[Top News] from [REUTERS]
[Green Business]
Eriko Amaha and Nathan Layne
Thu Jan 21, 2010 9:27am EST
Toyota in Argentine lithium deal for hybrid car push
SYDNEY/TOKYO (Reuters) - A sister company to Toyota Motor Corp secured a lithium supply deal in Argentina on Wednesday that could help the world's largest automaker keep its lead in gasoline-electric hybrid cars.
The deal sent shares in the lithium project's owner and operator, Australian-listed Orocobre Ltd, soaring almost 50 percent to an all-time high.
Lithium, a highly reactive and versatile metal, is expected to be in increasing demand as carmakers choose costly but more efficient lithium-ion batteries to power hybrid and electric vehicles.
"When it comes to mass production of hybrids, the main hurdle has been a shortage of batteries," said Yoshihiko Tabei, chief analyst at Kazaka Securities. "Toyota is taking a step on its own to secure the materials it needs to ensure stable production."
Toyota Tsusho Corp, a trading house and key Toyota supplier 22 percent-owned by the automaker, said it would jointly develop a new lithium project in Argentina with Orocobre.
Orocobre shares jumped to a record peak of A$2.04 in its heaviest ever trading volume. The stock has risen almost 10-fold in the past 12 months, and closed up 32 percent at A$1.85.
Toyota Tsusho rose 6 percent, while Toyota Motor's stock ended down 0.9 percent, roughly in line with other auto shares.
STEP CHANGE IN DEMAND
The Salar de Olaroz project in Argentina is estimated to cost around $80-$100 million, with the final figure to be determined after a feasibility study, Orocobre spokesman Paul Ryan said, adding the study should be complete by end-September.
"As environmentally friendly electric car demand continues to grow, Toyota Motor will have the opportunity to become a cornerstone offtake customer," Orocobre said in a statement.
Toyota uses nickel-metal-hydride batteries for the current Prius hybrid but has decided on lithium-ion batteries for future plug-in models.
Concerns about carbon emissions and their impact on climate change plus high and volatile oil prices are increasing the popularity of hybrid and electric vehicles despite their higher costs.
Toyota aims to double its global output of gas-electric hybrid cars to 1 million units in 2011, as it fights to stay in the lead in the growing market for low-emission cars, the Nikkei business reported this month.
Orocobre went public in December 2007 and now has a current market capitalization of nearly A$150 million.
Managing Director Richard Seville said the lithium market had been growing at a compound annual growth rate of about 7 percent between 1997 and 2007, before the global financial crisis, thanks largely to demand from consumer electronics makers.
"That growth will continue, but on top of that we have the step change in demand with a new application which is in large format batteries for use in electrical vehicles," Seville told Reuters.
Houston-based James Calaway, non-executive chairman, and his family members hold an 11 percent stake in Orocombre, while other board members own a further 15-20 percent, Seville said.
JAPAN SEEKS RARE METALS
Subject to the finalization of the terms, Toyota Tsusho will acquire a 25 percent equity interest in the joint venture while Orocobre will continue to own the remaining 75 percent of the project and will operate the venture.
The Japanese government-affiliated Japan Oil, Gas and Metals National Corp (JOGMEC) is looking to take a part of Toyota Tsuho's 25 percent stake, as part of Japan's efforts to secure stable sources of rare metals, government officials said.
"Rare metals are essential not just for the high-tech sector but for Japan's manufacturing industry overall," said Hiroshi Kuwayama, a deputy director at Japan's Agency for Natural Resources and Energy.
"With other countries, such as China, investing in mines around the world, we want to be more aggressive to support the private sector in securing stable supplies."
Boliva has around 50 percent of the world's lithium reserves, but does not yet mine the metal, while Chile, China and Brazil also hold big reserves.
(Additional reporting by Mayumi Negishi in TOKYO and Leonora Walet in HONG KONG; Editing by Mark Bendeich and Lincoln Feast)
[Green Business]
SAN FRANCISCO
Thu Jan 21, 2010 9:32am EST
California sees problems in U.S. vehicle pollution plan
SAN FRANCISCO (Reuters) - California has issues with federal attempts to weaken new vehicle pollution standards, but the state backed away on Wednesday from a report that it was threatening to pull out of a deal with U.S. President Barack Obama's administration.
The California agency responsible for implementing the state's global-warming law and vehicle-pollution standards said in a November letter that federal agencies must address two issues "to ensure California's continued support for the national program."
California is "fully committed" to an agreement to harmonize state and federal rules, California Air Resources Board Chairman Mary Nichols said in a follow-up statement on Wednesday.
"There are still difficult technical issues to be resolved, as is to be expected in developing any pioneering rule, but we are confident that they will be worked out successfully," she said.
California can set its own vehicle-emissions standards with federal approval and it received the go-ahead from the Obama administration last year. But when the federal government proposed a national plan by the Environmental Protection Agency and the National Highway Traffic Safety Administration based on the state one, California agreed to harmonize its rules.
The Detroit Free Press, which first reported the letter, had concluded that California "may pull out" of that agreement, which would create multiple markets -- and headaches -- for auto makers. That sparked the Wednesday statement by Nichols.
