Connect with us

Investment

GM announces $7bn investment in Michigan – just-auto.com

Published

 on


2022-01-25

General Motors today announced an investment of US$7bn in four Michigan manufacturing sites, creating 4,000 new jobs and retaining 1,000, and significantly increasing battery cell and electric truck manufacturing capacity.

This is the single largest investment announcement in GM history. The investment includes construction of a new Ultium Cells battery cell plant in Lansing and conversion of an assembly plant in Orion Township for production of the Chevrolet Silverado EV and the electric GMC Sierra, GM’s second assembly plant scheduled to build full-size electric pickups.

“Today we are taking the next step in our continuous work to establish GM’s EV leadership by making investments in our vertically integrated battery production in the U.S., and our North American EV production capacity,” said GM chair and CEO Mary Barra. “We are building on the positive consumer response and reservations for our recent EV launches and debuts. Our plan creates the broadest EV portfolio of any automaker and further solidifies our path toward US EV leadership by mid-decade.”

These investments are the latest step toward accelerating GM’s drive to become the EV market leader in North America by 2025. The Orion and Ultium Cells Lansing investments will support an increase in total full-size electric truck production capacity to 600,000 trucks when both Factory Zero and Orion facilities are fully ramped. GM has been the leader in US full-size truck deliveries over the past two years. In addition, the company is investing in its two Lansing area vehicle assembly plants for near term product enhancements.

Today’s announcements include these investments:

Content from our partners
Collaboration: the key to designing better EV battery packs

Navigating the lithium battery value chain

Teamwork: Making the EV dream reality

Orion Assembly for production of Silverado and Sierra EVs. GM is investing $4bn to convert the facility to produce electric trucks using the in house-developed Ultium platform, which gives the company the flexibility to build vehicles for every customer and segment. This investment is expected to create more than 2,350 new jobs at Orion and retain approximately 1,000 current jobs when the plant is fully operational. GM estimates the new jobs at Orion will be filled by a combination of GM transferees and new hires.

Electric truck production will begin at Orion in 2024. The investment will drive significant facility and capacity expansion at the site, including new body and paint shops and new general assembly and battery pack assembly areas. Production of the Bolt EV and EUV will continue during the plant’s conversion. Site work begins immediately.

New Ultium Cells battery cell plant at Lansing site. GM and LG Energy Solution, via their Ultium Cells joint venture, are investing $2.6bn to build Ultium Cells’ third US battery cell manufacturing plant. This investment is expected to create more than 1,700 new jobs when the plant is fully operational. Site preparations will begin this summer and battery cell production is scheduled to begin in late 2024. Ultium Cells Lansing will supply battery cells to Orion Assembly and other GM assembly plants.

Orion Assembly will become GM’s third US assembly plant being transformed for production of Ultium-powered EVs. GM assembly plants in North America currently building, or being converted to build EVs, include Factory Zero in Detroit and Hamtramck, Michigan; Spring Hill Assembly in Tennessee; CAMI in Ingersoll, Ontario and Ramos Arizpe Assembly in Mexico. By the end of 2025, GM will have more than 1m units of electric vehicle capacity in North America to respond to growing electric vehicle demand.

The Ultium Cells Lansing site follows two battery cell manufacturing plants being constructed in Ohio and Tennessee.

In addition to the EV-related investments in Michigan, GM is investing more than $510m in its two Lansing-area vehicle assembly plants to upgrade their production capabilities for near-term products.

Lansing Delta Township Assembly, Investment is for production of the next generation Chevrolet Traverse and Buick Enclave.

Lansing Grand River Assembly. Investment is for plant upgrades.

“These important investments would not have been possible without the strong support from the governor, the Michigan legislature, Orion Township, the city of Lansing, Delta Township as well as our collaboration with the UAW and LG Energy Solution,” added Barra. “These investments also create opportunities in Michigan for us to bring our employees along on our transition to an all electric future.”

Vertically integrating battery assembly and converting existing assembly plants are at the core of GM’s strategy for scaling EV production in North America. GM projects it will convert 50% of its North American assembly capacity to EV production by 2030.

