Daily News Wrap-Up: Ashok Leyland’s UK Arm Acquires EV Company Switch Mobility

EIB approves €4.1 billion for renewable energy, clean transport, and Covid-19 relief


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

In a BSE disclosure, Ashok Leyland has announced that Switch Mobility Limited, UK – subsidiary of the company – has acquired the entire shareholding in Switch Mobility Automotive, India. As a result, Switch Mobility Automotive, India, has become a step-down subsidiary of Ashok Leyland. Switch Mobility Automotive Limited was incorporated on December 28, 2020, to carry on the business of manufacture and sale of electric vehicles.

Quidnet Energy and Emissions Reduction Alberta (ERA) have partnered to develop an ultra-low-cost, multi-gigawatt geologic energy storage resource in Alberta, utilizing Quidnet’s modular pumped hydro storage technology. The project has received $5 million in funding from ERA and will be located at Quidnet’s geologic test site in Brooks, AB. The project is a key part of Quidnet’s mission to accelerate decarbonization by developing and deploying similar-scale geologic storage resources in major wholesale electricity markets throughout North America.

Singapore-based JTC Corporation and Shell Singapore have signed a non-binding memorandum of understanding supported by the National Environment Agency and Energy Market Authority. Through the pact, the companies aim to develop a solar farm on Semakau Landfill, south of the Singapore mainland. The project is expected to reduce the country’s carbon emissions and meet its growing clean energy needs. The project is aligned with Singapore’s target to increase solar deployment to at least 2 GW by 2030.

Vestas has received a 46 MW order from Yeongwol Eco Wind Co., Ltd. for the Yeongwol Eco Wind Project in Korea. The order includes 11 Vestas V136-4.2 MW wind turbines, as well as a 20-year Active Output Management 4,000 service agreement for the wind farm. Co-owned with E1 Corporation and to be constructed by Daewoo E&C, the project will be located in Yeongwol-gun, Gangwon-do, in South Korea.

The International Renewable Energy Agency and the Ministry of Energy, Mines, and Environment, Government of Morocco, have joined hands to boost renewables and green hydrogen development. The two parties will work to advance the national green hydrogen economy, actively pursue green hydrogen studies, and jointly explore policy instruments to engage the private sector at a national level in the green hydrogen economy, as Morocco aims to become a major green hydrogen producer and exporter.

The European Investment Bank (EIB) has approved €4.1 billion (~$4.86 billion) of new financing to accelerate renewable energy investment, support Covid-19 economic resilience by backing private sector investment, improve sustainable transport, and upgrade schools and social housing. The EIB approved new support for large-scale solar power generation across Spain, small-scale renewable energy projects in Germany, support investment in clean energy and energy efficiency by companies in Austria, and geothermal power in East Africa. While EIB has earmarked €1.2 billion (~$1.42 billion) to support investment by companies impacted by the pandemic and corporate RDI, €946 million (~$1.12 billion) will go into sustainable transport.


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