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Related Fuels Industry News

• January 2024: Compass Fuel Oils Ltd announced the acquisition of a new Arctic fuel tanker, marking a significant addition to their expanding fleet at their headquarters in Preston, United Kingdom. This latest addition underscores the company’s commitment to enhancing its capacity.
• December 2023: ReFuels, a leading provider of sustainable transportation solutions, announced the commencement of the construction of a new CNG refueling facility in Doncaster, South Yorkshire. This new facility, located in one of the United Kingdom’s largest logistic hubs, is crucial to the country’s efforts to promote sustainable and environmentally friendly transportation options.

• Jul 2023: Saudi Arabia reached a new high in fuel oil imports from Russia, amounting to 193,000 barrels per day (bpd). Fuel oil demand is being driven by the Kingdom's reduction in crude oil production as well as an anticipated increase in summertime electricity consumption.
• Mar 2023: Saudi Arabia's national oil producer and China's Geely Automobile Holdings and Renault SA signed an agreement to collaborate on the development of automobile engines powered by gasoline, alternative fuels, and hybrid technology, which has moved one step closer to completion.

• November 2022: The government of China extended long-term thermal coal supply contracts to all coal mines for 2023 and pushed power utilities to source more of their needs through such contracts to secure market supply and stabilize prices. The long-term contract will include all coal mining companies and coal-fired electricity and heating plants.
• February 2022: The eastern Chinese coastal province of Zhejiang approved the construction of a USD 840 million coal-fired power station. According to the Zhejiang Energy Group, the Phase 2 Project of the Liuheng Power Plant will help balance the province's energy supply and demand.

• September 2022: Russia's Gazprom announced shipping 42.4 million cubic meters (mcm) of natural gas to Europe via Ukraine. The shift was part of a push by Russia to reduce its reliance on the US dollar.
• September 2022: The Baltic Pipe was inaugurated at Goleniów, Poland, marking the completion of the Baltic Pipe construction. The pipeline connects various countries, viz., Norway, Denmark, Poland, and neighboring countries. With this project, countries can now import up to 10 billion cubic meters (bcm) of gas annually from Norway to Poland and transport up to three bcm of gas from Poland to Denmark.

• February 2022: Russia and China announced the development of an intergovernmental agreement on the supply of coal in the amount of 100 million tons. According to the government of Russia, the Asia-Pacific region has a significant market for coal till 2030. The countries have started working on the agreement.
• January 2022: Adani announced it won a contract to supply coal to NTPC, India’s state-owned electricity generator. The company will provide 1 million tons of coal to various power plants.

• In April 2024, Soltec announced the launch of its new solar tracker, SFOneX. The system has the longest dual-row system with a length of 125 meters. Due to its terrain adaptability, the tracker can adapt to various types of projects, minimizing the need for civil works resulting in a reduction in costs and associated environmental impact.
• In April 2024, GameChange Solar (GCS), a global supplier of single-axis solar tracking solutions for ground-mounted PV plants, announced a strategic partnership with Jiangsu Zhenjiang New Energy Equipment Co. Ltd. (JZNEE), a China-based listed company to enhance local manufacturing capabilities for solar tracker components in the Middle East. 

• May 2024, Piaggio announced plans to offer a battery subscription model for Ape Electric 3W at USD 3100 thousand. The company's new Battery Subscription Model will make three-wheeler EV ownership even more attractive. The battery subscription model strives to revolutionize three-wheeler ownership with more affordability by separating the upfront cost of the vehicle from the cost of the battery.
• September 2023: Mahindra, a leading e3-wheeler manufacturer in India, announced plans to introduce the EALFA Super Rickshaw. This innovative vehicle boasts an enhanced range to improve the overall performance and efficiency of last-mile connectivity solutions. The EALFA Super Rickshaw has been designed to meet customers' evolving needs, ensuring a comfortable and reliable ride. Mahindra's commitment to sustainability and advanced technology continues to drive its success in the e3-wheeler market.

• In February 2024, Euro Energy Resources Limited will unveil its latest breakthroughs in Valve-regulated Lead Acid (VRLA) batteries, redefining power storage benchmarks. The company's VRLA lineup includes gel cell and absorbed glass mat (AGM) variants tailored for diverse applications, spanning from high-power vehicle needs for SLI applications to deep-cycle demands in renewable energy storage.
• In June 2023, the European Union (EU) introduced Regulation (EU) 2023/1542, focusing on batteries and waste management. This legislation mandates sustainability, safety, and labeling standards for a broad spectrum of batteries, encompassing portable, SLI (starting, lighting, and ignition), LMT (light means of transport), electric vehicle, industrial, and product-integrated batteries. Emphasizing the entire battery life cycle, from production through to recycling, the regulation aims to bolster safety, sustainability, and competitiveness.

• In February 2024, ReElement Technologies made a memorandum of understanding with Afrivolt to support the development of Africa’s regional and global lithium-ion battery supply chains. As per the agreement, both companies will work together to establish a comprehensive closed-loop lithium battery and electric vehicle manufacturing ecosystem within Africa.
• In January 2024, Northvolt, a Swedish lithium-ion battery manufacturer, received EU approval for a substantial EUR 902 million (USD 986.43 million) German state aid package to build an electric vehicle (EV) battery production plant in Heide, Germany. The approval supports Germany and the wider EU in achieving net-zero targets.

• June 2023: Tata Group signed an outline on constructing a lithium-ion cell factory, with an investment of about INR 130 billion (USD 1.58 billion), as part of India’s efforts to create its electric vehicle supply chain. A joint statement on the MoU between Tata's unit Agratas Energy Storage Solutions and the government of the western state of Gujarat stated that the work on the plant was expected to start in less than three years and to be based in Sanand, northern Gujarat. The plant is expected to have an initial manufacturing capacity of 20 GWh, which could be doubled in a second expansion phase.
• November 2023: The US Department of Energy (DOE) announced up to USD 3.5 billion from the Infrastructure Law to boost domestic production of battery materials and advanced batteries nationwide. It is a part of President Biden's Investing in America agenda, and the funding is expected to create new, retrofitted, and expanded domestic facilities for battery components, battery-grade processed critical minerals, cell and pack manufacturing, and battery precursor materials. These are critical in supporting clean energy industries like renewable energy and electric vehicles.
• August 2023: Amara Raja Batteries announced plans to expand into the two-wheeler EV market through chargers and batteries to expand to triple its lithium-ion business. Amara Raja, whose customers are only in the three-wheeler EV market, received about 2.5% of its total revenue from its lithium-ion battery business, while the rest of INR 103.85 billion (USD 1.25 billion) in FY 2023 was from its flagship lead-acid storage battery-making unit. The company, which owns the Amaron battery brand, aims to enter the two-wheeler EV market with chargers first and eventually through battery packs as it expands its 'new energy' segment.