|From: Ms. Baby Boomer||3/3/2021 10:05:49 AM|
|Investor coalition pushes Exxon to do more after board refresh...|
BOSTON, March 3 (Reuters) - A coalition of investors that oversees $2.5 trillion in assets urged ExxonMobil on Wednesday to take bolder action to slash greenhouse gas emissions and make key governance changes.
The Coalition for a Responsible Exxon (CURE), which has 145 members, said the energy giant Exxon had taken steps in the "right direction" amid pressure from activist investors to cut costs, refresh its board and focus more on clean energy.
But the group said in a statement more work still lay ahead for one of the world's biggest oil and gas companies.
It said it wanted Exxon to commit to a deeper, long-term shift in capital allocation strategies to make its operations consistent with the Paris accord on tackling climate change.
The company should make additional changes to its board to "address fiduciary and climate concerns", as well as split the chairman and chief executive posts, the group said.
Exxon, one of America's most well-known brands, named three new directors in the last five weeks, steps the coalition said showed "that the company may intend to change".
Darren Woods, Exxon's chief executive and chairman, said on Wednesday the company was "committed to growing shareholder value by meeting the world's energy demands today and pursuing a technology-driven strategy to succeed through the energy transition."
Investment firms Engine No. 1 and D.E. Shaw have pressed for changes at Exxon for months. Engine No. 1 has pushed for the naming of directors with more energy industry expertise.
On Monday, Exxon named activist investor Jeffrey Ubben and former Comcast Chief Financial Officer Michael Angelakis as directors.
Exxon's share price has climbed 36% since January but the company also reported a $22 billion loss last year. (Reporting by Svea Herbst-Bayliss; Editing by Edmund Blair)....
NOTE: Inclusive Capital Partners, LP is the second largest Holder of Nikola Corp.
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|From: DJK1||3/5/2021 9:26:23 AM|
|Wireless EV Charging Transforms a California Transit Agency |
By Tom McDonald, WAVE Sr. Director,
Marketing & Communications
In 2014, the Antelope Valley Transit Association (AVTA) leadership set an ambitious goal — to become the first transit operator in the United States to roll out electric bus technology across its entire service area. However, the Los Angeles County agency faced a significant challenge: How to efficiently recharge buses on routes as long as 350 miles.
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|From: Ms. Baby Boomer||3/16/2021 11:34:21 AM|
|Nikola Looks To Raise $100M Via Stock Sale As It Eyes|
Completion Of Arizona Factory...
Nikola Corporation (NASDAQ: NKLA) is planning to raise capital by the way of a $100 million stock sale to investors, according to a filing with the United States Securities and Exchange Commission.
What Happened: The automaker said in the filing, first noticed on the Financial Times, it intends to use the net proceeds from the offering for “general corporate purposes” and for funding the completion of its manufacturing facility in Arizona.
Wedbush analyst Daniel Ives said that multiple electric vehicle players were trying to raise capital in what is an estimated $5 trillion EV market over the next decade, FT noted.
“Right now, it’s an arms race, and Nikola is trying to execute on their vision,” Ives said. Nikola is trying to rebuild its credibility “brick by brick,” as per the analyst.
Why It Matters: In September last year, short-seller Hindenburg labeled Nikola “an intricate fraud built on dozens of lies” in a report that ultimately led to the exit of Executive Chairman Trevor Milton.
The company’s market capitalization has fallen from $37 billion in June to $6.69 billion, as of Monday.
In February, Ives changed his rating on Nikola to Neutral from Underperform and raised the price target to $25 from the earlier $15 saying most “negative catalysts” have played out.
The Phoneix, Arizona-based company expects to provide prototype fuel cell Tre model trucks to Anheuser-Busch Inbev SA (NYSE: BUD) for testing in 2022.
For its battery electric vehicles, deliveries are expected to begin in 2022, as per FT.
Others that have raised cash include, Nio Inc (NYSE: NIO) which raised .3 billion in convertible notes in January to fuel its ambitious EV plans. Segment leader Tesla Inc (NASDAQ: TSLA) priced its billion equity offering at $767 per share in February.
Price Action: Nikola shares fell 3.75% in after-hours trading to $16.42 on Monday after closing 0.24% higher at $17.06 in the regular session....
Photo courtesy: Nikola Motor Corp.
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