7 June 2011
Less than a year after debuting on the Nasdaq, electric vehicle manufacturer Tesla Motors raised more than $211 million in a combined public offering and private placement.
The California-based car maker sold 5.3 million shares at $28.76 to raise $152 million, but if underwriter Goldman Sachs takes up the option to buy a further 795,000 shares, the raising could reach $175 million.
Meanwhile, Tesla CEO Elon Musk has bought an additional 1.4 million shares in a concurrent private placement, while Blackstar Investco, an affiliate of German car maker Daimler, will purchase up to 637,475 Tesla shares.
If Goldman Sachs buys its full stock allocation, proceeds of the combined public offering and private placement will total $234.35 million.
The offer price is based on Tesla’s Thursday closing price and is broadly in line with the $26.72 stock price before its funding plans were announced at the end of May.
After the follow-on was priced on Friday, Tesla shares climbed to an intraday high of $31.50, up 9.5% on Thursday’s closing price. It closed Monday trading at $28.70.
Proceeds of the fundraising will go towards development of Tesla’s Model X crossover vehicle.
Tesla joined the Nasdaq last July following an $226 million initial public offering.
Meanwhile, fellow Californian electric vehicle company Fisker Automotive, raised $115 million in a third round of private financing.
Charlotte Dudley
Wednesday, 8 June 2011
KKR blows into French wind
7 June 2011
Kohlberg Kravis Roberts & Co (KKR) has formed a joint venture with an Italian developer to tap the French wind market, in the private equity giant’s first European renewables investment.
The deal between KKR and Italian solar and wind developer Sorgenia has an enterprise value of €236 million ($346 million).
Jason Lovell, partner in the energy group at international law firm Eversheds, said the deal marks a new enthusiasm from US private equity groups to join their European brethren in wind investments.
“As the ability to put in place non-recourse project financing for major renewable projects remains slightly behind the curve, this high demand for capital means we are seeing newer sources of finance – for example wind farm developers over the last year have launched private retail bonds and sought to bring in institutional investors,” he added.
Sorgenia will contribute all 153MW of its already installed capacity in France to the joint venture, which includes 149MW fully owned by the JV and around 16MW in which the JV owns a 25% stake. A further pipeline of 95MW in advanced stages of development have also been added to the JV, in which each partner has a 50% stake.
“The wind parks in this joint venture are attractive and core infrastructure assets, providing long-term cash flow visibility,” said Jesus Olmos, the European head of KKR’s infrastructure business. “KKR aims to be an active investor across the entire energy spectrum, and this partnership with Sorgenia allows us to enhance our portfolio by investing in renewable energy, one of the most attractive and promising areas of infrastructure.”
“An alliance with a highly qualified and experienced investor such as KKR will enable the Sorgenia group to expand its presence in the French market and consolidate its position as a leading operator in the renewable energy sector,” said Mario Molinari, general manager of the developer. “In the wind energy sector the business plan of the Sorgenia group envisages an increase in its generation capacity in Italy and France from 234MW at the end of 2010 to over 450MW in 2016.”
The deal is expected to close in September.
Jess McCabe
Kohlberg Kravis Roberts & Co (KKR) has formed a joint venture with an Italian developer to tap the French wind market, in the private equity giant’s first European renewables investment.
The deal between KKR and Italian solar and wind developer Sorgenia has an enterprise value of €236 million ($346 million).
Jason Lovell, partner in the energy group at international law firm Eversheds, said the deal marks a new enthusiasm from US private equity groups to join their European brethren in wind investments.
“As the ability to put in place non-recourse project financing for major renewable projects remains slightly behind the curve, this high demand for capital means we are seeing newer sources of finance – for example wind farm developers over the last year have launched private retail bonds and sought to bring in institutional investors,” he added.
Sorgenia will contribute all 153MW of its already installed capacity in France to the joint venture, which includes 149MW fully owned by the JV and around 16MW in which the JV owns a 25% stake. A further pipeline of 95MW in advanced stages of development have also been added to the JV, in which each partner has a 50% stake.
“The wind parks in this joint venture are attractive and core infrastructure assets, providing long-term cash flow visibility,” said Jesus Olmos, the European head of KKR’s infrastructure business. “KKR aims to be an active investor across the entire energy spectrum, and this partnership with Sorgenia allows us to enhance our portfolio by investing in renewable energy, one of the most attractive and promising areas of infrastructure.”
