UK weather: winds of more than 70mph expected as Storm Ellen arrives

Britons on camping holidays have been warned of the possible danger of falling trees as parts of the UK brace for winds of more than 70mph to hit.

The arrival of Storm Ellen in Ireland and western parts of the UK on Wednesday evening signalled conditions more akin to autumn and winter.

A Met Office yellow weather warning for wind stretches from the north of Scotland down to the Cornish coast and is in place until the early hours of Friday.

Warnings of potential travel delays and the possibility of power cuts will extend eastwards on Friday to also include central and northern England, as well as all of Wales.

Luke Miall, a weather forecaster, said Ellen will be felt “for the next couple of days” and is “not going to move through really quickly so we will continue to see a really big area of low pressure through the rest of this week.”

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These 10 Stocks Are All Up More Than 140% Since The Coronavirus Sell-Off

The S&P 500 is officially out of its 2020 bear market after hitting a new record high on Tuesday, and the massive rebound has been led by energy, homebuilding and retail companies whose shares have more than doubled over the last five months, according to Bloomberg data.

Whirlpool's logo on the front of a washing machine.

Igor Golovniov/SOPA Images/LightRocket via Getty Images

KEY FACTS

The top-performing stock in the benchmark index is energy company Halliburton, which has risen 218% since the market’s coronavirus low point on March 23 thanks to a resurgence in oil prices.

Fashion retailer L Brands, owner of flagship brands like Victoria’s Secret and Bath & Body Works, has similarly skyrocketed 209% as investors cheered its cost-cutting plan and business overhaul amid the pandemic.

Homebuilders like Lennar (162%), PulteGroup (160%), D.R. Horton (149%) and home appliance company, Whirlpool (186%), have all jumped amid strong demand for new homes as Americans move out of cities and into the suburbs.

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This Bag Is Saving The World, But Not How You Think.

Bagboard example

Bagboard

Sustainability during a pandemic may feel like an afterthought, but data from Accenture and Foresight Factory (see below) suggests that consumers are keeping score with brands. Bagboard, the UK-based sustainable advertising platform just received funding on Seedrs with double-digits left on the clock, is a testament that sustainability is staying in consumers’ mind. The bag isn’t the star though...

The £600k ($793k) target is now broken, Bagboard is the first-of-its-kind solution for brands who want to not only do good for the environment but also track eyeballs and direct sales via eco-friendly paper smart bags. The company’s mission is to “empower consumers to use their collective spending power as a force for good by choosing to promote and buy from brands committed to sustainability”. Not just a data company, Bagboard is also is also incentivising engagement, promotion and purchase of sustainable brands through an in-app consumer reward scheme. The team also removes ocean plastic on behalf of consumers each time they reuse their smart bag, thanks to a partnership with innovative NGO ​Plastic Bank​.

“Bagboard is part of the new wave of cause-driven business that’s using technology to tackle some of society’s major issues, while still driving revenue for brands and keeping investors happy,” says Bagboard’s Co-CEO, Ashleigh Bishop.

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With clients like Ben & Jerry’s, Loop and Sky already testing the platform, the team are already seeing interesting trends emerge like 45% of consumers saying they’re likely to stick with more sustainable choices in the future. Sentiment backed up by data from Foresight Factory’s recent ‘Future of Sustainability’ webinar.

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Top Banks, Investors Seek Standard For Financed Emissions

Bank of America is a keen participant in the Guidehouse-led PCAF.

Wikimedia Commons

Banking and energy have been entwined since Thomas Edison and Nicola Tesla hunted financing for their electrical schemes, and John D. Rockefeller’s Standard Oil sought to corner the nascent oil market.

American Electric Power AEP , for decades the nation’s largest utility, maintained its headquarters on Wall Street, far from its Midwest service area. The Edison Electric Institute, when I first covered it in 1973, was in New York. When the price of oil cracked for the first time in the 1980s, a slew of banks in Texas and the Southwest failed.

