ACME Solar Holdings’ ₹29 Billion IPO to Hit the Market on November 6, 2024

Jodhpur DISCOM Tenders 333 MW Solar Projects Under PM KUSUM

CIE Automotive to Procure Power from ReNew’s 7.8 MW Captive Solar Project

John Cockerill to Supply Electrolyzers to AM Green’s Ammonia Project

Varroc to Procure Power from AMPIN’s 27 MW Solar Project in Maharashtra

JinkoSolar’s Revenue Drops 23% YoY in Q3 Due to Lower Module Prices

First Solar Revenue Falls Short in Q3, Revises 2024 Guidance Amid Sector Pressures

Tata Power Records 20th Consecutive Quarter of Profit in Q2 FY 2025

SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power

Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief

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					</table>Here are some noteworthy cleantech announcements of the day from around the world:
<a href="https://ravicab.com/" target="_blank" rel="noopener">Ravicab Cables</a>, a Bengaluru-based electric cable manufacturer, announced the acquisition of Leoni Cable Solution India (<a href="https://www.leoni-india.com/en/leoni-in-india/" target="_blank" rel="noopener">LCSI</a>), a wholly-owned subsidiary of Leoni AG, a German cable manufacturer. The acquisition helps Ravicab increase its market reach and expand its product range. LCSI’s turnover in 2021 was €24.5 million (~$24.57 million). With this acquisition, Ravicab expects to have a strong foothold in the western part of India. Ravicab would also leverage the specialty products business of renewable energy and railways. Ravicab has acquired LCSI’s processes and systems for manufacturing specialized cables and brands like “Kerpen” and “Icon.” The companies did not share the financial details of the acquisition.
<a href="https://www.flipkart.com/about-us?otracker=undefined_footer_navlinks" target="_blank" rel="noopener">Flipkart</a> announced its partnership with <a href="https://www.magentamobility.com/" target="_blank" rel="noopener">Magenta Mobility</a>, an electric mobility solutions provider, to deploy electric vehicles (EV) for its last-mile transportation. With this collaboration, Magenta Mobility enters the National Capital Area (Delhi NCR) and will deploy around 400 electric cargo vehicles to the Flipkart fleet in Delhi NCR. This deployment would be over and above Magenta&#8217;s fleet for Flipkart in Bengaluru. Flipkart will utilize Magenta&#8217;s Electric cargo fleets, including the newly-launched Mahindra Zor Grand and other select OEMs, to accelerate the growth of EV adoption for last-mile logistics.
Rajasthan Electricity Regulatory Commission (<a href="https://rerc.rajasthan.gov.in/" target="_blank" rel="noopener">RERC</a>) has allowed the revised threshold of ₹2.5 billion ($31.46 million) to develop intra-state transmission projects through tariff based competitive bidding process in response to a petition filed by Rajasthan Rajya Vidyut Prasaran Nigam (<a href="https://energy.rajasthan.gov.in/content/raj/energy-department/rajasthan-rajya-vidyut-prasaran-limited/en/home.html" target="_blank" rel="noopener">RVPN</a>). RVPN had submitted that the threshold limit of ₹1 billion ($12.58 million) is significantly less due to recent price escalations and challenges faced in transmission system strengthening, augmentation, up-gradation, renovation, and modernization works.
UST, a digital transformation solutions company, <a href="https://www.prnewswire.com/in/news-releases/ust-partners-with-ggi-to-accelerate-innovation-in-the-green-technology-marketplace-848799786.html" target="_blank" rel="noopener">announced</a> a strategic partnership with Green Grid, a climate-focused technology development, integration, and professional services business, to provide domain expertise, services, and artificial intelligence (AI)-enabled IT/OT solutions for Environmental, Social and Governance, and critical infrastructure management. UST and GGI will leverage their expertise and experience to develop AI and robotic-driven process automation for energy infrastructure that increases safety and reliability while improving the effectiveness of hydrogen storage and delivery and photovoltaic panel cleaning systems.
IKEA U.S. and SunPower, a residential solar technology and energy services provider, <a href="https://newsroom.sunpower.com/2022-05-12-IKEA-U-S-joins-forces-with-SunPower-to-offer-home-solar-solutions-in-the-United-States" target="_blank" rel="noopener">partnered</a> to provide members of IKEA’s Family Customer Loyalty program, access to Sunpower’s home solar solutions. Customers can use these solutions to generate and store their own renewable energy and live more sustainably. Home Solar with IKEA is expected to launch in select California markets in Fall 2022.