“An alliance with a highly qualified and experienced investor such as KKR will enable the Sorgenia group to expand its presence in the French market and consolidate its position as a leading operator in the renewable energy sector,” said Mario Molinari, general manager of the developer. “In the wind energy sector the business plan of the Sorgenia group envisages an increase in its generation capacity in Italy and France from 234MW at the end of 2010 to over 450MW in 2016.”
The deal is expected to close in September.
Jess McCabe
Connecticut to set up green bank?
6 June 2011
Stymied so far at the US federal level, green bank supporters appear close to winning legislative support for the first such state-level institution in Connecticut.
The Connecticut legislature is expected to vote this week on a bill authorising a green bank, which will provide financing for clean energy and efficiency projects in the state.
“I think the chances are very, very good,” Ken Berlin, general counsel for the Washington, DC-based advocacy group Coalition for Green Capital, told Environmental Finance at the Financing Energy Efficiency in the Commercial Building Sector conference in New York last week. “It was the highest priority of both the legislature and the governor. [But] you still have to get it through.”
Connecticut could secure the bank’s start-up funds through an existing charge on electricity bills used to fund clean energy and efficiency projects and revenues generated from auctions of carbon allowances from the Regional Greenhouse Gas Initiative, he said.
Once the Connecticut bill passes, the coalition plans to turn its attention to developing green banks in California, Colorado and Maryland.
Nation-wide green bank also vital - Coalition
The coalition is also working to develop financing options for clean energy and efficiency projects at the national level and the proposed Clean Energy Deployment Administration (CEDA) is vital to these efforts, Berlin told the conference.
The coalition successfully lobbied the House of Representatives to approve $7.5 billion in seed capital for CEDA, more commonly known as the green bank, in the energy and climate bill it adopted in June 2009. But the Senate failed to follow suit amid a contentious debate about the carbon trading programme.
“The fundamental approach we’re taking on everything is if you can’t raise the cost of carbon, you’ve got to lower the cost of clean,” Berlin said. “You’ve got to lower the cost of energy efficiency. The more you do that with financing, the less government money you need.”
The Senate energy and natural resources committee, led by chairman Jeff Bingaman (D-New Mexico) and ranking member Lisa Murkowski (R-Alaska), will continue amending a new version of the CEDA bill later this month. Republicans like the idea of a green bank, but “nobody’s really willing to push these things,” Berlin said.
But unlike the House bill, the new Senate version would borrow the $10 billion needed to launch the bank, which could help boost its prospects. “Right now, you can’t have anything that seems to add to the federal deficit,” he said.
The green bank proposed by the coalition would use the borrowed government money to raise matching funds from private investors, providing a rate of return for investors of about 8%, and would charge credit subsidy fees to projects.
The coalition is promoting the development of one or more national banks and several state banks. “Anything that can compete with each other, we think would be a healthy development in this area,” he said.
These green banks are critical because they can provide much of the funding needed for clean energy and efficiency investments, Berlin said. A key issue with energy efficiency retrofits is figuring out how to provide 100% of the upfront costs that borrowers would repay out of their energy savings, he said. A McKinsey report estimated it would cost $520 billion to reduce energy use by 23% by 2020, a figure that some observers think could be as high as $1.8 trillion.
“The government appetite to do that is not going to be at the level of $500 billion or $1.8 trillion,” he said. Utilities “will provide upfront financing. Some of them will do a very good job of that, but again they’re not going to have the appetite for the level that we’re dealing with.”
Gloria Gonzalez
Stymied so far at the US federal level, green bank supporters appear close to winning legislative support for the first such state-level institution in Connecticut.
The Connecticut legislature is expected to vote this week on a bill authorising a green bank, which will provide financing for clean energy and efficiency projects in the state.
“I think the chances are very, very good,” Ken Berlin, general counsel for the Washington, DC-based advocacy group Coalition for Green Capital, told Environmental Finance at the Financing Energy Efficiency in the Commercial Building Sector conference in New York last week. “It was the highest priority of both the legislature and the governor. [But] you still have to get it through.”
Connecticut could secure the bank’s start-up funds through an existing charge on electricity bills used to fund clean energy and efficiency projects and revenues generated from auctions of carbon allowances from the Regional Greenhouse Gas Initiative, he said.
