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Showing results for tags 'Department of Energy'.
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EV Battery War Heats UP, Asia Versus America! Seems America, Tesla and the department of energy have created the next war. This is the Battery war, Lithium Ion versus Solid State batteries and Japan is behind. As such according to the story in the Nikkei, the Japanese government is funding research by leading Japanese manufacturers to develop what they believe will power the EVs of the future. This group brings together the Japanese Consortium for Lithium Ion Battery Technology and Evaluation Center (Libtec) with Toyota Motor, Nissan Motor, Honda Motor, Panasonic and battery maker GS Yuasa to develop rapid charging solid-state batteries that are easier to manufacture, safer, denser energy and costs less. The story goes on to say that Toyota's Solid State battery technology is considered to be the most advanced in the world, but is not commercialized yet. This new consortium is meant to make this happen by being funded by the Japanese government. This should help Japan beat China, Korea and the US in having the fastest charging, safest and densest battery packs in the world. Current market numbers are that global battery market shows Japan had 70% in 2013 but shrunk to 41% today, China and Korea combine for 26% today from 3% in 2013 The consortium is quoted as bringing the smaller but denser 400km Toyota solid state battery pack to market in the next 18 months in current EVs and have the size grow of the solid state batteries grow very little while having 550km batteries by 2025 and 800km batteries by 2030. For those that are a bit rusty on their metric, this equates to 249, 342, and 497 miles of range in a small dense battery pack. Japan industry ministry is eager for the country to reclaim its global dominance by setting the standard for solid-state batteries. Nikkei Story -
William Maley Staff Writer - CheersandGears.com November 25, 2013 The Department of Energy (DOE) announced on Friday that it had found a buyer for dormant automaker, Fisker. The buyer is Hybrid Tech Holdings, LLC, a company founded by Richard Li, one of the people who was interested in buying Fisker. So how much did Hybrid Tech pay for the assets of Fisker? Reports say around $25 million, which means the DOE lost around $139 million in its investment into Fisker. To keep the transfer process smooth and make sure Fisker's creditors and suppliers get paid, the company has filled for Chapter 11 Bankruptcy in a California court. "After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the best alternative for maximizing Fisker Automotive's value for the benefit of all stakeholders. We believe that the Fisker Automotive technology and product development capability will remain a guiding force in the evolution of the automotive industry under Hybrid's leadership," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer in a statement. What does Hybrid Tech have in mind for Fisker? The company plans to restart production and sales of the Karma sedan, and work on developing new vehicles. "As we continue to examine Fisker's opportunities, we will be making decisions about the structure and footprint of the new business," said Caroline Langdale, a spokeswoman for Hybrid Technology. Source: Automotive News (Subscription Required), Fisker William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 Fisker Automotive Announces Agreement for Asset Sale to Hybrid Tech Holdings ANAHEIM HILLS, Calif., Nov. 22, 2013 /PRNewswire/ -- Fisker Automotive, Inc. and Fisker Automotive Holdings, Inc. (collectively, Fisker Automotive) announced today that they have entered into an asset purchase agreement with Hybrid Tech Holdings, LLC (Hybrid) for the sale of substantially all of its assets. Hybrid is the lender under an approximately $170 million loan secured by first liens on substantially all of Fisker Automotive's assets. Hybrid's parent, Hybrid Technology, LLC (Hybrid Technology), purchased the loan from the U.S. Department of Energy (DoE) after DoE conducted a robust marketing process and auction. To facilitate the sale process and provide for orderly distributions to creditors, Fisker Automotive has voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code. Hybrid Technology has committed up to approximately $8 million in debtor-in-possession (DIP) financing to fund the sale and Chapter 11 process. "After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the best alternative for maximizing Fisker Automotive's value for the benefit of all stakeholders," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer. "We believe that the Fisker Automotive technology and product development capability will remain a guiding force in the evolution of the automotive industry under Hybrid's leadership." -
William Maley Staff Writer - CheersandGears.com November 25, 2013 The Department of Energy (DOE) announced on Friday that it had found a buyer for dormant automaker, Fisker. The buyer is Hybrid Tech Holdings, LLC, a company founded by Richard Li, one of the people who was interested in buying Fisker. So how much did Hybrid Tech pay for the assets of Fisker? Reports say around $25 million, which means the DOE lost around $139 million in its investment into Fisker. To keep the transfer process smooth and make sure Fisker's creditors and suppliers get paid, the company has filled for Chapter 11 Bankruptcy in a California court. "After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the best alternative for maximizing Fisker Automotive's value for the benefit of all stakeholders. We believe that the Fisker Automotive technology and product development capability will remain a guiding force in the evolution of the automotive industry under Hybrid's leadership," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer in a statement. What does Hybrid Tech have in mind for Fisker? The company plans to restart production and sales of the Karma sedan, and work on developing new vehicles. "As we continue to examine Fisker's opportunities, we