MYENERGI secures £30m funding to drive smart home technology growth

This significant investment will allow myenergi to continue to innovate and grow, underlining its position as a leader in the smart home technology industry. The funding will be used to expand the company’s operations, enhance its production capabilities, and invest in research and development to create new and innovative products that meet the evolving needs of consumers, including electric vehicle chargers and batteries for storing energy.

The company’s success in developing innovative solutions for smart homes has led to its rapid growth and expansion, with myenergi being a market leader in the UK and having a significant international export business. The business has also been identified as one of the UK’s 10 fastestgrowing private companies with an average annual turnover growth of more than 180 per cent over the past three years.

Lee Sutton, myenergi cofounder, and Chief Executive, said: “The new financing facility from HSBC UK will enable us to further accelerate our growth and innovation in smart home technology.

“Over the last four years, HSBC has supported the business with various financial solutions to facilitate our ever-increasing growth. The introduction of the new funding facility will enable us to accelerate our business development strategy and support us in the next chapter of our amazing journey.”

HYUNDAI MOTOR GROUP outlines plans to become top three EV brand by 2030

Hyundai Motor Group has announced plans to invest approximately $18 billion in electric vehicle production by 2030.

The Group announced its goal to become one of the world’s top three EV manufacturers by 2030 through the combined sales of Hyundai Motor, Kia and Genesis electric models, at the groundbreaking ceremony of Kia’s dedicated plant for purpose-built vehicle (PBV) production in Korea.

Hyundai Motor Group announced plans to significantly expand the annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030. To enable such plans, Hyundai Motor and Kia, alongside Hyundai MOBIS, plan to invest KRW 24 trillion (approximately USD 18 billion) in the EV sector domestically.

Based on EV sales from Hyundai, Kia and Genesis, the Group plans to enter the global top three by 2030 based on the continuous investment. The Group also announced that it plans to significantly expand the annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030.

In 2030, Hyundai Motor Group will have a total line-up of 31 EV models, including models from Hyundai Motor, Kia, and luxury brand Genesis. Kia will launch EV9, its first three-row seat electric flagship SUV, this year and Hyundai Motor plans to launch the IONIQ 7 in 2024.

ELECTROGENIC and BABCOCK to support British Army with EV conversion

Electrogenic has partnered with Babcock International to convert four in-service military Land Rovers for the Ministry of Defence (MOD).

Babcock International, the defence company, has been awarded a one-year contract by the Ministry of Defence (MOD) to help the British Army understand the defence application and constraints of electric propulsion.

Partnering with EV experts, Electrogenic, Babcock will convert four in-service military Land Rovers, two protected vehicles and two general service, from diesel fueled to EV using a drop-in kit and modified battery system.