Michigan-based EV battery startup ONE, Our Next Energy, has cut its workforce by 25% due to market pressures. One of the many players in the race to develop an LFP battery pack on North American soil, ONE is one of the most valuable privately held companies in the US and plans to build a $1.6 billion gigafactory in Michigan.
U.S. Democrats recently said they were open to a lift of the four-decade-old ban on crude oil exports, if Republicans would allow the bill to include an extension of the federal tax credit for solar installations, which is currently set to decrease from 30% to 10% in 2017.
Reports from earlier this week suggested that Democrats were looking for a 10-year extension, but today we learn that both parties have agreed to a 5-year extension.
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Several solar companies saw double digits stock price increases on Monday. The surge can be partly attributed to the Paris agreement to curb greenhouse gas emissions, but it was mainly due to reports of negotiation for the renewal of the federal tax credit for solar energy.
Democrats are said to be willing to agree to a lift on the 40-year ban on US crude oil exports, if the bill includes a long-term extension of the wind and solar tax credits. The deal isn’t done, but as the industry is getting closer to the phasing out of the tax credits, which are set to fall from 30% to 10% in 2017, the industry is warning politicians about the impact of inaction.
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