TOKYO: SoftBank Group Corp. said it would buy two firms that build walking robots from Google’s parent company, Alphabet Inc., adding to the Japanese company’s growing artificial intelligence (AI) portfolio.
SoftBank said it would buy Boston Dynamics and Tokyo-based Schaft, which design and manufacture robots that simulate human movement but did not disclose the terms of the transactions.
Shares of the company rose as much as 7.9 percent after the deal was announced, hitting a 17-year high.
“Smart robotics are going to be a key driver of the next stage of the information revolution, and Marc (Raibert) and his team at Boston Dynamics are the clear technology leaders in advanced dynamic robots,” SoftBank Group Chairman Masayoshi Son said in a statement on Friday.
Raibert is CEO and founder of Boston Dynamics.
SoftBank has embarked on an aggressive acquisition campaign to boost its research and development capabilities. The group is backing the $93 billion Vision Fund, the world’s largest private equity fund that seeks to invest in technologies expected to grow significantly in the near future, such as robotics and AI.
Son describes the fund as essential for setting up SoftBank for a data “gold rush” which he expects to happen as the global economy becomes increasingly digitized.
Boston Dynamics and Schaft could eventually be vested with the Vision Fund, a person familiar with the deal told Reuters
Schaft, a University of Tokyo spinoff, develops bipedal robots designed to negotiate uneven terrain.
“Robotics as a field has great potential and we are happy to see Boston Dynamics and Schaft join the SoftBank team to continue contributing to the next generation of robotics,” an Alphabet spokesperson said.
Boston Dynamics has produced a number of robots that mimic human and animal movement, including Atlas, a humanoid model that coordinates motion and balance using its arms and legs and can pick itself up off the ground when knocked over.
It is best known for building robots that look as if they belong in science-fiction movies and are often co-developed or funded by the US military. Its military projects would mean the acquisition is likely to be subject to regulatory approval from Committee on Foreign Investment in the US (CFIUS).
The company was acquired by Google in 2013 during a robotics shopping spree led by Android creator Andy Rubin, but the team struggled to find its place within the tech giant after Rubin’s departure, former Boston Dynamics employees said.
“They are advancing the state of the art in independent robotics. They are probably the leader in the US,” said Arnis Mangolds, a robotics expert who has worked with Boston Dynamics.
“But the problem is it is not ready for prime time and very few people have a tolerance for that.”
SoftBank to buy robotics businesses from Alphabet Inc.
SoftBank to buy robotics businesses from Alphabet Inc.
G7 countries to release oil reserves as IEA agrees to largest ever market intervention
- IEA recommends release of 400 million barrels
RIYADH: Germany, Japan and Austria will release part of their oil reserves after the International Energy Agency recommended the release of 400 million barrels of oil from stockpiles, the largest such move in IEA history.
In a statement, IEA Executive Director Fatih Birol said the flow of oil, gas and other commodities through the Strait of Hormuz have all but stopped, leading global energy supply to fall by around 20 percent.
Ahead of the confirmation of the move — a larger intervention than the 182.7 million barrels that were released in 2022 by in response to Russia’s invasion of Ukraine — several countries began setting out plans to bring their reserves into play as countries grapple with soaring crude prices amid the US-Israeli war with Iran.
Birol said: “I can now announce that IEA countries have decided to launch the largest ever release of emergency oil stocks in our agency's history.
“IEA countries will be making 400 million barrels of oil available to the market to offset the supply lost through the effective closure of the strait.
“This is a major action aiming to alleviate the immediate impacts of the disruption in markets.”
Germany’s Economy Minister Katherina Reiche confirmed on Wednesday her government plans to limit petrol price increases at filling stations to once a day and to introduce more stringent antitrust regulation of the sector.
She did not give an exact timing for those measures, but added that the US and Japan would be the largest contributors to the release of the oil reserves.
The US has not confirmed it would do so, but its Interior Secretary Doug Burgum told Fox News on Wednesday that “these are the kinds of moments that these reserves are used for.”
The announcements did not stop oil prices rising, with Brent crude up 3.26 percent to $90.66 a barrel at 4:29 p.m Saudi time, and West Texas Intermediate up 3.12 percent to $86.05. Both were some way below the $119 a barrel seen earlier in the week.
“The situation regarding oil supplies is tense, as the Strait of Hormuz is currently virtually impassable,” Germany’s Reiche said.
“We will comply with this request and contribute our share, because Germany stands behind the IEA’s most important principle: mutual solidarity,” Reiche said about the IEA’s request.
According to a statement by Reiche’s ministry, Germany will contribute 2.64 million tonnes of oil. This corresponds to 19.51 million barrels.
Reiche stressed there was no supply shortage in the country, which has a legally mandated reserve of oil and oil products intended to cover 90 days’ demand.
South Korea will release 22.46 million barrels of oil, which represents 5.6 percent of the total IEA ask, the country's industry ministry said.
“The government will consult with the IEA secretariat on details, such as the timing and amount, from the perspective of national interests in accordance with domestic conditions,” the ministry said in a statement.
The ministry said it would continue to coordinate closely with major countries in responding to high oil prices to minimise any domestic impact.
Austrian Economy Minister Wolfgang Hattmannsdorfer said his country was releasing part of the emergency oil reserve and extending the national strategic gas reserve, adding: “One thing is clear: in a crisis, there must be no crisis winners at the expense of commuters and businesses.”
Acting ahead of the IEA move, G7 member Japan announced plans to release 15 days' worth of private-sector oil reserves and one month's worth of state oil reserves.
“Rather than wait for formal IEA approval of a coordinated international reserve release, Japan will act first to ease global energy market supply and demand, releasing reserves as early as the 16th of this month,” Prime Minister Sanae Takaichi said in a broadcast statement.
Following a meeting with the IEA on Wednesday, G7 energy ministers said: “In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves.”
All IEA member countries are required to keep 90 days’ worth of their nation’s oil use in reserve in case of global disruption.