In the November letter, the state said it opposed an attempt to weaken proposed fuel economy standards for 2012-2015. The standards only go for one more year -- to 2016.
Further, the U.S. EPA needed to be less generous with credits to automakers, the letter said. The federal agency planned to call electric vehicles, plug-in hybrids and fuel cell cars 'zero-emission,' ignoring the pollution from sources providing electricity or hydrogen for the vehicle.
And overly generous credits for production of advanced vehicles might end delaying improvements on conventional vehicles, the California agency said.
A U.S. EPA representative did not immediately respond to a request for comment.
(Reporting by Peter Henderson; Editing by Gary Hill)
[Green Business]
SEOUL
Thu Jan 21, 2010 10:15am EST
Samsung wins $6 billion turbine deal with Canadian province
SEOUL (Reuters) - A South Korean consortium led by Samsung C&T Corporation has won a $6 billion deal to supply renewable energy equipment to the Canadian province of Ontario, the company said on Thursday.
The deal to supply 2 gigawatt wind power turbines and 500 megawatt solar power generators will be signed later on Thursday in Canada, a company spokesman told Reuters, confirming earlier media reports.
(Reporting by Shin Jieun; Editing by Jonathan Hopfner)
[Green Business]
TORONTO
Thu Jan 21, 2010 10:58am EST
Ontario, Samsung in green energy deal: reports
TORONTO (Reuters) - Ontario, Canada's most populous province and the country's industrial heartland, is set to award a multibillion dollar deal to consortium led by Samsung Group to build renewable energy equipment such as wind turbines, media reports said on Wednesday.
The deal, which could be worth up to C$7 billion ($6.7 billion), will be unveiled on Thursday, according to the Toronto Star and the Globe and Mail newspapers.
The Star said Samsung will also develop 600 megawatts of wind and solar farms in Ontario, which the provincial government believes will help meet its target of 50,000 new jobs created over three years through its Green Energy Act.
The province confirmed in September that it was in talks with Samsung. The government later said it hoped the Samsung deal would generate more than 15,000 jobs.
The plan is not without its detractors, the Star said. Some ministers within the Ontario government are said to be opposed to giving control of a major part of the province's energy sector to a company from South Korea and said that Samsung was given special treatment.
Other critics said that electricity ratepayers would have to foot the bill for what is effectively a subsidy for the Samsung, because the government has guaranteed to pay above-market prices for green power, the paper said.
($1=$1.05 Canadian)
(Reporting by John McCrank; editing by Rob Wilson)
[Green Business]
Eriko Amaha and Nathan Layne
Thu Jan 21, 2010 9:27am EST
Toyota in Argentine lithium deal for hybrid car push
SYDNEY/TOKYO (Reuters) - A sister company to Toyota Motor Corp secured a lithium supply deal in Argentina on Wednesday that could help the world's largest automaker keep its lead in gasoline-electric hybrid cars.
The deal sent shares in the lithium project's owner and operator, Australian-listed Orocobre Ltd, soaring almost 50 percent to an all-time high.
Lithium, a highly reactive and versatile metal, is expected to be in increasing demand as carmakers choose costly but more efficient lithium-ion batteries to power hybrid and electric vehicles.
"When it comes to mass production of hybrids, the main hurdle has been a shortage of batteries," said Yoshihiko Tabei, chief analyst at Kazaka Securities. "Toyota is taking a step on its own to secure the materials it needs to ensure stable production."
Toyota Tsusho Corp, a trading house and key Toyota supplier 22 percent-owned by the automaker, said it would jointly develop a new lithium project in Argentina with Orocobre.
Orocobre shares jumped to a record peak of A$2.04 in its heaviest ever trading volume. The stock has risen almost 10-fold in the past 12 months, and closed up 32 percent at A$1.85.
Toyota Tsusho rose 6 percent, while Toyota Motor's stock ended down 0.9 percent, roughly in line with other auto shares.
STEP CHANGE IN DEMAND
The Salar de Olaroz project in Argentina is estimated to cost around $80-$100 million, with the final figure to be determined after a feasibility study, Orocobre spokesman Paul Ryan said, adding the study should be complete by end-September.
"As environmentally friendly electric car demand continues to grow, Toyota Motor will have the opportunity to become a cornerstone offtake customer," Orocobre said in a statement.
Toyota uses nickel-metal-hydride batteries for the current Prius hybrid but has decided on lithium-ion batteries for future plug-in models.
Concerns about carbon emissions and their impact on climate change plus high and volatile oil prices are increasing the popularity of hybrid and electric vehicles despite their higher costs.
Toyota aims to double its global output of gas-electric hybrid cars to 1 million units in 2011, as it fights to stay in the lead in the growing market for low-emission cars, the Nikkei business reported this month.
Orocobre went public in December 2007 and now has a current market capitalization of nearly A$150 million.
Managing Director Richard Seville said the lithium market had been growing at a compound annual growth rate of about 7 percent between 1997 and 2007, before the global financial crisis, thanks largely to demand from consumer electronics makers.
