BMW is preparing to launch the fifth-generation X5 with a variety of powertrain options, including a hydrogen fuel cell version co-developed with Toyota, expected to debut in 2028. The new X5 features a retro-inspired grille, innovative door handle design, and a split tailgate, with an interior preview showing a minimalist dashboard and advanced projection system. The model is part of BMW's broader plan to introduce over 40 new or updated models with Neue Klasse technology by 2027, emphasizing electrification and modern design.
Bill Gates' $645 million superyacht, 'Breakthrough', notable for being the world's first hydrogen fuel-cell superyacht, is up for sale. Built by Feadship over five years, it features advanced technology, luxury amenities, and a focus on environmental sustainability, though Gates never personally used it. The yacht represents a significant milestone in marine engineering and clean energy innovation.
Honda has begun production of America's first hydrogen fuel cell electric vehicle, a version of its CR-V compact SUV, at its Performance Manufacturing Center in Marysville. This vehicle, which combines a plug-in feature with hydrogen fuel cell technology, is part of Honda's goal to achieve 100% zero emissions sales by 2040. Initially available only in California, the CR-V fuel cell vehicle offers a range of 270 miles on hydrogen and 29 miles on electric power, with refueling taking about three minutes.
Norwegian company Nel Hydrogen secures $75 million in funding from the U.S. Department of Energy and the state of Michigan to support its $400 million hydrogen gigafactory in southeast Michigan, marking a significant step towards clean energy public transportation and the transition to hydrogen fuel cell powered buses in Flint.
Metallica's European tour will feature big rigs powered by batteries and hydrogen fuel cells, supplied by Iveco, as part of the band's effort to reduce carbon emissions. The trucks will haul the band's gear across nine major European cities, with some guitars and drums being transported in hydrogen fuel-cell trucks. Iveco will also provide electric and natural gas trucks, as well as EV minibuses for concert shuttles, to further reduce CO2 emissions. Metallica's commitment to environmental sustainability includes supporting "Metallica scholars" in the renewables sector, demonstrating the band's genuine intent to lower its carbon footprint.
Plug Power's stock initially fell 7.9% in premarket trading after the company's 2023 results missed expectations, with net losses widening to $1.37 billion and revenue dropping 27%. However, the stock pared losses after the company disclosed that it had resolved its "going concern" issues, as stated in its 10-K annual report filed with the SEC. The company had previously warned about doubts regarding its ability to continue as a going concern, but now believes that warning "no longer exists."
Honda introduces the 2025 CR-V e:FCEV, a hydrogen fuel cell-powered SUV with a 270-mile EPA-rated range and bidirectional charging capabilities, co-developed with General Motors. The vehicle, available for leasing in California later this year, aims to appeal to fans of hybrid powertrains and addresses the challenge of limited hydrogen refueling infrastructure. Despite the low success of hydrogen in the passenger car market, automakers are focusing on heavy-duty vehicles and mobile power generators. The Biden administration's proposed tax guidelines aim to make hydrogen production cheaper as a less-polluting alternative to fossil fuels, although most hydrogen is currently produced with the help of fossil fuels.
Honda has unveiled the 2025 Honda CR-V e:FCEV, America's first production plug-in hydrogen fuel cell electric vehicle, with a 270-mile EPA driving range rating and the ability to deliver up to 29 miles of EV driving around town. The vehicle combines an all-new U.S.-made fuel cell system with plug-in charging capability and will be available for leasing in California later this year. Honda aims for 100% zero-emission automobile sales by 2040 and is committed to achieving carbon neutrality for all products and corporate activities by 2050.
Plug Power (NASDAQ:PLUG) is set to receive a $1.6 billion loan from the U.S. Department of Energy, signaling a potential turnaround for the struggling company. The funding will allow the company to build up to six hydrogen-production facilities in the U.S., with plans to partner with chemical manufacturer Olin Corp (NYSE:OLN). The announcement has led to a surge in PLUG stock, which had been struggling in recent months, and indicates a positive catalyst for the company's future growth and profitability.
Plug Power stock has plummeted by 46% in 2024, with a recent 25% drop in just two days, leading to fear and panic in the market. The company's last quarterly earnings were dismal, with a warning about its cash and equity securities. Plug Power's announcement of a $1 billion stock sale reflects its desperate need for capital. With a deficit of $3.8 billion and rapid cash burn, the company's future looks uncertain. Investors are advised to avoid investing in Plug Power until concrete steps are taken to turn its fortunes around.
Shares of Nikola Corp surged as much as 36% this week after the hydrogen fuel cell transportation company finally entered commercial production for its semitrucks. The company, which had faced significant setbacks and controversy in the past, received 223 orders for its hydrogen fuel trucks. However, despite the positive news, Nikola still faces significant challenges, including low revenue, negative gross profit, and a long road to profitability. Investors are advised to exercise caution when considering investing in Nikola stock.
Plug Power, a leading provider of turnkey hydrogen solutions, will announce its Q1 2023 results on May 9, 2023. The company is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell turnkey solutions, powering electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals.
Nikola Corporation expands its presence in Alberta, Canada, with the sale of a Nikola Tre battery-electric vehicle (BEV) and a Nikola Tre hydrogen fuel cell electric vehicle (FCEV) to the Alberta Motor Transport Association (AMTA). AMTA will incorporate the new heavy-duty vehicles into its Hydrogen Commercial Vehicle Demonstrations Project, which offers Alberta carriers the opportunity to use and test Class 8 vehicles that operate with hydrogen fuel within their unique operations. The Nikola Tre BEV has a range of up to 530 km, while the Tre FCEV has a range of up to 800 km and an estimated fueling time of 20 minutes.
BMW is ahead of its EV sales goals and plans to sell more EVs this year than expected, with 1 in 3 sales expected to be electric by 2026. The automaker aims for a profit margin of 8-10% this year, thanks to supply chain stability, without increasing prices. BMW remains dedicated to hydrogen fuel cell technology and plans to introduce a production hydrogen vehicle in the coming decade. MINI and Rolls Royce, the other brands that make up the BMW Group, also plan to introduce more electric vehicles in the coming years.
