Energy Transition ETFs were broadly positive in November, with the average performance of the 66 ETFs in our database being +6.1%. A notable exception was Carbon Futures ETFs, which fell by 5.1% on average. The charts below look at the performance of the 6 ETFs with over $1 billion USD in assets.

Check out our full database of Energy Transition ETFs.

Volkswagen delays gigafactory plans in Eastern Europe

November 1st | $VWAGY

“Based on market conditions, including the sluggish ramp up of the BEV (battery electric vehicle) market in Europe… there is for the time being no business rationale for deciding on further sites” Volkswagen Chairman Oliver Blume

• VW has selected sites for battery cell production in Germany, Spain and Canada.
• It was considering a fourth location in the Czech Republic, Hungary, Poland, or Slovakia.

Read Article: Reuters

Toyota cuts 2023 EV Sales forecast

November 1st | $TM

“The automaker recorded sales growth across all regions. Electrified vehicle sales accounted for 35.3% of total sales. However, HEVs carried the load with 1.7 million sold compared to only 59,000 battery electric vehicles.”

• Toyota cut its EV sales forecast by around 40%, from an expected 202,000 to only 123,000.
• The company defended its decision to invest in hybrids to “avoid the price competition” of the EV market.

Read Article: Electrek

Lucid adops NACS EV charging standard

November 6th | $LCID

“We believe that a unified charging standard, backed by the nationwide rollout of future-ready higher-voltage charging stations, will be a critical step in empowering American consumers to adopt electric vehicles.” Lucid CEO Peter Rawlinson

• Lucid vehicles will be able to charge at stations in the Tesla Supercharger network by using an adapter in 2025.
• Lucid will also integrate the North. American Charging Standard (NACS) into future vehicles in 2025

Read Article: Lucid Press Release

Polestar expands manufacturing footprint to South Korea

November 9th | $PSNY

“We’re very happy to take the next step in diversifying our manufacturing footprint together with Geely Holding and Renault Korea Motors, a company that shares our focus on quality and sustainability. With Polestar 3 on-track to start production in Chengdu, China in early 2024 and in South Carolina, USA, in the summer of 2024, we will soon have manufacturing operations in five factories, across three countries, supporting our global growth ambitions.” Polestar CEO Thomas Ingenlath

• Manufacturing of Polestar 4 in Hangzhou Bay, China, will be complemented with manufacturing in Busan, South Korea, expected to start during the second half of 2025.
• Polestar 4, the second SUV in the Polestar lineup, was first launched at the Shanghai Auto Show in April 2023.

Read Article: Polestar Press Release

FREYR pauses investment at Giga Arctic in Norway

November 10th | $FREY

“Norway and Europe have yet to offer a competitive response to the US Inflation Reduction Act (“IRA”) or similar incentives from Canada. Accordingly, FREYR plans to minimize spending on the project in 2024, secure the asset with the remaining committed capital spending, and continue to work with stakeholders in Norway and Europe to develop a mutually attractive policy solution” Company Press Release

• FREYR is working on manufacturing batteries using the industrialized 24M semi-solid technology, targeting both the Energy Storage Systems (ESS) and EV markets.
• The company had previously indicated it would prioritize the building of Giga America, a planned battery factory in the state of Georgia.

Read Article: High North News

Nio and Geely announce battery swapping tech partnership

November 29th | $NIO, $GELFY

“NIO and Geely share a profound understanding of battery swapping and have been dedicated to the investment in the battery swapping technology and network for private cars and commercial vehicles with rich experience in swapping service and operations” Nio CEO William Li

• Nio announced a similar deal with ChangAn Auto the week prior.
• The companies will work together on standards, technology and model development.

Read Article: Nio Press Release

Zeekr puts IPO on hold

November 30th | $ZK, $GELFY

• The decision to put the IPO on hold was made due to a mismatch in valuation expectations, two sources with direct knowledge of the matter told Reuters.
• The company had just made public its plans to list on November 10th.
• Here’s our look at the proposed Zeekr IPO.

Read Article: Nio Press Release

Tesla makes first Cybertruck deliveries

November 30th | $TSLA

“What we’re aiming for here is something that’s more truck than truck.”

Tesla CEO Elon Musk

• Cybertruck will start at will start at $60,990 and will have up to 340 miles of range.
• It will have 11,000 pounds of towing capacity.
• “Powershare” feature allows for bidirectional charging.
• Black and white wraps are now available on the company website for $6,500.
• Check out all specs on the Tesla Website.

Read Article: The Verge

Ørsted cancels two US offshore wind projects

November 1st | $DNNGY

The world’s largest offshore wind developer Ørsted has abandoned two US projects and announced a higher than expected writedown of its portfolio, in a big blow to American efforts to develop the renewable energy.

• Ørsted shares fell 26% on the day as the company also recorded $4bn of impairments.
• Ørsted is still pushing ahead with a third US offshore wind project, Revolution Wind, which it expects to be completed in 2025.

Read Article: Financial Times

On November 14th the company announced a shake up of its management team.

Sunrun takes $1.2bn charge to write down value of goodwill tied to Vivint Solar purchase

November 1st | $RUN

“This has been a volatile time across the solar industry with changes in important policies and rising interest rates, leading to difficult conditions in the sector,” Sunrun CEO Mary Powell

• The write-down led to a $1.5 billion Q3 loss.
• Revenues also fell short of expectations, and the company lowered its full-year solar installation forecast.

