Connect with us

Published

on

A man dressed in a thawb walks past Dassault Falcon executive jets, Dubai, United Arab Emirates

Leonid Faerberg | Sopa Images | Lightrocket | Getty Images

The organizers of the Investopia x Salt conference in Abu Dhabi — the brainchild of American financier and one-time White House press secretary Anthony Scaramucci and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum — expected to see 1,000 guests over its two-day event in early March. Instead, it got 2,500. 

“We’re a little overwhelmed, but it’s a great sign,” one of the organizers told CNBC. Some others were annoyed. “It’s too many people. Everyone is coming to the Gulf now begging for money. It’s embarrassing,” one Dubai-based fund manager said. Both sources declined to be named due to professional restrictions. 

related investing news

Merrill financial advisor survey shows they love cash and bonds, but hate stocks

CNBC Pro

That oil-rich Gulf states have a lot of money to spend isn’t new. The region’s 10 largest sovereign wealth funds combined manage nearly $4 trillion, according to the Sovereign Wealth Fund Institute. That’s more than the gross domestic product of France or the U.K. — and it doesn’t include private money.

But the influx of foreign institutional investors — and visible interest from venture capitalists and startup founders in advanced sectors like fintech, digital transformation and renewable energy technology — shows a level of sophistication that’s being noticed now more than ever, industry players say.

“Investment used to only flow from the Gulf outward. Now it’s going both ways; institutional investors are coming and investing here,” Marc Nassim, managing director at Dubai-based investment bank Awad Capital, told CNBC.    

The regional investors, especially the sovereign funds but also the families, are now much more sophisticated than before.

Marc Nassim

Managing director, Awad Capital

“The Middle East feels more stable than Europe does right now,” Stephen Heller, founding partner at Germany-based AlphaQ Venture Capital, told CNBC. “Europe’s security issues, economic inequality are getting worse … meanwhile, the Gulf has its s— together.” Heller’s fund of funds, which invests in megatrends like climate technology, infrastructure, health and fintech, recently opened its first Middle Eastern office in Abu Dhabi.

“There’s an entrepreneurial energy in the UAE and Saudi Arabia today,” Heller said. “I see the potential because you have technically infinite capital, and if you have entrepreneurs coming here, you can have huge outcomes.”

Follow the capital

As oil prices made a roaring comeback in the last two years, the Gulf’s public wealth funds went on a spending spree. The top five regional funds in terms of spending in the last year — Abu Dhabi’s ADIA, ADQ and Mubadala, Saudi Arabia’s PIF and Qatar’s QIA — deployed a combined total of more than $73 billion in 2022 alone, according to sovereign wealth fund tracker Global SWF. 

Abu Dhabi city skyline, United Arab Emirates.

kasto80 | iStock | Getty Images

Meanwhile, the value of sovereign wealth funds’ assets globally dropped from $11.5 trillion to $10.6 trillion between 2021 and 2022, Global SWF reported, and those held by public pension funds also dropped amid a dramatic downturn in stock and bond markets.

“Five out of the ten most active investors hail from the Middle East,” and ADIA is currently the “world’s largest allocator to hedge funds,” Global SWF’s 2023 report wrote. It added that GCC sovereign wealth funds “played an important role in 2020 during the Covid-19 pandemic and now again in 2022 during times of financial distress.” 

So it’s an understatement to say that foreign demand is high. “A lot of places in the world are low on capital – Western institutional funds are kind of hamstrung. And this region has a lot of capital. Our phones are ringing off the hook,” one manager from a UAE investment fund said, declining to be named due to professional restrictions. 

No longer ‘dumb money’

But while many overseas companies have long seen the Gulf as a source of “dumb money,” some local investment managers said – referring to the stereotype of oil-rich sheikhdoms throwing cash at whoever wants it – investment from the region has become much more sophisticated, employing deeper due diligence and being more selective than in past years.

“The regional investors, especially the sovereign funds but also the families, are now much more sophisticated than before,” Awad Capital’s Nassim said. “They are much more diligent than before in terms of who they write the check to.” 

“Before it was much easier to come and say, ‘I’m a fund manager from San Francisco, please give me a couple million’. Now, not only are they more sophisticated but there are far more funds from all over the world – the U.S., Latin America, from Europe, Southeast Asia – coming here to raise capital. I think that a very small minority of them will be able to take money from the region – they are much more selective than before.”

A screen broadcasts Khaldoon Al Mubarak, chief executive officer of Mubadala Investment Co., during a session at the Future Investment Initiative (FII) conference in Riyadh, Saudi Arabia, on Tuesday, Oct. 25, 2022.

