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| Hey Insiders — Today, we're bringing you the latest on Canoo's funding, plus Blink Charging's new deal in Tennessee. Scroll down for news on Convoy, Tesla, and General Motors. Let us know which areas you would like us to cover next. If you find this newsletter helpful, please share it with a friend or colleague. Thanks for reading! Nicolas
p/mobilitynerd | |
| 1 | | Canoo announced it secured $113M in subsidies from the state of Oklahoma and the Cherokee Nation. The EV maker plans to invest more than $320M in a manufacturing plant in Oklahoma City and a battery assembly site in Pryor. More: - Canoo expects to have an annual manufacturing capacity of 20,000 vehicles by the end of the year.
- Earlier this month, the company was fined $1.5M by the Securities and Exchange Commission for misleading investors in relation to its sales forecast in its initial public offering filing.
- Formerly Evelozcity, Canoo merged with SPAC Hennessy Capital Acquisition in Q4 of 2020.
- Canoo stock was up 16.50% WoW on Friday morning.
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| 2 | | Blink Charging announced a partnership with the Tennessee Valley Authority to supply DC fast chargers for public and commercial use. TVA is the country's sixth-largest power utility, with 10 million customers in seven states. More: - TVA announced in February 2021 a plan to jointly develop fast charging stations every 50 miles in Tennessee in collaboration with the Tennessee Department of Environment and Conservation.
- Yet, as of March, there were only 25 DC fast charging locations in operation in the Fast Charge TN Network – one more charging station than prior to the 2021 announcement.
- $BLNK closed down 5.32% for the day but rose 1.22% after-hours by Thursday evening.
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| 3 | | The Public Utility Commission of Texas approved Tesla's launch of two virtual power plants for Powerwall owners. The agency says there is already 2.3 GW of capacity from small energy storage devices in the state, with 300 MW added thus far this year. More: - Tesla launched the VPP pilot in California in 2021. In June, the automaker began compensating Powerwall owners for energy through a collaboration with utility PG&E in June 2022.
- In April, Tesla began a virtual power plant pilot program with electric company Transnet BW in Germany.
- Earlier this year, General Motors, Ford, and Google partnered to shape policy for the promotion of virtual power plants.
- $TSLA was up 7.49% WoW by Thursday afternoon.
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| 4 | | Kia America announced a partnership with Wallbox to enable bidirectional charging for the EV9. The model would come with the Quasar 2 home charger starting in H1 2024. More: - "Bidirectional charging can offer long-term benefits to users, grid operators, and utilities and will accelerate the transition to renewable energy sources," said Wallbox co-founder and CEO Enric Asunción.
- The second generation Quasar charges up to 11.5kW, with the EV9 having a 76kW or 100kW battery pack.
- Wallbox claims the charger would save owners $1,000 per year on electrical bills in combination with time-of-use programs.
- $WBX was up 2.21% for the day on Friday morning.
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| 5 | | General Motors' and LG Energy Solution's joint venture, Ultium Cells, agreed to increase pay for its workers in Ohio by 25% following negotiations with the United Auto Workers union. The deal would have to be approved by workers. More: - If ratified, workers would receive back pay for every hour worked since Dec. 23 for a one-time payment between $3,000 and $7,000, depending on hours worked.
- This is a separate negotiation from the UAW's national discussion with General Motors, Ford, and Stellantis over pay for approximately 150,000 workers.
- Ultium Cells is under investigation by the Occupational Safety and Health Administration over a spill containing n-methylpyrrolidone at its plant in Warren, Ohio, pausing operations due to safety concerns.
- $GM was down 1.14% for the day and -2.31% WoW on Friday morning.
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| 6 | | Online freight brokerage Convoy hired Goldman Sachs to explore options to sell the company. The move follows a wider downturn in freight activity, impacting other brokers such as C.H. Robinson, which saw its North America segment adjusted gross profit per load reduce by 45%. More: - Convoy downsized its customer operations team in February, and its co-founder and former CTO left the company in June prior to a new round of layoffs.
- At its last round of funding in April 2022, where it raised $160M from Baillie Gifford and T. Rowe Price and $100M in venture debt from Hercules Capital, Convoy was valued at $3.8B.
- Convoy was founded in 2015 by former Amazon managers Dan Lewis and Grant Goodale, the latter of whom stepped down from his position as chief experience officer and moved to an advisory role in June.
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- The FAA and EASA certified the Dassault Falcon 6X private jet.
- Ace VTOL signed a memorandum of understanding with Volatus Infrastructure to address opportunities in Australia.
- Volkswagen is changing its components procurement strategy to securing parts directly from the manufacturers.
- Northvolt opened a battery recycling facility in collaboration with EMR in Hamburg, Germany.
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 | Sr. Analyst | | Nicolas S. is a Sr. Analyst at Inside, covering transportation and startup trends. He is an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped startups. Follow him at @MobilityNerd. | | This newsletter was edited by Aaron Crutchfield | |
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