"That growth will continue, but on top of that we have the step change in demand with a new application which is in large format batteries for use in electrical vehicles," Seville told Reuters.
Houston-based James Calaway, non-executive chairman, and his family members hold an 11 percent stake in Orocombre, while other board members own a further 15-20 percent, Seville said.
JAPAN SEEKS RARE METALS
Subject to the finalization of the terms, Toyota Tsusho will acquire a 25 percent equity interest in the joint venture while Orocobre will continue to own the remaining 75 percent of the project and will operate the venture.
The Japanese government-affiliated Japan Oil, Gas and Metals National Corp (JOGMEC) is looking to take a part of Toyota Tsuho's 25 percent stake, as part of Japan's efforts to secure stable sources of rare metals, government officials said.
"Rare metals are essential not just for the high-tech sector but for Japan's manufacturing industry overall," said Hiroshi Kuwayama, a deputy director at Japan's Agency for Natural Resources and Energy.
"With other countries, such as China, investing in mines around the world, we want to be more aggressive to support the private sector in securing stable supplies."
Boliva has around 50 percent of the world's lithium reserves, but does not yet mine the metal, while Chile, China and Brazil also hold big reserves.
(Additional reporting by Mayumi Negishi in TOKYO and Leonora Walet in HONG KONG; Editing by Mark Bendeich and Lincoln Feast)
[Green Business]
SAN FRANCISCO
Thu Jan 21, 2010 9:32am EST
California sees problems in U.S. vehicle pollution plan
SAN FRANCISCO (Reuters) - California has issues with federal attempts to weaken new vehicle pollution standards, but the state backed away on Wednesday from a report that it was threatening to pull out of a deal with U.S. President Barack Obama's administration.
The California agency responsible for implementing the state's global-warming law and vehicle-pollution standards said in a November letter that federal agencies must address two issues "to ensure California's continued support for the national program."
California is "fully committed" to an agreement to harmonize state and federal rules, California Air Resources Board Chairman Mary Nichols said in a follow-up statement on Wednesday.
"There are still difficult technical issues to be resolved, as is to be expected in developing any pioneering rule, but we are confident that they will be worked out successfully," she said.
California can set its own vehicle-emissions standards with federal approval and it received the go-ahead from the Obama administration last year. But when the federal government proposed a national plan by the Environmental Protection Agency and the National Highway Traffic Safety Administration based on the state one, California agreed to harmonize its rules.
The Detroit Free Press, which first reported the letter, had concluded that California "may pull out" of that agreement, which would create multiple markets -- and headaches -- for auto makers. That sparked the Wednesday statement by Nichols.
In the November letter, the state said it opposed an attempt to weaken proposed fuel economy standards for 2012-2015. The standards only go for one more year -- to 2016.
Further, the U.S. EPA needed to be less generous with credits to automakers, the letter said. The federal agency planned to call electric vehicles, plug-in hybrids and fuel cell cars 'zero-emission,' ignoring the pollution from sources providing electricity or hydrogen for the vehicle.
And overly generous credits for production of advanced vehicles might end delaying improvements on conventional vehicles, the California agency said.
A U.S. EPA representative did not immediately respond to a request for comment.
(Reporting by Peter Henderson; Editing by Gary Hill)
[Green Business]
SEOUL
Thu Jan 21, 2010 10:15am EST
Samsung wins $6 billion turbine deal with Canadian province
SEOUL (Reuters) - A South Korean consortium led by Samsung C&T Corporation has won a $6 billion deal to supply renewable energy equipment to the Canadian province of Ontario, the company said on Thursday.
The deal to supply 2 gigawatt wind power turbines and 500 megawatt solar power generators will be signed later on Thursday in Canada, a company spokesman told Reuters, confirming earlier media reports.
(Reporting by Shin Jieun; Editing by Jonathan Hopfner)
[Green Business]
TORONTO
Thu Jan 21, 2010 10:58am EST
Ontario, Samsung in green energy deal: reports
TORONTO (Reuters) - Ontario, Canada's most populous province and the country's industrial heartland, is set to award a multibillion dollar deal to consortium led by Samsung Group to build renewable energy equipment such as wind turbines, media reports said on Wednesday.
The deal, which could be worth up to C$7 billion ($6.7 billion), will be unveiled on Thursday, according to the Toronto Star and the Globe and Mail newspapers.
The Star said Samsung will also develop 600 megawatts of wind and solar farms in Ontario, which the provincial government believes will help meet its target of 50,000 new jobs created over three years through its Green Energy Act.
The province confirmed in September that it was in talks with Samsung. The government later said it hoped the Samsung deal would generate more than 15,000 jobs.
The plan is not without its detractors, the Star said. Some ministers within the Ontario government are said to be opposed to giving control of a major part of the province's energy sector to a company from South Korea and said that Samsung was given special treatment.
Other critics said that electricity ratepayers would have to foot the bill for what is effectively a subsidy for the Samsung, because the government has guaranteed to pay above-market prices for green power, the paper said.
($1=$1.05 Canadian)
(Reporting by John McCrank; editing by Rob Wilson)
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