Now American Electric Power is headquartered in its service area, Columbus, Ohio. The Edison Electric Institute is the voice of the investor-owned utilities in Washington. The price of oil is again on the floor while banks across the Southwest are healthy, reflecting their acquired caution.

Yet the relationship between banking and energy hasn’t disappeared; oil and gas companies need constant access to capital for exploration, development and new technologies like carbon capture, utilization and storage; even green electricity continues to be incredibly capital-intensive.

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California’s Faustian Bargain: You Get The Electricity You Pay For

Californians forced the decommissioning of cheap and reliable power supplies, like from the San ... [+] Onofre nuclear.

MediaNews Group via Getty Images

If California wants to end blackouts, California will need a different electricity market design. 

California voters demanded electricity that was both green and “cheap.” They have it. And for a second time in less than a year,  voters and elected officials are screaming because they are now starting to realize that their “cheap” electricity has some painful embedded costs — in the form of rolling blackouts. Over the past week millions of home-bound, pandemic-weary Californians have been forced to steam in a sweltering heat wave because their state, the most populous in the most powerful country on Earth, simply ran out of electricity.

It’s one thing to shut down the grid because you’re afraid of wildfire damage — like PG&E had to do last year. Those blackouts could have been avoided had Californians been willing to help cover the costs of maintaining the safety of PG&E’s lines.

Similarly, California has not allowed electricity generation utilities the profit incentive necessary to build new generation that can provide additional power when needed. Instead of accepting that ratepayers ultimately have to foot the bill for such projects, cheap Californians lingered in their outmoded notion that they’ll always be able to get cheap power from neighboring states. Those days are gone.

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How Is COVID-19 Impacting Greentech Investment?

BERLIN, GERMANY - MAY 22: eRockit CEO Andreas Zurwehme poses on an eROCKIT pedal-powered electric ... [+] motorcycle. Berlin-based startup eROCKIT has launched sales in Germany. CEO Andreas Zurwehme expects production to be well into the three figures this year, despite the negative economic impact of the coronavirus. (Photo by Sean Gallup/Getty Images)

Getty Images

The economic cost of the COVID-19 restriction measures which countries implemented worldwide has been severe. The IMF’s World Economic Outlook paints the picture in bleak terms: the global economy is set for a 4.9% contraction - signalling a recession much worse than the 2008 crisis.

For entrepreneurs, startup founders fighting to get their business into full swing, and investors, this is daunting news indeed. At all levels, the industry is seeking answers to the million-dollar question: how is the current predicament impacting the greentech landscape? 

Like many other sectors, greentech has witnessed its fair share of losses. In the US, the renewable energy sector is licking its wounds after 600,000 jobs were slashed since the pandemic hit. 

But there’s a very different mood at play in Europe, where the EU has hit back against the economic climate with a renewed determination to drive the green agenda. Its ambitious green recovery package pumps resources into a clean comeback like never before, heralding the creation of a million green jobs.

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We may have just seen the world's highest recorded temperature ever. Has that sunk in?

How hot was it at the Furnace Creek visitor center at Death Valley national park on 16 August 2020? It was so hot that the huge electronic temperature display (which serves as a ubiquitous selfie backdrop) went on the fritz. Parts of the blocky digital display malfunctioned, resulting in numbers even higher than the actual mind-melting high on what turned out to be a landmark day.

An automated weather station at the visitor center recorded a preliminary high of 129.9F (54.4C) at 3.41pm PDT on Sunday. Even for heat-favored landscapes such as Death Valley, it is remarkable for temperatures to inch into such territory so late in the summer, when the sun is considerably lower in the sky than at the summer solstice in late June. According to weather records researcher Maximiliano Herrera, the previous global record high for August is 127.9F (53.3C), recorded in Mitribah, Kuwait, in 2011.

