New Energy

Greatpower Nickel Restarts IPO Engine after Earnings Setback

The producer of battery materials used in electric vehicles has filed for a second time to list on the Hong Kong Stock Exchange, fortified by an LG supply deal Key Takeaways: Greatpower Nickel and Cobalt, hit by Covid disruptions and falling prices, swung to a loss in the first half of the year after writing off a large sum for cobalt products inventory But the company benefits from a six-year supply agreement with South Korean lithium battery powerhouse LG Energy Solution, assuring a future revenue stream By Fai Pui Companies…

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Nio Enters Race for Lithium with Australian Investment

The electric vehicle maker will pay $7.7 million up front and up to $80 million more for a stake in an Argentine mining project in its tie-up with Greenwing Resources Key Takeaways: Nio Inc. will pay $7.7 million for 12% of Australian miner Greenwing Resources, which holds the rights for the San Jorge Lithium Project in Argentina Nio is the latest electric vehicle maker to purchase lithium assets, following similar moves by domestic rival BYD and global names like Tesla and General Motors By Doug Young New energy investment patterns…

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Cango Adds Used Cars, New Core App as Business Hits Second-Quarter Speed Bump

Company’s revenue takes major Covid hit as it launches a new Haoche app at the center of its ongoing transformation from car financier to car-trading platform operator Key Takeaways: Cango’s revenue fell 69% in the second quarter due to disruptions from China’s strict Covid controls, but it forecast the figure would start to rebound in the current quarter Company added two important pieces to its emerging car-trading business model with the rollout of its Haoche app and launch of a used car trading platform  By Doug Young Talk about hitting…

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China Transmission Swings to Loss after Shifting Business Gears

China High Speed Transmission has logged a first-half loss and a revenue decline, hit by falling prices of wind power equipment and by the impact of the Covid pandemic. However, a foray into commodity trading outside its core business may have been a key factor Key Takeaways: The company reported a year-on-year revenue fall of just under 9% in the first half and posted a net loss of 78.7 million yuan With rising receivables in its commodity trading business, the company needed to borrow more to bolster liquidity, swelling its…

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Xinjiang Goldwind Sees Lull in Latest Quarter on Maturing Wind Power

China’s leading provider of wind power equipment reported revenue and profit declines in the second quarter Key Takeaways •      Xinjiang Goldwind reported second quarter revenue of $1.48 billion, down 9% from a year earlier •      The company is benefitting from a global push towards renewable energy sources, but its profit margins are feeling pressure as building activity slows in its core home market By Andrew Curran The enormous turbines have been turning full tilt these last few years at wind farms owned by or using equipment from Xinjiang Goldwind Science…

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SPONSORED: IoT Platforms Offer Greener Future for Industrial and Commercial Scenarios

IoT products and services can help industrial and commercial users better manage energy consumption and meet ESG goals The following article has been written with material supplied by Tuya The global fixation on carbon neutrality has put energy conservation and emissions reduction in the spotlight all the way down to the household level. At the same time, big progress is also happening in industrial and commercial scenarios. Market research firm CCID Consulting estimates industrial use accounts for as much 70% of carbon emissions, followed by construction and transportation. Among other…

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JinkoSolar Taps China Unit to Raise $1.5 Billion for New Projects

Leading solar panel maker will take advantage of a significantly higher valuation for its Shanghai- listed unit to raise money through a convertible bond issue Key Takeaways: JinkoSolar will issue up to 10 billion yuan worth of convertible bonds through its China-listed subsidiary to help fund two major new projects announced earlier this year The fundraising takes advantage of a major valuation gap between the U.S.-listed company, which trades at a P/E of 40, and the China-listed unit, whose P/E stands at around 130 By Doug Young There’s no question…

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SolarMax Banks on Sunny Name to Draw Investors to Its IPO

The builder of solar farms in China and rooftop solar systems in the U.S. is seeking to raise $30 million in a New York listing Key Takeaways: Solar power systems developer SolarMax is aiming to raise $30 million in a New York listing, but investors could balk at the company’s lack of diversity The IPO marks the latest signal that Chinese listings could soon gain momentum in New York after a yearlong near-halt due to regulatory concerns in the U.S. and China By Doug Young   Its name may sound…

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Ganfeng Gets Salty in Argentina With $1 Billion Lithium Purchase

One of the world’s biggest battery makers is moving aggressively into lithium mining with its new deal to buy two lithium carbonate salt lakes in South America Key Takeaways •      Ganfeng Lithium is spending nearly $1 billion on two lithium carbonate-producing salt lakes in Argentina •      Deal would see Ganfeng take full ownership of little-known Dutch-owned mining explorer Lithea Inc., in one of the company’s biggest acquisitions to date By Andrew Curran Lithium continues to have its moment in the sun, trading near record highs as demand for the once…

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