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Nikola's Running Low
Updates from SK On, SES AI, and more.
👋 Watts up? After recent financial struggles, electric truck manufacturer Nikola are looking to sell parts or all of its company. Whilst no decision has been made yet, Nikola’s recent hurdles have landed it in a far from ideal situation. The same can’t be said for SES AI however, as it has recently secured up to $10 million to develop electrolyte materials for automotive use. Learn more on these stories, and others, in todays issue.
We hope you have a great day!

Company | Share Price | Change |
NVIDIA (NVDA) | 123.07 | -13.71% |
TSMC (TSM) | 193.47 | -12.80% |
Lucid Group (LCID) | 2.93 | +4.92% |
Maxeon Solar (MAXN) | 6.18 | -4.85% |
Rivian (RIVN) | 13.36 | +4.58% |
Electreon (ELWS) | 20,660.00 | -3.23% |
Data provided by Google Finance*

Nikola Corporation in talks over a potential sale

Image Credits: Fortune
🚗 Nikola, known for its battery-electric and hydrogen-electric trucks, are exploring options to address recent financial challenges, including a potential sale of parts or all of the company. Other considered options include partnerships and fundraising.
While no decision has been made yet, Nikola’s CEO, Steve Girsky, has ensured efforts are being made to secure Nikola’s future during ongoing cash concerns. A recent email stated: “Despite external headwinds in the EV sector, we have been relentlessly working to raise capital, reduce our liabilities, preserve cash and provide excellent service for our customers.”
Nikola has unfortunately faced many challenges throughout the years, including controversies from the companies founder, Trevor Milton, to a sharp decline in stock performance. To add fuel to the fire, in 2023 the company had to recall over 200 electric trucks, although, there hydrogen-electric trucks remained unaffected.
Management will continue discussions with potential partners and investors, hopefully resulting in a comeback for Nikola.
Also, the new Model Y Juniper has received over 70,000 orders in the first 5 days of its release in China. We’ve recently covered it’s new features and designs in previous posts, but it will be interesting to see how this number compares to its recent release in the United States and Europe.

SK On secures a $1.8 billion battery deal with Nissan

Image Credits: SK Innovation
🔋 SK On, the fifth largest battery manufacturer in the world, has secured a $1.8 billion deal with Nissan, set to supply 20 GWh of electric vehicle batteries to Nissan’s U.S. based plants, enough to power around 300,000 EVs.
The deal is set to begin delivery in 2028, offering a considerable boost for SK On. This deal also follows its first quarterly profit in over 2 years, as shown in their financial report for Q3 of 2024.
The agreement builds on a memorandum of understanding, signed in 2023, between the two companies to align with Nissan’s evolving EV plans. As Nissan explores its potential merger with Honda, SK On are expected to leverage idle lines at Nissan’s U.S. facilities to meet production needs.
Also, ProLogium has acquired key permits for its Gigafactory in Dunkirk, France. The factory will produce next-generation lithium ceramic batteries, with construction set to begin later this year and mass production planned for 2027.

Wondrwall unveils new AI-powered clean energy systems

Image Credits: Wondrwall
☀️ UK startup Wondrwall has introduced a new hybrid battery-inverter system designed for homes, offering up to 25.6 kWh of energy storage capacity.
The all-in-one battery and solar inverter boasts a modular and scalable design. It can also be paired alongside Wondrwall’s electric vehicle charger, with outputs of up to 22 kWh.
So, what makes it AI-powered? Well, its Home Energy Management System utilises over 20,000 data points, including weather forecasts, to optimise energy usage. For example, it can charge vehicles during low-cost periods and sell surplus energy at peak prices.
As more and more homeowners are switching to renewable energy sources, with solar panels being a good example, it’s great to see innovation within home energy storage too.
Also, Streetleaf has launched its new “Shine on Florida” programme, calling on local governments, developers, and communities to adopt sustainable solutions like its solar-powered streetlights. The company aims to install clean, climate-resilient infrastructure across Florida throughout 2025.

SES AI signs contracts totalling $10 million to develop AI-enhanced batteries

Image Credits: SES AI
📱 SES AI has recently secured contracts worth up to $10 million from major automotive OEM partners. These contracts focus on leveraging SES AI’s technology to develop new electrolyte materials for both Li-metal and Li-ion batteries.
The development builds on SES AI’s earlier breakthrough, where its Molecular Universe platform was used to discover a new electrolyte material for drone and robotics applications.
The companies CEO, Qichao Hu, noted: “We believe this new revenue stream and these contracts validate and accelerate the commercial use of AI for Science for battery material discovery in automotive applications.“
This development highlights the effectual use that artificial intelligence can provide within the development of sustainable technologies.
Also, IAR has announced its support for the THA6 Gen2 series automotive-grade MCUs from Tongxin Microelectronics, enabling developers to meet the high-performance and functional safety demands of new automotive electronics.
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