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Chinese automaker BYD will invest 32 billion forints ($94 million) in a new plant in the northern Hungarian town of Komarom, tripling its annual capacity to 1,250 electric buses and trucks, Hungarian Foreign Minister Peter Szijjarto said.Under right-wing Prime Minister Viktor Orban, Hungary has become an important trade and investment partner for China, in contrast with some other European Union nations considering becoming less dependent on the world’s second-largest economy.“We Hungarians do not consider East-West cooperation a threat, but rather an opportunity, a big opportunity,” Szijjarto was quoted as saying on Friday, adding that the government…

The US battery recycler Redwood Materials has founded a new business unit called Redwood Energy to reuse batteries from electric vehicles in stationary energy storage systems. The battery recycling firm has already built what it claims is “the largest microgrid in North America” for a data centre in Abilene, Texas. Redwood is expanding into second-life applications for used and unused batteries. The new subsidiary, Redwood Energy, has been founded to tackle the increasing demand for energy from data centres to power AI, as well as to balance electricity supply and demand for the rapidly growing renewable energy sector, and make…

The groundbreaking ceremony for CATL’s Indonesian plant was attended by federal and state ministers. Officials reiterated that the factory will be expanded to a production capacity of 15 GWh, while the government added that it is also aiming to extend operations to include the production of stationary storage batteries. Indonesian Energy Minister Bahlil Lahadalia said, “With the battery for solar modules, the total production capacity of this plant could reach up to 40 GWh,” noting also that talks with the project owner were still ongoing. Officials confirmed that battery cells produced at the plant will be sold both domestically and…

Stay informed with free updatesSimply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox.The UK government has called for an investigation into the owners of the Lindsey oil refinery after the facility fell into insolvency, putting hundreds of jobs at risk.The refinery in north-east England, owned by the privately held Prax Group since 2021, filed for insolvency over the weekend, a UK government spokesman said on Monday. The facility processed about 96,600 barrels of oil a day in 2024 from the site on the river Humber, where about 400 people are employed. Those workers…

Current Climate brings you the latest news about the business of sustainability every Monday. Sign up to get it in your inbox. Getty Images Asthe Senate struggles to pass its version of President Trump’s “Big Beautiful” budget bill that squeaked through the House of Representatives by a single vote, it’s increasingly likely that tax credits and programs for clean energy projects won’t survive. Fossil fuel industry lobbyists and fringe political figures have argued that the policies that helped create the fastest increase in renewable electricity generation in U.S. history are wasteful and unnecessary, even as oil and gas drillers continue…

Current Climate brings you the latest news about the business of sustainability every Monday. Sign up to get it in your inbox. Getty Images Asthe Senate struggles to pass its version of President Trump’s “Big Beautiful” budget bill that squeaked through the House of Representatives by a single vote, it’s increasingly likely that tax credits and programs for clean energy projects won’t survive. Fossil fuel industry lobbyists and fringe political figures have argued that the policies that helped create the fastest increase in renewable electricity generation in U.S. history are wasteful and unnecessary, even as oil and gas drillers continue…

The U.S. Energy Information Administration (EIA) revealed its latest U.S. crude oil and natural gas proved reserves figures in a report posted on its site recently. According to the report, which includes data up to 2023, U.S. crude oil and lease condensate proved reserves decreased 3.9 percent year over year from 2022, from 48.3 billion barrels to 46.4 billion barrels. North Dakota crude oil and lease condensate reserves decreased 12.3 percent from 2022, the report showed, highlighting that, at 611 million barrels, this was the largest annual net decline reported among all states. The second largest net decline of oil…

The Green Claims Directive, a new proposed regulation aimed at protecting consumers from greenwashing claims about the environmental attributes of products and services, has not been withdrawn by the European Commission, according to a statement provided by a Commission spokesperson to ESG Today. The clarification followed an earlier statement from the Commission just prior to scheduled trilogue negotiations, which were subsequently cancelled, that it intended to pull the new regulation after it lost support of major political parties. Despite clarifying that the Directive has not been withdrawn, however, the spokesperson clarified that the Commission did intend to withdraw it if…

TotalEnergies SE said it has signed an agreement to acquire the 25 percent interest held by Spanish integrated energy firm Moeve, formerly known as CESPA, in Block 53 offshore Suriname. The interest is held by CEPSA Suriname S.L., an affiliate of Moeve. TotalEnergies will join APA, the operator of the license with a 45% interest, and Petrona, which owns 30 percent, the company said in a news release. Block 53 lies directly east of Block 58, where TotalEnergies and its partners announced a final investment decision for the GranMorgu development in October 2024. Block 53 contains the Baja-1 discovery, drilled…

  Hedge funds dumped energy stocks last week, according to Goldman Sachs, which said the fall of oil prices as tensions eased in the Middle East spurred the second fastest exit in the last 10 years. The price of crude slumped by over $10 last week following a ceasefire between Israel and Iran, with prices slipping on Friday on reports of increased supply from oil-producing group OPEC+ and staying well under the recent peak of around $81 a barrel. Hedge funds, starting June 23, sold the stocks of energy-related companies across every major region, the Goldman note seen by Reuters…