In addition to strategically adding battery cell and electric vehicle assembly capacity, GM is working to build a new supply chain via strategic supplier agreements for batteries and EV components, one that is expected to be scalable, more resilient, more sustainable and more North American-focused. These strategic supplier agreements include:

MP Materials to scale rare earth magnet sourcing and production in the U.S.
VAC to build a new magnet factory in the U.S. to support EV growth.
POSCO to build a new North America plant to process Cathode Active Material.
GE Renewable Energy to serve as a source of rare earth and other materials.
Wolfspeed to develop and provide silicon carbide power device solutions.
Controlled Thermal Resources to develop a source of US-based lithium through a closed-loop process with lower carbon emissions when compared to traditional processes.

Adblock test (Why?)



Source link

Continue Reading

Investment

Claridge Food Group announces $40 million strategic investment in WeCook Meals – Canada NewsWire

Published

 on


“This major investment marks a new step in WeCook Meals‘ development plan. We have experienced strong growth over the past few years, and this capital injection combined with Claridge Food Group’s industrial expertise will allow us to strengthen our position as the leading ready-to-eat delivery company in Quebec and Ontario and accelerate our growth across Canada. We want to be clearly recognized as the benchmark ready-to-eat meal brand for all Canadians,” says Étienne Plourde, founder and CEO of WeCook Meals.

The Canadian food delivery market combined with online commerce is growing at an accelerated pace and was estimated to be worth over $5 billion in 2021. WeCook Meals stands out for its unique offering of fresh, ready-to-eat meals that meet the needs of the growing number of people who want to eat well but don’t have time to cook. The company aims to accelerate its annual sales growth (exceeding four million meals in 2021), relying primarily on its extensive food processing expertise, quality meals, menu customization and digital marketing excellence.

“We want to raise awareness of our unique offering to increase our customer base and gross revenue. Our nimble business model allows us to manage the impact of inflation on food prices, as well as adapt the choice of ingredients offered in our weekly menu. This investment will allow us to accelerate the prepared and ready-to-eat meal revolution by offering consumers a wider selection of healthy, tasty, and convenient meals at affordable prices,” added Plourde.

“In just a few years, WeCook Meals has become the leading ready-to-eat company in Canada, thanks to the support of financial partners such as Desjardins Capital and Investissement Québec. The new investment we are announcing demonstrates the deep confidence of all our partners in WeCook Meals’ vision and business plan. We will work with WeCook Meals’ management to provide them with the financial capabilities and management expertise of growing food processing companies, adding value at every stage of their development,” said Pierre Boivin, President and CEO of Claridge.

“The agri-food industry is a flagship sector of our economy and one of Investissement Québec’s priority industries to ensure sustainable economic development throughout Quebec. We’re proud to participate in this round of financing to help a young company like WeCook Meals realize its growth plans and to continue the unifying role we are committed to playing in the financial ecosystem, particularly in facilitating access to development capital,” says Guy LeBlanc, President and CEO of Investissement Québec.

“Our $10 million investment in the new financial vehicle of Claridge Food Group allows us to combine Desjardins Capital’s credibility, experience and agility with the leading-edge expertise in the food processing sector that this partner offers,” says Marie-Hélène Nolet, Chief Operating Officer of Desjardins Capital. “As demonstrated by this joint investment in WeCook Meals, our partnership will help agri-food companies undertake their growth projects and overcome the challenges of inflation and supply, while remaining relevant to changing consumer habits. We’re all the more proud to offer additional leverage to this company that we’ve been supporting since 2019, always in keeping with the founders’ vision.”

Advisors

Raymond Chabot Grant Thornton and Desjardins Capital Markets acted as financial advisors to WeCook Meals.

About
Claridge Food
Group 

Claridge Food Group is an investment vehicle created by Claridge Inc. with the participation of Investissement Québec, the Fonds de solidarité FTQ, and Desjardins Capital. Its mission is to support Quebec food processing companies with significant growth potential by providing them with financial resources, managerial and operational support, knowledge of global trends, and a large network of partners to support and accelerate their growth in Quebec, Canada and North America. 

