Enel North America | November 21, 2022
Enel North America, through its affiliate 3Sun USA, LLC, today announced its intention to build an industrial-scale production facility in the US for the manufacturing of innovative, sustainable and American-made photovoltaic (PV) modules. The proposed facility is expected to have a minimum production capacity of 3 GW with the possibility to scale production to 6 GW annually and is anticipated to create up to 1,500 new direct jobs by 2025. The facility is expected to be among the first in the United States to produce solar cells, the fundamental building block of PV modules.
"Recent policy tailwinds from the Inflation Reduction Act have served as a catalyst for our solar manufacturing ambitions in the US, ushering in a new era of made-in-America energy, With this announcement, it is our intention to bolster a robust domestic solar supply chain that accelerates and strengthens the US's transition to clean energy. In doing so, we are creating thousands of new jobs, supporting local economies and providing stability to the solar industry."
-Enrico Viale, head of Enel North America.
Currently, Enel is evaluating possible sites for the new factory and expects to begin construction in mid-2023. It's anticipated that the first panels will be available to the market by the end of 2024. Fewer than five large-scale solar module manufacturing facilities (over 1 GW) are currently operating in the US, while annual US solar PV installations are projected to grow from 16 GW in 2022 to 41 GW by the end of 2025, according to Wood Mackenzie.
Enel will leverage its expertise and experience from its 3Sun Gigafactory in Catania, Italy, which is set to become Europe's largest factory producing high-performance bifacial photovoltaic modules. Enel intends to replicate the Gigafactory factory in the US to produce bifacial heterojunction (B-HJT) PV cells that capture more sunlight as the cells can respond to light on both front and rear surfaces.
3Sun is already a market leader in producing high-efficiency cells, breaking a record in 2020 by achieving 24.63% efficiency. Through an ambitious R&D program, the PV panels will be further developed to also incorporate a tandem structure, which utilizes two stacked cells that allows for more light to be captured compared to single-cell structures, yielding higher overall cell efficiency. The combination of bifacial PV panels and tandem cell structure offers significant efficiency improvements, which will enable PV modules to exceed 30% efficiency, securing higher average energy production. The technology's lower degradation ensures a longer useful life for modules, and the cells' high density is conducive to a variety of applications, including land-constrained utility-scale installations or rooftops.
About Enel North America:
Enel North America, part of the Enel Group, is a clean energy leader in North America and is working to electrify the economy and build a net-zero carbon future by decarbonizing energy supply, electrifying transportation, creating resilient grids, and promoting a just, equitable transition. Enel North America serves over 4,500 businesses, utilities, and cities through renewable power generation, demand response, distributed energy resources, smart e-mobility solutions and services, energy trading, advisory and consulting services, and more. Its portfolio includes over 8 GW of utility-scale renewable capacity, 606.8 MW of utility-scale energy storage and 63 MW of distributed energy storage capacity, 4.7 GW of demand response capacity, and 110,000 electric vehicle charging stations.
TUGA Innovations | November 29, 2022
TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF) (“TUGA Innovations,” or the “Company”), a developer of solutions for urban mobility challenges with the TUGA, a new type of electric vehicle (“EV”), is pleased to announce the execution of a non-binding letter of intent (“LOI”) for the creation of a consortium with the intent to produce the initial TUGA commercial prototypes, limited series product line, and continued advancements towards future production vehicles.
The proposed all-Portuguese consortium comprises TUGA Innovations, VANGEST Group (“VANGEST”), and Optimal Structural Solutions (“Optimal”) as an integrated amalgamation of ongoing efforts for the development of the TUGA three-wheeled, fully electric fore-and-aft 2-seat vehicles. The TUGA urban mobility solution is being designed to offer an optional suite of advanced digital communications and navigation aids and is no wider than a motorcycle for agility offering a patent-pending expanding rear axle for high-speed stability. The TUGA is also being designed to offer a patent pending expandable chassis designed for improved passenger comfort and cargo handling capability.