Daily News Wrap-Up: Ravicab Cables Acquires Leoni India, Enters Renewable Sector

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					</table>Here are some noteworthy cleantech announcements of the day from around the world:
Kia, a South Korea-based automaker, and Deutsche Bahn (DB) have <a href="https://www.deutschebahn.com/en/presse/press_releases/Deutsche-Bahn-and-Kia-give-used-electric-car-batteries-a-second-life-as-stationary-energy-storage-systems-for-a-greener-electricity--8798674" target="_blank" rel="noopener">partnered</a> to increase the usable life of batteries used in electric mobility. The lithium-ion batteries from electric vehicles will be reused to create efficient and cost-effective energy storage systems for green electricity. These second-life battery energy storage solutions are modular and can be used in various applications. encore, a corporate start-up of DB Bahnbau Gruppe GmbH, handles the process, from procurement of the used batteries to production. encore will begin series production and distribution of several hundred battery energy storage systems in 2023. The first pilot project was implemented at the Berlin EUREF campus in July 2022. Additional battery energy storage systems are being installed at various DB locations, including the ICE maintenance depot in Leipzig, the digital test center in the Saxon town of Scheibenberg, and the Zorneding station in Bavaria.
Osprey Charging, a UK-based electric vehicle (EV) charging network company, was <a href="https://ospreycharging.co.uk/british-garden-centres-to-add-rapid-charging-to-their-stores/" target="_blank" rel="noopener">selected</a> by British Garden Centres, a UK-based garden center group, to provide rapid EV charging at its UK stores. Osprey’s rapid chargers can add 100 miles in range to an EV in 20-30 minutes. The British Garden Centre in Carmarthen, Wales, will be the first to offer an Osprey rapid charge to its customers at a hub with eight ultra-rapid (150kW) chargers. The Carmarthen hub will be followed by high-power hubs planned in Wimborne (Dorset), Carr Gate (Yorkshire), Braintree (Essex), and Harrow (London). A total of 11 more sites are confirmed with a mix of these larger hubs and some smaller installations, depending on the size of the site and availability of power.
Maersk Supply Service and Stiesdal Offshore <a href="https://www.maersksupplyservice.com/2022/09/08/stiesdal-offshore-floating-wind-partnership/" target="_blank" rel="noopener">entered</a> into a strategic partnership to offer combined solutions to this fast-growing sector within offshore wind. The two Danish companies intend to combine their respective strengths to create comprehensive and integrated engineering, procurement, construction, and installation solutions for foundations and moorings. This integrated approach will streamline the value chain, facilitating fast-track installations and ultimately bringing down the levelized costs of floating wind.
The European Bank for Reconstruction and Development (EBRD) <a href="https://www.ebrd.com/news/2022/ebrd-promotes-green-investments-in-egypts-small-businesses.html" target="_blank" rel="noopener">announced</a> its support for the green economy in Egypt with a $100 million loan to Banque Misr, an Egyptian bank, for on-lending to local small and medium-sized enterprises. The loan follows the success of the Green Economy Financing Facility in Egypt. It will support an expansion of green lending in Egypt to under-served regions for investments in climate change mitigation and adaptation technologies and services. A technical assistance program of €2.3 million (~$2.33 million) funded by the Bank and the Netherlands through the High Impact Partnership on Climate Action will also be provided to Banque Misr and as sub-borrowers to support the implementation of the program, as well as enhance awareness of green financing, particularly among female entrepreneurs.
Egyptian President Abdel Fattah El-Sisi <a href="https://ffi.com.au/news/egyptian-president-meets-with-ffi-about-green-hydrogen-opportunities-ahead-of-cop26/" target="_blank" rel="noopener">met</a> with Fortescue Future Industries (FFI) founder and Executive Chairman Andrew Forrest to discuss the development of green energy projects in the region. The meeting discussed the potential development of a green hydrogen production project with a 9.2 GW installed capacity. FFI is a wholly-owned subsidiary of global green energy and resources company Fortescue Metals Group. The company had previously signed a memorandum of understanding to conduct studies to develop green hydrogen production in Egypt.

