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Norway’s sovereign wealth fund was established in the 1990s to invest the surplus revenues of the country’s oil and gas sector.

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Norway’s $1.4 trillion sovereign wealth fund says it is prepared to start dropping companies for mismanaging climate risk starting next year, adding to the decarbonization pressure that activist shareholders are already piling on firms.

It comes shortly after the world’s the biggest investment fund said it would vote for shareholder proposals at Chevron and Exxon Mobil‘s respective annual meetings on Wednesday.

The resolutions seek to compel the U.S. oil majors to align their climate targets with the landmark Paris Agreement and commit to absolute carbon emission cuts by 2030.

Norway’s oil fund had refused to back similar shareholder proposals tabled in recent weeks at European oil majors, such as BP and TotalEnergies.

The fund says it assesses every shareholder proposal individually and notes there are differences between how European and U.S. oil majors tackle the Scope 3 emissions generated by customers’ use of their oil and gas.

“We are a particularly active owner when it comes to climate,” Carine Smith Ihenacho, chief governance and compliance officer at Norges Bank Investment Management, told CNBC via telephone.

Established in the 1990s to invest the surplus revenues of Norway’s oil and gas sector, the fund said last year that it would take a tougher line on companies that failed to adopt credible climate plans.

It may come to a point where we feel the company is absolutely not listening to us, they are not reporting anything, we see no changes, we may then sell out.

Carine Smith Ihenacho

Chief governance and compliance officer at Norges Bank Investment Management

“We clearly said it is in our long-term interest that the companies in our portfolio will get to net zero by 2050 because, for our financial returns in the long term, we think that will be beneficial,” Ihenacho said, reflecting on the fund’s 2025 climate action plan.

“As an active owner, we really want to influence and push the companies towards setting net-zero 2050 targets and also push them towards having credible transition plans. By that, we mean science-based transition plans,” she added.

Palpable frustration

Norway’s oil fund has invested in more than 9,000 companies in 70 countries around the world and acknowledges that “companies care how we vote at AGMs.”

Ihenacho said that the main tools the fund seeks to use when engaging with corporate directors on environmental, social and governance factors are dialogue and voting, but added that the fund could soon be forced to consider selling out of climate laggards.

“It is something we have to balance the whole time,” Ihenacho said. “I think our starting point is very much that we want to be an owner and want to influence the companies. Selling out is not going to solve the climate crisis at all. You just sell to somebody else who may care less about climate as an owner than we do.”

“Having said that, it may come to a point where we feel the company is absolutely not listening to us, they are not reporting anything, we see no changes, we may then sell out. We may decide to sell out,” Ihenacho said.

“The earliest there will be any companies either on an observation list or excluded will be next year or maybe the year after that. We will try to use our ownership tools first,” she added.

Protesters outside the Salle Pleyel venue in Paris could be heard chanting “all we want is to knock down Total” and “one, two, three degrees, we have Total to thank.”

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It comes amid a sense of palpable frustration among climate activists during the proxy voting season, with demonstrations taking place both inside and outside the AGM venues of oil giants.

Burning fossil fuels, such as oil, gas and coal, is the chief driver of the climate emergency.

Dutch group Follow This, a small activist investor and campaign group, has tabled resolutions at several Big Oil companies in recent weeks calling for faster green transition plans.

A rebellion of 30% voted in favor of a resolution at TotalEnergies’ AGM last week, reflecting a significant rebuke by the typical standards of annual shareholder meetings.

By comparison, support for a similar resolution at BP’s AGM last month came in at just 17%, up from 15% last year, while backing for a climate resolution tabled at Shell‘s annual meeting last week came in at 20%, or the same level as in 2022.

Chevron and Exxon Mobil have urged shareholders to reject the shareholder proposals put forward by Follow This at their respective annual meetings.

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Rivian (RIVN) EDV topped Ford to become America’s best-selling electric van in 2024

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Rivian (RIVN) EDV topped Ford to become America's best-selling electric van in 2024

Rivian (RIVN) had the best-selling electric van in the US last year, topping Ford for the title. The electric delivery van (EDV) is rolling out across the US through its partnership with Amazon, but Rivian is expanding with new customers.

