Good COPs (W)right this way, we reserved this just for you!

Wrightbus has announced it has acquired RGI Bus and Coach Refurbishment, a Midlands-based company, which will enhance its bus refurbishment and repair capabilities. This acquisition will allow Wrightbus, and its battery-electric repower business, NewPower, to offer a more comprehensive range of refurbishment services, including upholstery, metalwork, and powertrain conversions. RGI, founded in 2016 by Mr Ross Cleaver, will continue to operate under his leadership as he joins Wrightbus as Head of Repair and Refurbishment UK. The deal includes RGI’s Southam facility and its 13 staff members, who will transfer to Wrightbus. Mr Jean-Marc Gales, Wrightbus CEO, highlighted the importance of this acquisition in supporting the company’s expansion and maintaining the lifecycle of its buses. He emphasized the role of zero-emission buses in decarbonization and the significance of reusing existing fleets for the circular economy.

First Bus has announced it is investing ￡12.7m into Aberdeen to introduce 36 new electric buses, comprising 24 new double-decker buses from Wrightbus and 12 repowered buses. This investment is part of First Bus’s broader ￡100m commitment to enhancing its fleet across the UK for 2024/25. The new buses will be deployed on routes 1 and 2, serving Robert Gordon University students and contributing to cleaner, greener journeys. This initiative aligns with First Bus’s goal to achieve a fully zero-emission fleet by 2035, supporting its sustainability and decarbonization efforts. The bus operator also emphasized the positive impact on air quality and carbon emissions, thus making Aberdeen a healthier place to live.

Elcogen, an Estonian clean energy technology company, has secured a €24.9m grant from the EU Innovation Fund to scale up its manufacturing of solid oxide electrolyser cells (SOEC) and solid oxide fuel cells (SOFC) in Estonia. This funding is part of the EU’s 2024 Innovation Fund, which has allocated €4.8bn to 85 projects aimed at reducing greenhouse gas emissions by 476 million tonnes of CO2 over the next decade. The grant will support Elcogen’s efforts to enhance green hydrogen production and contribute to the energy transition. Elcogen focuses on developing efficient, affordable green hydrogen and emission-free electricity solutions. The company operates manufacturing facilities in Estonia and Finland, serving a global customer network.

In September 2024, BYD dominated the Chinese EV market, setting a new record with over 1.1m EV deliveries, a 51% YoY increase. This surge included both battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs), with BEVs up 29% to c.644,000 units and PHEVs up 97% to c.479,000 units. EVs accounted for 53% of the overall Chinese new-car market, with BEVs alone making up 31%. BYD led the market with 6 of the top 10 best-selling EV models, including the Song, which topped the charts with 57,022 registrations. The Tesla Model Y was the only foreign car in the top 10, securing 2nd place with 48,202 units. The strong performance of EVs in China reflects the country’s push towards full electrification by 2030. BYD’s success is attributed to its competitive pricing and diverse model lineup, which continues to attract a growing number of consumers.

Dorset Council has installed new EV charging points in several towns, including West Moors, Blandford Forum, Sturminster Newton, Sherborne, and Wareham. This initiative is part of the council’s Charging Ahead programme, which aims to have 80% of Dorset households within a 10-minute walk of a public charge point by 2030. The new chargers, set to go live in the coming weeks, will bring the total number of public charging points in the county to nearly 300. The programme includes the installation of 3 new charging hubs in Weymouth, Blandford, and Bridport. Funding for these chargers comes from a mix of government grants, private investment, and local developer contributions. The Council has emphasized the importance of expanding the EV charging network to support the transition to EVs and improve air quality.

