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Xos, a US manufacturer of electric trucks and vans, has partnered with virtual power plant operator Leap to turn fleet charging infrastructure into flexible energy resources. The integration enables fleet operators to earn revenue by supporting the grid during peak demand events. The collaboration integrates Leap’s software-only VPP platform with Xos Hub, a mobile, battery-integrated charging solution developed by Xos. It allows fleet operators using Xos charging technology to enrol in California’s Demand Side Grid Support (DSGS) programme. During emergency grid events, participating fleets will automatically shift charging from the grid to stored battery power via the Xos Hub, helping to…

Following the launch of the S-eWay as a chassis last year, Iveco is now also presenting its battery-electric truck as a tractor unit. Iveco is positioning the new version as a truck for long-distance and regional transport and confirm that it has a range of up to 600 kilometres – thanks to “a brand new generation of LFP batteries.” The launch of the S-eWay Rigid in autumn 2024 will now be followed by the unveiling of the S-eWay Artic, with deliveries scheduled to begin in 2026. The model is a tractor unit with a 4×2 axle configuration, which is powered…

Just eight months after closing its Series A round, Aachen-based startup Voltfang has secured a further €15 million in funding. The capital will be used to expand production capacity and deliver an additional 250 MWh of storage by 2026. Voltfang intends to use the fresh capital to significantly scale production capacity, targeting an additional 250 MWh of storage deployment by the end of 2026. According to German media, the company has tripled output over the past year. It now plans to increase capacity at its Aachen facility from the current 100 MWh to 1 GWh by 2030. The new Series…

Amid heavy planned seasonal maintenance, crude oil processing at China’s refineries dipped by 1.8% in May from a year earlier, to the lowest level in nine months. Chinese refiners processed a total of about 13.92 million barrels per day (bpd) of crude oil last month, according to data from the National Bureau of Statistics cited by Reuters.Throughput slumped to the lowest level since August last year as several major state-run and private refiners underwent scheduled maintenance ahead of the peak driving season. The processing rates in May were also lower than the 14.12 million bpd of crude Chinese refiners processed in April. China…

The Basel Committee on Banking Supervision, the primary global standard and policy setter for the banking industry, announced the release of a new, and long-awaited, framework for use by regulators for the disclosure of climate-related risks by banks. Following pressure from the U.S., however, the committee decided to make the framework voluntary, rather than requiring its adoption by regulators, potentially weakening the initially stated intention of exploring a Pillar 3 disclosure framework for climate-related financial risks. The publication follows an initial consultation on a proposed framework by the Basel Committee in 2023, as part of its “its holistic approach to…

Moscow: Freight rates for Russian oil shipments from the Baltic ports to India eased further in the period from late May to early June, thanks to high tanker availability, but the trend may reverse if Europe’s proposed lower price cap comes to fruition. The European Union has put forward a new sanction package against Russia over Ukraine and proposed to lower the Group of Seven nations’ price cap on Russian crude oil to $45 a barrel from $60 a barrel. The G7 countries and the EU, imposed the $60 cap on Russian oil in late 2022, restricting access to Western…

TotalEnergies plans to spend about 30% of its capital expenditure (capex) on boosting its integrated power business, Patrick Pouyanne, the chief executive of the French supermajor, said at an energy conference on Monday. The company looks to increase the share of the power business in its portfolio to 20% by the end of the decade, the executive said at the ongoing Energy Asia conference in Kuala Lumpur, Malaysia.When Shell, BP, and Equinor backtracked on their pivot to renewables and reduced investments in low-carbon energy solutions, TotalEnergies didn’t have to. It has been the outlier in Europe’s Big Oil group, as it…

“So, either Kharg Island for Iran or Strait of Hormuz if either one of those get attacked, then you could have a spike in oil prices. Our central case remains that there is a 25 per cent probability of something like that happening, but the 75 per cent probability is that this will remain a hot conflict but without directly impacting oil infrastructure,” says Arvind Sanger, Geosphere Capital Management.What could be the ramifications of the West Asia crisis because it does not seem like it has peaked out or in fact is anywhere close to that?Arvind Sanger: Well, you are…

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Santos Ltd. said Monday it intends to endorse to shareholders its potential acquisition by a consortium led by Abu Dhabi National Oil Co. (ADNOC). The Australian oil and gas explorer and producer said it had received a non-binding indicative proposal from ADNOC’s global investment arm XRG PJSC, sovereign wealth fund Abu Dhabi Development Holding Co. (ADQ) and Carlyle Group. This comes about a year after Santos and compatriot Woodside Energy Group Ltd. ended merger talks. “The proposal is for the acquisition of all of the ordinary shares on issue in Santos for a cash offer price of US$5.76 per Santos…