RIYADH: On the macro level, the rippling effect of the war between Russia and Ukraine is lingering.
Countries like Iran are reconsidering plans to take advantage of the war while the EU is taking strict measures to shield affected consumers and businesses.
On the micro level, firms such as Mercedes, Northvolt, and ERG are pursuing initiatives amid a global EV and green push.
Looking at the bigger picture
- Iran is planning to restore schemes to enter the liquefied natural gas, or LNG, market and propel exports, Bloomberg reported. This comes as Europe is trying to reduce dependency on Russia and will potentially end sanctions on the Middle Eastern country.
- EU finance ministers have agreed to help cushion the impact of rising energy costs on consumers and companies by subsidizing household fuel prices and providing other support, Reuters reported, citing Bruno le Marie, the French finance minister.
Through a micro lens
- German multinational automotive corporation Mercedes-Benz Group AG has launched a battery facility in Alabama as it plans to assemble electric SUVs near the plant in the few months to come, Bloomberg reported. The move is mainly attributed to the fact the car maker is trying to keep pace with rival Tesla Inc. in the US electric vehicle market.
- Swedish battery developer and manufacturer Northolt has planned for its third gigafactory, in Germany, which is set to produce its first lithium-ion batteries by 2025, CNBC reported. The plant is projected to have a potential production capacity of 60 GW hours yearly, which could cater to an estimated one million electric vehicles, CNBC reported.
- Leading wind operator in Italy ERG has dedicated 2.9 billion euros ($3.2 billion) to double green power capacity over the next five years, Reuters reported. This comes as ERG aims to expand its footprint in Europe and boost its earnings.