Once the Connecticut bill passes, the coalition plans to turn its attention to developing green banks in California, Colorado and Maryland.
Nation-wide green bank also vital - Coalition
The coalition is also working to develop financing options for clean energy and efficiency projects at the national level and the proposed Clean Energy Deployment Administration (CEDA) is vital to these efforts, Berlin told the conference.
The coalition successfully lobbied the House of Representatives to approve $7.5 billion in seed capital for CEDA, more commonly known as the green bank, in the energy and climate bill it adopted in June 2009. But the Senate failed to follow suit amid a contentious debate about the carbon trading programme.
“The fundamental approach we’re taking on everything is if you can’t raise the cost of carbon, you’ve got to lower the cost of clean,” Berlin said. “You’ve got to lower the cost of energy efficiency. The more you do that with financing, the less government money you need.”
The Senate energy and natural resources committee, led by chairman Jeff Bingaman (D-New Mexico) and ranking member Lisa Murkowski (R-Alaska), will continue amending a new version of the CEDA bill later this month. Republicans like the idea of a green bank, but “nobody’s really willing to push these things,” Berlin said.
But unlike the House bill, the new Senate version would borrow the $10 billion needed to launch the bank, which could help boost its prospects. “Right now, you can’t have anything that seems to add to the federal deficit,” he said.
The green bank proposed by the coalition would use the borrowed government money to raise matching funds from private investors, providing a rate of return for investors of about 8%, and would charge credit subsidy fees to projects.
The coalition is promoting the development of one or more national banks and several state banks. “Anything that can compete with each other, we think would be a healthy development in this area,” he said.
These green banks are critical because they can provide much of the funding needed for clean energy and efficiency investments, Berlin said. A key issue with energy efficiency retrofits is figuring out how to provide 100% of the upfront costs that borrowers would repay out of their energy savings, he said. A McKinsey report estimated it would cost $520 billion to reduce energy use by 23% by 2020, a figure that some observers think could be as high as $1.8 trillion.
“The government appetite to do that is not going to be at the level of $500 billion or $1.8 trillion,” he said. Utilities “will provide upfront financing. Some of them will do a very good job of that, but again they’re not going to have the appetite for the level that we’re dealing with.”
Gloria Gonzalez
London on the road to a cleaner, low-carbon future
Electric cars will go a long way towards solving the capital’s pollution problems – and innovations from energy firms are powering their uptake, writes David Williams
Wednesday, 8 June 2011
Imagine a London where, instead of firing up your noisy diesel or petrol saloon and blasting a cloud of fumes into the air as you set off for work or the shops, your car glides silently, elegantly – fumelessly – along the road. Rather like rolling downhill, with the engine off.
Pipe-dream? Not if Mayor Boris Johnson’s plans to make London the electric car capital of Europe come to fruition, and the good news is that our journey into this bright, clean future is already well under way.
A decade ago just 9,000 pure electric and electric hybrid vehicles were registered in the UK, but today more than 72,000 are in use according to the Driver and Vehicle Licensing Agency. Now, experts are predicting, the number of “EVs” could rise to 85,000 by 2015, racing on to 600,000 by 2020.
Better news still is that the capital is at the forefront of this technological revolution, with 17,000 EVs registered in London – some 23.5 per cent of the nation’s total. Mr Johnson painted a compelling picture of London’s green future transport network when he switched on the capital’s new electric vehicle scheme – Source London – in May.
The capital’s first city-wide electric charge-point network and membership scheme, it makes it simpler for EV owners to charge up while on the move. Promising a total of at least 1,300 charge points by 2013, it will even outstrip the number of petrol stations in London.
“I want to rapidly accelerate the uptake of electric vehicles and make London the epicentre of electric driving in Europe,” he pledged.
“Increasing numbers of motorists are opting for cleaner, greener electric transport, delivering a host of benefits to the driver. This is set to deliver considerable environmental benefits to our city.”
Simultaneously announcing a 100 per cent discount on the congestion charge for electric vehicles, Mr Johnson reminded motorists that there were further savings from the Government’s £5,000 consumer incentive grant available for electric cars, which also qualify for nil-rate vehicle excise duty. But are his targets realistic? One man who has made environmental motoring his speciality is Jay Nagley, managing director of automotive analysts Redspy Automotive. “The target of 600,000 EVs, including hybrids, by 2020 is certainly achievable,” he said.
