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American Battery Companies Are Shopping Abroad
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Today: U.S. battery companies would like to have more of their factories overseas; Trump backs an Arizona copper mine; two midwestern energy comapnies are set for a multibillion dollar merger.
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Group14's battery plant in Korea. PHOTO: Group14 Technologies
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Welcome back: U.S. battery companies are increasingly looking overseas for new manufacturing opportunities, amid waning support for clean technologies at home.
Group14, a Seattle-based silicon-battery materials maker said on Wednesday that it closed a $463 million funding round led by South Korean conglomerate SK Inc, WSJ Pro Sustainable Business reports exclusively. As part of that deal, Group14 will take direct control of the manufacturing of the company’s silicon battery material in South Korea, having previously held a 25% stake in the joint venture.
It follows Lyten, a Californian battery maker, recently purchasing European battery hopeful Northvolt’s German and Swedish operations, after the latter went into bankruptcy last year.
Amid trade spats between nations, companies are going to have to focus on building factories in the markets where they intend to sell, Rick Luebbe, chief executive of Group14 said. “If we really wanted to have direct access to Asia, we needed to fully control manufacturing in Asia.”
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Content from our sponsor: Deloitte
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Graybar CEO on Transformation: ‘Senior Leadership Needs to Own It’
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Graybar executives discuss how a tech-enabled business transformation is delivering value and new capabilities in support of the company’s growth aspirations. Read More
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Trump Backs Giant Arizona Copper Project After Court Setback
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A runner passes a head frame for the Miami Mine PHOTO: Rebecca Noble for WSJ
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President Trump signaled support for a giant copper mine in Arizona following a meeting with the heads of two of the world’s biggest mining companies, a day after the project was delayed by a court injunction.
The project, called Resolution Copper, has been under development by mining giants Rio Tinto and BHP Group for roughly two decades, but it has faced legal challenges from Native American people, religious groups and others who say the planned mine will turn a sacred area into a crater, the WSJ’s Rhiannon Hoyle writes.
The Ninth U.S. Circuit Court of Appeals on Monday issued a temporary administrative injunction stopping a federal land swap needed for the project while it considers the merits of lawsuits seeking to block the mine. The land transfer had been expected to occur on Tuesday.
See also: In Battle to Save Sacred Land From Mining Giants, Apaches Hope for a Miracle
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NorthWestern Energy, Black Hills Set to Merge
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NorthWestern Energy Group and Black Hills have agreed to combine to form a large $7.8 billion regulated electric and natural gas utility. Photo: Daniel Becerril/Reuters
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NorthWestern Energy Group and Black Hills have agreed to combine to form a large $7.8 billion regulated electric and natural gas utility company at a time of climbing energy demand across the U.S.
The two companies said in a joint statement Tuesday that their boards approved a definitive agreement to combine in an all-stock, tax-free merger with a combined enterprise value of $15.4 billion, Adriano Marchese writes for the WSJ.
The combination is expected to create a pure-play, regulated, vertically integrated utility with greater scale and fuel mix, serving about 2.1 million customers across the eight states of Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming.
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