Tasneem Alsultan | Bloomberg | Getty Images

In the UAE in particular, liberalizing reforms, a much-praised handling of the Covid-19 pandemic and a willingness to do business with anyone — including countries like Israel and Russia – have enhanced its image to foreign investors. In Saudi Arabia, financiers are attracted to historic reforms and a massive growth market of nearly 40 million people, some 70% of whom are below the age of 34. 

The money from the GCC funds still overwhelmingly goes to developed markets, in particular the U.S. and Europe. Priority sectors include energy, renewables, climate technology, biotech, agri-tech and digital transformation, fund managers say. 

Like any commodity-related economic boom, however, fortunes are subject to change – it was not so long ago that the pandemic pushed oil prices to multi-decade lows, forcing Gulf governments to reign in spending and introduce new taxes. Saudi Arabia and the UAE in particular are investing heavily in diversification, with a view to the long term. 

“The music would stop if [the price of] oil goes down in a way that some SWFs are forced to use their reserves to help governments shore up their fiscal positions – very unlikely – or geopolitical risk” such as war or uprisings, Nassim said.

“If oil goes down, the surplus generated and which is usually allocated to the SWFs would obviously reduce, and that would force them to reduce their investments and limit them to assets that generate higher returns,” he added, though noted that not all SWFs have the same mandate when it comes to investment strategy.

For those companies seeking investment from the deep pockets of the Middle East, they are wise to do so while the music is playing.

Continue Reading

Environment

Trek breaks new ground with its first throttle-equipped electric bike

Published

on

By

Trek breaks new ground with its first throttle-equipped electric bike

In a significant move that marks a departure from its traditional e-bike offerings, Trek has introduced the FX+ 1, its first-ever electric bike equipped with a throttle. This launch responds to growing consumer demand for more versatile and accessible e-biking options, particularly in the North American market.

The FX+ 1 is a hybrid e-bike designed for urban commuting, recreational riding, and light off-road adventures. At its core is a 500W Hyena rear hub motor delivering 60 Nm of torque, providing enough power for various terrain riding, though it might not be able to hang with the wide range of 750W e-bikes cruising US streets. The motor is paired with a UL-certified 540 Wh battery integrated into the downtube, offering a range of up to 50 miles on a single charge. 

The top speed can be user-adjusted to either 20 mph or 28 mph (32 km/h or 45 km/h), providing performance that matches the maximum limit for Class 2 and Class 3 e-bikes in the US, respectively.

Riders can choose between two versions: the standard FX+ 1, a Class 2 e-bike with pedal assist and throttle support up to 20mph, and the FX+ 1S, a Class 3 variant that extends pedal-assisted speeds up to 28mph while maintaining the same throttle limit. 

Advertisement – scroll for more content

The FX+ 1 boasts a lightweight aluminum frame available in both mid-step and high-step configurations, accommodating riders from 5’1” to 6’6”. It rolls on 27.5-inch wheels fitted with 50mm Bontrager GR0 gravel tires, balancing efficiency on pavement with comfort on rougher paths. 

The bike includes with integrated front and rear lights, with brake light and turn signal functions as well. Trek even says that once the battery is depleted to 0%, there’s still enough juice left in it to run the bike’s lights for another three hours.

The bike also features an 8-speed Shimano ESSA drivetrain, hydraulic disc brakes with 180mm rotors, and mounts for racks and fenders, improving its utility for daily commutes and errands. 

Charging is streamlined through Trek’s new EasyMag magnetic charger, which fully charges the battery in approximately 5.5 hours. The system includes a wall-mountable unit with easy-to-see LED indicators, simplifying the charging process.  

Historically, Trek has focused on pedal-assist e-bikes, emphasizing a natural riding experience shying away from throttles that allow riders to power the bike’s motor without any pedaling input. The introduction of a throttle-equipped model signifies a strategic pivot to meet the preferences of many North American e-bike consumers who have long shown a buying preference for e-bikes with throttles..

Taylor Cook, marketing manager for Trek Canada, explained the rationale: “There are a lot of bikes out there calling themselves e-bikes that aren’t really made to be pedaled. This isn’t that. It’s still a Trek bike, built to be ridden, just with an extra bit of help when you need it.” 

By entering the throttle e-bike segment, Trek positions itself head-to-head against newer brands that have capitalized on this market niche. The FX+ 1’s combination of reputable build quality, thoughtful design, and relative affordability (for a Trek) at $1,999 makes it a compelling option for a broad range of riders.

Electrek’s Take

The FX+ 1 is certainly an interesting expansion of Trek’s e-bike portfolio, and I think fans will be happy to see the company blending traditional cycling performance with modern electric bike throttles. Its introduction shows that the company is well aware of how many US riders prefer to have a throttle on their e-bike, and has made moves to meet that need.

