adplus-dvertising
Connect with us

Economy

How electric vehicles are ‘fuelling’ the economy of the future

Published

 on

In a nondescript workshop next to a giant service garage in Burnaby, B.C., the next generation of students and instructors is learning the ins and outs of servicing and repairing electric vehicles.

You might associate automotive work with grease, spare parts and noise. But here, the work is quiet – and clean.

Enter the EV economy, built around solving some of the various problems, challenges and opportunities associated with electric cars.

This includes upending the entire idea of what it means to be an automotive service technician in the 21st century. These days, it’s all about integrating the ‘traditional’ – oil, spare parts, fluids – with a ‘knowledge economy’ built around computers, software and circuits.

300x250x1

“Technologists rather than mechanics,” is how Mubasher Faruki, the associate dean of the automotive program at the British Columbia Institute of Technology, characterizes the work they do in these high-tech, data-oriented labs.

Supercharging the auto repair shop

In the specialized EV lab, an instructor, Jim Berladyn, opens up a giant vehicle battery containing 400 volts of electricity, enough to instantly electrocute a person if the pack is not handled carefully.

Instructor Jim Berladyn helps a student with a ‘live-dead-live’ test. It’s to ensure no charge is coming out of the EV battery before it’s removed for servicing. Credit: British Columbia Institute of Technology

The whole thing looks more like a physics class than an auto repair shop.

The students are third- and fourth-year apprentices, but also existing technicians looking to upgrade their skills.

Berladyn helps them perform what’s called a “live-dead-live” test to ensure there is no voltage coming out of the battery. They then detach the battery from the underside of the car. They attach monitors to these powerful energy sources to see how they’re working, and to diagnose potential problems in their circuitry.

The students and their instructors get help and support from the vehicle manufacturers, but because the technology is changing so rapidly – “the manufacturers are building the plane as they fly it,” Faruki says  – sometimes the class even stumbles across its own little discoveries as they dig into the car’s internal systems.

Some of the newer students, Faruki says, are “a little intimidated” by it, not having expected to be working with computers and data to the extent that they do right from the get-go.

But, he adds, “if the manufacturers are producing these vehicles, then it makes no sense not to teach our students on this.”

EV economic opportunities

Gas-powered cars aren’t going anywhere any time soon, and most EVs are still out of reach for the vast majority of Canadians.

Still, across the country, a range of different economic opportunities are springing up around EVs, as both federal and some provincial governments drastically ramp up their commitments to getting more battery-powered cars on the road.

Figuring out how to service them is, in many ways, the easy part. Technicians, Faruki says, are used to constant change, as technology is constantly evolving in cars – now, with EVs.

But what about improving how you extract the minerals and elements required to make car batteries? Mining done without clear environmental safeguards can have lasting environmental consequences, to say nothing of impacts on people working in the mines.

And what about the perennial problem of charging?

Charging challenges

Canadian entrepreneurs are filling a growing need to solve these challenges.

Charging stations are popping up all over the country, but what happens if you live in a condo, and need a reliable supply of power without unfairly penalizing all the owners of gas-powered cars?

That’s where Zak Lefevre and his startup, ChargeLab, come in.

With a background in software, Lefevre set out to make EV charging seamless.

In condos, for example, car owners don’t want to be subsidizing the power used by a handful of EV owners in the building, much less have their power systems overwhelmed when more EVs start to plug in.

“So what the condo building needs is a software system to know who’s charging, when they’re charging, and bill them fees” for the electricity they are using.

“When the first guy gets a Tesla, that’s OK. When the second girl gets a Tesla, that’s OK. When you have 10 or 20 or 30 people trying to drive electric vehicles, there’s not enough electricity in the building.”

ChargeLab has raised about $21 million USD so far. Lefevre, like many entrepreneurs, isn’t unfamiliar with the experience of knocking on doors trying to raise money only to have them slam shut in your face, especially in Canada.

That, too, was the experience that Amanda Hall faced early on.

Looking for lithium

Her startup, Summit Nanotech, is solving the problem of extracting lithium from the ground in ways that aren’t as harmful to the surrounding environment. That means using less water and producing less waste.

Lithium is a soft, whitish metal that’s an essential component for EV batteries.

READ MORE: Ottawa OKs lithium mine project as Trudeau visits rare earth elements plant

There is lithium in Alberta, but it’s mixed in the ground with oil, which makes it costlier to separate and extract. Instead, Summit is eyeing the Atacama Desert in Chile, the site of some of the world’s most highly concentrated and accessible lithium reserves.

The company’s engineers developed the technology at a lab in Calgary. Then, they shipped the equipment needed to do the actual mining and extraction work to Chile in giant sea containers.

Their proprietary technology is still in the research stage, which means they’re not selling the lithium they’re mining out of the ground, at least not yet.

But, says Hall, investors are increasingly seeing the value of diversifying beyond oil and gas, and that includes Canadian investors who weren’t “really up for the risk” of backing a cleantech company.

That’s changed.

The startup has raised nearly $65 million USD, and has gone from 10 staff members in 2020 to 70, says VP of human resources Colleen Ham.

“The price of lithium and the demand for lithium has just continuously chugged uphill,” Hall says.

“Which means that it’s a stable place to sink your money and invest.”

Economic impact

There isn’t a lot of data so far on the direct or indirect economic impacts of electric vehicles.

For example, Statistics Canada has not published any information on how much EVs contribute to Canada’s GDP. What we do know, however, is how many EVs are hitting the road each year, numbers that are fast growing.