About WeCook Meals

WeCook Meals was founded in 2013 by two young entrepreneurs who wanted to spend less time in the kitchen, without compromising on a high-quality, nutritious diet. Meals are curated by an in-house chef, using only freshest ingredients sourced from local suppliers in a zero-waste facility. Demand for WeCook Meals’ read-made meals have increased 300% and the Montreal-based company has successfully created 600 new jobs. The Montreal-based company currently has two production facilities delivering more than 4 million meals a year throughout Ontario and Quebec. For HD images.

About Investissement Québec

Investissement Québec’s mission is to play an active role in Quebec’s economic development by spurring business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec – CRIQ. In addition, through Investissement Québec International, it also prospects for talent and foreign investment and assists Quebec businesses with export activities.

About Desjardins Capital

Over 45 years strong, Desjardins Capital has a mission to value, support and nurture the best of Quebec entrepreneurship. With assets under management of C$3.0 billion as of December 31, 2021, Desjardins Capital helps contribute to the longevity of more than 670 companies, cooperatives and funds in various sectors from across Quebec. In addition to helping to maintain and create many thousands of jobs, this subsidiary of Desjardins Group offers business owners access to a large business network and supports their business growth. For more information, visit our website.

About Claridge

Claridge is a Montreal-based family office that represents the interests of the Stephen Bronfman family, with a focus on maximizing long-term capital appreciation. Claridge is actively engaged in managing a diversified portfolio of investments in private companies as well as interests in third-party managed funds in a variety of industries across the globe. As a strategic financial investor, our direct equity participations span a range of industry sectors, including holdings in food, technology, entertainment, renewable energy, and real estate. Claridge focuses its investments in small and medium-sized businesses and contributes its expertise in partnership with management to accelerate growth.

SOURCE Claridge Food Group

For further information: WeCook Meals, Christina Krcevinac, Senior Marketing Manager, Tel: 1 514 562-4904, [email protected]; Claridge, Manager of Claridge Food Group, Daniel Granger, Tel: 1 514 232 1556, [email protected]; Investissement Québec, Catherine Salvail, Advisor, Medias and Governmental Affairs, Tel: 1 514 876-9600, [email protected]; Desjardins Capital, Marc-Antoine Lavoie, Senior Advisor, Public Relations, Tel: 1 418 563-8853, [email protected]

Adblock test (Why?)



Source link

Continue Reading

Investment

Early Tesla investor DBL Partners leads $70 million investment in logistics firm Airspace – CNBC

Published

 on


Matt Mawson | Corbis Documentary | Getty Images

Time-critical logistics start-up Airspace, which originally broke into the market handling shipments for emergency situations including organ transplants and life-saving medications, has nearly doubled its funding in a new round of venture capital led by DBL Partners, an impact investing firm that was an early investor in Tesla. The $70 million funding round — which also included new investors Telstra Ventures and HarbourVest, as well as existing investors Scale Ventures, Defy Ventures, Qualcomm Ventures and Prologis Ventures — brings Airspace’s total funding to $138 million.

The investment is an indication of the rapid growth of logistics start-ups in the pandemic years as global supply chain issues lead to new opportunities for disruptive business models. With DBL Partners, which focuses on “double bottom line” investing, coming on board, it also raises the profile of sustainability within the business model of logistics companies and throughout the global supply chain.

Airspace noted in a release that many of its largest customers are increasingly focused on carbon-neutrality.   

“Airspace is unique in its ability to provide complete transparency into the carbon footprint of time-critical deliveries, enabling customers to optimize routes with the least possible environmental impact,” Ira Ehrenpreis, founder and managing partner at DBL Partners, said in a press release.

Ehrenpreis is on the Tesla board of directors, and DBL has invested in several solar energy companies (including SolarCity, now part of Tesla), as well as Elon Musk’s SpaceX, and previous CNBC Disruptor 50 companies, such as Apeel Sciences, which is focused on food system waste.

Joel Hwang, principal of HarbourVest, also received a seat on Airspace’s board.

Airspace uses AI and machine learning to optimize delivery opportunities around the world, and it provides real-time data — as many as 16,000 “touch points” — on shipments.

