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The Equinor ASA offshore oil drilling platform on Johan Sverdrup oil field in the North Sea off the coast of Norway, on Monday, Feb. 13, 2023.

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Oil major Shell and Norway’s Equinor on Thursday announced plans to combine their British offshore oil and gas assets to create a jointly owned energy company.

The joint venture will be established in Aberdeen, Scotland in an effort to sustain fossil fuel production and the security of energy supply in the U.K.

The companies plan to complete the deal by the end of next year, subject to approvals. At that time, the incorporated company is set to become the U.K. North Sea’s largest independent producer, Shell said.

It is expected the company will produce more than 140,000 barrels of oil equivalent per day in 2025.

Shares of Shell dipped 0.8% at around 8:40 a.m. London time, while Equinor’s stock price rose 0.3%.

“Domestically produced oil and gas is expected to have a significant role to play in the future of the UK’s energy system,” Zoë Yujnovich, integrated gas and upstream director at Shell, said in a statement.

“The new venture will help play a critical role in a balanced energy transition providing the heat for millions of UK homes, the power for industry and the secure supply of fuels people rely on,” Yujnovich added.

The joint venture is set to include Equinor’s equity interests in Mariner, Rosebank and Buzzard and Shell’s holdings in Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion.

Norway’s Equinor currently employs around 300 people in the U.K., while Shell has a staff of approximately 1,000 people in oil and gas positions nationwide.

“This transaction strengthens Equinor’s near-term cash flow, and by combining Equinor’s and Shell’s long-standing expertise and competitive assets, this new entity will play a crucial role in securing the UK’s energy supply,” Philippe Mathieu, executive vice president for exploration and production international at Equinor, said in a statement.

Joint venture ‘appears to make strategic sense’

Analysts led by Biraj Borkhataria at RBC Capital Markets said they expect “tax synergies” to be a significant factor in the combination of Shell and Equinor’s U.K. offshore oil and gas assets.

“Plenty has been said in recent months about the UK government’s fiscal policy surrounding oil and gas development in the North Sea, with a number of majors noting that the recent increase in the windfall tax will curtail investment going forward,” analysts at RBC Capital Markets said in a research note published Thursday.

“In that vein, with the UK not seen as a major growth market, this combination appears to make strategic sense in that it allows the two companies to pool resources and continue to grow while allocating less focus/capital to the region and follows recent moves made by the likes of Eni in the country,” they added.

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Watch the world’s first electric flying car hop over another vehicle as it takes flight [Video]

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Watch the world's first electric flying car hop over another vehicle as it takes flight [Video]

Who said electric flying cars are only for the movies? Alef Aeronautics made history after posting a video of its electric car driving and vertically taking off in public. The video shows the electric flying car jumping over another vehicle as it takes flight. Watch “the world’s first real flying car” take flight below.

Electric flying car takes flight in California

Is this the next Wright Brothers’ Kitty Hawk moment? Alef’s CEO, Jim Dukhovny, said the company is “proving to humanity that new transportation is possible.”

The company has been developing flying cars for about a decade. After showing a prototype to Tim Draper in 2017, an early investor in Tesla and SpaceX, his venture capital firm Draper Associates, backed Alef with $3 million in seed funding.

Alef shook the internet after unveiling a prototype of its flying car, dubbed the Model A, in 2022. The company claimed the 100% electric flying car can drive up to 220 miles with a 110-mile flight range.

Less than a year later, the Model A became the first vehicle of its kind to obtain a Special Airworthiness Certification from the US Federal Aviation Administration. Alef even became the first company with pre-orders to sell an aircraft through a car dealership.

Electric-flying-car-flight
CEO Jim Dukhovny introduces the Model A electric flying car at the Detroit Auto Show (Source: Alef)

The company made history again this week after releasing a video of an “ultralight version” of its flying car taking flight in California.

Alef said it’s the “first-ever video in history of a car driving and vertically taking off.” Although previous videos have shown tethered flights, cars using a runway to take off, and eVTOL flying taxis taking off, this is the first public video of a car actually driving and taking off vertically on a city street. The road was blocked off for safety.

Alef’s electric flying car takes flight and hops another vehicle on a public street in California

The video almost seems fake, like something out of a Sci-Fi movie, but this really took place. You can see the flying car take flight and jump over another vehicle.

In a separate video, Alef showcased the flying car driving off-road to prove it can still drive like a typical vehicle.

