Norway’s Prime Minister Jonas Gahr Store gives a speech during the Autumn 2024 conference of Equinor, a Norwegian multinational energy company, in Oslo, Norway on November 26, 2024.
Thomas Fure | Afp | Getty Images
Norway has shelved plans to open a vast ocean area at the bottom of the Arctic for commercial-scale deep-sea mining.
The decision, which was confirmed late Sunday, comes after the country’s Socialist Left Party said it would not support the minority government’s budget unless it dropped the first licensing round for mineral activities, initially scheduled for the first half of next year.
Environmental campaigners welcomed the agreement as a “huge win” and “a monumental victory for the ocean.”
Norwegian Prime Minister Jonas Gahr Støre described the move as a “postponement,” Reuters reported Sunday, citing comments delivered to private broadcaster TV2.
Støre leads Norway’s center-left Labor Party, which is the senior party in a minority government coalition with the Center Party.
“Our policy is unchanged. The budget agreement is a political compromise that does not affect the legal foundation or strategy for seabed minerals,” Astrid Bergmål, state secretary at Norway’s energy ministry, told CNBC via email.
“The agreement means that the first licensing round can be announced in the next parliamentary term. Until then, we will use that time to continue research and finalize regulations,” Bergmål said.
The planned licensing round only applies to exploration activities, Bergmål added, noting that “it must be shown that the proposed exploitation can take place in a sustainable and responsible manner” before any such work can begin.
Norway has controversially taken a leading role in the process of extracting minerals from the seabed, putting the country at odds with the likes of Germany, Britain, Canada and Mexico, which have all called for a halt to deep-sea mining amid environmental concerns.
The practice of deep-sea mining involves using heavy machinery to remove minerals and metals — such as cobalt, nickel, copper and manganese — from the seabed, where they build up as potato-sized nodules.
The end-use of these minerals are wide-ranging and include electric vehicle batteries, wind turbines and solar panels.
Scientists have warned that the full environmental impacts of deep-sea mining are hard to predict.
Environmental campaign groups, meanwhile, say the practice cannot be done sustainably and will inevitably lead to ecosystem destruction and species extinction.
Two posters on the wall asking to “stop sea mining” exploration of the deep sea during day two of Glastonbury Festival 2024 at Worthy Farm, Pilton on June 27, 2024 in Glastonbury, England.
Luke Brennan | Redferns | Getty Images
In a parliamentary vote in January, Norwegian lawmakers voted to open an expansive area of the Arctic — equivalent to the size of Italy — for the exploration of deep-sea mining. It paved the way for companies to apply to mine in the country’s national waters near the Svalbard archipelago.
Norway’s government said in June that it would start the first licensing round, with the aim of granting the first exploitation licenses early next year.
Sunday’s postponement, however, means government parties have agreed to stop the first licensing round from taking place until the end of next year. Norway is scheduled to hold parliamentary elections in September 2025.
‘Truly embarrassing’
Norway’s government has previously defended its plans to move forward with deep-sea mining, saying it reflects a necessary step into the unknown that could help to break China and Russia’s rare earths dominance.
“Any government that is committed to sustainable ocean management cannot support deep sea mining,” Haldis Tjeldflaat Helle, deep-sea mining campaigner at Greenpeace Nordic, said in a statement.
“It has been truly embarrassing to watch Norway positioning itself as an ocean leader, while planning to give green light to ocean destruction in its own waters,” Helle said.
Several well-known players in the US electric bicycle market have recently joined forces in creative ways. Electric Bike Company, known for its local manufacturing in Southern California, has just announced a major merger with Integral Electrics, an e-bike brand uniquely designing electric bicycles for women and other short statured riders.
Both Electric Bike Company and Integral Electrics have carved out interesting niches in the industry. EBC has become famous for its extremely customizable electric bicycles. Riders can choose everything from the specific paint color to the combination of components and even the material choices – locally manufactured wooden fenders, anyone?
With multiple assembly locations across Newport Beach in Southern California, the local production has allowed EBC to respond quickly to one-of-a-kind builds that are designed by customers on its website or in any of hundreds of dealer locations around the US. The extreme customization has lent itself well to a market where customers often want to create unique bikes that show off personality and character.
Integral Electrics has also found itself an underrepresented market, but this time with a focus on female riders. The brand focuses on making cycling more accessible, regardless of a rider’s gender, height, or cycling experience. The company’s e-bikes are built to fit a wider range of riders, carry multiple children, and make cycling easier for everyone.
Advertisement – scroll for more content
The company’s founder and CEO Laura Belmar started Integral Electrics back in 2023 along with co-founder Paul Freedom, relying on her own experience struggling to find a cargo e-bike that she could comfortably ride with her children. A serial entrepreneur with successful ventures already under her belt, Belmar followed her instincts and tapped into that underserved market.