If Sunday’s high at Death Valley is confirmed, it will be the planet’s highest temperature in almost a century and its third-highest on record, according to the World Meteorological Organization (WMO). Owing to the fact that the two higher readings are in question, it may, in fact, be the hottest temperature ever recorded on Earth.

The 130F afternoon in Death Valley fits snugly in the “what next?” narrative of life in 2020. Yet because human-caused climate change is such a ubiquitous yet gradual process, it’s rarely at the top of the news. A surging societal issue will typically bump climate from the headlines. There’s been no lack of such US events in 2020, from the coronavirus pandemic to police brutality and the state of the US Postal Service ahead of the November elections.

Climate science, and common sense, warn that it would be unwise, however, to skip over what has just happened in the California desert.

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Large-scale renewable energy investment in Australia falls to lowest level since 2017

Investment in large-scale renewable energy projects in Australia has slumped to its lowest level since 2017 due to uncertainty over federal policy and delays in grid connection, according to an industry body.

The Clean Energy Council said $600m was invested in large-scale renewable projects in the second quarter this year, a drop of almost half from the previous quarter. Only three major projects reached financial close in the quarter and it had now been a year since a large-scale energy storage project had been commissioned.

One major windfarm developer, Tilt Renewables, told shareholders on Wednesday that “urgent reform” was needed to better manage the transition to clean energy.

The Clean Energy Council chief executive, Kane Thornton, told Guardian Australia investments in the electricity transmission network had not kept pace with the rapid deployment of wind and solar farms.

He said underinvestment in the energy network was creating congestion and causing delays in projects being connected. The council was talking to the Australian Energy Market Operator (Aemo) about addressing the problem.

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English landowners have stolen our rights. It is time to reclaim them | George Monbiot

Boris Johnson’s attack on English planning laws is both very new and very old. It is new because it scraps the system for deciding how land should be used, replacing it with something closer to the US model. It is old because it represents yet another transfer of power from the rest of us to the lords of the land, a process that has been happening, with occasional reversals, since 1066.

A power that in 1947 was secured for the public – the democratic right to influence the building that affects our lives – is now being retrieved by building companies, developers and the people who profit most from development, the landowners. This is part of England’s long tradition of enclosure: seizing a common good and giving it to the rich and powerful. Democracy is replaced with the power of money.

Almost all of us, in England and many other nations, are born on the wrong side of the law. The disproportionate weight that the law gives to property rights makes nearly everyone a second-class citizen before they draw their first breath, fenced out of the good life we could lead.

Our legislation’s failure to moderate the claims of property denies other fundamental rights. Among them is equality before the law. If you own large tracts of land, a great weight of law sits on your side, defending your inordinate privileges from those who don’t. We are forbidden to exercise a crucial democratic right – the right to protest – on all but the diminishing pockets of publicly owned land. If we try to express dissent anywhere else, we can be arrested immediately.

The freedom to walk is as fundamental a right as freedom of speech, but in England it is denied across 92% of the land. Though we give landowners £3bn a year from our own pockets in the form of farm subsidies, we are banned from most of what we pay for. The big estates have seized and walled off the most beautiful vistas in England. In many parts of the country, we are confined to narrow footpaths across depressing landscapes, surrounded by barbed wire. Those who cannot afford to travel and stay in the regions with greater access (mostly in the north-west of England) have nowhere else to go.

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Is the way cattle are grazed the key to saving America's threatened prairies?

In the north-east corner of Oregon there is a traffic jam of weathered pickups and horse trailers on the Zumwalt Road. Redwing blackbirds trill over the bellowing of hundreds of cattle clustered by corrals, the sign of a spring branding in progress. Half a dozen cowgirls and cowboys on horseback circle the herd, lassoing calves for brands, vaccinations and, for the steers, castration. The smell of singed hair hangs in the warm air.

Standing in the centre of the scrum is Dan Probert, owner of Lightning Creek Ranch. Probert, 56, smiles as he watches the roping teams deftly manoeuvre his animals.