will be making decisions about the structure and footprint of the new business," said Caroline Langdale, a spokeswoman for Hybrid Technology. Source: Automotive News (Subscription Required), Fisker William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] you can follow him on twitter at @realmudmonster. Press Release is on Page 2 Fisker Automotive Announces Agreement for Asset Sale to Hybrid Tech Holdings ANAHEIM HILLS, Calif., Nov. 22, 2013 /PRNewswire/ -- Fisker Automotive, Inc. and Fisker Automotive Holdings, Inc. (collectively, Fisker Automotive) announced today that they have entered into an asset purchase agreement with Hybrid Tech Holdings, LLC (Hybrid) for the sale of substantially all of its assets. Hybrid is the lender under an approximately $170 million loan secured by first liens on substantially all of Fisker Automotive's assets. Hybrid's parent, Hybrid Technology, LLC (Hybrid Technology), purchased the loan from the U.S. Department of Energy (DoE) after DoE conducted a robust marketing process and auction. To facilitate the sale process and provide for orderly distributions to creditors, Fisker Automotive has voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code. Hybrid Technology has committed up to approximately $8 million in debtor-in-possession (DIP) financing to fund the sale and Chapter 11 process. "After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the best alternative for maximizing Fisker Automotive's value for the benefit of all stakeholders," said Marc Beilinson, Fisker Automotive's Chief Restructuring Officer. "We believe that the Fisker Automotive technology and product development capability will remain a guiding force in the evolution of the automotive industry under Hybrid's leadership." View full article -
By William Maley Staff Writer - CheersandGears.com May 26, 2013 Two groups are trying to get their hands on what remains of Fisker Automotive. Group one is VL Automotive (the fine folks who are planning to make the Destino) and China's Wanxiang Group have put in a joint bid of around $20 million, a far cry from Fisker Automotive's almost $2 billion estimate from a investor document filing obtained by Reuters. As we reported earlier this month, Lutz said that VL Automotive could with Fisker's suppliers to keep the Karma in production, but that could become a logistics nightmare. "I want Fisker to live and succeed, if only to ensure a continuing supply of Karma bodies for my and my parter's (sic) VL Destino, a de-electrified Karma with a Corvette drive train, for which there is brisk demand," Lutz wrote in a blog piece for Forbes.com in April. The second group is a investment group being led by Hong Kong billionaire and Fisker investor Richard Li. This group got a huge boost this past week when founder and former CEO, Henrik Fisker joined the group. Sources say the group is offering between $25 to $30 million. Source: Reuters, 2, 3 William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
By William Maley Staff Writer - CheersandGears.com May 26, 2013 Two groups are trying to get their hands on what remains of Fisker Automotive. Group one is VL Automotive (the fine folks who are planning to make the Destino) and China's Wanxiang Group have put in a joint bid of around $20 million, a far cry from Fisker Automotive's almost $2 billion estimate from a investor document filing obtained by Reuters. As we reported earlier this month, Lutz said that VL Automotive could with Fisker's suppliers to keep the Karma in production, but that could become a logistics nightmare. "I want Fisker to live and succeed, if only to ensure a continuing supply of Karma bodies for my and my parter's (sic) VL Destino, a de-electrified Karma with a Corvette drive train, for which there is brisk demand," Lutz wrote in a blog piece for Forbes.com in April. The second group is a investment group being led by Hong Kong billionaire and Fisker investor Richard Li. This group got a huge boost this past week when founder and former CEO, Henrik Fisker joined the group. Sources say the group is offering between $25 to $30 million. Source: Reuters, 2, 3 William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
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By William Maley Staff Writer - CheersandGears.com February 3, 2013 The U.S. Department of Energy announced a updated strategy to promote green cars and lower the costs over the next nine years at the Washington D.C. Auto Show on Thursday. One part of the original strategy which stated a goal of having a million electric vehicles on the road by 2015 has been eased off. "Whether we meet that goal in 2015 or 2016, that's less important than that we're on the right path to get many millions of these vehicles on the road," said a Department of Energy official. Auto experts say the strategy is more realistic since consumers aren't fully sold on electric vehicles due to the high cost, recharge times, and limited charging infrastructure in the U.S. The DOE is backing a new plan to promote research into lithium-ion battery tech to help lower costs. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
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By William Maley Staff Writer - CheersandGears.com February 3, 2013 The U.S. Department of Energy announced a updated strategy to promote green cars and lower the costs over the next nine years at the Washington D.C. Auto Show on Thursday. One part of the original strategy which stated a goal of having a million electric vehicles on the road by 2015 has been eased off. "Whether we meet that goal in 2015 or 2016, that's less important than that we're on the right path to get many millions of these vehicles on the road," said a Department of Energy official. Auto experts say the strategy is more realistic since consumers aren't fully sold on electric vehicles due to the high cost, recharge times, and limited charging infrastructure in the U.S. The DOE is backing a new plan to promote research into lithium-ion battery tech to help lower costs. Source: Reuters William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster.
