Category: Energy

A Battery Giant Now Announces Unexpected Layoffs As Market Slows

September 17, 2024 / Frank Nez / 2 Comments

A battery giant now announces unexpected layoffs as the market slows, resulting in huge cost-cutting measures and contraction.

Northvolt, a major battery manufacturer for Europe’s electric vehicle sector, revealed on Monday its plans to reduce its workforce and shut down one of its production sites.

The company is also entering discussions with partners and investors regarding the future of its facility in Poland, per CNBC.

Headquartered in Stockholm, Northvolt has established itself as one of Europe’s most valuable privately held technology firms, specializing in lithium-ion batteries for electric vehicles.

The company has formed partnerships with several major automakers, including Volkswagen and Volvo.

In a strategic review, Northvolt stated it faced the need to make “difficult decisions” to align its workforce with a reduced scale of operations.

While the company did not specify how many jobs would be impacted, it emphasized that no final decisions have been made regarding the specifics of the layoffs.

“We remain in constructive discussions with the unions and will make every effort to minimize redundancies,” the company said.

The decision to implement cost-cutting measures stems from a “challenging macroeconomic environment” and a reassessment of Northvolt’s immediate priorities.

CEO and co-founder Peter Carlsson expressed that focusing on core operations is essential for establishing a solid foundation for long-term growth and supporting the development of a domestic battery industry in the West.

Northvolt has encountered various challenges recently, particularly with the broader electric vehicle market facing demand issues.

According to data from the European Alternative Fuels Observatory, electric vehicle registrations in Europe fell by 3% year-over-year in May, while plug-in hybrid registrations dropped by 10%, totaling 226,000.

Adding to its difficulties, Northvolt faced a major setback in June when BMW canceled a €2 billion contract for EV battery deliveries starting in 2024, citing Northvolt’s inability to meet deadlines.

In addition to job reductions, Northvolt is consolidating its battery production operations across Europe.

In Skellefteå, Sweden, the company has placed its cathode active material production facility, Northvolt Ett Upstream 1, into maintenance mode to optimize production costs.

Furthermore, the Northvolt Fem program in Kvarnsveden will be terminated, with the site already sold to an undisclosed buyer.

In Poland, Northvolt plans to discuss potential partnerships regarding Northvolt Systems, which includes its battery systems production site, Northvolt Dwa.

In the U.S., Northvolt intends to integrate its California-based subsidiary, Cuberg, into its Northvolt Labs unit in Sweden.

Last valued at $12 billion by investors, Northvolt has backing from prominent investors including BlackRock, Goldman Sachs, and Volkswagen.

The company is considered a strong candidate for an initial public offering (IPO) in Europe’s tech landscape, with reports suggesting it could be preparing for a stock market listing that might value it at over $20 billion.

You can search for layoffs in your state here, or follow our layoff news for updates.

Also Read: Cisco Now Profits Billions And Makes Thousands of Unexpected Layoffs

Market News Published Daily 📰

Market News Today - A Battery Giant Now Announces Unexpected Layoffs As Market Slows. — Market News Today – A Battery Giant Now Announces Unexpected Layoffs As Market Slows.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Be sure to share this article with your community.

Also, thank you to all of our site sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter), Instagram, or Facebook.

More Market News 📰

Recommended For You ✨

Pakistan Now Discovers The World’s 4th Largest Oil And Gas Reserves

September 12, 2024 / Frank Nez / 2 Comments

Pakistan now discovers the world’s 4th largest oil and gas reserves in the countries territorial waters, several media report.

A significant deposit of petroleum and natural gas has been found in Pakistan’s territorial waters, potentially altering the country’s economic landscape, according to recent reports.

A three-year survey conducted in collaboration with an allied nation confirmed the presence of these substantial reserves, as stated by a senior security official recently.

The geographical survey has pinpointed the locations of the deposits, and relevant departments have briefed the government on the resources identified in Pakistani waters.

The official described this initiative as a step toward harnessing the “blue water economy,” indicating that proposals for bidding and exploration are currently under review, suggesting that exploration efforts could begin soon.

While the extraction process will take several years, the “blue water economy” holds promise beyond oil and gas, as it could also yield various valuable minerals and elements from the ocean.

The official emphasized that prompt action could significantly enhance the country’s economic prospects, with some estimates indicating that this discovery could represent the fourth-largest oil and gas reserves globally.

Currently, Venezuela leads in oil reserves with approximately 3.4 billion barrels, followed by the U.S. with the most untapped shale oil reserves, and Saudi Arabia, Iran, Canada, and Iraq rounding out the top five.