After branding, Probert’s Angus cross herd will be turned out on Lightning Creek’s pastures as part of an ambitious partnership with The Nature Conservancy (TNC) designed to protect the Zumwalt prairie, the largest surviving native bunchgrass prairie in North America.

The high, rolling Zumwalt, which stretches 500 square miles (1,295 sq km) between the glaciated Wallowa Mountains and the Wallowa-Whitman National Forest, is gouged by rivers that plunge into Hells Canyon, forming Oregon’s border with Idaho. This diverse ecosystem supports key populations of raptors, songbirds, bees, butterflies and rare native plants, along with elk herds and other wildlife.

Zumwalt Prairie Preserve locator map

TNC estimates that over the past 150 years as much as half of all US grasslands may have been lost, mainly to farming and real-estate development. With just 313m hectares (775m acres) of public and private rangeland left, much of it in the west, conserving this unprotected tract of the privately-owned Zumwalt is a priority for the conservancy.

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Another two years lost to climate inaction, says Greta Thunberg

Two years on from Greta Thunberg’s first solo school strike for the climate, she says the world has wasted the time by failing to take the necessary action on the crisis.

Thunberg’s strike inspired a global movement, and on Thursday she and other leading school strikers will meet Angela Merkel, the chancellor of Germany, which holds the rotating presidency of the European council. They will demand a halt to all fossil fuel investments and subsidies and the establishment of annual, binding carbon budgets based on the best science.

“Looking back [over two years], a lot has happened. Many millions have taken to the streets … and on 28 November 2019, the European parliament declared a climate and environmental emergency,” Thunberg said in an article for the Guardian with fellow strikers Luisa Neubauer, Anuna de Wever and Adélaïde Charlier.

“But over these last two years, the world has also emitted over 80bn tonnes of CO2. We have seen continuous natural disasters taking place across the globe. Many lives and livelihoods have been lost, and this is only the very beginning.”

They said leaders were speaking of an “existential crisis”, yet “when it comes to action, we are still in a state of denial. The gap between what we need to do and what’s actually being done is widening by the minute. Effectively, we have lost another two crucial years to political inaction.”

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Another two years lost to climate inaction, says Greta Thunberg

Two years on from Greta Thunberg’s first solo school strike for the climate, she says the world has wasted the time by failing to take the necessary action on the crisis.

Thunberg’s strike inspired a global movement, and on Thursday she and other leading school strikers will meet Angela Merkel, the chancellor of Germany, which holds the rotating presidency of the European council. They will demand a halt to all fossil fuel investments and subsidies and the establishment of annual, binding carbon budgets based on the best science.

“Looking back [over two years], a lot has happened. Many millions have taken to the streets … and on 28 November 2019, the European parliament declared a climate and environmental emergency,” Thunberg said in an article for the Guardian with fellow strikers Luisa Neubauer, Anuna de Wever and Adélaïde Charlier.

“But over these last two years, the world has also emitted over 80bn tonnes of CO2. We have seen continuous natural disasters taking place across the globe. Many lives and livelihoods have been lost, and this is only the very beginning.”

They said leaders were speaking of an “existential crisis”, yet “when it comes to action, we are still in a state of denial. The gap between what we need to do and what’s actually being done is widening by the minute. Effectively, we have lost another two crucial years to political inaction.”

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Greta Thunberg: After two years of school strikes, the world is still in a state of climate crisis denial

On Thursday 20 August, it will be exactly two years since the first school strike for the climate took place. Looking back, a lot has happened. Many millions have taken to the streets to join the decades-long fight for climate and environmental justice. And on 28 November 2019, the European parliament declared a “climate and environmental emergency”.

But over these past two years, the world has also emitted more than 80 gigatonnes of CO2. We have seen continuous natural disasters taking place across the globe: wildfires, heatwaves, flooding, hurricanes, storms, thawing of permafrost and collapsing of glaciers and whole ecosystems. Many lives and livelihoods have been lost. And this is only the very beginning.

