With this expansion, Kempower is targeting the Turkish charge point operators, municipalities and public transport authorities. This is a milestone for Kempower, which continues to enter new markets as part of its strategy for growth.

In collaboration with Hyundai Motor Company, the company launched the E-WAY H2, a 12-metre hydrogen fuel cell electric city bus, which first debuted at Busworld Europe in 2023.

This so called ‘accelerated bookbuilding process’ created 145,000,000 shares in a “private placement” fund at NOK 6,90 (0.63 USD) per new share. The capital raised will help the company meet its 2025 goals, namely getting a few hundred Tern trucks out the door and ramping up production.

This decision is part of a broader strategy to focus on Dana's core competencies in light and commercial vehicle markets. The sale is expected to strengthen Dana's balance sheet and unlock untapped shareholder value.

T&BB interviewed senior management at Hexagon Purus and discussed the company’s market positioning as it looks to capitalise on the growing demand for clean transportation technologies needed to drive zero-emission transportation in the Commercial Vehicle (CV) industry.

As of January 1, 2025, the ramp and lift business (Hübner Transportation GmbH) will be fully integrated into the Hübner Group.

Over a year ago, British startup Tevva Motors Ltd – which had already raised millions of dollars in funding on the strength of its 7.5 tonne prototype electric truck – announced plans to merge with an American company called ElectraMeccanica. It was an unlikely match: ElectraMeccanica had launched a single product, a battery-powered three-wheeler, which had to be recalled due to numerous technical faults. Following the merger, the new company, called ‘Tevva Inc’, would begin with a cash balance between USD70-80m, debts of USD26m, and two facilities on either side of the Atlantic. It was apparently a marriage of convenience: a means to recapitalise Tevva’s business and enter the American market; and when the deal collapsed, the declaration of bankruptcy, which came six months later, seemed as inevitable as the change of seasons.

The UK subsidiary is based in the Bicester Motion business park in north Oxfordshire. This site will serve as Canoo's operations, customer, and activation centre for the UK and Europe.

The company will also consolidate its shares, merging five existing shares into one. Essentially the number of shares outstanding changes from 73,088,382 to 14,617,676. This consolidation aims to stabilise the stock price and improve trading liquidity.

In response to delays in hydrogen infrastructure development and slower-than-expected adoption of fuel cell technology, the company aims to reduce operating expenses by over 30%. Key actions include workforce reductions, rationalisation of product development programs, and cuts to capital expenditures.

Ovarith Troeung of CEO HFC retrofit company cautioned that the company is still waiting for the “market to mature” before ramping up production. Evidently, it has learnt from the litany of startup vehicle companies that have gone bust over the last few years.

At IAA Transportation 2024, held between 17-22 September in Hanover, Germany, the vehicle manufacturers said in unison to delegates: “We are ready for the transition to electric vehicles. Now we are waiting for the market to follow.” Maxion Wheels had a similar message for its OEM customers: “We are ready. Everything is developed. We know how to do it.”At its stand, the company showcased a range of different wheels, from sustainable steel to light electric urban to forged aluminium – this last type being shown to the public for the very first time since Maxion announced its intention to enter this market segment at IAA Transportation 2022. But Maxion’s execs were keen to stress that the company’s moves to support electric vehicles and sustainability are not disruptive; rather, these initiatives are in keeping with a longstanding “culture of innovation” at Maxion.