“Every major manufacturer will make a plug-in hybrid, starting with a plug-in version of the Toyota Prius, a new plug-in Ford and VW Golf, in 2013. Plus the extended-range Vauxhall Ampera hybrid will be on sale next year. All the car makers are following a similar script.”
Society of Motor Manufacturers and Traders figures reveal steady growth in electric car registrations, with 289 put on the road last year compared to 450 so far this year.
Already, of course, it is possible to buy or lease an impressive range of electric cars including Peugeot’s iOn, Citroen’s C-Zero, Mitsubishi’s i-MiEV, Nissan’s Leaf and Smart’s fortwo EV, to name but a few. But it couldn’t have happened without support from the power industry and one of the breakthroughs was the installation by EDF Energy – a leading player in the development of electric vehicle technology and the UK’s largest producer of low-carbon electricity – of around 100 public charging points across the UK, many of them in London.
It has been working with Elektromotive, a leading provider of EV recharging infrastructure, since 2007.
“Britain is in the enviable position of leading the electric vehicle revolution in Europe and the considerable momentum we have built up will not be lost,” promised Calvey Taylor-Haw, founder and managing director of Elektromotive. “Elektrobays in London are generating an extremely high level of round-the-clock usage, which provides a clear template for how the creation of a proven infrastructure is essential for electric cars to become widely accepted. Our journey into a clean future has well and truly begun.”
Electric vehicles - what they cost and where to charge them
Infrastructure: will you be one of the 600,000 motorists whizzing around in an electric car in 2020? Very possibly, but according to research by EDF Energy and EV maker smart, your support is not unconditional.
A survey they conducted shows that two-thirds of Britons are willing to consider an EV, but only if the right infrastructure is created first. Over three-quarters of 500 people surveyed also said that petrol/diesel emissions needed to be lowered, with 87 per cent calling on councils to invest more in away-from-home electric recharging points. Other findings were that 69 per cent believed that owning an EV would reduce their carbon footprint, while 61 per cent said it would cut their motoring costs.
In fact, the typical annual electricity cost for an EV, say EDF Energy and smart, would be £236 based on three charges a week – a saving of well over £850 a year compared to a conventionally powered car.
EDF Energy has been investing in low-carbon electricity generation, while consulting with central and local government and car makers to ensure it is ready to meet the growing demand that the thirst for EVs will place on the infrastructure. It is investing to ensure that there is sufficient generation of electricity with its plans for four new nuclear plants, and it has been actively engaged in influencing the standardisation of EV recharging at UK and European levels, to maximise the carbon and cost-saving benefits of electric vehicles.
The energy firm is also working to ensure it can offer customers bespoke recharging solutions at home and in the workplace, where it believes 90 per cent of recharging will take place.
But could growing demand for electricity by 2020 swamp the system? EDF Energy says that at this take-up, the additional demand will be less than one per cent of total electricity demand, so it will not necessitate a proportionate increase in generation capacity. Longer term, it adds, demand will be managed through off-peak tariffs and smart meters, enabling EVs to maximise their carbon-saving potential.
Research/recharging: driving a silent, electric car will certainly cut your motoring costs if you decide to set out on your own “green” journey; energy costs for an EV are around 3p a mile, compared to 8p for the most economical diesel. But there is more at stake than that, with detailed research by EDF Energy with Peugeot UK and Citroen UK showing that the take-up of clean, electric transport, combined with low-carbon electricity, is crucial to Britain meeting its carbon reduction targets. Based on today’s grid mix, “pure” electric cars deliver 30-40 per cent carbon savings compared to a petrol vehicle. But as the grid decarbonises further, these savings will also increase. Underlining its investment in low-carbon generation, EDF Energy was selected by the manufacturers of the Peugeot iOn and the Citroen C-Zero to offer new-car purchasers a “fully bundled” recharging package for £799. Following a free home survey and the installation of a dedicated charging point, drivers can benefit from faster charging times of more than 35 per cent.
