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Employee holding up yellowcake at a uranium processing facility at Turamidih Uranium Mill in India.

Pallava Bagla | Corbis News | Getty Images

The uranium renaissance has a slight hitch: the world’s largest producer of the yellowcake is staring at a production snag over the next two years.

And that’s about to send uranium prices, already at 16-year highs, on another rally.

Kazakh mining company Kazatomprom recently cautioned that it is likely to fall short of production targets through 2025 due to construction delays and “challenges related to the availability of sulfuric acid.” Sulfuric acid is critical in the extraction process as it is used to leach and recover uranium from raw ore.

Kazatomprom is the world’s leading uranium miner, accounting for over one-fifth of the world’s production. Kazakhstan also produces 43% of the world’s uranium supply, the largest slice of the global market for the heavy metal. Kazatomprom’s announcement comes as other major producers struggle. Canada-based Cameco has flagged lower production, while France-owned Orano has shut its Niger operation.

We’re in the middle of the biggest reactor build program in decades.

Guy Keller

portfolio manager at Tribeca

“We’re coming from a decade of under supply,” said Guy Keller, portfolio manager at investment and advisory firm Tribeca. He added that the deficit will continue as “we’re in the middle of the biggest reactor build program in decades.”

Uranium is a key material in nuclear power production and demand has soared as governments try to shift away from carbon-emitting fuels and reduce their reliance on Russian oil and gas.

Around 60 nuclear power reactors are under construction in 17 countries and another 110 are in the planning stages. Most projects underway are in Asia, particularly China.

At the COP28 climate change conference, more than 60 countries backed a plan to triple global renewable energy capacity by 2030, bringing nuclear energy back into the spotlight as an alternative power source.

That’s pushed prices higher, with uranium surging to a 16-year high, according to data provided by UxC. Uranium was recently trading around $106 per pound and analysts expect prices to continue to rally.

Citibank expects uranium prices to average $110 per pound in 2025.

“The main fundamental drivers of the bull market have been the closure of mines due to years of overproduction and low prices,” the bank wrote in a report published Monday.

Jefferies is also bullish on the metal.

“With short-term dynamics remaining supportive, prices seem on course to exceed the June 2007 all-time highs of US $136/lb,” the brokerage wrote in a research note.

Geopolitical supply concerns

Cooling towers at a nuclear power plant in Slovakia.

Janos Kummer | Getty Images News | Getty Images

“This confluence of factors is setting up an even larger projected supply deficit in the coming years and potential disruptions to the nuclear fuel supply chain,” Ciampaglia told CNBC in an email.

As a result, countries that rely heavily on nuclear power may need to diversify.

France, which derives up to 70% of its electricity from nuclear energy and is the most dependent, has not received new uranium shipments from Niger since a coup last year. Uranium exports out of Niger, the world’s seventh largest producer of the metal, have effectively stopped since a military coup in July.

“If the situation is not resolved, France will have to find alternative supply sources,” Ciampaglia added. French President Emmanuel Macron has recently made trips to uranium powerhouses Kazakhstan, Mongolia and Uzbekistan in search of new supply partnerships.

Still, consumers are unlikely to feel the effect of these disruptions just yet.

“Most utilities contract for fuel under long-term contracts, so they are unlikely to experience instant sticker shock from current higher prices,” said Jonathan Hinze, President of UxC, adding that he does not see “a hugely detrimental effect on electric utilities and power prices.”

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The Eastern US’s first CFI-funded EV charging hub comes online

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The Eastern US's first CFI-funded EV charging hub comes online

The first EV charging hub funded by the Charging and Fueling Infrastructure (CFI) Program in the Eastern US is now online in Deerfield, Massachusetts.

The town installed the region’s first DC fast chargers (four ports), along with four Level 2 chargers, at 59 North Main Street in South Deerfield.

These new charging stations, funded with $2.46 million from the CFI program, are conveniently located near Interstate 91 in Franklin County, the most rural county in Massachusetts, which serves drivers from Connecticut up to the Canadian border.

The hub also features local and regional bus stops and designated bike lanes with secure onsite bike racks. The chargers are meant to cater to everyone: from local residents and visitors to municipal EVs and commercial vehicles that service the region’s businesses, like those in food and beverage manufacturing.

Gabe Klein, executive director of the Joint Office of Energy and Transportation, sees this as a model for future projects:

Multi-modal charging hubs in communities are key to giving more people the choice to ride and drive electric. The Town of Deerfield is showing leadership in building out convenient charging infrastructure that brings new transportation choices to rural and disadvantaged communities while supporting local commerce.

In recent years, Deerfield has experienced increased climate change-driven flooding from nearby rivers, including the Deerfield River, the Connecticut River, and the Bloody Brook. The project incorporates environmental engineering designed to mitigate and adapt to the effects of flooding and climate, including the installation of permeable asphalt and rain gardens, planting of native trees, grasses, and shrubs, and the creation of new greenspace in the center of Deerfield.

The Biden-Harris administration’s CFI Grant Program is expanding EV infrastructure nationwide. It offers grants for projects that complement and expand upon the initiatives of the NEVI program in urban, rural, and disadvantaged and low-income communities. So far, the CFI Grant Program has allocated over $1 billion to nearly 100 projects across the US, encouraging private investments and expanding the EV charging network to make EV ownership more practical and convenient.

Read more: The US reaches milestone of 200,000+ public EV charging ports


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Kia’s new low-cost EV4 was just spotted in the US for the first time

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Kia's new low-cost EV4 was just spotted in the US for the first time

Kia’s upcoming EV4 electric sedan was just spotted testing in the US for the first time. The low-cost EV is expected to make its big debut by the end of the year. Here’s a look at the new model.

The EV4 will round out Kia’s new “EVs for all” master plan launched last year. Kia showcased three new models, the EV3, EV4, and EV5, during its first annual EV Day in October 2023.

During the event, Kia outlined its new global strategy to “lead and accelerate the EV revolution” with a wide range of models priced from $30,000 to $80,000.

Kia plans to rapidly expand its lineup with a series of smaller, lower-priced models. It launched the EV9, its first three-row electric SUV, which is already proving to be a hot seller in the US. Starting at under $55,000, the EV9 is still a great deal compared to others in its class, but Kia plans to go even lower.

The EV3 and EV4 are expected to be among the most affordable electric vehicles when they arrive in the US.

Kia's-EV4-US
Kia EV4 (back) showcased alongside (from left to right) the EV9, EV3, EV5, EV4, and EV6 (Source: Kia)

Kia’s new EV4 is now testing in the US

Ahead of its official debut, Kia’s new EV4 sedan was recently caught driving on US streets for the first time.

The latest image from KindelAuto doesn’t reveal much more than what’s been shown in the past, but the fact that it’s now testing in the US is significant.

Kia EV4 caught on US streets for the first time (Source: KindelAuto)

Kia’s EV3 is already on sale in Korea, starting at around $30,000 (42.08 million won). Earlier this week, the company said its new compact SUV is now available across Europe, starting at around $38,000 (36,000 euros) with a “segment-leading range” of up to 375 miles (WLTP).

Next up will be the EV4. Kia is expected to officially reveal the new EV by the end of the year, with deliveries starting in 2025. It could be as soon as next week at the 2024 LA Auto Show.

Kia's-EV4-US
Kia EV4 concept (Source: Kia)

The interior will feature Kia’s advanced new ccNC infotainment system with dual 12.3″ navigation and driver display screens. An otherwise minalimalistic design is expected inside.

Kia’s EV4 will also be available in a hatchback variant. Although the hatch is likely aimed at European buyers, it was also recently spotted testing in the US for the first time.

Kia's-EV4-US
Kia EV4 concept interior (Source: Kia)

We will learn official prices closer to launch, but the EV4 is expected to start at around $35,000 to $40,000.

Kia is teasing five new vehicles for the US, at least one being a new EV, that will debut at the LA Auto Show next week. Will it be the EV3? EV4?

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Nissan unveils sleek new N7 electric sedan to reverse slumping sales in China

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Nissan unveils sleek new N7 electric sedan to reverse slumping sales in China

Nissan introduced its newest EV, a sleek all-electric sedan, at the Guangzhou Auto Show this week. The N7 is the first Nissan electric vehicle under its new strategy to spark life back into the brand in China.

Nissan hopes new N7 EV can compete in China

Like most foreign automakers, Nissan is struggling to stay afloat in China as homegrown automakers, like BYD, take control of the market.

Nissan hopes to turn things around after Dongfeng Nissan, its Chinese JV, unveiled the new N7 EV sedan at the Guangzhou Auto Show on Wednesday. The N7 is the first next-gen Nissan EV aimed at China as it looks to regain ground in the world’s largest electric car market.

Nissan claims the new model will “redefine the new benchmark for China’s mainstream family pure electric sedans.” It will be the first model built on Dongfeng Nissan’s new dedicated EV platform.

The company promises the new platform offers “a stress-free driving experience, superior comfort, and a suite of intelligent technology.”

At 4,930 mm long, 1,895 mm wide, 1,487 mm tall, with a wheelbase of 2,915 mm, the N7 is slightly longer than the Tesla Model 3 (4,720 mm long, 1848 mm wide, 1,442 mm tall, 2,875 mm wheelbase).

Nissan-N7-EV
Nissan N7 electric sedan (Source: Dongfeng Nissan)

You can see Nissan’s signature V-Motion design in the headlights and front bumpers. Inside, the N7’s infotainment system is powered by a Qualcomm Snapdragon 8295p processor for a faster, seamlessly connected system.

Nissan also partnered with smart driving tech leader Momenta to offer an advanced driver-assist system called “Navigate on Autopilot.” The N7 will be equipped with high-speed navigation NOA, city memory navigation NOA, and full-scenario intelligent parking.

The new N7 EV is set to go on sale in China in the first half of 2025 as Nissan aims to regain relevancy. Nissan’s sales in China fell 5.4% through the first nine months of 2024 after crashing 33% in 2023.

Will the N7 help Nissan reignite the brand in China, or will it continue losing ground to domestic auto brands like BYD and NIO? Let us know what you think of the electric sedan in the comments below.

Nissan isn’t the only legacy automaker developing specific EVs for China. Hyundai is launching a new AI-powered EV in China next year as it looks to counter China’s surge.

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