose nearly 1% on Thursday, one day after the Federal Reserve slashed interest rates for the first time in more than four years and as tensions in the Middle East continued to escalate.

The Fed surprised the market on Wednesday with a bigger-than-expected cut of a half percentage point. Oil prices, however, closed slightly lower as rate cuts had largely already been priced in.

Here are Thursday’s energy prices:

  • West Texas Intermediate October contract: $71.54 per barrel, up 63 cents, or about 0.9%. Year to date, U.S. crude oil is little changed.
  • Brent November contract: $74.37 per barrel, up 72 cents, or about 1%. Year to date, the global benchmark is down 3.5%.
  • RBOB Gasoline October contract:  $2.035 per gallon, up about 1.2%. Year to date, gasoline is down roughly 3%.
  • Natural Gas October contract: $2.261 per thousand cubic feet, down 1%. Year to date, gas is down nearly 10%.

Crude futures are on the rebound again as tensions soar between Israel and the Iranian-backed militia group Hezbollah in Lebanon. Prices are also finding support after U.S. oil stockpiles fell by 1.6 million barrels last week.

Pagers and walkie-talkies used by Hezbollah exploded this week, killing dozens and wounding thousands across Lebanon. U.S. officials told NBC News that Israel was behind the pager attack.

Israeli Defense Minister Yoav Gallant said Wednesday that his country’s focus is shifting from Gaza to the northern border with Lebanon, where some 60,000 Israelis have been evacuated, as a “new phase” of the war begins.

Oil market analysts have warned for months that an all-out war between Israel and Hezbollah, which until now have traded rocket fire, could force OPEC member Iran to directly intervene, raising the risk of disruptions to Middle East crude oil supplies.

Don’t miss these energy insights from CNBC PRO:

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BMW of North America partners with Redwood Materials to handle its EV battery recycling

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BMW of North America partners with Redwood Materials to handle its EV battery recycling

Battery recycling specialist Redwood Materials has just gained another major automaker as a client, signing a partnership with BMW of North America. Redwood will help recover and recycle end of life lithium-ion cells and their rare materials from BMW Group marques like MINI and Rolls-Royce.

Today’s latest partnership announcement only helps solidify Redwood Materials’ current status as the industry leader in battery recycling. The company, founded in 2017 by Tesla co-founder and former CTO JB Straubel, has found quick success in creating a more circular economy around lithium-ion batteries and their precious materials, such as cobalt, copper, lithium, and nickel.

In the past few years especially, Redwood has earned the business of several major OEMs, including Ford, Volkswagen Group, and Volvo. In turn, Redwood has recycled those brand’s batteries and resold their materials and components to companies like Panasonic and Toyota for a new life in EVs.

The company is quite good at what it does, too. In 2023, it was touting 95% efficiency in a battery recycling pilot, which helped it garner huge government loans to build reborn EV batteries and a huge company valuation (over $5 billion as of September 2023).

As Redwood Materials continues to expand its battery recycling operations on two continents, it continues to add clients to its Rolodex, which now includes BMW.

Redwood US
Rendering of Redwood’s upcoming battery campus in Charleston / Source: Redwood Materials

Redwood to offer battery recycling to BMW and MINI in US

BMW of North America shared details of its new partnership with Redwood Materials today, which includes battery recycling of lithium-ion cells from all-electric, plug-in, and mild hybrid vehicles from BMW Group marques in the US, including MINI, Rolls-Royce, and BMW Motorrad.

BMW states that Redwood will now work directly with the automaker’s network of nearly 700 locations across the US, which includes dealerships, distribution centers, and other facilities. The battery recycling specialist will help recover BMW’s end-of-life lithium-ion cells and take them to its facilities in Reno, Nevada, where it can do what it does best – recycle and refine their critical minerals. Redwood’s chief commercial officer, Cal Lankton, spoke about the new partnership with BMW:

The transition to electric mobility presents a tremendous opportunity to rethink how we manage the batteries that power our clean energy future. Our partnership with BMW of North America ensures responsible end-of-life battery management that will improve the environmental footprint of lithium-ion batteries, help decrease cost and, in turn, increase access and adoption of electric vehicles.

As mentioned above, Redwood promises that 95% to 98% of the critical minerals recycled will be returned to the battery supply chain and put into new EV models. Battery recycling is a critical yet nascent industry for EV adoption and sustainability, as the current materials inside EV batteries are nearly infinitely recyclable and are not lost in their lifetime of usage.

Redwood’s recycling processes are also a far better option than anyone else today since they have a significantly smaller environmental impact than conventional mining or other recycling technologies. Redwood states its recycling and refining of said materials reduces energy by 80%, CO2 emissions by 70%, and water by 80%.

