Feb 25, 2019

Volvo delivers first electric trucks

Andrew Woods
2 min
CSO reports on electric Volvo Trucks
Volvo Trucks delivered its first all-electric vehicles to customers.

Volvo Trucks delivered its first all-electric vehicles to customers.

The first consignment consisted of a refuse truck to waste and recycling company Renova, and a distribution truck to the logistics company DB Schenker and partner haulier TGM, operating in Sweden.

The Volvo FL Electric trucks are part of a pre-series developed in collaboration with selected customers. Series production of the Volvo FL Electric and its powerful sibling, the Volvo FE Electric, will commence with a limited number of trucks for the European markets in the second half of 2019.

The absence of motor noise and exhaust emissions contributes to better working conditions for the drivers and a quieter, cleaner urban environment.

"Our close collaboration with drivers and customers has enabled us to develop, in a short space of time, electrified transport solutions that meet high requirements in terms of performance, driving distances, cargo handling and vehicle use,” says Roger Alm, President Volvo Trucks.

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The drivers who will operate the electric trucks have had the opportunity to test-drive them prior to delivery, as part of the operator training. “The drivers were particularly impressed with the responsive driveline, delivering fast and seamless acceleration, and the low noise level,” summarizes Roger Alm.

“We will continue to develop our electrified offering. At the same time, we are steadily reducing the environmental and climate impact of our diesel and gas powered trucks, primarily through energy-efficient drivelines," says Roger Alm, President Volvo Trucks.

Facts about Volvo electric trucks
The Volvo FL Electric and Volvo FE Electric trucks are developed for distribution, refuse handling and other urban transport applications. The Volvo FL Electric has capacity for a GVW (gross vehicle weight) of 16 tonnes, while the Volvo FE Electric has capacity for a GVW of 27 tonnes.

 

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Aug 2, 2021

Financing rises in digital platforms and renewables projects

Energy
Technology
Financing
Renewables
Dominic Ellis
3 min
Recent financing deals involving Cold Bore Technology and Soltage underline the importance of digital platforms and renewables

Cold Bore Technology has closed $14M in growth financing in a round that was led by bp ventures with participation from the Canadian Business Growth Fund (CBGF).  

Cold Bore is leading a shift in the completions (fracking) industry towards safer, more autonomous operations by providing oil & gas companies with SmartPAD, a centralised fully integrated software and hardware platform designed to collect, analyse, and report data. Better utilisation of this data unlocks operators’ ability to make improvements across all KPIs.

Results from a recent SmartPAD implementation with Hibernia Resources, saw the Permian-based producer able to reduce the duration of their completions program by 15 days (27%), with commensurate reductions in cost and emissions.

Along with this investment from bp ventures, bp will be deploying Cold Bore’s SmartPAD in bpx energy’s US onshore operations. The technology will support bpx’s efforts to continuously improve its operations.

“The oil & gas industry has realised that technological innovation is key to meeting growing calls for reduced emissions and improved returns. Cold Bore is proud to be playing a leadership role in the future of oil & gas operations.” said Brett Chell, Co-founder & President at Cold Bore Technology.

“As we scale to meet incredible demand, we’re excited to have a strong strategic partner in bp, a forward-thinking international energy company, and to play a part in helping bp reach its carbon and operational targets. The future of the oil & gas industry is autonomous operations."

Existing investors include the Rice Investment Group (RIG), a $200M multi-strategy, energy sector investment fund.

Another company in the spotlight last week was Soltage, a leading independent renewable power producer, which has raised a $130M debt facility led by Silicon Valley Bank. The investment will finance a 110MW national portfolio of projects across North Carolina, South Carolina, Maine, Illinois, Virginia and Maryland.

The construction of this portfolio will be staged over the next three quarters, with construction currently underway on ten projects across four states. Customers purchasing electricity from the projects financed through this debt vehicle include Investor Owned Utilities buying power under Public Utility Regulatory Policies Act (PURPA) contracts, community solar subscribers and corporations purchasing power from the portfolio to meet clean energy goals and lower energy costs.

Silicon Valley Bank is the Sole Coordinating Lead Arranger of the debt facility with three other banks included as lenders. This facility includes an optional $100M expansion feature to finance additional projects beyond the current set of identified projects. This announcement marks the latest development for the Soltage Iris capital vehicle, following Soltage and Harrison Street's $250M commitment in March to deliver 450MW of new solar, solar+storage and standalone storage development across the US.

"Soltage continues to provide stable investment opportunities for capital providers who are looking for bankable approaches to sustainable infrastructure investment," said Sripradha Ilango, Soltage CFO. "We are pleased to continue to bring to market high quality project portfolios that open avenues for corporations, utilities and families to adopt solar power and achieve decarbonisation priorities."

"We are at a critical point where funding domestic infrastructure to bring more clean energy online in the United States is of the utmost importance," said Bret Turner, Market Manager at Silicon Valley Bank. "Our team is proud to work with Soltage to support building these essential zero carbon energy projects in key locations across the country."

This announcement is part of a continued movement of mainstream investors looking to solar and other renewable infrastructure assets for long-term investment opportunities. Soltage has deployed over $1B into clean energy assets across the US since its founding in 2005.

SVOLT Energy Technology Co., a leading EV battery manufacturer, held a B Round Financing Transaction Ceremony in Changzhou, Jiangsu on July 28. Following the completion of A Round Financing of RMB 3.5 billion ($538 million) at the end of February, the company rapidly closed this third round of market-based equity funding, raising a total amount of RMB 10.28 billion ($1.58 billion).

Last month also saw Longroad Energy, a US-based renewable energy developer, owner and operator, complete term financing for Sun Streams 2, its 200 MWdc solar project in Maricopa County, Arizona. Longroad owns 100 percent of the project after acquiring it in early 2021 from First Solar, the original developer.

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