Daily News Wrap-Up_ TresMoto a Smart EV Startup Backed by Shell Raises Seed Funding

Here are some noteworthy cleantech announcements of the day from around the world:

Jinko Solar, a solar module manufacturer, claims to have achieved a record conversion efficiency of 23.01% for its N-type mono solar modules. The result was certified by the third-party organization TUV Rheinland. The company utilized its vertical integration technology to increase module optical gain and proportion of cell area in the module and reduce module internal resistance loss to achieve a breakthrough module efficiency. The vertical integration technology combines its N-type TOPCon high-efficiency cell technology and high-energy-density module design with advanced module welding and packaging technology.

Bengaluru- based TresMoto, a smart EV startup backed by Shell, has raised an undisclosed amount in seed funding from an angel investor and professional CEO Raaj Kumar. The startup is working on a range of smart electric two-wheelers based on their in-house developed platform OXEN. It will offer a sleek urban scooter with a top speed of 75 kilometers/hours and an array of compact and ergonomic batteries that can be removed from the vehicle and charged at home for a range of up to 90 kilometers.

Blue World Technologies, a methanol fuel cells developer and manufacturer, has acquired Danish Power Systems, a Denmark-based high temperature-PEM material research company. The transaction follows the acquisition Blue Power Technologies made in 2019 when the company initially bought 15% of Danish Power Company’s shares. The company has plans to start up pre-series production of methanol fuel cells in mid-2021 with a production capacity of up to 5,000 units or 50 MW. It aims to reach a full-scale commercial production capacity of up to 50,000 units within three years.


The Canada Infrastructure Bank (CIB) and Oneida Energy Storage have signed a Memorandum of Understanding for the Oneida energy storage project in Ontario, Canada. The two parties have an agreement on the parameters around CIB investment in the project, which will be confirmed by a final investment decision in spring 2021. The energy storage project includes the development of a 250 MW/1,000 MWh energy storage facility. It will help stabilize Ontario’s electricity sector by providing grid balancing services.

The European Investment Bank (EIB) and BPI provide €112 million (~$136.28 million) to EDP Renovaveis to finance the construction and operation of two onshore wind farms with a total nominal capacity of 125 MW. The 33 MW Tocha II project will be located in the Coimbra district, Portugal. The 92 MW, Sincelo wind project will be located in the Guarda district. EIB  will finance €65 million, backed by the European Fund for Strategic Investment, and BPI will finance an additional €47 million for the project. The projects are expected to generate around 560 new jobs, and once operational, the projects will contribute to Portugal meeting its Energy and Climate plan targets.

XPeng, a China-based smart EV company, has signed a strategic cooperation agreement with several domestic banks for a credit line of 12.8 billion Chinese Yuan (~$1.97 billion). Under the terms of the agreement, the Agriculture Bank of China, the Bank of China, China Construction Bank, China CITIC Bank, and Guangzhou Rural Commercial Bank will provide credit facilities to support the company’s business operations. The banks will also support the expansion of XPeng’s manufacturing, sales, and service capabilities. These credit facilities will help the company optimize the efficiency of its cash management, cost control, and other corporate functions.

Here is our previous daily news wrap-up.