Alef’s electric flying car driving off-road

Alef claims its flying cart is “100% electric, drivable on public roads, and has vertical takeoff and landing capabilities.” The company has mass manufacturing agreements with PUCARA Aero and MYC, which supply industry giants like Boeing and Airbus for aviation-grade parts.

To date, the electric flying car has secured 3,300 pre-orders. Prices are expected to start at around $300,000. You can pre-order yours on Alef’s website for a $150 deposit. For $1,500, you can reserve a spot in the priority queue.

The company plans to begin Model A production later this year, with the first deliveries scheduled to follow. Alef is already working on its second flying car, “Model Z,” which is expected to start at around $35,000. It’s set to launch in 2035.

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SolarEdge surges despite posting steep fourth-quarter loss

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SolarEdge surges despite posting steep fourth-quarter loss

A SolarEdge Technologies logo is seen on a smartphone and a PC.

Pavlo Gonchar | SOPA Images | LightRocket | Getty Images

SolarEdge shares surged more than 28% on Wednesday despite posting a steep fourth-quarter loss of $287 million.

Results were sharply down year over year, but “exceeded the Street’s very low expectations as well as our numbers,” Guggenheim Securities analyst Joseph Osha told clients in a Wednesday note.

“The company also managed to generate positive free cash flow as SEDG continued to draw down inventory and trade receivables,” Osha wrote.

Excluding impairment charges and write-offs, SolarEdge posted an adjusted loss of $3.52 per share compared with the predicted loss of $1.65 per share, from Wall Street analysts surveyed by LSEG.

However, revenue of $196.2 million beat expectations of $189.1 million, even though it was down 17% from the year-ago quarter.

SolarEdge and stocks exposed to the residential solar sector have struggled in the face of high interest rates and a glut of product they have had trouble offloading. Investors are also worried that President Donald Trump’s focus on oil and gas and his threats to repeal the Inflation Reduction Act will hurt the solar and broader renewable sectors. Over the past 12 months, the stock is down more than 75%.

Don’t miss these energy insights from CNBC PRO:

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Is Toyota launching an electric RAV4?

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Is Toyota launching an electric RAV4?

Toyota is already developing the next-gen RAV4, and rumors suggest an electric model is in the works. According to internal documents, significant changes are expected. Here’s what we know about the upcoming Toyota RAV4 and a possible EV variant.

When will Toyota launch the electric RAV4 EV?

The RAV4 was Toyota’s top-selling vehicle in the US last year, moving over 475,000 units. Even more impressive, the compact SUV ended the Ford F-150’s nearly four-decade reign (except for 2009) as America’s top-selling vehicle.

Data from Jato Dynamics (via Forbes) shows Ford F-150 sales slipped 5% to 460,915 in 2024, while RAV4 sales climbed another 9% to over 475,000.

The RAV4’s growing popularity is mainly driven by the rising demand for hybrid and electric vehicles. With the current generation released back in 2018, Toyota is expected to reveal the updated RAV4 this summer.

According to local reports, internal documents reveal the next-gen RAV4 will ride on an improved TNGA-K platform. The updated SUV is expected to be slightly bigger than the current model, with an extended wheelbase to open up more interior space.

Toyota-electric-RAV4-EV
2025 Toyota RAV4 PHEV (Source: Toyota)

The design is expected to mirror the new Prius and Camry models with a sportier, more modern look. The front end is due for a new grille, and wraparound LED daytime running lights.

Inside, the new RAV4 will likely gain a new infotainment system with AppleCarPlay and Android Auto support. Other premium features could include a head-up display, panoramic sunroof, and a wireless charger.

Toyota-2025-bZ4X-interior
2025 Toyota bZ4X Limited AWD interior (Source: Toyota)

Toyota is expected to launch the next-gen RAV4 with several powertrain options, including ICE, hybrid (HEV), plug-in hybrid (PHEV), and a possible electric (EV) variant.

Although no details have been confirmed, Toyota is said to be considering an electric RAV4 that will ride on a modified TNGA-K platform. The fifth-gen RAV4 is built on the Toyota New Global Architecture (TNGA-K) platform.

Electrek’s Take

The RAV4 is already about the size of Toyota’s electric bZ4X SUV. At 184.6″ long, the bZ4X is slightly longer than the RAV4 (180.9″ long), but if the rumors are true that the next-gen model will be bigger, it won’t make sense for both to be on the market.

With the bZ4X reportedly due for a rebrand, it could be sold as the “electric RAV4” or “RAV4 EV” as Toyota drops the bZ naming system.

Would you buy an electric Toyota RAV4? If so, what features and other specs would you be looking for? Let us know in the comments.

Source: ResponseJP

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