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…

Read More »

FAST NEWS: China Renaissance Swings Into Red Despite Steep Cost Cuts

The latest: Financial services firm China Renaissance Holdings Ltd. (1911.HK) on Tuesday reported its revenue dropped 42.4% to 604 million yuan ($87.5 million) in the first half of the year,  as it swung into the red with a net loss of 154 million yuan. Looking up: The company’s operating expenses decreased 44.4% to 586 million yuan in the period, outpacing its revenue decline, thanks to a roughly 50% cut in its compensation and benefits expenses to 380 million yuan and lower financing costs. Take Note: China Renaissance said the first half of the year was a tough…

Read More »

Daqo New Energy Sees Strong First-Half Profit, Continued Rising Polysilicon Prices

Producer of the main ingredient used to make solar panels forecasts the profit for its China-listed subsidiary roses 340% in the first half of the year Key Takeaways: Daqo New Energy said the profit for its China-listed unit rose about 340% in the first half of the year, slowing from the 389% growth in the first quarter The company forecast polysilicon prices will continue to rise in the near-term, reversing a previous weakening from record levels at the start of the year By Doug Young When is a 340% profit…

Read More »

Soaring Lithium Prices Lead Tianqi Lithium to Target $1 Billion in Hong Kong IPO

Tianqi Lithium readies for Hong Kong’s largest IPO in 2022 after getting green light from regulators Key Takeaways: Tianqi Lithium expects to go public in July, making it the second lithium company to be listed both in Mainland China and Hong Kong As China’s top lithium producer, it needs the money to repay debt taken on during a previous acquisition By Ken Lo Lithium prices have risen more than 100% so far in 2022, after more than quadrupling last year. And Tianqi Lithium Corp. (002466.SZ), which says it is one…

Read More »

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…

Read More »

‘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…

Read More »

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…

Read More »

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…

Read More »

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…

Read More »

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…

Read More »