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Welcome back to The Station, your central hub for all past, present and future means of moving people and packages from point A to point B.
Happy Labor Day weekend to all my readers in the US and Canada! If you use the three-day weekend to travel, travel safe.
For those in California, you may be asked to curb your energy use this holiday weekend. Especially if you own an EV. California’s electric grid manager is urging EV owners to avoid charging during peak hours (4 p.m. to 9 p.m.) as part of a broader effort to keep the state’s grid running during this heat wave.
“The Signal” made me think about the recent California decision to ban on new gas cars by 2035 and what the flood of EVs might do to an already aging power grid.
Speaking of electric cars, maybe you want to buy one? I wrote a guide to the new EV tax credit which you may find useful. It’s more complicated these days. This guide deals with new EVs; look for another article on used electric cars and the tax credit.
Finally, if you want to check TechCrunch Disrupt (and I suggest you do), here’s a little gift for my readers. I’m going to this link and enter the code STATION to receive 15% off passes, excluding online and exhibition tickets.
Rebecca Belan is on a well-deserved vacation, so this week’s micromobbin’ will be short.
First up is a TC+ article by Bellan that explores why the largest market for micromobility it will end up being in the commercial space rather than consumer focused.
In other scooter and bike news…
Lyme, Rotate and Wow are in Milwaukee as part of a new shared scooter pilot which launches this week.
On the Atlantic “The e-bike is a monster” column sparked outrage and criticism on social media and even inspired some to write counterarguments like this one in Outside titled “The e-bike is pure joy.”
Vermont became the first country to offer ebike discount.
Deal of the week
Dealmaking this summer has slowed to a trickle. The difference from last summer – when the flow of deals was more like a firehose – is striking.
While the pace of deals has slowed, the appetite for capital has not. This is particularly evident in the world of EVs and mobility SPACs, where companies once awash in capital in a high-flying market are trying to turn that faucet back on.
Clear and Nicholas are among the few EV SPACs that are demand for cash inflows by offering shares to market their delayed vehicles.
CEO of a self-managed technology company Aurora offered a number of options to the board to expand the company’s runway beyond mid-2024. And last month, Faraday’s future (who I’m shocked is even still here) said it will require additional funds until the beginning of September 2022 to continue its activities. For those keeping track, it is now.
The result? I expect more of this activity by the end of the year. For some it will become desperate.
Other deals that caught my eye this week… (subscribe to all deals)
Ascend Elementsa US-based lithium-ion battery recycling and engineering materials company, received a $50 million investment from SK eco plantthe environmental unit of Korean conglomerate SK Inc.
Populuslaunch transport data, raised $11 million in a Series A round to scale its existing product as well as its curbside management software. The round was co-led by Zero Infinity Partners and Climactic with participation from Comcast Ventures and Robert Downey Jr.’s FootPrint Coalition Ventures.
SparkChargeprovider of a mobile electric vehicle charging network, raised an additional $7 million from Cleveland Avenue, which is in addition to announced in advance Serie A round. The total increase is now $30 million.
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