VanMoof skids off monitor, one other mobility startup goes SPAC and e-bike batteries catch hearth
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Welcome again to The Station, your central hub for all previous, current and future technique of shifting individuals and packages from Level A to Level B. Your common host Kirsten Korosec is off having an excellent trip, so I shall be doing the roundup this week.
Because the EV revolution takes maintain, one downside retains plaguing automakers: Batteries are heavy, and heavy means much less environment friendly. Because of this, billions of {dollars} are being poured into analysis for cheaper, lighter, extra environment friendly and safer batteries. The potential reply? Strong-state batteries.
In TechCrunch+ this week, Haje Jan Kamps detailed the foremost gamers within the quest for solid-state batteries, from startups to legacy automakers and every part in between.
Earlier than we bounce into the information of the week, a little bit of housekeeping. We put out a first look at our agenda for TechCrunch Disrupt 2023, happening September 19–21 in San Francisco, the place we could have a devoted Sustainability Stage.
On this stage, we’ll cowl the challenges for startups in search of to lift capital, discover how cities are turning to innovation to adapt to and mitigate local weather change, and study the place there’s been progress and alternatives within the worlds of quick vogue, vitality and agriculture.
Need to attain out with a tip, remark or grievance? E mail Kirsten at kirsten.korosec@techcrunch.com or Rebecca at rebecca.techcrunch@gmail.com. You can also ship a direct message to @kirstenkorosec or @rebeccabellan.
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Micromobbin’
It’s been per week for VanMoof, the e-bike darling that seems to be going beneath. After noticing that VanMoof had stopped taking orders on its web site, TC began the week with this scoop that particulars the departure of senior workers, together with the CEO; a pause in orders; and a query of whether or not the corporate will survive.
A day later, VanMoof got here out with its application for an official suspension of cost provision after it ran out of cash. The appliance isn’t technically submitting for chapter, but it surely’s shut. The corporate shut down just about all operations because it entered a cooling down interval.
However what does that imply for the 1000’s of e-bikes on the market which can be solely managed by VanMoof’s app?! We’re glad you requested. An unlikely white knight, Belgian competitor Cowboy, came to the rescue with a brand new app known as “Bikey” that may allow VanMoof riders to generate their distinctive digital key and maintain driving.
E-bike rebates are stupidly popular in cities and states the place they exist, so why aren’t governments doing extra to again a mobility innovation that enhances well being, protects the setting, relieves visitors circulation and improves city high quality of life? (Pssst, Minnesota simply introduced an e-bike rebate for subsequent yr, so hopefully it’s catching.)
Battery fires in e-bikes have been rising, plaguing New York Metropolis specifically. Try this deep dive into the problem, which can let you know every part it’s essential to know concerning the lithium-ion battery fires — why they occur, the way to keep secure, and what your authorities is doing to assist.
I additionally regarded into the distinctive downside of NYC supply staff being disproportionately vulnerable to e-bike fires, and I requested whether or not gig firms like Uber, DoorDash, Grubhub Relay have a responsibility to assist clear up the issue.
Rad Energy Bikes has given up on Europe and can concentrate on its U.S. market.
Need a one-stop store for all micromobility vehicle reviews? Try the aptly named Experience Overview, from the workforce over at Micromobility Industries.
Voi and Swobbee have teamed as much as convey battery-swapping stations to Hamburg.
Deal of the week
We’ve acquired one other mobility SPAC on our arms.🫣🍿
Marti Applied sciences turned the primary Turkish firm to go public on the New York Inventory Alternate this week after merging with Galata Acquisition Corp., giving the mixed firm a post-money valuation of $549 million. Marti expects to obtain proceeds from the $62 million convertible be aware PIPE commitments, plus assumed incremental PIPE commitments of as much as $88 million to be raised post-announcement.
Marti claims to be Turkey’s first transportation tremendous app. The corporate presents a mix of ride-hailing and shared micromobility, much like Bolt in Europe, and says it has a 59% market share in Turkey.
The corporate’s inventory instantly started to fall as soon as it hit the market Tuesday. Marti opened at $8.69 per share, its excessive for the day, and dropped as little as $5.03 per share. By market shut Friday, Marti was buying and selling for $2.
Maybe the market is reacting to Marti’s methodology of going public. The Turkish firm isn’t the primary SPAC to see its share value plummet instantly. We have now hassle summoning up a single transportation SPAC that is doing well today and never vulnerable to being delisted from the inventory market or bankrupted.
A fast have a look at Marti’s financials present that the corporate pulled in $25 million in income in 2022, a forty five% improve from 2021. Nevertheless, that’s on prime of a internet lack of $29 million. In 2023, Marti expects to only break even on income and bills, however solely after factoring within the PIPE cash, in response to Marti’s investor deck.
Different offers that acquired my consideration…
Indian two- and three-wheeled EV battery-swapping startup Battery Sensible raised $33 million in a pre-Sequence B spherical from Tiger International, Blume Ventures, the Ecosystem Integrity Fund and British Worldwide Funding.
Bedrock, a developer of autonomous underwater autos for mapping coastal areas, raised $25.5 million. The spherical was co-led by Northzone and Main Enterprise Companions.
Black Sesame, a Chinese language auto chip maker and Nvidia rival, filed to go public in Hong Kong a pair weeks in the past. Rita Liao dug into the corporate’s submitting and located that Black Sesame’s income tripled between 2020 and 2022 to $7.33 million, however its losses ballooned to $140 million in 2022, a greater than 200% improve from 2020.
California-based EV maker Fisker plans to sell $340 million in convertible debt to help company operations and add a battery pack line to help development in 2024 and past. The corporate hopes to safe internet proceeds of $296.7 million from the sale.
RideTandem, a U.Ok.-based MaaS startup, has raised £2.3 million in new funding in a spherical led by Blackfinch Ventures.