The EV point package ensures households cut costs by receiving 20 per cent cheaper electricity during evenings and weekends, so that charging an iOn or C-Zero from empty will cost £1.93 – around three pence a mile. “We are encouraging millions of people and businesses to make changes that will contribute to a more sustainable Britain before the attention of the world turns to our shores for London 2012,” said Bethan Carver, B2C Product Development manager at EDF Energy.
Range/trials: every new technology creates a language of its own, and the world of the electric car is no exception.
Possibly the best-known phrase to emerge from this industry is “range anxiety”, referring to the fear among motorists that their car will run out of juice before it gets there. But detailed research from EDF Energy and EV manufacturer smart, commissioned as part of their vision to inspire a lower carbon future, shows they shouldn’t worry. A fleet of 60 smart electric cars was tested by residents in London and the South-east for 12 months, to find how the cars worked in real life.
While revealing an enthusiasm and understanding of the green benefits, the study showed that there was a major desire for more information about electric vehicles. More than 70 per cent of people polled wanted to know more and this was reflected in the lack of knowledge and confusion about the maximum range of electric vehicles. Findings showed that 75 per cent of consumers worry that they will run out of charge quickly and that they might not be able to travel as far as they need. But, says EDF Energy, which has also conducted extensive, ongoing research with Toyota and Mercedes- Benz as part of the Government’s Ultra Low Carbon Vehicle Development Programme, 90 per cent of our journeys in the UK are less than 50 miles.
Heiko Bornhoeft, head of product marketing at smart, adds: “The smart fortwo electric drive has a potential range of 84 miles between charges, which is more than most people’s daily driving requirements.”
Olympics: the eyes of all in London are on 2012 but none more so than EDF Energy, which is the official energy utilities partner and sustainability partner of both the London 2012 Olympic and the Paralympic Games. “Electric vehicles will form part of the London 2012 vehicle fleet, though exact numbers are still to be decided,” said an EDF spokesman. “The vehicles, to be provided by BMW, will be used to ferry athletes, officials, media, teams, national committees, international sports federations, the IOC and marketing partners.”
Wednesday, 8 June 2011
Imagine a London where, instead of firing up your noisy diesel or petrol saloon and blasting a cloud of fumes into the air as you set off for work or the shops, your car glides silently, elegantly – fumelessly – along the road. Rather like rolling downhill, with the engine off.
Pipe-dream? Not if Mayor Boris Johnson’s plans to make London the electric car capital of Europe come to fruition, and the good news is that our journey into this bright, clean future is already well under way.
A decade ago just 9,000 pure electric and electric hybrid vehicles were registered in the UK, but today more than 72,000 are in use according to the Driver and Vehicle Licensing Agency. Now, experts are predicting, the number of “EVs” could rise to 85,000 by 2015, racing on to 600,000 by 2020.
Better news still is that the capital is at the forefront of this technological revolution, with 17,000 EVs registered in London – some 23.5 per cent of the nation’s total. Mr Johnson painted a compelling picture of London’s green future transport network when he switched on the capital’s new electric vehicle scheme – Source London – in May.
The capital’s first city-wide electric charge-point network and membership scheme, it makes it simpler for EV owners to charge up while on the move. Promising a total of at least 1,300 charge points by 2013, it will even outstrip the number of petrol stations in London.
“I want to rapidly accelerate the uptake of electric vehicles and make London the epicentre of electric driving in Europe,” he pledged.
“Increasing numbers of motorists are opting for cleaner, greener electric transport, delivering a host of benefits to the driver. This is set to deliver considerable environmental benefits to our city.”
Simultaneously announcing a 100 per cent discount on the congestion charge for electric vehicles, Mr Johnson reminded motorists that there were further savings from the Government’s £5,000 consumer incentive grant available for electric cars, which also qualify for nil-rate vehicle excise duty. But are his targets realistic? One man who has made environmental motoring his speciality is Jay Nagley, managing director of automotive analysts Redspy Automotive. “The target of 600,000 EVs, including hybrids, by 2020 is certainly achievable,” he said.
“Every major manufacturer will make a plug-in hybrid, starting with a plug-in version of the Toyota Prius, a new plug-in Ford and VW Golf, in 2013. Plus the extended-range Vauxhall Ampera hybrid will be on sale next year. All the car makers are following a similar script.”
Society of Motor Manufacturers and Traders figures reveal steady growth in electric car registrations, with 289 put on the road last year compared to 450 so far this year.