Now Integral Electrics and Electric Bike Company are merging under a single brand, with Integral Electric’s designs joining the EBC family. EBC has several famous models available, but the brand has long skewed more in the direction of cruisers and comfort bikes. The addition of Integral Electric’s cargo bikes and trikes will help further round out the diversity of models offered.
“Integral’s emphasis on female riders and on cargo e-bikes is a welcome addition to the EBC family,” said EBC founder and CEO Sean Lupton-Smith. “We want to stay on the cutting edge of where the e-bike market is headed, and Integral’s innovative approach helps push us forward.”
And with EBC’s local manufacturing, those bikes will be made closer to home than ever. “Building in the USA also has distinct safety advantages,” explained Belmar. “From my first visit to Electric Bike Company’s California factory, I have been indelibly impressed by the emphasis on quality and safety. Shipping bikes fully built and inspected is so much safer for customers. Electric Bike Company has already achieved one of our long-held aspirations. I’m honored to be part of this team.”
In a climate of tariff uncertainty, the ability to build and assemble bikes locally is becoming even more advantageous. “As tariffs, regulation and competition put pressure on the e-bike industry, Sean’s focus on customization and safety at Electric Bike Company was prescient,” added Freeman. “As we look around the industry, it’s clear that he has built a business that is well-positioned to meet this moment.”
As part of the merger, Belmar will assume the role of President and Chief Commercial Officer at EBC, and Integral Electrics’ Advisor Michael Edwards will join the EBC board.
The news of the merger follows quickly behind another major EBC partnership that saw Pedego ink a licensing deal with the brand to leverage EBC’s customization strengths to produce unique customer-designed Pedego e-bikes.
In addition to rolling out EBC’s Design Wall at many of Pedego’s stores, allowing customers to visually construct any e-bike combination right there in real-time on a large touchscreen, the partnership adds Pedego’s 150+ stores to EBC’s 250+ dealer network, giving customers access to one of the most extensive e-bike sales and service networks in the country.
FTC: We use income earning auto affiliate links.More.
A nearly $50,000 electric SUV for just $99 a month? If that sounds too good to be true, it’s because it kind of is. One Honda dealer is promoting a Prologue lease offer for just $99 for 24 months, but you may have a hard time getting your hands on one.
Honda Prologue EV listed for lease at just $99 per month
Honda’s electric SUV is already one of the most popular EVs in the US. In December, it was the third top-selling electric vehicle trailing only the Tesla Model Y and Model 3.
Since the first models hit the streets last March, the Prologue climbed to become the seventh best-selling EV in 2024, beating out Chevy’s new Equinox EV and even the Rivian R1S.
Although Honda, like most, is offering generous discounts to clear inventory, one dealer is taking it to the extreme.
Advertisement – scroll for more content
Buena Park Honda in California is promoting a Honda Prologue lease deal for just $99 for 24 months (plus taxes) with a $3,977 down payment. The crazy low offer is for the 2024 Prologue EX FWD with 10,000 miles a year, but there’s a catch.
Honda Prologue listed for lease at just $99 per month (Source: Buena Park Honda)
For one, there’s only one model listed in its inventory, and it’s the Elite trim, listed at $51,850 (MSRP of $59,350 minus the $7,500 federal EV tax credit). You will also need a trade-in vehicle, including a 2014 or newer Honda or competitor brand.
A salesperson from the dealership told online auto research firm CarsDirect that the EX models are out of stock because they are “really hard to get your hands on.”
2024 Honda Prologue Elite (Source: Honda)
Also, if you factor in the down payment and $595 acquisition fee, the effective cost is $295 per month. That’s only slightly better than the official $239 for a 24-month lease offer Honda is promoting. With just $1,499 due at signing, the effective rate is $301 per month, or just $6 more.
2024 Honda Prologue trim
Starting Price (w/o $1,395 destination fee)
Starting price after tax credit (w/o $1,395 destination fee)
Starting price after tax credit (with $1,395 destination fee)
EPA Range (miles)
EX (FWD)
$47,400
$39,900
$41,295
296
EX (AWD)
$50,400
$42,900
$44,295
281
Touring (FWD)
$51.700
$44,200
$45,595
296
Touring (AWD)
$54,700
$47,200
$48,595
281
Elite (AWD)
$57,900
$50,400
$51,795
273
2024 Honda Prologue prices and range by trim
Although this is offered in California and other CARB emissions states, the Prologue is on sale in different regions for just $209 for 24 months. With $2,699 due at signing, the effective rate is still just $321 per month.
Honda says the Prologue “delivers the same level of quality, reliability, and performance” you expect from the brand.
Based on GM’s Ultium platform, the electric SUV has an EPA-estimated range of up to 296 miles. Although it shares GM’s tech, Honda fine-tuned the Prologue with an added multi-link front and rear suspension to give it a more “sporty” drive.
The Prologue has more interior space, with 111.7 cu ft of passenger volume, than the Honda CR-V (106 cu ft). It also features an 11.3″ touch-screen infotainment system with built-in Google, Apple CarPlay, and Android Auto support, something GM has moved away from.
Comments