Read Article: Bloomberg

NuScale Power cancels flagship Idaho SMR project

November 8th | $SMR

“Despite significant efforts by both parties to advance the CFPP, it appears unlikely that the project will have enough subscription to continue toward deployment. Therefore, UAMPS and NuScale have mutually determined that ending the project is the most prudent decision for both parties.” NuScale Power Statement

• Prior to the decision, NuScale had earlier announced that estimated costs for the project have soared to $9.3 billion from $5.3 billion because of rising interest rates and inflation.
• The company’s stock fell over 20% in after hours trading following the announcement.

Read Article: New York Times

Vestas Wind shares rise as company returns to profit

November 8th | $VWDRY

“Vestas third quarter results comfortably beat company compiled-consensus, which has led management to upgrade its full year guidance. The biggest takeaway was the return to profitability for the group during the third quarter, for the first time this year. Third quarter operating profit of €70 million benefitted from the delivery of higher-priced turbines which had been part of its backlog, helping to boost revenues and profitability.” Morningstar equity analyst Matthew Donen

• Q3 revenues rose 11.2% YoY to €4.353 billion.
• Wind turbine order intake more than doubled year-on-year, driven by Offshore and higher activity in North America and Europe.

Read Article: Morningstar

Plug Power raises growing concern doubts, shares tank

November 10th | $PLUG

“While we believe Plug Power can cycle past its current cash flow issues, the current operating and capital markets environments are challenging and we believe PLUG shares are likely to be range bound over the next several quarters until clarity around its balance sheet are sorted out,” J.P. Morgan analyst Bill Peterson

• “The company is projecting that its existing cash and available for sale and equity securities will not be sufficient to fund its operations through the next twelve months,” Plug said.
• Shares fell 30% in premarket trading after the announcement.

Read Article: Reuters

Siemens Energy rises as German government announces $8bn in guarantees

November 15th | $SMNEY

“The group has a problem as a result of the takeover of the Spanish company Gamesa, faulty wind turbines, which in turn has put the company, which is otherwise in good health and has full order books, in a precarious situation,” German Economy Minister Robert Habeck

• The guarantees are part of a package totalling 15 billion euros agreed with private banks and other stakeholders and would also impose a pause on dividends and higher level bonuses at Siemens Energy.
• The government will provide the 7.5 billion euros as a counter guarantee to the private banks.

Read Article: Reuters

Fluence Energy announces surprise profit

November 29th | $FLNC

“I’m pleased to report that we reached a transformative milestone in the fourth quarter, achieving profitability for the first time. This momentous achievement is a testament to our unwavering commitment to operational excellence, and to our team’s relentless dedication.” Fluence CEO Julian Nebreda

• Fluence reported net income of US$4.8 million for Q3 2023.
• Revenue for the quarter was US$673, up 85% YoY.
• The company is forecasting US$2.7-3.3 billion in revenue in fiscal 2024

Read Article: Energy Storage News

Teck Resources reaches deal to sell steelmaking coal business for $8.9bn

November 14th | $TECK, $GLNCY

“Glencore has made strong commitments that will create new benefits for Canada and the Elk Valley and ensure responsible stewardship of the steelmaking coal operations for the long term” Teck CEO Jonathan Price 

• Teck is pivoting towards Copper and Zinc mining.
• Glencore has agreed to pay $6.9 billion US for a 77 per cent stake in the coal business, valuing the operations at $9bn.
• Japanese company Nippon Steel. Corp. will acquire a 20 per cent stake
• The deal follows an unsuccessful hostile takeover bid by Glencore for all of Teck earlier this year.

Read Article: CBC

Antofagasta and Jinchuan settle copper TC/RC at $80/mt

November 20th | $ANFGF

“There is a high possibility that the rest of the Chinese leading smelters will follow the agreed number, based on past experience”

• The settled TC/RC between Antofagasta and Jinchuan Group was $8/mt or 0.8 cent/lb lower than the benchmark level for 2023 term contracts, marking the first decline since 2021, which indicated an expectation of tightening copper concentrates supply in 2024.

• The settled price was higher than Antofagasta’s offer heard on Nov. 15 at $72-$75/mt.

Read Article: S&P Global

Panama Court ruling puts future of First Quantum’s massive copper mine in doubt

November 30th | $FQVLF

“We have decided to unanimously declare unconstitutional the entire law 406 of October 20 2023.” Panama Supreme Court President Maria Eugenia Lopez

• Panama’s Supreme Court ruled that First Quantum’s contract to operate the Cobre Panama copper mine is unconstitutional.
• The Cobre Panama mine produced around 1.5% of global copper supply in 2022 and was responsible for around 40% of First Quantum’s revenue.
• Cobre Panama contributes some 3.5% of Panama’s GDP.

Read Article: Mining Technology

• Nov 9th: WSJ article “The $2 Million Coal Mine That Might Hold a $37 Billion Treasure”
• Nov 22nd: Bloomberg Odd Lots podcast episode, “Here’s What’s Going Wrong in the US Offshore Wind Industry”
• Nov 30th: Volts podcast episode on solar power featuring BNEF’s Jenny Chase.