Rocsys, a Dutch startup that desires to automate EV charging, raised a $36 million Series A. The spherical was led by SEB Greentech Enterprise Capital, with participation from Graduate Entrepreneur, the European Funding Financial institution.
Surf Air Mobility, an electrical plane service, is predicted to go public on the NYSE this week through a direct itemizing, after beforehand contemplating a SPAC. The corporate raised practically $100 million from Anthem Enterprise Companions and ff Enterprise Capital.
Swiggy, an Indian meals supply startup with a $10.7 billion valuation, will buy Indian retail logistics startup LYNK.
Notable reads and different tidbits
ADAS
Ford dropped its BlueCruise 1.3 ADAS this week, and we explored the corporate’s technique to iterate on new software program often in order that it could possibly be certain that drivers maintain their arms off the wheel for so long as attainable.
Chinese language automaker Nio has launched its Navigate on Pilot (NOP+) ADAS in Beijing.
Air mobility
EVTOLs are coming to the U.S., and the trade is pushing cities to prepared their infrastructure. The autos are being hailed as the subsequent factor in ride-hailing, however they’ll doubtless discover a use case in aiding legislation enforcement and firefighting, in addition to offering emergency medical and freight transportation.
Autonomous autos
A California invoice that might require all autonomous vehicles working on public roads to have a human security driver behind the wheel handed the state Senate. This because the DMV pushes doggedly forward in its rule-making workshop for regulating AV vehicles.
The California Public Utilities Fee pushed again a listening to for the second time that might approve the enlargement of Cruise and Waymo robotaxis in San Francisco. The delay comes as residents, metropolis companies, taxi drivers and secure streets advocates have pushed again on the enlargement, which might give the businesses permission to function totally autonomously in all elements of town 24/7.
Waymo and Cruise have gone on the offensive, every placing out campaigns that paint human drivers as the true downside. Waymo revealed a weblog submit with a examine displaying how drivers pace an excessive amount of, and Cruise put out full-page adverts in main newspapers that say, “People are horrible drivers.”
NHTSA is predicted to publish a notice of proposed rule-making on automated driving programs this fall, which can end in a rise within the variety of driverless autos allowed to drive on U.S. roads.
Electrical autos
Canoo has delivered three “specifically designed” EVs to NASA that may shuttle the Artemis crew and tools to a launchpad at JFK Area Heart in Florida.
Ford seems to have constructed too many Mustang Mach-Es. Hundreds are sitting on tons throughout the nation, and dealers can’t move them.
Michigan has been a hub of EV manufacturing, however now the state has a NIMBY problem as some residents don’t wish to see massive factories sprouting up of their backyards.
Europe and the U.Ok. handed two big laws that make EV charging rather a lot simpler. The EU will mandate 400 to 600 kW charging each 60 kilometers, and the U.Ok. will mandate a 99% charging station reliability.
Kia will invest $200 million in its Georgia manufacturing unit so it could possibly start manufacturing of its three-row EV9 SUV there subsequent yr.
Tesla mentioned the $7,500 federal tax credit for its Mannequin 3 and Mannequin Y EVs are likely to be reduced after December 31. The automaker didn’t say why, but it surely may have one thing to do with stricter battery and significant minerals necessities going into impact subsequent yr.
Tesla can also be reportedly occupied with investing in India to arrange an EV manufacturing unit and use the nation as an export base to ship automobiles to nations within the Indo-Pacific area. CEO Elon Musk, who has been on a little bit of a world tour courting leaders across the globe, has mentioned nothing on the matter, so take it with a grain of salt.
Texas has delayed voting on grants of federal funds to construct EV chargers with Tesla’s charging normal amid pushback from the charging trade.
Lucid Motors’ stock tanked 12% after the corporate missed Wall Avenue supply expectations. Lucid delivered 1,404 Air sedans within the second quarter, quick about 600 from analysts’ expectations. The startup additionally constructed fewer autos in Q2 than in Q1.
Miscellaneous
Bosch will make investments round $2.8 billion in hydrogen gasoline cell know-how till 2026 and expects to usher in roughly 5 billion in gross sales from it by 2030.
Automotive-sharing income might be a primary step to mainstream adoption of web3 within the enterprise.
Elon Musk, infamous billionaire couch-surfer, needs a home that appears like an Apple retailer. At the very least, that’s what an inside Tesla probe — which is investigating whether or not the CEO embezzled Tesla cash for supplies to build himself a glass house — has discovered. Actual speak, although, possibly Musk wants a glass home to cease himself from throwing stones.
Normal Motors is ditching Apple’s CarPlay, as a substitute specializing in constructing automobiles with Google inbuilt, and dealers are concerned.
Individuals
Struggling British industrial EV-maker Arrival has lost a board member. Kristen O’Hara served on the board’s compensation committee and as chair of the nominating and company governance committee for the final two years and handed in her resignation July 5.
Joby Aviation introduced on Claire Boland as sustainability lead. Claire beforehand held ESG and life cycle evaluation roles at PepsiCo and PVH Corp.
India’s Motive, previously KeepTruckin’, laid off 6% of its workforce.
Vans VC welcomes Puneeth Meruva as a brand new accomplice. Meruva began his tenure at Vans VC as an intern whereas finding out at MIT.
Uber CFO Nelson Chai is reportedly planning to leave the corporate.
Beep beep! TechCrunch Disrupt 2023, happening in San Francisco on September 19–21, is the place you’ll get the within scoop on the way forward for mobility. Come and listen to from right this moment’s main mobility entrepreneurs on what it takes to construct and innovate for a extra sustainable future. Save as much as $600 whenever you purchase your go now by way of August 11, and save 15% on prime of that with promo code STATION. Learn more.
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