Former member of the Oil and Gas Regulatory Authority (Ogra), Muhammad Arif, cautioned that while optimism is warranted, there is no guarantee that the reserves will meet expectations.

He noted that the potential impact on the country’s energy needs will depend on the size and recovery rate of the reserves.

“If this is a gas reserve, it could replace LNG imports; if it’s oil, it could substitute imported oil,” he explained.

However, he warned that it is “wishful thinking” to assume success until thorough analyses and the drilling process commence.

Exploration alone is expected to require a substantial investment of around $5 billion, and it could take four to five years to extract reserves from offshore locations.

Should exploration yield positive results, additional investment will be necessary for drilling wells and establishing the infrastructure needed for extraction and fuel production.

For more World News and updates like this, join the newsletter or opt-in for push notifications.

Also Read: Russia and China Now Plan To Respond Against USA Threats

Other World News Today

Market News Today - Pakistan Now Discovers The World's 4th Largest Oil And Gas Reserves. — Market News Today – Pakistan Now Discovers The World’s 4th Largest Oil And Gas Reserves.

Israeli and Iranian leaders have now exchanged warning threats, highlighting the deepening crisis between their nations.

Israeli Prime Minister and Iran’s President have exchanged threats — Benjamin Netanyahu vowed a firm response to any threats, while Masoud Pezeshkian pledged retaliation.

At a ceremony in Jerusalem, Israeli Prime Minister Benjamin Netanyahu addressed the nation with a resolute tone.

Amid a backdrop of rising regional tensions, Netanyahu declared, “Anyone who harms our country will be held accountable. Iran and its proxies seek to surround us with a stranglehold of terror on seven fronts.

Their visible aggression is insatiable, but Israel is not helpless.

We are determined to stand against them on every front, in every arena, far and near.

Anyone who murders our citizens, anyone who harms our country will be held accountable.

He will pay a very heavy price.”

Netanyahu’s comments come in the wake of nearly ten months of conflict in Gaza and the recent assassinations of a senior Hezbollah commander in Lebanon and Hamas’ top political leader in Iran.

The heightened hostilities have raised fears of further escalation and retaliation from Iran and its allies.

On his part, Iranian President Masoud Pezeshkian condemned the assassination of Hamas leader Ismail Haniyeh, calling it a violation of international law.

“The assassination of a guest of the Islamic Republic of Iran was an act that violated all international laws,” Pezeshkian said.

“It was a grave mistake by the Zionists.

The audacity will not go unanswered.”

According to media reports, Iranian officials told Arab diplomats that Tehran does not care if an attack on Israel triggers a regional war. But this can also be part of a psychological war both sides have launched.

Israel’s channel 12 said that Israel’s security establishment is considering the possibility of “preventive actions or attacks” it could initiate, “including in Lebanon or perhaps in other places as necessitated.”

Siamak Javadi, an economics professor and researcher at the University of Texas, told Iran International, “Aside from its military aspect, war is a full-scale economic project.

You can’t wage war with an empty pocket.”

Comparing gross domestic product, per capita national income, and inflation and unemployment rates in Iran and Israel, he added that the Islamic Republic is financially and economically incapable of engaging in a full-scale war with Israel.

Hossein Aghaei, a researcher in international relations and strategic affairs, also told Iran International, “The Islamic Republic is caught in the strategic trap or chain reaction game set by Israel.”

He added that the Iranian government finds itself in a “difficult and enigmatic” situation and has no choice but to provide a “direct and proportionate response” to Israel in order to restore its deterrent power.

Aghaei warned that if the Islamic Republic engages in “a high-risk game” and initiates a “comprehensive and multi-front” conflict against Israel, the region could be drawn into a major military confrontation.

Also Read: 15 Civilians Have Now Been Killed in Israeli Strike On Gaza School

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Be sure to share this article with your community.

Also, thank you to all of our site sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter), Instagram, or Facebook.

More Market News 📰

Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

Thank you for your support!

Support Franknez.com

Recommended For You ✨

New Report Now Claims Gasoline Prices May Plunge To $2.50

September 12, 2024 / Frank Nez / 2 Comments

A new report now claims gasoline prices may plunge to $2.50 as soon as late October with some states going lower.

Gasoline prices are known to fluctuate seasonally, typically rising from mid-winter through summer and then declining in the fall.

Currently, prices are on a downward trend, with many American drivers likely to see prices fall below $3 a gallon by the end of October.

In some regions, prices could even dip to $2.50.