Daily News Wrap-Up: Kia, DB Team Up to Reuse EV Batteries as Grid-Scale Storage Systems

Carmakers Hyundai Motors and Kia Motors have announced that they are going to invest to the tune of $300 million in cab aggregation service provider Ola. This is their largest combined investment to date.
As part of the strategic collaboration, the companies have agreed to co-create solutions to operate and manage fleet vehicles, marking the Group’s first foray into the EV industry, as they expand operations from automobile manufacturing and sales to total fleet solutions. The partnership will offer Ola drivers various financial services, including lease and installment payments, while vehicle maintenance and repair services are expected to enhance customer satisfaction.
Hyundai, Kia, and Ola have also agreed to coordinate efforts to develop cars and specifications that reflect the needs of the ride-hailing market (both users and drivers). Data accumulated during service operation will allow the companies to make constant vehicle improvements to meet local needs and specifications better.
Hyundai Motor Group expects to accelerate its transition from a ‘car manufacturer’ into a ‘smart mobility solutions provider,’ as the partnership’s initiatives will allow it to engage in all aspects across the entire mobility value chain ― including vehicle production, fleet operation, and mobility services.
Ola aims to create over two million job opportunities in the mobility ecosystem by 2022.
The agreement will see the three companies extensively collaborate on developing unique fleet and mobility solutions; building India-specific electric vehicles and infrastructure; as well as nurturing best in class opportunities and offerings for aspiring driver partners with customized vehicles, on the Ola platform.
“India is the centerpiece of Hyundai Motor Group’s strategy to gain leadership in the global mobility market and our partnership with Ola will certainly accelerate our efforts to transform into a Smart Mobility Solutions Provider,” said Euisun Chung, Executive Vice Chairman of Hyundai Motor Group in a media statement.
Bhavish Aggarwal, the co-founder, and CEO of Ola said, “This partnership will also significantly benefit driver-partners on our platform, as we collaborate with Hyundai to build vehicles and solutions that enable sustainable earnings for millions of them, in the time to come.”
The EV market is expected to grow in the double digits until the year 2020 as stricter emission norms are implemented on petrol and diesel vehicles. An increasing number of e-mobility firms are turning towards EVs. Mahindra &amp;Mahindra recently started a pilot run of 10 EVs in Mumbai to gauge the market.
<a href="https://mercomindia.com/ola-electric-mobility-business-india/" target="_blank" rel="noopener">Recently</a>, Ola Electric Mobility raised a sum of ₹400 billion ($56.4 million) led by several of Ola’s early investors including, Tiger Global and Matrix India and others, as part of its first round of investment.
<a href="https://mercomindia.com/government-blueprint-ev-battery/" target="_blank" rel="noopener">Just a few days ago</a>, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the proposal for setting up a national mission on transformative mobility and battery storage initiatives.
Apart from this, the Cabinet has also approved the creation of Phased Manufacturing Program (PMP) to support the development of large-scale, export-competitive integrated batteries and cell-manufacturing giga-scale projects in India.
<a href="https://mercomindia.com/700-million-plan-for-ev-infrastructure-revamp/" target="_blank" rel="noopener">Last month,</a> the Ministry of Power also proposed a plan to develop electric vehicle infrastructure across 70 cities and 20 highways in the next five years between 2020-25 at the cost of ₹50 billion (~$700 million).
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In a Boost to India’s EV Segment, Hyundai and Kia to Invest $300 Million in Ola

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