Rivian EDV was the best-selling electric van in the US

With over 51,500 electric vehicles delivered in 2024, Rivian beat expectations. Although it was only slightly higher than the 50,122 delivered in 2023, things picked up in the second half of the year.

Rivian shut down its manufacturing plant in Normal, IL, last April to introduce new upgrades designed to cut costs and increase efficiency.

To make matters worse, Rivian had to temporarily pause electric van production last summer due to a part shortage.

After releasing fourth quarter and full-year 2024 delivery and production figures in early January, Rivian said, “The previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint.”

New Kelley Blue Book estimates show that Rivian outpaced Ford with America’s best-selling electric van in 2024.

Q4 2024 sales YOY Full-year 2024 sales YOY
Rivian EDV 4,397 +84.1% 13,423 +65.9%
Ford E-Transit 3,354 +56.5% 12,610 +64.4%
Rivian electric van sales in the US compared to Ford (Source: KBB)

Rivian sold 13,423 electric vans in the US last year, up 67% from 2023. In comparison, Ford sold 12,610 E-Transit vans in the US in 2024. In the fourth quarter, Rivian outpaced Ford, with nearly 4,400 EDVs sold compared to 3,354 E-Transit sales.

The accomplishment comes despite Ford introducing the updated E-Transit last March with a bigger battery and faster charging. In October, the 2025 E-Transit hit the market with the same price as “comparable gas Transit models,” according to Ford, starting at $51,000.

Rivian-best-selling-electric-van
Rivian electric delivery vans (EDVs) for Amazon (Source: Rivian)

Rivian has already secured a commitment from Amazon for up to 100,000 EDVs, but it also offers its commercial van (RCV), which is designed for other companies.

Over the past few weeks, Rivian electric vans with different brandings have been spotted testing, including logistics giant DHL.

As the Rivian scales production, its R1S electric SUV was also the tenth best-selling electric vehicle in the US last year.

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Ultra-compact electric truck startup TELO partners with Aptera to integrate solar tech

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Ultra-compact electric truck startup TELO partners with Aptera to integrate solar tech

A young EV startup called TELO Trucks has announced a partnership with solar EV developer Aptera to utilize the latter’s sustainable technology on its flagship vehicle, the MT1 compact pickup. Customers who pre-order a TELO electric truck will be able to choose from three Aptera solar panel configurations, helping boost the vehicle’s range while reducing grid dependency—as long as these BEVs get made.

TELO Trucks was founded by three gentlemen with various backgrounds in automotive technologies and creative design, including autonomy and ADAS at National Instruments and Roadster development during Tesla’s early days.

The startup launched its flagship MT1 compact electric pickup truck in June of 2023, which looks like an exciting exercise in space optimization. The MT1 features the bed capacity and crew cabin of a standard pickup truck within an impressively shortened vehicle length of 152 inches. As you can see in TELO’s image below, the MT1 offers the same interior cabin space and bed length as a Toyota Tacoma in the footprint of a MINI Cooper.

Since its unveiling, TELO says it has garnered over 4,550 pre-orders of the MT1, which is currently available in single and dual motors configurations, and the option for a long-range battery pack that promises a range upwards of 350 miles.

Soon, TELO will offer early customers additional options in its truck configurator – solar panels from Aptera Motors.

Aptera solar truck
Source: TeloTrucks.com

TELO to offer Aptera solar panels on its truck pre-orders

Aptera shared a blog post outlining the details of its new collaboration with TELO Trucks, which entails integrating solar panels of varying configurations into the MT1s that remain in development at this point. The partnership will enable TELO to offer pre-order customers the option to add up to three Aptera solar panel kits to their truck configuration:

  • Rooftop Truck Cab Solar Paneling – Integrated panels over the cab maximize daily energy generation.
  • Tonneau Truck Bed Cover Solar Paneling – A solar-equipped bed cover adds power while preserving storage versatility.
  • Camper Shell Solar Paneling – Panels extending from the cab over the bed increase charging capacity and storage options.