Today, leaders all over the world are speaking of an “existential crisis”. The climate emergency is discussed on countless panels and summits. Commitments are being made, big speeches are given. Yet, when it comes to action we are still in a state of denial. The climate and ecological crisis has never once been treated as a crisis. The gap between what we need to do and what’s actually being done is widening by the minute. Effectively, we have lost another two crucial years to political inaction.

Last month, just ahead of the European council summit, we published an open letter with demands to EU and world leaders. Since then, more than 125,000 people have signed this letter. Tomorrow we will meet the German chancellor, Angela Merkel, and deliver the letter and demands, as well as the signatures.

We will tell Merkel that she must face up to the climate emergency – especially as Germany now holds the presidency of the European council. Europe has a responsibility to act. The EU and the United Kingdom are accountable for 22% of historic accumulative global emissions, second only to the United States. It is immoral that the countries that have done the least to cause the problem are suffering first and worst. The EU must act now, as it has signed up to do in the Paris agreement.

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Blackouts Expose Perils And Costs Of California’s ‘Electrify Everything’ Push

A man sits in the shade of his umbrella at the Dog Park under high tension power lines in Redondo ... [+] Beach, California on August 16, 2020. On August 14, the state ordered rolling power outages for the first time since 2001 as a statewide heat wave strained its electrical system. Pacific Gas & Electric, the states largest utility, tweeted that it would turn off power to about 200,000 to 250,000 customers in rotating outages for about an hour at a time. (Photo by Apu GOMES / AFP) (Photo by APU GOMES/AFP via Getty Images)

AFP via Getty Images

The blackouts that hit California over the past few days exposed the fragility of one of the most-expensive and least-reliable electric grids in North America. They also show that California’s grid can’t handle the load it has now, much less accommodate the enormous amount of new demand that would have to be met if the state attempts to “electrify everything.” 

The push to electrify everything would prohibit the use of natural gas in buildings, electrify transportation, and require the grid to run solely on renewables (and maybe, a dash of nuclear). But attempting to electrify the entire California economy will further increase the cost of energy at the very same time that the state’s electricity rates are soaring. That will result in yet-higher energy costs for low- and middle-income Californians.

Over the last year or so, the Sierra Club, along with the Rocky Mountain Institute and other groups, have been pushing local governments to prohibit natural gas use and force consumers to rely solely on electricity. In July 2019, Berkeley became the first city in the United States to pass a ban on natural gas hookups in new buildings. Since then, about 31 other local governments in California have passed restrictions or bans on the use of natural gas. Last month, the Sierra Club gleefully announced that the city of Piedmont had committed “to going gas-free.”

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These restrictions are being labeled as an essential part of California’s efforts to slash its greenhouse gas emissions. But in practice, they are regressive energy taxes that will hurt low- and middle-income consumers and in doing so, exacerbate California’s poverty problem. 

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Electric Truck Startup Xos Raises $20 Million To Scale Production

The battery-powered Xos semi-truck.

Xos via Bob Beresh Photography LLC

A newly adopted landmark ruling requires more than half of all commercial trucks sold in California to be zero-emissions by 2035. Xos is one of the many startups building electric vehicles that could help companies meet that target.

Xos, formerly Thor Trucks, has developed a skateboard chassis for fully-electric Class 6 trucks. Class 6 trucks are medium-duty commercial trucks with a gross vehicle weight of 19,501 to 26,000 pounds. Its X-Platform is being piloted by UPS and Loomis in some electric step-vans operating in Southern California. It also is developing a Class 8 heavy-duty truck, ET-One, which could be production-ready by the end of this year, according to the Los Angeles Business Journal.