The recent decline in prices can be attributed to a significant drop in West Texas Intermediate crude oil, which closed at $65.75 a barrel, its lowest level since August 2021.

This marks a 19.4% decrease in the third quarter and an 8.2% decrease this year, driven by a new oil demand forecast from OPEC that has sparked a market sell-off.

Crude oil comprises about half the cost of gasoline, making these shifts impactful.

According to GasBuddy.com, the national average for gasoline is currently $3.248 per gallon, while the American Automobile Association (AAA) reports it slightly higher at $3.26.

Both figures represent a decline of 42 cents, or 11.4%, since reaching a peak earlier this year.

Notably, 11 states are already enjoying prices below $3, including Alabama, Arkansas, and Texas, with Mississippi currently holding the lowest average at about $2.75.

Market analysts, including Tom Kloza from the Oil Price Information Service, project that gas prices could continue to decline at a rate of about a penny per day over the next month, potentially bringing the national average below $3 by October 3.

Kloza also suggests that $2.50 per gallon is a realistic target by Election Day, November 5.

While some areas might see prices dip below $2, this would likely only occur in states with currently low prices, such as Mississippi, Texas, and Louisiana.

The last instance of U.S. prices falling under $2 was between March 31 and June 5, 2020.

However, several factors could influence future prices, including weather events, geopolitical developments, and OPEC’s control over oil supply, reports The Street.

Tropical Storm Francine is expected to become a hurricane and may disrupt oil production and refining in the Gulf of Mexico, where nearly half of the U.S. refinery capacity is located.

Despite the approaching storm, traders have remained relatively unfazed, with crude prices still below $70 a barrel.

OPEC’s ability to influence oil prices is limited as it faces competition from the U.S., the world’s leading oil producer.

Additionally, softening demand from major economies, such as China, and the growing prevalence of electric vehicles are also contributing to lower gasoline demand.

However, states like Oregon, Idaho, and California may continue to see higher prices due to taxes and regulations.

Overall, residents across the U.S. can expect to benefit from falling gas prices in the near future.

For more economy news and updates like this, join the newsletter or opt-in for push notifications.

Also Read: A Struggling Gas Station Chain Now Files An Unexpected Bankruptcy

Other Economy News Today

Market News Today - New Report Now Claims Gasoline Prices May Plunge To $2.50. — Market News Today – New Report Now Claims Gasoline Prices May Plunge To $2.50.

A massive gas station is now closing 1,000 locations, confirming it will shift its resources to provide EV charging stations.

Shell, the second-largest gas station chain in the U.S. by location count, has announced its intention to close 1,000 gas pumps as part of a major transition to electric vehicle (EV) charging.

This strategic move aims to position Shell competitively against emerging Level 3 charging brands.

The company outlined its plans in its 2024 Energy Transition Strategy, indicating it will close 500 gas stations in 2024 and another 500 in 2025.

With approximately 14,000 Shell gas stations across 49 states, this shift reflects a significant change in the company’s approach to energy.

Since 2007, Shell has moved away from owning its nationwide fleet, opting instead to license stores to franchisees.

However, in recent years, the company has begun repurchasing several hundred locations, particularly in Texas and New Mexico, investing $2.3 billion in construction projects for non-energy ventures, including convenience stores.

Shell’s goal is to electrify its company-owned stations as part of a broader commitment to clean energy and reducing carbon emissions, responding to evolving customer preferences.

Executives believe Shell’s extensive network positions it well to compete in the growing EV market.

In a recent financial report, the company emphasized its competitive advantages, such as offering customers food and beverages while they charge their vehicles.

Currently, Shell operates around 4,000 EV charging plugs in the U.S., and the electric vehicle market has seen significant growth in 2024, with brands like Hyundai, Ford, Lucid, and Rivian reporting record sales of all-electric cars.

However, Tesla has fallen short of sales expectations this year, leading other automakers like Ford, GM, Volkswagen, and Volvo to reassess their all-electric strategies.

In a statement to the U.S. Sun, Shell expressed its commitment to “paced growth in key markets,” focusing on expanding its retail operations and charging infrastructure as part of its transition to a more sustainable energy model.

For more Store Closure News, join the newsletter or opt-in for push notifications.

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Be sure to share this article with your community.

Also, thank you to all of our site sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter), Instagram, or Facebook.

More Market News 📰

Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

Thank you for your support!

Support Franknez.com

Recommended For You ✨

A Massive Gas Station Is Now Closing 1,000 Locations

September 11, 2024 / Frank Nez / 4 Comments