Already, of course, it is possible to buy or lease an impressive range of electric cars including Peugeot’s iOn, Citroen’s C-Zero, Mitsubishi’s i-MiEV, Nissan’s Leaf and Smart’s fortwo EV, to name but a few. But it couldn’t have happened without support from the power industry and one of the breakthroughs was the installation by EDF Energy – a leading player in the development of electric vehicle technology and the UK’s largest producer of low-carbon electricity – of around 100 public charging points across the UK, many of them in London.
It has been working with Elektromotive, a leading provider of EV recharging infrastructure, since 2007.
“Britain is in the enviable position of leading the electric vehicle revolution in Europe and the considerable momentum we have built up will not be lost,” promised Calvey Taylor-Haw, founder and managing director of Elektromotive. “Elektrobays in London are generating an extremely high level of round-the-clock usage, which provides a clear template for how the creation of a proven infrastructure is essential for electric cars to become widely accepted. Our journey into a clean future has well and truly begun.”
Electric vehicles - what they cost and where to charge them
Infrastructure: will you be one of the 600,000 motorists whizzing around in an electric car in 2020? Very possibly, but according to research by EDF Energy and EV maker smart, your support is not unconditional.
A survey they conducted shows that two-thirds of Britons are willing to consider an EV, but only if the right infrastructure is created first. Over three-quarters of 500 people surveyed also said that petrol/diesel emissions needed to be lowered, with 87 per cent calling on councils to invest more in away-from-home electric recharging points. Other findings were that 69 per cent believed that owning an EV would reduce their carbon footprint, while 61 per cent said it would cut their motoring costs.
In fact, the typical annual electricity cost for an EV, say EDF Energy and smart, would be £236 based on three charges a week – a saving of well over £850 a year compared to a conventionally powered car.
EDF Energy has been investing in low-carbon electricity generation, while consulting with central and local government and car makers to ensure it is ready to meet the growing demand that the thirst for EVs will place on the infrastructure. It is investing to ensure that there is sufficient generation of electricity with its plans for four new nuclear plants, and it has been actively engaged in influencing the standardisation of EV recharging at UK and European levels, to maximise the carbon and cost-saving benefits of electric vehicles.
The energy firm is also working to ensure it can offer customers bespoke recharging solutions at home and in the workplace, where it believes 90 per cent of recharging will take place.
But could growing demand for electricity by 2020 swamp the system? EDF Energy says that at this take-up, the additional demand will be less than one per cent of total electricity demand, so it will not necessitate a proportionate increase in generation capacity. Longer term, it adds, demand will be managed through off-peak tariffs and smart meters, enabling EVs to maximise their carbon-saving potential.
Research/recharging: driving a silent, electric car will certainly cut your motoring costs if you decide to set out on your own “green” journey; energy costs for an EV are around 3p a mile, compared to 8p for the most economical diesel. But there is more at stake than that, with detailed research by EDF Energy with Peugeot UK and Citroen UK showing that the take-up of clean, electric transport, combined with low-carbon electricity, is crucial to Britain meeting its carbon reduction targets. Based on today’s grid mix, “pure” electric cars deliver 30-40 per cent carbon savings compared to a petrol vehicle. But as the grid decarbonises further, these savings will also increase. Underlining its investment in low-carbon generation, EDF Energy was selected by the manufacturers of the Peugeot iOn and the Citroen C-Zero to offer new-car purchasers a “fully bundled” recharging package for £799. Following a free home survey and the installation of a dedicated charging point, drivers can benefit from faster charging times of more than 35 per cent.
The EV point package ensures households cut costs by receiving 20 per cent cheaper electricity during evenings and weekends, so that charging an iOn or C-Zero from empty will cost £1.93 – around three pence a mile. “We are encouraging millions of people and businesses to make changes that will contribute to a more sustainable Britain before the attention of the world turns to our shores for London 2012,” said Bethan Carver, B2C Product Development manager at EDF Energy.
Range/trials: every new technology creates a language of its own, and the world of the electric car is no exception.
Possibly the best-known phrase to emerge from this industry is “range anxiety”, referring to the fear among motorists that their car will run out of juice before it gets there. But detailed research from EDF Energy and EV manufacturer smart, commissioned as part of their vision to inspire a lower carbon future, shows they shouldn’t worry. A fleet of 60 smart electric cars was tested by residents in London and the South-east for 12 months, to find how the cars worked in real life.