The LOI encompasses engineering design, dynamic and structural simulations, body moulding, interior design and fabrication, EU regulatory homologation, and integration of subsystems and components It is also proposed that the consortium will model, design, and implement standards of quality for planned future production and assembly of TUGA models at anticipated regional production units within specified sales territories across the globe. Initially, the consortium will be tasked with initiating the Portuguese sales and marketing efforts for high-end limited-edition vehicles, and aid in the implementation of proposed mobility as a service (MaaS) five-star ride-hailing and premium delivery services.
“We have been actively working with TUGA Innovations since their concept prototype launch last year. Their project and team position themselves ideally with the expertise we have to offer; and we are looking forward to extending our partnership together.”
-Nuno Cipriano, CEO of VANGEST.
VANGEST is located 135km north of Lisbon and brings over 35 years of innovation and expertise employing integrated services. The company utilizes up-to-date technologies throughout its extensive industrial complex of facilities where twelve independently managed companies and over 300 skilled workers help design and undertake award-winning rapid prototyping, tooling, mould production and assembly of products to efficiently service the most demanding industries that build the future: including the automotive, aerospace, advanced electronics, and medical device sectors.
“We are very close to the TUGA project and their excellent team, and we enjoy fantastic integration by having their offices within our premises. We are working closely together on the engineering of the advanced prototype and various sub-systems. This partnership opportunity will help mold our next steps together and validates all the hard work completed to-date. The proposed consortium will solidify and consolidate our relationship.”
-António Reis, Director, and co-owner at Optimal.
Optimal is a Portuguese enterprise founded in 2008 with headquarters in Cascais, near Lisbon. Optimal is 100% owned by Portuguese private investors and focused on advanced composite and metallic structures incorporating complex systems for applications in automotive, space, aeronautic, and defense sectors. The company has a dedicated team composed of engineers, product assurance and project managers integrated with procurement, storage & logistics, IT, test, and quality control staff. This unique combination provides full assurance of reliability, adherence to the highest industry standards, and responsive commitment to TUGA Innovations’ requirements. For more information, visit: http://optimalstruct.optimal.pt/.
John Hagie, CEO of TUGA Innovations concludes, We are honoured to work with such prestigious partners. With the proposed creation of our consortium, we aim to demonstrate the international nature of the TUGA project combined with a unified desire to leverage the very best resources here in Portugal to further our objective of bringing to market innovative, sustainable solutions to overcome significant urban mobility challenges. Together our companies have incredible talent, resources, experience, and ability to showcase excellent Portuguese engineering and production expertise towards the advancement of responsible and sustainable value generation.
About TUGA Innovations, Inc:
TUGA Innovations is a development-stage electric vehicle company undertaking the conception, design, and production of specialized EVs to improve the urban mobility experience. The Company is looking to reduce urban mobility difficulties by developing a family of three-wheeled, fully electric fore-and-aft 2-seat vehicles. The vehicle is no wider than a motorcycle for agility and offers a patent pending expanding rear axle for high-speed stability along with a patent pending expandable chassis designed for passenger comfort. The vehicle will offer advanced connectivity technology to maximize safety, performance, environmental impact, comfort, maintenance, and navigation. The TUGA vehicle is being designed to deliver an estimated 160 km range, have an estimated top speed of 140km/hour with the comforts of a car, and with more protection than a motorcycle in an interchangeable multi-body, multi-function platform.
Lordstown Motors | November 08, 2022
Lordstown Motors Corp. (“Lordstown Motors” or “LMC”) (Nasdaq: RIDE), an original equipment manufacturer of electric vehicles focused on the commercial fleet market, and Foxconn Ventures Pte. Ltd., an affiliate of global technology company Hon Hai Technology Group (“Foxconn”) (TWSE: 2317), today announced that they reached an agreement pursuant to which Foxconn agreed to make additional equity investments in LMC (collectively, the “Investment Transactions”) in the form of $70 million of LMC’s Class A common stock, $0.0001 par value per share (the “Common Stock”), and up to $100 million of a newly created Series A Convertible Preferred Stock, $0.0001 par value per share (the “Preferred Stock,” and together with the Common Stock, the “Securities”). Upon completion of the Investment Transactions, Foxconn is expected to hold all of LMC’s outstanding Preferred Stock and 18.3% of its Common Stock on a pro-forma basis, and will have the right to designate two members of LMC’s Board of Directors.
