Solar power companies are rapidly expanding in Central and West Africa, providing electricity to millions who previously lacked access. These companies, often African-owned, offer a range of solar-powered solutions, from lamps to home systems, bringing light, safety, and economic opportunity to underserved communities.
Truist Securities initiated coverage on GE Vernova (GEV) with a Buy rating and a price target of $300, citing the company’s strong position in the energy transition. Analyst Jordan Levy expects GEV to benefit from increasing demand for electrification and hydrogen technologies, leading to significant growth and margin expansion.
Fortescue Metals, a leading iron ore miner, has announced a major $2.8 billion investment in electrifying its fleet, pushing forward its ambitious goal of reaching net-zero emissions by 2030. This commitment includes purchasing 475 emission-free machines, including battery-electric trucks, excavators, and dozers, marking a significant step towards a more sustainable future for the mining industry.
Cummins, a global leader in power solutions, has selected Allison Transmission’s Vehicle Electrification + Environmental Test Center to conduct extensive testing on trucks equipped with Cummins powertrains. This collaboration utilizes the state-of-the-art facility to accelerate product development and enhance the performance of Cummins’ innovative engine technologies.
Ford Motor Co. announced a revised electrification strategy, including plans for new electric trucks and a van, as well as a shift to hybrid technology for its next three-row SUVs. The move aims to accelerate customer adoption of EVs while optimizing production and costs.
Nexans, a leading cable systems and services provider, has appointed Timothy King as Vice President of BU North America for its Distribution and Usage AMEA Business. King brings extensive experience in electrification and sustainability from his previous roles at Eaton Canada and Southwire Canada. He is set to play a key role in driving Nexans’ growth and strategic vision in North America.
Hyundai Motor Group’s Executive Chair visits India to discuss the company’s mid- to long-term future mobility strategies, which are designed to consolidate its leadership position in the Indian market. The Group plans to establish an annual production capacity of 1.5 million units by 2025 through its subsidiaries Hyundai Motor India and Kia India. The production system will be combined to fuel the electrification strategy by expanding EV local production and lineups as well as creating EV ecosystems.
Lamborghini has unveiled a plug-in hybrid (PHEV) version of its Urus super SUV, dubbed the Urus SE. This electrified variant boasts an impressive combination of power and efficiency, with a total system output of 588kW and an electric range of over 60km.
Hitachi Energy, a leading provider of transformer technologies, has announced a $1.5 billion investment to expand its global transformer manufacturing capacity by 2027. This significant investment adds to the $3 billion the company has already invested in electrifying the energy system and driving the energy transition. In addition, Hitachi Energy is investing around $180 million in a new transformer factory in Finland. These investments align with the company’s broader growth strategy, including its recent $30 million expansion in Germany.
Qmerit, a leading provider of implementation and systems integration solutions for electrification technologies, has announced significant increases in its residential services related to electric vehicle (EV) charging and battery storage systems, as well as solar panels and other services. The company’s national network of certified electricians implemented over 180,000 Level 2 and DC Fast EV charging systems for residences in 2023, a rise of about 71% compared to 2022. Qmerit also performed over 17,500 battery storage system implementations in 2023, a jump of approximately 170% from the prior year, and over 27,000 solar panel installations, a 2% uptick.
