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As the world moves toward a sustainable future, some regions have an abundance of renewable energy, while others are at a geographical disadvantage. Japan-based startup PowerX has a solution with the world’s first electric battery tanker, “X,” designed to transport clean energy by sea.

What does PowerX do?

PowerX is a battery startup company on a mission to change how the world uses and transfers clean energy.

While most of the world’s energy today is transferred in the form of fossil fuels, PowerX is looking toward the future with an electric-powered ship that will carry clean energy to places that need it most.

To accomplish its mission, PowerX is designing and developing a “power transfer ship” to carry renewable electricity across the world and establish an “ocean power grid.”

The startup revealed plans last summer to establish its first gigafactory in Japan to produce battery storage solutions, including its Hypercharger, an ultrafast EV charger (up to 240kW) powered by renewable energy. In addition, PowerX will manufacture grid-scale stationary batteries, marine batteries, and home batteries.

Power Base, the company’s gigafactory, features a 5 GWh annual production capacity, equivalent to around 10,000 battery storage units for its various solutions.

Moving quickly, PowerX revealed the detailed design behind its inaugural ship, “X,” at Monday’s Bariship International Maritime Exhibition.

The electric tanker that will carry clean energy by sea

The 140-meter-long electric-powered battery tanker X features an electric cruising range of up to 300km to transport clean energy from offshore wind, from one grid to another or an island.

PowerX YouTube

With 96 (2.5 MWh) marine-grade LFP batteries, the electric tanker can hold a total of 241 MWh of renewable energy. PowerX says the battery design is “highly scalable” and will be able to handle more batteries in the future.

An included power control system monitors the battery systems and charge controllers, relaying how much battery life is left.

electric-tanker-clean-energy
Source: Bloomberg/PowerX

The electric tanker is optimized for short-distance travel currently. Still, CEO Masahiro Ito says as battery density increases and costs decrease, the company will be able to carry more batteries for a longer distance.

The company aims to complete its first ship by 2025, with field testing planned to begin the following year.

PowerX signed an MoU and partnered with Kyushu Electric Power Co and the City of Yokohama to turn the concept into reality and decarbonize the ports. Moreover, a new company, Ocean Power Grid Inc., will be established later this year to handle the battery tanker operations.

electric-tanker-clean-energy
Source: PowerX

The electric tanker will help connect grids, offshore wind farms, and islands with renewable energy where underground cables aren’t ideal due to seismic activity, deep water, etc.

As a result, regions with abundant renewable energy can share with those less fortunate for a cleaner, sustainable future for all.

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EV-maker Eli launches its $11,900 electric micro ‘car’ in the US

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EV-maker Eli launches its ,900 electric micro 'car' in the US

Eli Electric, the manufacturer of the popular Eli ZERO electric microcar, announced this morning the opening of reservations in the US.

Microcars, often referred to as quadricycles in Europe and Low-Speed Vehicles (LSVs) or Neighborhood Electric Vehicles (NEVs) in the US, are a niche category designed largely for urban travel. Many new automakers in the category have failed to gain traction, often selling mere dozens of units.

But the Eli ZERO has so far proven popular in the markets it has already launched in across Europe and Asia, with hundreds of models already on the streets (did I mention the ‘niche’ thing?).

Now the pint-sized EV maker is bringing the Eli ZERO to the US, opening up $200 refundable deposits to reserve the $11,900 vehicle. Deliveries are expected to begin in Q3 2024, so it looks like reservation holders won’t have to wait very long.

The model heading stateside is an upgraded version designed to meet the National Highway Traffic Safety Administration’s regulations for LSVs, allowing it to be street-legal at the federal level. That permits owners to operate it like a traditional vehicle, but only on roads posted up to 35 mph (56 km/h). In other words, most roads in most cities.

Eli has now boosted its production capacity to 4,000 vehicles per year and will use a dealership model to sell and distribute its ZERO vehicles in the US.

As the company’s founder and CEO Marcus Li explained:

“Our goal is to transform urban trips, empowering riders to reconnect with their communities through compact and agile EVs that allow for a better utilization of urban space, reduced congestion, ease of parking and ultimately an improved quality of life in cities. Introducing the Eli ZERO to the U.S. market, we’re not only riding the wave of an emerging mobility revolution, but also redefining personal vehicles in an innovative way that benefits both traffic and the environment.”

The two-seater vehicle features a rather large battery, at least by LSV standards. The 8 kWh LiFePO4 battery for the European model is rated for up to 60 miles (100 km) of range, but the company announced that the US model will receive an even higher range of 90 miles (145 km), presumably meaning the vehicle will feature a larger battery.

The 3.2 kW on-board charger can recharge the vehicle in under three hours on 240VAC, or under 5 hours on 120VAC.

The top speed is limited to 25 mph (40 km/h) to comply with federal regulations for the vehicle class.

In addition to two fairly traditional car seats, there’s a 160L (5.6 cubic feet) trunk for storage in the rear. That’s not exactly a huge trunk, but it’s not a huge vehicle, either.

The length of the ZERO is just 88 inches, which is actually shorter than the width of a GMC HUMMER EV. Not only could it park nose-in within the same spot a HUMMER parallel parks in, but you could fit nearly four Eli ZEROs in that same parallel parking spot. Or to translate that into something that actually matters to most people, you could park a ZERO in that corner “not a spot” at the local grocery store, daycare, yoga studio, or wherever else driving an SUV would be overkill.