Aptera says its proprietary solar panels can generate up to 200 watts when exposed to peak sunlight, translating to about 1 to 2 kWh of free energy from the sun per day, depending on the location of the vehicle and the given season. This partnership news follows a successful showing from the solar EV startup at CES 2025 in Las Vegas as it continues to trudge forward in hopes of reaching scaled SEV production.

Although Aptera’s flagship solar EV is further down the development path than the TELO truck, both are trying to pave a new path in sustainable mobility and have paired up in hopes of continuing that uphill battle together. Per Aptera co-founder and co-CEO Steve Fambro:

Our unique curved solar cell design makes it the perfect application to propel automotive utility further than ever before. Together with TELO, we’re harnessing the power of the sun to make life off the grid a reality for everyone by putting the sun to work for them.

TELO and Aptera shared that the three solar panel options outlined above will become available on MT1 truck pre-orders later this year. TELO says its first fully realized drivable truck prototype is being assembled now by Aria Group, so hopefully, we can move on from renderings and see some bonafide production-intent solar electric trucks soon. TELO co-founder and CEO Jason Marks also spoke:

Whether buyers are looking for a commuter vehicle, a safer, more sustainable option to serve their family’s needs, a rugged, dependable pickup truck for outdoor adventuring, or a highly-functional fleet & vehicle that increases their business’s efficiency, TELO continues to be a first-in-class automotive option to satisfy the many needs of car buyers.

For now, you can reserve a TELO MT1 for $152 – a nod to the overall length of the stubby pickup.

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Solar farms generating 724 MW in Oklahoma will power Google AI

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Solar farms generating 724 MW in Oklahoma will power Google AI

A group of Oklahoma solar farms collectively generating a whopping 724 megawatts (MW) will power Google’s data center operations and artificial intelligence (AI) with long-term power purchase agreements.

Leeward Renewable Energy announced that the solar farms are strategically sited to support Google’s operations and bolster Oklahoma’s grid.

Construction has begun on the 372-MW Mayes County Solar Portfolio, located within a mile of Google’s data center in Pryor, Oklahoma, northeast of Tulsa. Together with the 152.5 MW Twelvemile Solar Project 1 & 2 and the 200 MW Twelvemile 3 Solar Project in southern Oklahoma, the projects total 724 MW of solar capacity.

The Mayes County Solar portfolio is capable of powering the equivalent of over 865,000 homes annually and avoiding over 3.7 million metric tons of CO2 emissions over the term of the power purchase agreement.

Leeward Renewable Energy purchased the Mayes County Solar Portfolio earlier this year from Red River Renewable Energy. The energy generated by the solar portfolio is delivered to Oklahoma’s largest utility, Grand River Dam Authority, which will power Google’s data center with clean energy.

The Mayes County Solar Portfolio includes three solar projects: 145 MW Salt Branch Solar, 125 MW Huckleberry Solar, and 102 MW Mayes Solar. Together, these projects will create over 300 construction jobs and generate an estimated $76 million in tax revenue for Mayes County over their lifespans – funds that will go toward essential county initiatives and schools. More than $60,000 has already been donated to local organizations like the Red Cross, the Chamber of Commerce, and other key services, giving an extra boost to community resources. They’re expected to come online by the end of the year.

“By partnering with Grand River Dam Authority and Leeward Renewable Energy, Google is furthering its ambition to power our facilities, including those in Oklahoma, with carbon-free energy around the clock by 2030,” said Amanda Peterson Corio, global head of data center energy at Google. “These power purchase agreements demonstrate how our scalable procurement approach is transforming the acquisition of clean energy and accelerating the development of carbon-free energy sources.“

In August 2024, research released by CBRE Group found that the amount of data center supply under construction in North America’s top markets jumped by about 70% year-over-year to a record 3.9 gigawatts of power, Reuters reported.

Read more: 3 of Oklahoma’s first NEVI EV charging stations will be Tesla Superchargers


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