The vast majority of new EVs are being sold in Canada’s three largest provinces, Ontario, Quebec and British Columbia. In Ontario, EVs represented 7.2 per cent of all new vehicle registrations in the third quarter of 2022. In Quebec, it was 12.5 per cent, and in B.C., nearly one out of every five new cars sold (17.6 per cent) is an EV.

There’s still a long way to go before EVs become the norm, though. Countrywide, they still represent less than 10 per cent of all new car registrations, and EVs are still out of reach from a price perspective for many customers.

But things are changing rapidly, with governments, electrical utilities and even major oil companies like Petro Canada, Irving Oil and Parkland all investing in charging infrastructure.

That bodes well for entrepreneurs like Zak Lefevre who’ve made big bets on an all-electric future. His company, he says, is “still a small startup.”

But, he adds, “we’re going to wake up one day and find that half of all vehicles being sold are electric.”

728x90x4

Source link

Continue Reading

Economy

Poland has EU's second highest emissions in relation to size of economy – Notes From Poland

Published

 on


[unable to retrieve full-text content]

Poland has EU’s second highest emissions in relation to size of economy  Notes From Poland

728x90x4

Source link

Continue Reading

Economy

IMF's Georgieva warns "there's plenty to worry about'' in world economy — including inflation, debt – Yahoo Canada Finance

Published

 on


WASHINGTON (AP) — The head of the International Monetary Fund said Thursday that the world economy has proven surprisingly resilient in the face of higher interest rates and the shock of war in Ukraine and Gaza, but “there is plenty to worry about,” including stubborn inflation and rising levels of government debt.

Inflation is down but not gone,” Kristalina Georgieva told reporters at the spring meeting of the IMF and its sister organization, the World Bank. In the United States, she said, “the flipside” of unexpectedly strong economic growth is that it ”taking longer than expected” to bring inflation down.

Georgieva also warned that government debts are growing around the world. Last year, they ticked up to 93% of global economic output — up from 84% in 2019 before the response to the COVID-19 pandemic pushed governments to spend more to provide healthcare and economic assistance. She urged countries to more efficiently collect taxes and spend public money. “In a world where the crises keep coming, countries must urgently build fiscal resilience to be prepared for the next shock,” she said.

300x250x1

On Tuesday, the IMF said it expects to the global economy to grow 3.2% this year, a modest upgrade from the forecast it made in January and unchanged from 2023. It also expects a third straight year of 3.2% growth in 2025.

ADVERTISEMENT

The world economy has proven unexpectedly sturdy, but it remains weak by historical standards: Global growth averaged 3.8% from 2000 to 2019.

One reason for sluggish global growth, Georgieva said, is disappointing improvement in productivity. She said that countries had not found ways to most efficiently match workers and technology and that years of low interest rates — that only ended after inflation picked up in 2021 — had allowed “firms that were not competitive to stay afloat.”

She also cited in many countries an aging “labor force that doesn’t bring the dynamism” needed for faster economic growth.

The United States has been an exception to the weak productivity gains over the past year. Compared to Europe, Georgieva said, America makes it easier for businesses to bring innovations to the marketplace and has lower energy costs.

She said countries could help their economies by slashing bureaucratic red tape and getting more women into the job market.

Paul Wiseman, The Associated Press

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Economy

Nigeria’s Economy, Once Africa’s Biggest, Slips to Fourth Place – BNN Bloomberg

Published

 on


(Bloomberg) — Nigeria’s economy, which ranked as Africa’s largest in 2022, is set to slip to fourth place this year and Egypt, which held the top position in 2023, is projected to fall to second behind South Africa after a series of currency devaluations, International Monetary Fund forecasts show.

The IMF’s World Economic Outlook estimates Nigeria’s gross domestic product at $253 billion based on current prices this year, lagging energy-rich Algeria at $267 billion, Egypt at $348 billion and South Africa at $373 billion. 

Africa’s most industrialized nation will remain the continent’s largest economy until Egypt reclaims the mantle in 2027, while Nigeria is expected to remain in fourth place for years to come, the data released this week shows.   

300x250x1

Nigeria and Egypt’s fortunes have dimmed as they deal with high inflation and a plunge in their currencies.

Bola Tinubu has announced significant policy reforms since he became Nigeria’s president at the end of May 2023, including allowing the currency to float more freely, scrapping costly energy and gasoline subsidies and taking steps to address dollar shortages. Despite a recent rebound, the naira is still 50% weaker against the greenback than what it was prior to him taking office after two currency devaluations.

Read More: Why Nigeria’s Currency Rebounded and What It Means: QuickTake

Egypt, one of the emerging world’s most-indebted countries and the IMF’s second-biggest borrower after Argentina, has also allowed its currency to float, triggering an almost 40% plunge in the pound’s value against the dollar last month to attract investment.

The IMF had been calling for a flexible currency regime for many months and the multilateral lender rewarded Egypt’s government by almost tripling the size of a loan program first approved in 2022 to $8 billion. This was a catalyst for a further influx of around $14 billion in financial support from the European Union and the World Bank. 

Read More: Egypt Avoided an Economic Meltdown. What Next?: QuickTake

Unlike Nigeria’s naira and Egypt’s pound, the value of South Africa’s rand has long been set in the financial markets and it has lost about 4% of its value against the dollar this year. Its economy is expected to benefit from improvements to its energy supply and plans to tackle logistic bottlenecks.

Algeria, an OPEC+ member has been benefiting from high oil and gas prices caused first by Russia’s invasion of Ukraine and now tensions in the Middle East. It stepped in to ease some of Europe’s gas woes after Russia curtailed supplies amid its war in Ukraine. 

©2024 Bloomberg L.P.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Trending