The North Hollywood, Calif.-based startup has recently partnered with automotive supplier Metalsa, and announced a $20 million funding round backed by a group of investors that includes Proeza Ventures, a mobility-focused VC firm backed by the supplier’s holding company. This round, which closed earlier this year but wasn’t announced until this week due to delays caused by the covid-19 pandemic, is the company’s first round of institutional investment. The cash influx will be used to fuel technical operations and scale up production of X-Platform.

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“As orders continue to come in on a monthly basis, we are excited to meet the overwhelming demand for both our medium-duty and heavy-duty trucks,” said Xos Trucks cofounder and COO Giordano Sordoni. “This investment is critical to our team’s growth so we can scale to meet that demand.”

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Electric Truck Startup Xos Raises $20 Million To Scale Production

The battery-powered Xos semi-truck.

Xos via Bob Beresh Photography LLC

A newly adopted landmark ruling requires more than half of all commercial trucks sold in California to be zero-emissions by 2035. Xos is one of the many startups building electric vehicles that could help companies meet that target.

Xos, formerly Thor Trucks, has developed a skateboard chassis for fully-electric Class 6 trucks. Class 6 trucks are medium-duty commercial trucks with a gross vehicle weight of 19,501 to 26,000 pounds. Its X-Platform is being piloted by UPS and Loomis in some electric step-vans operating in Southern California. It also is developing a Class 8 heavy-duty truck, ET-One, which could be production-ready by the end of this year, according to the Los Angeles Business Journal.

The North Hollywood, Calif.-based startup has recently partnered with automotive supplier Metalsa, and announced a $20 million funding round backed by a group of investors that includes Proeza Ventures, a mobility-focused VC firm backed by the supplier’s holding company. This round, which closed earlier this year but wasn’t announced until this week due to delays caused by the covid-19 pandemic, is the company’s first round of institutional investment. The cash influx will be used to fuel technical operations and scale up production of X-Platform.

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“As orders continue to come in on a monthly basis, we are excited to meet the overwhelming demand for both our medium-duty and heavy-duty trucks,” said Xos Trucks cofounder and COO Giordano Sordoni. “This investment is critical to our team’s growth so we can scale to meet that demand.”

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Los Angeles EV Startup Canoo Rides SPAC Wave With Plan For Speedy Nasdaq Listing

Los Angeles-based Canoo wants to get its shared electric vans into operation by 2022.

Canoo

Canoo, a Los Angeles-based electric vehicle company created by former BMW executives, plans to list shares on Nasdaq NDAQ via a merger with a special-purpose acquisition company, a move that will raise about $600 million needed to get into production by 2022. 

The startup plans a subscription service for consumers to use its pod-like electric vans riding on a “skateboard” platform that integrates the battery pack and motors, and which will also underpin a range of consumer and commercial vehicles. It’s merging with Hennessy Capital Acquisition Corp., which trades on Nasdaq as HCAC. The shares will be rechristened with the ticker CNOO after the deal closes, and the new company will have an estimated value of $2.4 billion, Canoo and Hennessy Capital said. 

“Our technology allows for rapid and cost-effective vehicle development through the world’s flattest skateboard architecture, and we believe our subscription model will transform the consumer ownership experience,” said Ulrich Kranz, Canoo’s cofounder and CEO. “We are excited to partner with Hennessy Capital and we are energized to begin our journey through a shared passion to deliver an environmentally friendly and versatile vehicle development platform to the market.”

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Canoo’s move comes amid a wave of SPAC-based stock listings in recent months, including Nikola Motor, a maker of hydrogen- and battery-powered trucks, lidar sensor pioneer Velodyne and fellow Los Angeles-based EV startup Fisker Inc. The advantage is a faster, cheaper route to going public and raising funds than a conventional IPO, and one that looks particularly appealing given the runup in major U.S. stock indices this year despite the economic devastation of the coronavirus pandemic. 

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Los Angeles EV Startup Canoo Rides SPAC Wave With Plan For Speedy Nasdaq Listing

Los Angeles-based Canoo wants to get its shared electric vans into operation by 2022.