Lordstown Motors will use the proceeds from the sale of the Common Stock for general corporate purposes and the proceeds from the sale of the Preferred Stock to fund development and design activities for a new electric vehicle program in collaboration with Foxconn (the “EV Program”). The $100 million direct Preferred Stock investment replaces the joint venture funding previously announced by Foxconn and LMC.
Pursuant to the agreements governing the Investment Transactions, at an initial closing expected to be held on or about November 22, 2022 (the “Initial Closing”), subject to customary conditions, Foxconn will purchase an aggregate of approximately 12.9 million shares of Common Stock at a purchase price of $1.76 per share, resulting in total proceeds of $22.7 million, and 300,000 shares of Preferred Stock at a purchase price of $100 per share, resulting in total proceeds of $30 million. The remaining shares of Preferred Stock will be purchased by Foxconn based on achieving certain EV Program funding milestones to be agreed-upon by the parties. Following receipt of applicable regulatory approvals, including a review by the Committee on Foreign Investment in the United States (“CFIUS”), and subject to other customary conditions, Foxconn will purchase an additional 26.9 million shares of Common Stock at a purchase price of $1.76 per share, resulting in total proceeds of approximately $47.3 million (the “Subsequent Common Closing”). Pursuant to the transaction agreements, Foxconn has also been granted the right to participate in future equity offerings by LMC to prevent dilution of its ownership interest.
The agreements governing the Investment Transactions provide, among other things, that:
Conversion Rights and Limitations: Upon certain terms and conditions, Foxconn can convert the Preferred Stock into shares of Common Stock and LMC can force a conversion of the Preferred Stock into shares of Common Stock, in each case, at a conversion price of $1.936, subject to customary adjustments. Conversion of the Preferred Stock is subject to the following ownership limitations (the “Ownership Limitations”): the Preferred Stock cannot be converted if Foxconn would own in excess of 9.99% of LMC’s outstanding Common Stock at any time prior to CFIUS clearance and the Subsequent Common Closing, or 19.99% of LMC’s outstanding Common Stock at any time prior to LMC obtaining stockholder approval.
Voting Rights and Limitations: The Preferred Stock is generally entitled to vote with the Common Stock as a single class on an as-converted basis. However, Foxconn is not entitled to vote its Preferred Stock to the extent that Foxconn would have the right to vote in respect of its Common Stock, Preferred Stock, or other capital stock an amount that would exceed the Ownership Limitations.
Standstill: Until at least December 31, 2024, without approval of LMC’s Board of Directors, Foxconn is prohibited from acquiring any equity securities of LMC if after any such acquisition Foxconn and its affiliates would own in excess of the following amounts of LMC’s voting stock:
9.99%, at any time prior to CFIUS clearance and the Subsequent Common Closing;
19.99%, at any time prior to LMC obtaining stockholder approval; and
24%, at all times following the Subsequent Common Closing and after receipt of the requisite stockholder approval.
Board Representation: Foxconn will have the right to appoint two designees to LMC’s Board of Directors after receiving CFIUS clearance and consummation of the Subsequent Common Closing. Foxconn will relinquish its Board seats if it does not maintain a certain level of ownership of LMC’s capital stock.
Voting Agreement: Until at least December 31, 2024, Foxconn has agreed to vote all of its shares of Common Stock and Preferred Stock (to the extent then entitled to vote) in favor of each director recommended by the Board and in accordance with any recommendation of the Board on all other proposals (other than any action related to any merger or business combination or other change of control transaction or sale of assets).
Participation Rights: Following the Subsequent Common Closing, other than with respect to certain excluded issuances, Foxconn has the right to participate in securities offerings proposed to be made by LMC, provided, that LMC is not required to sell Foxconn securities if LMC would be required to obtain stockholder approval under any applicable law or regulation.
