New Energy

Dead Man Reawakening? Defunct Rise Education Reborn as EV Charging Company

Former education company backed by Bain Capital rises from the ashes through a reverse merger with the electric vehicle charging business of Newlink, another Bain-backed Chinese company Key Takeaways: Shares of the former Rise Education soared as it completed a reverse takeover merger with the electric vehicle charging business of Newlink The new company, NaaS Technology, provides software to help China’s growing legions of EV owners use the country’s vast charging network more efficiently By Edith Terry Life after death-by-regulation looks pretty good for one company in China’s defunct after-school…

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ReneSola Encounters Headwinds but Looks Better Positioned Than Most

Solar farm builder reports 85% revenue plunge and first-quarter loss, but sees situation improving through the year Key Takeaways: ReneSola has encountered recent headwinds due to Covid-related lockdowns in China and withdrawal from a major U.S. project Company looks better positioned than peers from other industries due to accelerating focus on renewable power construction in the west By Doug Young Its inclusion in a couple of solar promotion programs powered solar farm builder ReneSola Ltd. (SOL.US) to a market-beating performance on Tuesday, defying a bigger selloff that saw the S&P…

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‘World Champion’ WM Motor Joins China EV Race to Market With Hong Kong Listing Plan

Money-losing Shanghai-based electric vehicle maker seeks $1 billion in new funding as it faces growing competition from crowded field of local rivals Key Takeaways: •      WM Motor has filed for a Hong Kong IPO to reportedly raise up to $1 billion, competing with a handful of similar listed Chinese EV startups •      The company’s sales have surged in the past few years, but so have costs and competition as China aggressively promotes clean technologies By Rajiv Sekhri Chinese electric vehicle (EV) maker WM Motor Holdings Ltd. is charging ahead into…

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Cash-Rich Ganfeng Lithium Sees Tasty Diversification in Smaller Rare Metals Producer

Miner of the metal used in electric car batteries will buy 16.7% of tantalum and niobium producer Ximei Resources for $31 million Key Takeaways: Ganfeng Lithium will pay HK$240 million for 16.7% of Ximei Resources, a producer of tantalum and niobium. Purchase will diversify Genfeng’s business, and make use of its fat profits built on skyrocketing lithium prices By Andrew Curran Half a decade ago, barely anyone knew what lithium was. Now, the once-exotic metal is enjoying flavor-of-the-month status with a sky-high price to match. The soft, white silvery metal…

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JinkoSolar Pushes Into Power Storage with New European Tie-Up

Germany’s Memodo will use Jinko-supplied storage systems in new solar projects across Germany, Austria, and Switzerland Key Takeaways: A German wholesaler has agreed to distribute JinkoSolar’s PV panels and batteries in Germany, Austria, and Switzerland through the end of next year The deal signals JinkoSolar’s push into battery storage to complement its solar panel business and maintain its spot as the world’s biggest solar panel maker By Andrew Curran China’s top solar panel manufacturer is pouring massive time, money and effort into solving the single biggest problem stymying the uptake…

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China-Led Phoenix Motor Sputters With Watered Down U.S. Listing Plan

Electric vehicle maker aims to raise $20 million from its Nasdaq IPO, down from a previous $150 million target, which is only enough to fund its operations for a year Key takeaways: China-linked American EV startup Phoenix Motor has slashed the fundraising target for its U.S. IPO to $20 million from a previous $150 million The money-losing company has only sold 104 EVs since its inception, and says the latest fundraising target can finance its operations for just a year By Rajiv Sekhri A former American electric vehicle (EV) highflyer…

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CH-Auto Challenges Li Auto, Nio, Xpeng with U.S. SPAC Listing

Former car designer has jumped on China’s electric vehicle bandwagon, aiming to tap a market that accounts for more than half of global EV sales Key takeaways: CH-Auto has announced plans for a U.S. SPAC listing, joining Chinese electric vehicle makers Nio, XPeng and Li Auto with New York-traded shares The company said the last two years have been “quite challenging,” following disappointing sales for its high-end Qiantu K-50 electric sports car By Rajiv Sekhri Make way, Nio (NIO.US; 9866.HK), XPeng (XPEV.US; 9868.HK) and Li Auto (LI.US; 2015.HK). That trio…

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JinkoSolar Stumbles on Covid Challenges, But Longer-Term Future Remains Bright

Solar panel maker said its revenue fell sequentially from the fourth quarter to the first, but noted the war in Ukraine is speeding a global drive to reduce dependence on fossil fuels Key Takeaways: JinkoSolar blamed Covid disruptions for a 10% sequential decline in its first-quarter revenue, but added such challenges should be ‘short-term and manageable’ Company forecast it will sell 35 GW to 40 GW of capacity this year, implying it is taking market share from rivals By Doug Young Quite a few messages are emanating from two new…

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Goldwind Diversifies with $3 Billion Deep-Sea Wind Power Investment

Leading maker of wind power generation equipment announces major strategic framework agreement with coastal city of Wenzhou Key Takeaways: Xinjiang Goldwind has announced a new tie-up worth nearly $3 billion with the city of Wenzhou involving deep-sea wind power Move will allow the company to develop technology in a major new emerging area, and also help it diversify geographically beyond its controversial home base By Doug Young Buckle up for some deep-sea fishing! Wind energy equipment maker Xinjiang Goldwind Science & Technology Co. Ltd. (2208.HK; 002202.SZ) has just announced a…

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CBAK Talks Up Acquisition of Troubled Supplier, But Investors Unimpressed

The electric vehicle battery maker’s shares have continued to slide even as it touts the benefits of a recently acquired supplier that will sharply boost its revenue Key takeaways: •      CBAK says a troubled battery materials supplier it acquired late last year generated about four times its own revenue in the first nine months of 2021 •      Filings show financials for the acquired company remain shaky, with its operations producing large cash deficits By Warren Yang One can hype up a head-scratching decision only so much. Electric vehicle battery maker…

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