Canoo

Canoo, a Los Angeles-based electric vehicle company created by former BMW executives, plans to list shares on Nasdaq NDAQ via a merger with a special-purpose acquisition company, a move that will raise about $600 million needed to get into production by 2022. 

The startup plans a subscription service for consumers to use its pod-like electric vans riding on a “skateboard” platform that integrates the battery pack and motors, and which will also underpin a range of consumer and commercial vehicles. It’s merging with Hennessy Capital Acquisition Corp., which trades on Nasdaq as HCAC. The shares will be rechristened with the ticker CNOO after the deal closes, and the new company will have an estimated value of $2.4 billion, Canoo and Hennessy Capital said. 

“Our technology allows for rapid and cost-effective vehicle development through the world’s flattest skateboard architecture, and we believe our subscription model will transform the consumer ownership experience,” said Ulrich Kranz, Canoo’s cofounder and CEO. “We are excited to partner with Hennessy Capital and we are energized to begin our journey through a shared passion to deliver an environmentally friendly and versatile vehicle development platform to the market.”

Recommended For You

Canoo’s move comes amid a wave of SPAC-based stock listings in recent months, including Nikola Motor, a maker of hydrogen- and battery-powered trucks, lidar sensor pioneer Velodyne and fellow Los Angeles-based EV startup Fisker Inc. The advantage is a faster, cheaper route to going public and raising funds than a conventional IPO, and one that looks particularly appealing given the runup in major U.S. stock indices this year despite the economic devastation of the coronavirus pandemic. 

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Digitizing Sustainability Will Help ‘Sustain’ The Corporate Agenda

ZHANGYE, CHINA - JULY 30: Employees harvest tomatoes at an intelligent greenhouse of Haisheng Modern ... [+] Agriculture Co., Ltd on July 30, 2020 in Zhangye, Gansu Province of China. (Photo by Wang Jiang/VCG via Getty Images)

VCG via Getty Images

Looking back to November 2019 where we heralded the fact that 2020 would be the opening to the decade of sustainable business, we could not have predicted nor envisioned the pandemic that would consume the world’s attention just a couple of months later. Lives and livelihoods have been lost; many have had to reinvent themselves in order to survive.

This also applies to the corporate world; those enterprises which have not only survived but flourished are those which have been able to sense and respond to the end consumer’s needs quickly. In essence, those which had already digitalized were able to adapt in real-time to run their operations largely remotely, leveraging digital twin technology, or remote working for service-based enterprises. In some cases, organizations completely reinvented their businesses and took advantage of the situation to create a second line of business.

Those which were considering their digitalization strategy have moved rapidly from baby steps to giant leaps for mankind in order to remain competitive and be resilient for the future.

An excellent piece I recently read included an extract from Lucien Alziari, CHRO of Prudential PBIP . He described how, in normal times, transitioning to a 97% remote workforce would have required “an 18-month project…with six risk committee meetings, governance sessions, various work streams, etc. At the end of the project the conclusion would have been, ‘We can’t do that. It’s too risky.’ Amid the pandemic, though, that goal was accomplished in 24 hours.”

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Billionaire Elon Musk Raises $1.9 Billion In New Funding For SpaceX

With investor interest surging, billionaire Elon Musk finalized $1.9 billion in new funding for his rocket company SpaceX, according to regulatory filings on Friday, just weeks after completing the first launch of astronauts to space from U.S. soil since 2011. 

It’s the company’s largest fundraising round yet.

Paul Hennessy/SOPA Images/LightRocket via Getty Images

KEY FACTS

The nearly $2 billion in fresh capital was oversubscribed and is the largest fundraising round yet for SpaceX, according to PitchBook. 

News of the funding was first reported by Bloomberg, which said that the private company will now have a valuation of $46 billion, citing people familiar with the matter.

Brokerage giant Fidelity Investments, which is already an existing investor in the company, was one of the biggest participants in the latest round, according to Bloomberg.

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