Termination of Existing JV Arrangement: LMC and Foxconn have agreed to terminate the existing joint venture arrangement between Lordstown EV Corporation and Foxconn EV Technology, Inc. The EV Program and future vehicle development are expected to take place within LMC.
“Since announcing our first transaction with Foxconn more than a year ago, it has been our objective to develop a broad strategic partnership that leverages the capabilities of both companies. Foxconn’s latest investment is another step in that direction. Our Board of Directors and management team strongly believe that deep collaboration with the Foxconn EV ecosystem, including the Mobility-in-Harmony (MIH) open-source platform, offers tremendous opportunities to meet our mutual ambition to accelerate EV adoption globally. I look forward to welcoming Foxconn representatives to our Board and exploring other ways to deepen our partnership.”
-Daniel Ninivaggi, Executive Chairman of LMC.
Edward Hightower, CEO and President of LMC commented: Over the last year, the LMC and Foxconn teams have worked collaboratively to bring the Endurance into commercial production, despite numerous external challenges. We acknowledge and appreciate the confidence in our team that is shown by this investment. The combination of LMC’s experienced vehicle development team, Foxconn’s growing EV ecosystem, the MIH platform, and our asset-light business model will allow us to bring great EVs to market faster and more efficiently.
About Lordstown Motors Corp.
Lordstown Motors is an original equipment manufacturer (OEM) of electric vehicles focused on the commercial fleet market, with the Endurance all electric pick-up truck as its first vehicle being launched at the Foxconn EV plant in the Lordstown, Ohio facility. Lordstown Motors has engineering, research and development facilities in Farmington Hills, Michigan and Irvine, California.
HNA Live | December 21, 2022
HNA Live, a data analytics company serving manufacturing and real estate industries, has selected CLEA, AI/IOT platform from SECO MIND USA LLC for their innovative cloud solution that combines AI and 3D technology to optimize manufacturing facility productivity.
Manufacturing 4.0 is transforming the way manufacturers manage and optimize their operations, from product design and production to distribution and customer satisfaction. HNA LIVE offers granular, privacy-protected, real-time insights into the performance efficiencies and bottlenecks of operations, safety, and quality in the manufacturing space.
"The digital transformations are notoriously difficult to scale up across networks of factories, the pressure to succeed is intense. With CLEA we can rapidly enable manufacturers to capture benefits across the entire manufacturing value chain."
Cooper Mojsiejenko, Chief Executive Officer at HNA Live
HNA Live makes use of LIDAR and other data collection technologies to precisely measure and create 3D models for manufacturing whether it's plant movement, working parts in process, or a building's entire operation. HNA.Live's cutting-edge technology provides more accurate real-time 3D modeling for a manufacturer's business strategy.
"CLEA enables connecting and cloud managing any hardware for smart control, monitoring, and actionable insights. HNA Live is enabling manufacturers to increase production capacity, reduce material losses, improve delivery lead times, and reduce their environmental impact. We are very excited to be part of their journey."
Ajay Malik, CEO of SECO Mind USA
HourNationArchive, INC. is a privately held company located in Denver, CO. HNA Live is a cloud solution that combines AI and 3D technology to optimize manufacturing facility productivity. Connecting LIDAR and other data collection technologies to precisely measure and create 3D models for manufacturing whether it's plant movement, working parts in process, or a building's entire operation. HNA.Live's cutting-edge technology provides more accurate real-time 3D modeling for a manufacturer's business strategy.
SECO Mind USA
Secomind USA LLC is a privately held company located in the heart of Silicon Valley and is a subsidiary of SECO SpA. Secomind delivers AI/IoT software for accelerating digital transformation. It builds turnkey solutions for Vending Machines, Agriculture, Defense, Manufacturing, and Healthcare. Secomind is on a mission to augment the abilities of machines and people by using AI everywhere computing takes place and is a leader in self-supervised learning, incremental learning and reinforcement learning. They have built and deployed AI products for computer vision, air quality, predictive maintenance, vending machines, defense against drones, and more for private, public, and government.