Are you a Chaser? Beater? Keeper? We are ZEEKRs.

ZEEKR Intelligent Technology Holding Limited (ZEEKR), a Chinese EV maker, IPO-ed on Friday (10th of May) to good (initial) success, raising $441m, as shares gained c34%, with a market value of c$5.1bn. The company has been teasing its IPO since 2023 and is the biggest IPO in America by a Chinese company since Didi’s $4.4bn IPO in 2021. This strong debut by ZEEKR also illustrates investor appetite towards Chinese cleantech stocks and exposure to the EV market. Furthermore, this demonstrates the US IPO market is rebounding well, as the last 2 years had been muted.

Cepsa, a Spanish energy company, has announced it has selected thyssenkrupp nucera (a German supplier of alkaline water electrolysis technology) as the electrolyser supplier for its 2GW hydrogen valley project. thyssenkrupp nucera will supply fifteen 20MW alkaline electrolyser modules to the 1st phase of Cepsa’s Andalusian Green Hydrogen Valley in Spain, where it plans to develop 2GW of production capacity by 2030. To recap, the 1st phase of the Cepsa Valley will focus on a green hydrogen plant at Cepsa’s La Rábida Energy Park. Cepsa has been (and continues) to champion green hydrogen, as it has customers in the heavy transport and industrial sectors.

Lyten, a Californian-based developer of advanced battery technology, has announced it has started to distribute samples of its lithium-sulphur batteries, to an array of sectors. This is a very important milestone in the commercial testing of lithium-sulphur battery technology, as these batteries offer a material increase in energy density, reduced dependence on critical minerals and a lower carbon footprint (vs lithium-ion batteries). The company is aiming to deliver its lithium-sulphur batteries to more than 20 potential clients in Q2 and Q3 24.

BYD has stated its goal is to become the largest BEV seller in Europe by 2030. It aims to displace Volkswagen, Tesla and Stellantis, as it wants to grow aggressively in Europe. Interestingly, in Q1 24, BYD’s battery-electric car market share in Western Europe was just c1.7%. Thus this region represents a major opportunity for it to expand and grow, and it has stated the long-term goal is to make EVs in Europe for Europe. Mr Shu, BYD’s European president, has stated that the company will invest a significant amount of capital in the coming months and years to build factories, grow its dealer network and on marketing.

CBMM, a Brazilian producer of niobium (Nb), has announced it is exploring the possibility of utilising the critical mineral in EV batteries. This stems from the fact that niobium supply outpaces demand and CBMM is trying to diversify into new/more markets with new application uses for Nb. Interestingly, niobium is only mined in Brazil and Canada and is mostly used to make alloys and stainless steel. CBMM has decided to build a plant (set to open later this year) to produce niobium oxide for uses including EV batteries.?

The Biden-Harris administration has announced it will increase tariffs on Chinese EVs from 27.5% to 102.5%. The administration is also finalising increasing levies for other (select) key industries, speculatively we believe this will target markets which are in the battery value chain, however, this will be revealed in the coming days/weeks. This decision has been made in part to fuel American growth and to help shore up supply chains. However, when examined more in-depth, this increase in Chinese EV tariffs appears to be more symbolic, as China doesn’t rely on US consumers as it has been locked out for years due to pre-existing tariffs.

Wrightbus has announced it is working with Mid and East Antrim Borough Council (Northern Ireland) and Workplus to launch its apprenticeship scheme(s) which is available through the Apprenticeship E-Hub. This follows on from last week's news that it is proactively looking to increase its headcount by recruiting 80 apprentices. This is due to a strong pipeline for its zero-emission vehicles that have orders from across the UK and Europe. We champion initiatives that focus on giving (young) people job opportunities and provide the chance to upskill the labour market.

Motiv Power Systems, an American electric truck OEM, has announced it has successfully delivered 55 electric trucks to Purolator (a North American freight and logistics company). Both companies have been working together since 2021 and this order is a result of a successful pilot. Aside from the trucks racking up thousands of miles validating the technology, Purolator also has seen a significant reduction in its greenhouse gas emissions. The logistics company wants to have a 60% electrified last-mile delivery fleet by 2030 and hit net-zero emissions by 2050. Thus, it sees Motiv playing an important role in achieving those goals.

BYD and Neta Auto have announced their intentions to enter the Indonesian EV market in the coming months. To recap, c1m new cars were sold in Indonesia last year, thus making it Southeast Asia’s largest auto market. Currently, Japanese OEMs, such as Toyota, command a 90% market share however this may change now that Chinese EV OEMs, such as BYD and Neta, enter the market. BYD has committed to build a $1bn factory in West Java province, with construction to commence in August 2024. Neta will enter the Indonesian market with its Neta V-II model, which is priced towards the bottom end of its portfolio of EVs and is assembled locally.

Deals

Li Industries, a North Carolina-based developer of lithium-ion battery recycling technologies, has raised $36m in a Series B funding round, which was co-led by Bosch Ventures, Khosla Ventures and LG Tech Ventures. Investors, such as Formosa Smart Energy Tech, Anglo American Decarbonization Ventures and Chevron Technology Ventures also participated. This startup focuses on recycling lithium-ion batteries from EVs and consumer electronics. The capital raised will be used to build a 10,000-ton recycling facility.?