While the Eli ZERO is not technically a car, it still features many car-level features such as heat and A/C, keyless entry and start, power steering, anti-lock brakes, electronic parking brake, rearview camera, radar sensors for parking, tilting sunroof, and an optional Sony infotainment center with CarPlay and Android Auto.

That means that it feels and drives more like a traditional car, at least until you hit the 25 mph speed limiter.

In addition to the current list of features, the company says that ahead of the official launch later this year, it will announce several innovative new features that “will be a first in the LSV industry.”

Eli Zeros are popular in Bora Bora (seriously)

Electrek’s Take

In my opinion, the proliferation of LSVs in the US can not come soon enough! While there are a few options, they’re still quite limited in number and variety.

These handy vehicles are exactly what this country needs: the antidote for an epidemic of oversized SUVs and ego-extenders. Not only are they more convenient to drive and park in cities than full-size vehicles, but if the old adage about big vehicles being used for “compensation” is true, then there’s no better wingman than rolling up in a tiny car like this.

I actually had a chance to take one of the first rides ever in the Eli Zero before it began sales back in late 2021 while visiting Italy. I was surprised to see just how roomy it felt inside despite the small footprint of the vehicle. I took a more recent test drive the next year along with the company’s founder Marcus Li, who explained to me that it’s the transparent door design that helps create that spacious illusion, removing the cramped feeling that many micro-cars suffer from.

The funny thing here is that I can already tell you what the detractors are going to say: that it’s an overpriced, glorified golf cart. And I can already tell you how hilariously wrong they are. First of all, it’s cheaper than average golf cart these days (if you don’t believe me, do a quick internet search for golf cart dealers in the US and look at the shocking prices). And secondly, this is way nicer than a golf cart, offering features like air conditioning, parking sensors, and keyless entry/starting.

Sure, it’s not going to meet the needs of a family of four taking their kids to a soccer game in the next town over, but it’s not meant to. It’s meant for folks who just need a one or two-seater and live in a city. I’d already have my name on the list if I was in the US more often (it wouldn’t be my first or even my second micro-EV I’ve had in the US). I mean, why not? I’d have all summer to think of a way to justify it to my wife!

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Saudi Aramco upholds dividend despite drop in first-quarter profits

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Saudi Aramco upholds dividend despite drop in first-quarter profits

Maxim Shemetov | Reuters

Saudi Aramco’s first-quarter net profit fell 14% year-on-year amid lower oil prices and production.

Net income for the three months up to March 31 came in at $27.3 billion, down from $31.9 billion for the same period last year, the company reported. The figure was in line with analyst expectations, according to Reuters.

Aramco announced its free cash flow for the quarter at $22.8 billion, down from $30.9 billion in the first quarter of 2023, and cash flow from operating activities at $33.6 billion compared to last year’s $39.6 billion.

Still, the Saudi state oil giant will be delivering a total $31 billion dividend to the Saudi government and other shareholders, comprised of a $20.3 billion base dividend and a “fourth performance-linked dividend distribution of $10.8 billion” which will be paid in the second quarter, the company’s earnings statement said.

Aramco, which is the world’s largest oil exporter, expects total dividends of $124.3 billion to be declared in 2024, it said.

The company has also invested significantly into downstream operations and gas discovery and production.

Aramco President and CEO Amin Nasser was quoted as saying in the earnings release: “We also continue to execute our long-term strategy, and in the first quarter made significant progress on expanding our gas business and growing our globally-integrated downstream value chain, while maintaining our focus on consistently delivering value for our shareholders.”

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BP misses expectations as profits slip on weaker oil and gas prices

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BP misses expectations as profits slip on weaker oil and gas prices

A BP gas station in Madrid, Spain.

Sopa Images | Lightrocket | Getty Images

BP on Tuesday reported a fall in first-quarter profit, with results coming in below analyst expectations amid a “significantly weaker” margin in fuels and lower gas and oil prices.

The British energy giant logged underlying replacement cost profit, used as a proxy for net profit, of $2.7 billion. That was down from $3 billion the previous quarter and compared with an estimate in an LSEG-compiled consensus of $2.9 billion.

The results reflect lower oil and gas realizations and a “significantly weaker” fuels margin, the company said in its Tuesday statement.

BP’s profits were lower than in the same period in 2023, when they totaled nearly $5 billion. Many of the company’s peers in the oil and gas industry have also seen a decline in year-on-year first-quarter profits due to a sharp fall in gas market prices.

European gas stocks were at a record high this winter, as countries guarded against a drop-off in Russian supplies following the country’s full-scale invasion of Ukraine in 2022.

BP rival Shell last week reported reported adjusted earnings of $7.7 billion for the first three months of the year, down from $9.6 billion in 2023.

Energy firms have nonetheless maintained a focus on shareholder returns. BP on Tuesday recommitted to share buybacks of $3.5 billion for the first half of 2024.

CEO Murray Auchincloss noted the firm’s “resilient quarter” and said BP was continuing to simplify its business to deliver $2 billion in cash cost savings by the end of 2026.

The company in January appointed Auchincloss as permanent CEO. His predecessor Bernard Looney resigned after less than four years in the post due to undisclosed personal relationships with colleagues prior to becoming CEO.

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