Cost of new UAW contract could backfire on some at Stellantis
The UAW has been outraged over multiple rounds of layoffs since ratifying a new contract with Stellantis that the workers thought would improve their lives.
Struggling Our Next Energy taps consultant to help battery maker raise funds
Electric vehicle battery startup Our Next Energy Inc. hired a Chicago financial consultant specializing in distressed businesses in its quest to rebound from a failed Series C fundraising round.
The suburban Detroit battery manufacturer tapped Birch Lake Partners, a merchant bank known for its work with struggling startups, two sources with knowledge of the matter told Crain’s Detroit Business, an affiliate of Automotive News. The bank was brought on as a financial adviser but not an investor, one of the sources said.
Our Next Energy told Crain’s in a statement that its fundraising pursuit “remains a critical part” of its “efforts to build an American battery company.”
“As part of these efforts, the company has worked with several investment consultants since ONE was founded in 2020,” Our Next Energy said. “These consultants help the company identify the best path forward for securing the necessary support to fully fund our business plan, build a battery cell factory in Michigan and accelerate the country’s transition to electrification.”
Top 5 stories of the week: Earnings from Rivian, Toyota and Nissan; GM's fleet strategy
A quick look at the top automotive stories of the week as determined by reader interest.
Protesters attempt to storm Tesla German plant, clash with police
A video showed dozens of people wearing blue caps and face-covering masks coming from a nearby wooded area and attempting to storm the company’s premises with policemen trying to prevent them.
FAA initiates environmental impact study for SpaceX Starship launches from KSC
SpaceX’s plans to build a Starship launch complex at Kennedy Space Center are moving closer to reality even as it potentially takes over a launch site from neighboring Cape Canaveral Space Force Station.
The Federal Aviation Administration said it was beginning an Environmental Impact Statement for Starship launches from KSC’s Launch Complex 39-A. SpaceX had already built the beginning of a Starship launch tower adjacent to its existing pad that supports Falcon 9 and Falcon Heavy launches.
Noticeable work on that new launch tower stopped in late 2022 as SpaceX shifted focus to develop its Starship and Super Heavy rocket from its Texas test launch site where it has managed three flights with varying degrees of success. The powerful rocket produces more than 16 million pounds of thrust at liftoff, nearly double that of NASA’s Space Launch System rocket for its Artemis program.
SpaceX’s 3rd Starship launch makes it to space without exploding, but breaks up on reentry
The most recent launch in March saw the Starship upper stage finally achieve orbit before it burned up on reentry over the Indian Ocean while the Super Heavy booster crashed into the Gulf of Mexico. The previous two launch attempts both ended explosively. SpaceX is currently preparing for its fourth test flight.