COP 29, held in Baku, started this Monday and one of the key focuses includes tripling renewable energy capacity and doubling energy efficiency by 2030 to keep global temperature rise below 1.5°C. Finance is a major theme, with substantial capital needed to transition from fossil fuels, enhance resilience against climate impacts, and conserve carbon-sequestering ecosystems. Developing countries, facing severe climate impacts, require significant funding, with estimates suggesting up to $5.9tn needed over the next 5 years. A critical agenda item is setting a new financial goal to ensure adequate support for vulnerable nations. Discussions will also cover carbon markets to mobilize private capital for emissions reductions while ensuring equity and integrity. Stronger national climate plans are expected, with countries required to submit more ambitious Nationally Determined Contributions by early 2025. The UN’s Emissions Gap Report highlights the need for rapid emissions reductions to meet the 1.5°C target, emphasizing the role of existing technologies and nature-based solutions. COP 29 also intersects with global biodiversity and plastic pollution negotiations, underscoring the interconnectedness of climate, nature, and sustainability issues. Protecting natural habitats and reducing plastic pollution are crucial for achieving climate goals. The conference aims to foster a holistic approach to environmental challenges, advocating for robust commitments and decisive action to secure a sustainable future.

Deals

Almaviva, an Italian smart mobility infrastructure management solutions provider, has acquired Iteris, an American-based company specializing in smart mobility infrastructure management, for c.$335m. This acquisition reflects Almaviva Group’s ongoing strategy to strengthen its presence in high-growth, technology-driven markets. This acquisition will see Iteris continue to operate as a separate entity under its existing management, led by President and CEO Joe Bergera and Iteris’ existing management team. Iteris’ common stock has ceased trading on NASDAQ and the company will no longer be listed on any public market effectively as of the closing. This acquisition aims to leverage Almaviva’s global network and expertise to enhance Iteris’ ClearMobility platform and expand its offerings. The deal was approved by over 98% of Iteris shareholders and is expected to accelerate innovation and global adoption of Iteris’ solutions.

DeepRoute.ai, a Chinese autonomous driving technology developer, has secured $100m from Great Wall Motor to accelerate the adoption of its smart driving systems. The Shenzhen-based company aims to have nearly 200,000 vehicles equipped with its advanced driver assistance systems by the end of 2025, up from c.20,000 currently. DeepRoute.ai’s technology, which can navigate urban traffic similarly to Tesla’s Full Self-Driving system, is set to be integrated into over 10 new vehicle models next year. The growing fleet will generate revenue for the company via a technology licensing fee per car and collect data that is key for its AI technology to evolve faster to handle more complicated traffic situations. The funding will also support the company’s expansion into global markets and further development of its AI technology.

Yelp has announced it has acquired RepairPal, a website for car repair estimates, for $80m in cash. This strategic move aims to expand Yelp’s services into the automotive sector, which is an interesting new vertical for the company. RepairPal, known for providing reliable car repair cost estimates, will help Yelp enhance its offerings in the multi-billion-dollar American auto services advertising market. The acquisition is expected to close by the end of the year, subject to customary conditions. Yelp plans to integrate RepairPal into its platform, offering users automotive service recommendations alongside its existing business reviews. This move aligns with Yelp’s broader strategy to become a comprehensive home services provider. RepairPal generated approximately $30m in revenue and roughly break even on cash and net income. The acquisition is seen as a way to leverage Yelp’s large consumer audience and expertise in search engine optimization and marketing to improve RepairPal’s offerings. All RepairPal employees, including leadership, will join Yelp, although the founders will not. This acquisition marks a significant step in Yelp’s efforts to diversify and grow its digital services portfolio.

BETA Technologies, a Vermont-based electric aerospace company, has announced it has raised $318m in a Series C funding round led by the Qatar Investment Authority. Investors such as Fidelity Management & Research Company, TPG Rise Climate, and United Therapeutics also participated. This funding brings BETA’s total equity capital to over $1bn. The investment will support the certification and production of BETA’s electric aircraft, including the ALIA CTOL and ALIA VTOL models. These aircraft are designed for both cargo and passenger transport, featuring high-performance electric propulsion and fly-by-wire flight control systems. BETA’s aircraft can carry up to 1,400 pounds and fly up to 250 nautical miles on a single charge. BETA is also developing a network of UL-certified charging stations across America, enhancing the infrastructure for electric aviation. The eVTOL market is forecasted to grow significantly, reaching $39bn by 2033, up from $1.7bn in 2023, with a CAGR of 36.8%.