The fact that Trek’s sister company Electra began including throttles two years ago was likely a great way for Trek to get its feet wet in the throttle game. The company no doubt saw the increase of riders that were flocking to Electra’s throttle-equipped electric bikes and wanted to get a piece of that pie as well.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Opinion: it’s time to start recommending some Tesla alternatives [update]

Published

on

By

Opinion: it's time to start recommending some Tesla alternatives [update]

For years, Tesla has been the go-to EV recommendation for “normals” looking for a painless, low-effort experience from their first electric cars. In light of questionable recalls and its CEO’s recent involvement in controversial politics, however, people are starting to distance themselves from the trailblazing company.

All that begs the question: what should we recommend to EV noobs now?

UPDATE: you guys had some great suggestions in the comments. I’ve included a few of them in the article, below. Enjoy!


Despite early quality issues and ongoing service headaches, the groundbreaking S3XY lineup of EVs have always had a secret weapon in the form of the Tesla Supercharger network.

Advertisement – scroll for more content

That network of dependable high-speed chargers, paired with solid app integration that makes it easy for Tesla drivers to find available chargers just about anywhere in the US, gave the brand a leg up – but no more. By opening up the Supercharger network to brands like Ford, Hyundai, Kia, and others, Tesla has given away its biggest competitive advantage.

Add in charging and route-planning apps like Chargeway, that make navigating the transition from CCS to NACS easier than ever with its intuitive colors and numbers and easy on/off switch for vehicles equipped with NACS adapters, and it feels like the time is right to start suggesting alternatives to the old EV industry stalwarts. As such, that’s exactly what I’m going to do.

Here, then, are my picks for the best Tesla S3XY (and Cybertruck) alternatives you can buy.

Less Model S, more Lucid Air


Lucid-$20K-EV
Lucid Air sedans; via Lucid.

Developed by OG Tesla Model S engineers with tunes from Annie Get Your Gun playing continuously in their heads, the Lucid Air promises to be the car Tesla should and could have built, if only Elon had listened to the engineers.

With panel fit, material finish, and overall build quality that’s at least as good as anything else in the automotive space, the Lucid Air is a compelling alternative to the Model S at every price level – and I, for one, would take a “too f@#king fast” Lucid Air Sapphire over an “as seen on TV” Model S Plaid any day of the week. And, with Supercharger access reportedly coming later this quarter, Air buyers will have every advantage the Supercharger Network can provide.

HONORABLE MENTIONS

Less Model 3, more Hyundai IONIQ 6


Hyundai-free-charger-EVs-IONIQ-6
2025 Hyundai IONIQ 6 Limited; via Hyundai.

Hyundai has been absolutely killing it these days, with EVs driving record sales and new models earning rave reviews from the automotive press. Even in that company the IONIQ 6 stands out, with up to 338 miles of EPA-rated range and lickety-quick 350 kW charging available to make road tripping easy – especially now that the aerodynamically efficient IONIQ 6 has Supercharger access through a NACS adapter (the 2026 “facelift” models get a NACS port as standard).

The company’s sole electric sedan hasn’t seen the same sales success as IONIQ 5, of course – but that has more to do with America’s insatiable lust for crossovers and SUVs than any shortcoming inherent in the IONIQ 6 itself. All the same, Hyundai is helping dealers clear out its remaining 2024 and ’25 models with 0% financing for up to 48 months through June 2nd.

HONORABLE MENTIONS

COMMENTER FAVORITES

Less Model X, more Volvo EX90


2025 Volvo EX90; via Volvo Cars.

Once upon a time, Mrs. Jo Borrás and I were shopping three-row SUVs and found ourselves genuinely drawn to the then-new Model X. Back then it was the only three-row EV on the market, but it wasn’t Elon’s antics or access to charging, or even the Model X’s premium pricing that squirreled the deal. It was the stupid doors.

We went with the similarly new Volvo XC90 T8 in denim blue, and followed up the big PHEV with a second, three years later, in Osmium Gray. When it’s time to replace this one, you can just about bet your house that the new 510 hp EX90 with 310 miles of all-electric range will be near the top of the shopping list.

HONORABLE MENTIONS

COMMENTER FAVORITES

Less Model Y, more Kia EV6


Kia-EV6-GT-lease
2024 Kia EV6 GT; via Kia.

If half the fun of driving a Model Y is terrifying your passengers with its straight-line speed, then the Kia EV6 has to be a serious contender for a replacement.

The sporty EV6 GT made its global debut by drag racing some of the fastest ICE-powered cars of the day, including a Lamborghini, Mercedes-AMG GT, a Porsche, even a turbocharged Ferrari – and it beat the pants off ’em. Combine supercar-baiting speed with an accessible price tag, NACS accessibility, $10,000 in customer cash on remaining 2024 models ($3,000 on 2025s) and just a hint of Lancia Stratos in the styling, the EV6 is tough to beat.

HONORABLE MENTIONS

COMMENTER FAVORITES

Less Cybertruck, more therapy

Image created by Chat GPT.