As we’ve previously reported, Redwood is in the process of erecting a new battery recycling campus in Charleston, South Carolina, not far from BMW Group’s production plants in Spartanburg and Woodruff.

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Electric flying car maker Alef secures mass manufacturing deal as pre-orders top 3,200

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Electric flying car maker Alef secures mass manufacturing deal as pre-orders top 3,200

Flying cars are no longer just from sci-fi movies. Electric flying car maker Alef Aeronautics is one step closer to launching the new tech after signing a mass manufacturing deal this week for aviation-grade parts.

Although it may sound like something from the Jetsons, Alef has been advancing its flying car technology since 2015.

Alef set out to build an electric car that can actually drive and has vertical takeoff abilities. It also needs to be affordable.

After showing a scaled prototype, the startup attracted Tim Draper, a prominent venture capitalist known for his early Tesla investments. Draper became the lead investor with $3 million in seed funding.

We first saw the flying car, dubbed “Model A,” in October 2022. According to Alef, the Model A can drive up to 200 miles with a 110-mile flight range. It also has a $300,000 price tag.

Alef kicked off pre-orders the same month and had 440 reservations by the end of 2022. Less than a year later, Alef’s electric flying car became the first vehicle of its kind to receive a Special Airworthiness Certification from the US Federal Aviation Administration.

Electric-flying-car-manufacturing
Alef Model A electric flying car parked on the street (Source: Alef)

Alef signs mass electric flying car manufacturing deal

Last summer, Alef announced that pre-orders for its flying car had reached over 2,500. That would amount to $750 million in revenue once delivered. Reservation holders can reserve a spot in the “regular” queue for $150 or “priority” for $1,500.

The company also became the first to secure pre-orders to sell a modern aircraft through a car dealership last year. Alef signed a deal to sell its flying cars through a dealership in California.

Electric-flying-car-manufacturing
CEO Jim Dukhovny introduces the Model A electric flying car at the Detroit Auto Show (Source: Alef)

As it prepares to launch one of, if not the world’s first, 100% electric flying car, Alef hit another milestone this week.

Alef announced it signed a mass manufacturing agreement with PUCARA Aero and MYC for aviation-grade parts for its electric flying car. The companies produce parts for industry leaders, including Boeing and Airbus.

Electric-flying-car-manufacturing
Alef Model A electric flying car top view (Source: Alef)

As pre-orders top 3,200, Alef is now lining up manufacturing agreements to mass-produce its Model A flying car.

Alef’s CEO, Jim Dukhovny, said the company chose PUCARA Aero and MYC “for their impeccable safety record and compliance with major aviation authorities.”

first-flying-electric-car
(Source: Alef Aeronautics)

PUCARA Aero proposed to build a subset of aviation-grade parts specifically for Alef’s vehicle. The parts will be “high grade” and certified by the FAA, EASA, and other aviation authorities.

Alef plans to begin Model A production in Q4 2025, with deliveries starting shortly after. The company is already working on its second vehicle, deemed “Model Z.” According to Alef, the four-door electric flying car is expected to launch in 2035 and start at just $35,000.

You can pre-order your electric flying car or learn more about the company and its tech on Alef’s website.

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Latest Android Auto update adds support for EVs that use Tesla’s NACS charger

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Latest Android Auto update adds support for EVs that use Tesla's NACS charger

Google is rolling out an update for Android Auto that adds improved support for electric vehicles that use the NACS charging standard found at Tesla charging stations.

About a year ago, Android Auto added new settings that allow Google Maps to tailor the experience to electric vehicles using specific types of chargers. At launch, this new “Electric vehicle settings” menu supported J1772, CCS (Combo 1 and 2), Type 2, and CHAdeMO, but lacked the NACS standard that was expanding at the time.

Now, a new update is finally adding that support.

Android Auto 12.9.143804 is currently rolling out in beta with support for the NACS charger in EVs that are “non-Tesla,” as Tesla vehicles do not support Android Auto (at least not without a workaround).

With this added support, users can toggle on that their vehicle uses an NACS charger and more easily find charging stations through Google Maps. EVs using Android Automotive won’t be directly affected here, as charging settings are separate on that platform versus the phone-based Android Auto experience.

Just this week, GM approved an NACS adapter for its electric vehicles. This is one example where Google’s implementation of charging options on Android Auto is useful, as drivers can select both NACS, which they can use with the new adapter, as well as the CCS plug built into the vehicle.

Google is rolling out this latest Android Auto update now through the Play Store’s beta track, but it should expand to add users within the next couple of weeks.

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