While revealing an enthusiasm and understanding of the green benefits, the study showed that there was a major desire for more information about electric vehicles. More than 70 per cent of people polled wanted to know more and this was reflected in the lack of knowledge and confusion about the maximum range of electric vehicles. Findings showed that 75 per cent of consumers worry that they will run out of charge quickly and that they might not be able to travel as far as they need. But, says EDF Energy, which has also conducted extensive, ongoing research with Toyota and Mercedes- Benz as part of the Government’s Ultra Low Carbon Vehicle Development Programme, 90 per cent of our journeys in the UK are less than 50 miles.
Heiko Bornhoeft, head of product marketing at smart, adds: “The smart fortwo electric drive has a potential range of 84 miles between charges, which is more than most people’s daily driving requirements.”
Olympics: the eyes of all in London are on 2012 but none more so than EDF Energy, which is the official energy utilities partner and sustainability partner of both the London 2012 Olympic and the Paralympic Games. “Electric vehicles will form part of the London 2012 vehicle fleet, though exact numbers are still to be decided,” said an EDF spokesman. “The vehicles, to be provided by BMW, will be used to ferry athletes, officials, media, teams, national committees, international sports federations, the IOC and marketing partners.”
Toyota car plant gears up for solar power
BusinessGreen: Car manufacturer to fit 17,000 photovoltaic panels at Debyshire plant, generating enough power to build 7,000 cars a year
BusinessGreen
guardian.co.uk, Tuesday 7 June 2011 09.45 BST
Toyota looks set to install a £10m solar array to power operations at its Derbyshire plant after the local authority granted planning approval for the ambitious project.
The company has already started work to fit around 17,000 panels on 90,000 square metres of industrial land – an area slightly smaller than four and a half football pitches – within the plant's boundaries.
It says the array will be capable of supplying enough energy to build around 7,000 cars a year at the plant, which produces Auris hybrid, Auris and Avensis cars, as well as saving the company 2,000 tonnes of CO2 emissions a year.
British Gas will install and fund the panels, which should begin supplying power to the plant in July, allowing the installation to get in ahead of the government's proposed cuts to feed-in tariffs for large solar arrays.
"With energy costs increasing and a tough financial climate, all businesses are looking at ways to cut their bills as well as reduce their carbon emissions," said Jon Kimber, managing director of British Gas New Energy. "Solar power has the potential to make this happen and really revolutionise the way Britain's homes and businesses generate energy."
Toyota claims it will be the first UK car manufacturer to install a large-scale solar panel array and said the move is part of the company's wider strategy of lowering the company's carbon footprint.
"Generating solar power on-site to supply electricity to the plant underlines our commitment to do even more to further reduce our carbon footprint and is yet another example of our environmental leadership," said Tony Walker, deputy managing director at Toyota Manufacturing UK.
BusinessGreen
guardian.co.uk, Tuesday 7 June 2011 09.45 BST
Toyota looks set to install a £10m solar array to power operations at its Derbyshire plant after the local authority granted planning approval for the ambitious project.
The company has already started work to fit around 17,000 panels on 90,000 square metres of industrial land – an area slightly smaller than four and a half football pitches – within the plant's boundaries.
It says the array will be capable of supplying enough energy to build around 7,000 cars a year at the plant, which produces Auris hybrid, Auris and Avensis cars, as well as saving the company 2,000 tonnes of CO2 emissions a year.
British Gas will install and fund the panels, which should begin supplying power to the plant in July, allowing the installation to get in ahead of the government's proposed cuts to feed-in tariffs for large solar arrays.
"With energy costs increasing and a tough financial climate, all businesses are looking at ways to cut their bills as well as reduce their carbon emissions," said Jon Kimber, managing director of British Gas New Energy. "Solar power has the potential to make this happen and really revolutionise the way Britain's homes and businesses generate energy."
Toyota claims it will be the first UK car manufacturer to install a large-scale solar panel array and said the move is part of the company's wider strategy of lowering the company's carbon footprint.
"Generating solar power on-site to supply electricity to the plant underlines our commitment to do even more to further reduce our carbon footprint and is yet another example of our environmental leadership," said Tony Walker, deputy managing director at Toyota Manufacturing UK.
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