It’s not bulletproof, it’s not easy to upfit, it shouldn’t be used for towing, and it won’t win in a straight fight against a vinyl picket fence. By just about every standard “truck” metric, the Tesla Cybertruck falls short against the competition from Chevrolet, Ford, and Rivian. On a more subjective front, the Cybertruck has become a symbol for a conservative movement that is (depending on your point of view) either making America great again or plunging a once-great democracy into an era of fascist oligarchy and widespread stupidity.

In short, it’s probably best to skip the CT.

If you disagree with that statement and feel like driving a new Tesla Cybertruck is the key to happiness, I’m not sure an equally ostentatious GMC Hummer EV or more subtle Rivian R1T will help you scratch that particular itch – but maybe therapy might!

HONORABLE MENTIONS

COMMENTER FAVORITES

  • Not getting the USAF joke.
  • Projecting obsessions onto the author.
  • Feeling butthurt about the Pit Vipers and tribal tats.

Original content from Electrek.


Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. The best part? No one will call you until after you’ve elected to move forward. Get started, hassle-free, by clicking here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Tesla co-founder, Komatsu bring mobile Megawatt charging to electric job sites

Published

on

By

Tesla co-founder, Komatsu bring mobile Megawatt charging to electric job sites

There’s no question that electric construction equipment is safer, more precise, and generally better than the diesel equipment it’s replacing, but getting power to that equipment remains a logistical challenge that hasn’t been solved for. With this new mobile Megawatt charging station, however, Komatsu think they’ve found a solution — with up to 6 MW of power!

Developed by Tesla co-founder Ian Wright, Dimaag, and Japanese equipment giant Komatsu, the groundbreaking Mobile Megawatt Charging System (MWCS) promises to bring electricity where it’s needed, anywhere on the job site, then quickly dispense enough energy to get the electric machines under its care back up and running.

And, with Megawatt power delivery on tap, the new Komatsu-Dimaag MWCS can power up equipment assets between shift changes — if it even takes that long!

Komatsu Dimaag mobile charger


Meet Dimaag’s Mobile MegaWatt Charging System– A Power Bank On Wheels
Mobile Megawatt charger; via Dimaag.

The MWCS boasts a compact, high-efficiency DC-DC converter and a long-life, high-discharge-rate Battery Energy Storage System (BESS) on board that can be connected to a DC fast charger itself, or get “trickle charged” between shifts. Both the battery and its control systems make use of an advanced thermal management solution that Komatsu and Dimaag say optimizes both safety and battery life during high-power delivery.

Advertisement – scroll for more content

What’s more, that charging capability won’t stop at just one Megawatt. The system is designed to be scalable up to six (6) Megawatts — making it suitable to juice up even the biggest EVs and, frankly, strongly implying that they’ve already got a buyer.

To make sure the MWCS can get all that power where it needs to, wherever it needs to, the machine is equipped with with stout, construction-grade AT tires, 4-wheel drive, and 4-wheel steering to navigate tight surroundings and rough terrains that other solutions wouldn’t be able to get to. And, while it isn’t mentioned in the press release, there’s a common sense idea here that you could, in a pinch, use the MWCS to tow less capable vehicles out of the mud and snow, if needed.

For their part, it seems like the people at Dimaag are pretty happy with the results. “Dimaag is excited to collaborate with Komatsu, introducing our advanced ESS and DC-DC architecture to revolutionize electrification in construction,” stated Ian Wright, VP Engineering at Dimaag. “Off-road vehicle electrification demands practical solutions that not only meet but exceed the performance of equivalent large diesel engine vehicles, while also providing substantial Total Cost of Ownership (TCO) savings. Dimaag’s electrification and high-power megawatt charging systems are designed to achieve this.”

The prototype MWCS shown, above, features a 295 kWh battery pack and an MCS connector delivering up to 1,500 amps and 1,000 volts of power. Komatsu envisions a scenario wherein the mobile charger makes its rounds on the job site charging up equipment and heading back to grid power (if available) to charge itself.

The MWCS made its debut at the bauma construction show earlier this year. Real-world trials are expected to begin this year.

Electrek’s Take


Komatsu electric equipment at bauma; via Komatsu.

Conceptually similar to the mobile power platform being developed by American firm Dannar, this new mobile Megawatt charging unit has some heavy-hitting names behind it that make it impossible to ignore. Combine that with Komatsu’s ever-increasing push towards full electrification (the two machines shown, above, are all-new in the last 60 days, with more to come) and it really feels like the MWCS is going to be A Real Thing™️somewhat sooner than later.

Stay tuned.

SOURCES | IMAGES: Komatsu, Dimaag, via EIN Presswire.


Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. The best part? No one will call you until after you’ve elected to move forward. Get started, hassle-free, by clicking here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending