WILMINGTON, Delaware (AP) — A U.S. bankruptcy judge on Friday ordered a competitive auction for the assets of Fisker Automotive, rejecting a proposal by a group led by Hong Kong billionaire Richard Li to assume control of the failed electric auto manufacturer in a private sale.
U.S. Bankruptcy Judge Kevin Gross refused to accept Hybrid Technology LLC's plan to use $75 million it said it is owed as Fisker's senior secured lender as a credit bid for Fisker's assets. Agreeing with Fisker's official creditors committee that a competitive auction was the best way to maximize recoveries for Fisker creditors, Gross capped Hybrid's credit bid at $25 million.
Chinese auto parts conglomerate Wanxiang Group Corp. offered an alternative cash bid of $35.7 million as the starting point for a competitive auction.
LAS VEGAS (AP) — While autonomous driving is a major theme at the International CES gadget show, cars that use futuristic sources of energy are potentially much closer on the horizon.
Ford Motor Co. showed off a prototype solar hybrid car called the C-MAX Solar Energi, which has a gas engine along with rooftop solar panels that also power the engine. The car is designed to park under a 15-foot-tall carport made of a thin magnifying glass called a Fresnel lens that concentrates the sun's rays onto the panel to efficiently generate electricity. The carport isn't portable. So the car has to stop and recharge.
Seven hours of sunlight gives a full charge — the average amount of light in a typical American city, according to Michael Tinskey, Ford's associate director of vehicle electrification and infrastructure.
DOVER, Delaware (AP) — A Chinese auto parts conglomerate that wants to buy failed electric-vehicle manufacturer Fisker Automotive says it would build next-generation Fisker cars in Delaware if there is sufficient consumer demand.
Wanxiang Group Corp. outlined its intentions in a court filing late Wednesday as it pushes for a competitive auction of Fisker's remaining assets.
California-based Fisker, which had planned to build cars at the former General Motors plant in Delaware, filed for bankruptcy protection in November. The move culminated a long, downward spiral that began after Fisker received a $529 million loan commitment from the U.S. Department of Energy.
Tesla Motors Inc., whose electric Model S sedan is under review by the National Highway Traffic Safety Administration for battery-related fires, will maintain the agency's 5-star safety rating for the 2014 model, Bloomberg reports.
Tesla Motors, currently facing a safety inspection of its Model S sedan by the National Highway Traffic Safety Administration, said a power socket fire at a garage in Southern California wasn't caused by one of its vehicles or charging systems, Bloomberg reports.
WILMINGTON, Delaware (AP) — A judge gave preliminary approval Tuesday to failed electric-vehicle maker Fisker Automotive's description of its proposed bankruptcy plan, despite expressing concerns that the bankruptcy case was moving too rapidly.
Franchised vehicle dealers have spent millions in campaign efforts to block online sales of vehicles in several states, pushing Tesla Motors Inc. to turn to lobbying methods that include vehicle test drives for lawmakers, Bloomberg reports.
Short-covering and the expiration of the front month contract helped power oil prices to a huge gain Friday. West Texas Intermediate crude for January delivery shot up 5 percent, or $2.41, to settle at $56.52 a barrel on the Nymex, while in London February Brent finished $2.11 higher at $61.38, Reuters reports.
Oilfield services company Baker Hughes reported Friday that 1,875 rigs were drilling for oil and gas in the U.S. this week, a drop of 18 and the second week in a row that the number has fallen, FuelFix reports.
Comparing present-day statistics with numbers during the oil bust in the mid-1980s has led JP Morgan Chase economist Michael Feroli to warn that Texas could slip into a regional recession next year, FuelFix reports.
Job losses in the power generation sector over the past three years topped 5,800, according to data released by the Energy Information Administration Friday, which said all parts of the industry were affected other than renewable energy, The Hill reports.
Avenue Capital, the hedge fund run by Marc Lasry that specializes in buying distressed companies’ debt, is raising $750 million for a fund that will focus on the energy sector, according to the Pennsylvania Public School Employees’ Retirement Board, which confirms it has put in $200 million, the New York Post reports.
Tesla is testing the market for battery swaps: Near California supercharging stations where Model S owners can top up their batteries for free, the company is creating a facility where drivers can pay a cost equivalent to a tank of gasoline and get a fully-charged battery installed in three minutes, The Wall Street Journal reports.
The growth of global carbon emissions slowed in 2013 -– although the total of 35.3 billion tons did set a record -- and the rate of increase tailed off despite an uptick in economic activity, says a report from the European Commission’s Emissions Database for Global Atmospheric Research, or EDGAR, according to E&E.
INEOS hopes to get commercial shale gas production under way in Britain before the end of the decade, according to documents the government released Friday, which detailed the company’s presentation to the Department of Energy and Climate Change in February, Platts reports.