The company, which was founded in 2016 and has offices in Carlsbad, California, Dallas, Stockholm and Amsterdam, reported growth of 110% last year and said it is on pace to match that growth this year.

“With supply chain disruptions continuing to impact countries worldwide, no time in history has time-critical shipping & logistics been so essential to ensuring these complex and sensitive shipments reach their destinations on-time,” Nick Bulcao, co-founder and CEO at Airspace, stated in the release.

Airspace, which ranked No. 39 on the CNBC Disruptor 50, is one of ten companies from the logistics sector to make the annual list, the most of any sector in 2022 as the global supply chain crisis raised the profile of disruptive start-ups taking technology-enabled approaches to the global shipping problems, and growth led to increased attention from investors.

Several of the top logistics start-ups featured on the CNBC Disruptor 50 have made sustainability issues a key business focus within what is an often inefficient and carbon-intensive transport sector.

Between 15% to 40% of carbon emissions from truckloads can be eliminated through more efficient shipments, according to Flock Freight, which was the first freight company to be awarded B Corp. status, which requires companies to run business models designed to balance purpose and profits. Flock Freight has focused on removing “empty space” in trucking, with many truckloads only 60% to 70% full when they hit the roads, which is both inefficient as a logistics approach and needless as far as climate impact.

Airspace has noted that many commercial planes take off with low capacity utilization in cargo holds, one of the data points it can track and take advantage of in sourcing alternative transport options for customers.

Flexport, the No. 1 Disruptor this year, recently received a $900 million round of venture capital and has seen its annual revenue grow by billions during the supply chain crisis — it is on pace for over $5 billion in revenue this year.

“Historically, if you just needed shipments on a regular cadence it was good enough to move over ocean or road or rail, but with all of these disruptions, folks that used to move over ocean have shifted a lot to air freight,” said Airspace chief operating officer Ben Kozy in a recent interview.

Suppliers and shippers have shifted their mentality about relying on a single mode of transport.

“The global supply chain that has just taken a beating from the pandemic and labor shortages and growth in consumer demand for products,” Kozy said. “All of this has removed the relative certainty of logistics, taken it away and suppliers are scrambling for new mediums for transport,” he added.

The funding will be used to increase Airspace’s focus on Europe and Asia, as well as focus on clients in new sectors where time-sensitive deliveries are critical including semiconductors, autos and clean tech. Europe accounts for more than 10% of revenue, up from 1.5% in 2020, according to Airspace, and the company now operates in 134 countries.

“Our goal is to be able to ship the most packages to any destination, regardless of size,” Bulcao said in the release.

To date, Airspace has completed over one million shipments.

The global auto industry has been hit by multiple chip shortages in the past two years requiring waves of temporary plant shutdowns at major automakers. Earlier this month, Ford said the chip shortages plaguing the industry are persisting and the automaker being forced to prioritize ship supplies for the most in-demand models.

While its roots are in the medical market, Kozy told CNBC that as Airspace grows it is allowing more customers to define what is “critical” to their business. The inherent need to move organs for transplant fast is a business model that can now be applied to an automaker’s plant being down due to parts that have not arrived. “Critical is the time limit it needs to be delivered,” Kozy said.

Recently, Airspace has also found a market in items as diverse as high-end caskets, high-end aprons and hot tubs.

“Our model enables us to move quickly, in under 24 hours, once the customer has made the decision,” Kozy said.

SIGN UP for our weekly, original newsletter that goes beyond the list, offering a closer look at CNBC Disruptor 50 companies, and the founders who continue to innovate across every sector of the economy.

Adblock test (Why?)



Source link

Continue Reading

Investment

China to further expand infrastructure investment – SaltWire NS

Published

 on


SHANGHAI (Reuters) – China issued guidelines on Wednesday to expand infrastructure investment by channelling more private capital into existing projects.

China will further promote the development of real estate investment trusts (REITs) to free up capital locked in existing projects, and will also promote Public-Private Partnerships (PPP) to introduce more private funding, the State Council, or China’s cabinet, said in a statement on its website.

(Reporting by Shanghai newsroom; Editing by Andrew Heavens)

Adblock test (Why?)



Source link

Continue Reading

Trending