👋 Watts up? Electric vehicle manufacturer Nio has recently unveiled its latest sub-brand, Firefly. Aimed to compete against brands like MINI and Smart, the Firefly EV boasts battery swapping technology and a $20k price tag. Also, the American Battery Technology Company has received a $144 million grant from the DOE to build its second battery recycling plant, set to begin production in January. Learn more on these stories, and others, in todays issue.

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QotD: Where is Fervo’s largest geothermal plant located?

MARKETS

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ELECTRIC VEHICLES

Nio Launches the Firefly Brand – with its First EV Arriving in 2025

🚗 Nio has unveiled its Firefly brand, introducing a new, premium small EV during Nio Day 2024 in Guangzhou, China. Positioned to rival both BMW Mini and Mercedes-Benz Smart, the Firefly is designed with affordability, safety, and innovation in mind.

• Starting at RMB 148,800 ($20,390), it matches the Mini Cooper’s price in China, with pre-sales already underway and deliveries planned from April 2025.

• The EV features battery swap technology and a Battery-as-a-Service option to reduce initial costs.

• Described as “smaller than a Smart and smarter than a Mini,” the model prioritises safety, using 83.4% high-strength materials and incorporating nine airbags.

• Initially launching in China, a European release will follow later in the year.

With competitive pricing, advanced design, and global aspirations, Firefly aims to capture a significant share of the EV market.

INFRASTRUCTURE

American Battery Technology Company Granted $144 Million

🔋 American Battery Technology Company (ABTC) has secured a $144 million U.S. Department of Energy grant to build its second lithium-ion battery recycling facility. The plant will process 100,000 tonnes annually, producing battery-grade materials like nickel, cobalt, manganese, and lithium hydroxide.

• The facility aligns with a partnership with BASF, a key cathode manufacturer, to supply battery-grade metals.

• Using advanced recycling methods, ABTC will focus on sustainability with low-environmental-impact processes that de-manufacture and chemically extract materials.

• The project, five times larger than ABTC’s first plant, will generate 1,200 construction and 300 operational jobs.

• Collaborations with Siemens, BASF, Clemson University, and Argonne National Laboratory will support innovation and sustainability.

Commencing in January 2025, the project highlights ABTC’s commitment to a sustainable, circular supply chain for critical battery materials.

CLEAN ENERGY

Fervo Energy Recieves $255 Million in new Funding

☀️ Fervo Energy, a Houston-based geothermal energy leader, has secured $255 million in funding, bringing its total for 2024 to $600 million. This investment bolsters Fervo’s efforts to expand Enhanced Geothermal Systems (EGS).

• The funding includes $135 million in corporate equity led by Capricorn’s Technology Impact Fund II and $120 million in credit facilities from Mercuria.

• Fervo’s flagship Cape Station project, with a capacity of up to 2 GW, is fully permitted and will begin generating electricity by 2026.

• EGS technology enhances geothermal’s scalability, offering reliable, carbon-free energy to meet increasing demand, particularly in sectors like AI.

• Investors, including Breakthrough Energy Ventures and CPP Investments, endorse Fervo’s rapid growth and innovation.

Fervo’s advancements position geothermal as a pivotal energy solution, aligning with global Net Zero ambitions and driving the transition to sustainable power.

TECHNOLOGIES

Tesla’s FSD V13 Advances Robotaxi Development

📱 Tesla has unveiled its Full Self-Driving (FSD) V13 update, marking a major step towards its goal of launching a Robotaxi service by 2025. Initial discussions with city authorities, including Austin, Texas, are underway, as Tesla works to integrate its autonomous technology into urban settings.

• FSD V13 introduces a complete rewrite of Tesla’s self-driving software, significantly enhancing autonomy, though human oversight is still required.

• Tesla aims to have its technology outperform human drivers by 2025, positioning it ahead of competitors like Waymo.

• Plans for the Robotaxi fleet remain unconfirmed, but the service is expected to debut in select U.S. cities, likely following a zoned operational model.

• The rollout faces regulatory and public trust challenges, key to achieving widespread adoption of autonomous vehicle services.

If successful, Tesla’s Robotaxis could reshape urban transport, cutting emissions and congestion while advancing the company’s leadership in autonomous mobility.

WATT ELSE?

• Archer completes construction of new manufacturing facility

• Hitachi Energy secures order from Orsted

A MESSAGE FROM THE TEAM

This will be our last newsletter of 2024 and we want to sincerely thank you for reading! Our first newsletter was published less than a month ago, and the support we have received since has been nothing short of incredible!

We’ll be back to publishing newsletters on the 2nd of January, in the meantime, be sure to follow us on social media for regular updates within the industry.

We wish you a Merry Christmas and a happy new year!

— Watts Forward team

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Answer: Beaver County, Utah

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