The Station - Mobility SPACs seek cash and your guide to the new EV tax credit

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 US and Canada-based readers! If you’re using the three-day weekend to take a road trip, travel safe.

For those in California, you may be asked to curb your energy use this holiday weekend. Particularly, if you own an EV. California’s power grid manager is calling on EV owners to avoid charging at peak times (4 p.m. to 9 p.m.) as part of broader effort to keep the state’s grid up and running during this heat wave.

The “alert” got me thinking about California’s recent decision to ban new gas cars by 2035 and what a flood of EVs might do to an already decrepit power grid.

Speaking of EVs, maybe you’re looking to buy one? I wrote up a guide to the new EV tax credit that you may find helpful. It’s more complicated these days. This guide tackles new EVs; look out for another article on used EVs and the tax credit.

And finally, if you want to check out TechCrunch Disrupt (and I suggest you do), here is a little gift for my readers. Go to this link and type in the code STATION to get 15% off passes, excluding online and expo tickets.

Let’s go.

You can always email me at kirsten.korosec@techcrunch.com to share thoughts, criticisms, opinions, or tips. You also can send a direct message to @kirstenkorosec

Micromobbin'

Rebecca Bellan is on a well-earned vacation and so this week’s micromobbin’ will be brief.

First up is a TC+ article by Bellan that explores why the biggest market for micromobility will end up being in the commercial space, not focused on consumers.

In other scootin’ and bikin’ news …

Lime, Spin and Veo are in Milwaukee as part of a new shared scooter pilot that launched this week.

The Atlantic’s “The E-bike is a Monstrosity” column sparked outrage and criticism on social media and even inspired some to write counterarguments like this one in Outside entitled “The E-bike is Pure Joy.”

Vermont became the first state to offer an ebike rebate.

Byeeeeee.

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Deal of the week

The deal-making this summer has slowed to a drip. The difference from last summer — when the deal flow was more like a fire hose — is striking.

While the pace of deals has slowed, the desire for capital has not. It’s particularly palpable in the EV and mobility SPAC world where companies once awash with capital in a high-flying market are trying to get that spigot turned back on.

Lucid and Nikola are among a few EV SPACs that are seeking cash infusions through stock offerings to bring their delayed vehicles to market.

The CEO of self-driving tech firm Aurora has floated a number of options to the board to extend the company’s runway beyond mid-2024. And last month, Faraday Future (which I am shocked is even still here) said it will require additional funds by early September 2022 in order to continue operations. For those keeping track, that’s now.

The upshot? I expect more of this activity through the end of the year. It’s going to get desperate for some.

Other deals that got my attention this week. …

Ascend Elements, a U.S.-based lithium-ion battery recycling and engineered materials company, received a $50 million investment from SK ecoplant, the environmental unit of Korean conglomerate SK Inc.

Fairmatic, an insurance startup focused on fleets, raised $42 million in a Series A funding round led by Foundation Capital.

OVO Automotive, an Israeli startup focused on giving fleet customers control over a vehicle’s infotainment system, raised $3.5 million in a round led by Regah Ventures.

Populus, the transportation data startup, raised $11 million in a Series A round to scale its existing product as well as its curb 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.

SparkCharge, the mobile EV charging network provider, raised an additional $7 million from Cleveland Avenue that is an add-on to its previously announced Series A round. The total raise is now $30 million.

Notable reads and other tidbits

Autonomous vehicles

Aurora CEO Chris Urmson presented in a leaked internal memo viewed by TC a swath of cost-cutting and cash-generating options to its board that ranged from a hiring freeze and spinning out assets to a small capital raise, going private and even selling itself to high-profile tech companies Apple and Microsoft. The ideas are aimed at shoring up its cash position and extending its runway in tough market conditions.

Locomation and Stevens Trucking Co. reached an eight-year agreement to use the startup’s autonomous relay convoys — or truck platoons — to operate up to 500 trucks on certain interstate lane segments, Freightwaves reported.

Cruise reported a software recall and update in 80 of its robotaxis following a crash in June.

Waymo has opened up its driverless robotaxi service in downtown Phoenix to vetted local residents.

ADAS

Tesla is being sued by an owner alleging that the automaker’s Autopilot advanced driver assistance system is defective and can cause phantom braking, in which the vehicle brakes suddenly.

Electric vehicles & batteries

Bosch will invest more than $200 million into its South Carolina factory to build fuel cell stacks that will power hydrogen-powered electric commercial trucks in the United States.

Ford, Rivian as well as the Zero Emission Transportation Association all submitted comments to the US Department of Interior pushing for a faster permitting process for U.S. critical mineral mining projects.

Honda and LG Energy Solutions formed a joint venture to build a $4.4 billion factory that will supply the North American market with “pouch type” batteries to power EVs under the Honda and Acura brands. A location has not been announced.

Toyota said it will spend $3.8 billion to build its first U.S. battery factory — a threefold increase from its initial investment plan. The plant near Greensboro, North Carolina is expected to begin producing batteries for hybrid and battery-electric vehicles in 2025.

X Shore launched its next all-electric boat, the X Shore 1.

In-car tech

Aston Martin is finally upgrading its stale infotainment system.

Ride-hailing

Lyft is facing a fresh batch of lawsuits (17 in all) from drivers and passengers who say they were sexually and physically assaulted during rides and accused the ride-hailing company of failing to protect its users.

People

Garry Tan is returning to Y Combinator. TechCrunch interviewed Tan about his return and his new role as CEO and president of YC.

Genesis, the luxury brand under Hyundai, appointed Lawrence Hamilton to head up its European operations. He will succeed Dominique Boesch.

Nikola is making more leadership changes. Pablo Koziner, who is president of the company’s energy and commercial sector, is now president of “Commercial.” Carey Mendes, who is global head of energy finance, has been named president of the company’s energy department.

Oliver Blume, the chief executive at Porsche, began his new role as CEO of Volkswagen.

Porsche AG appointed Sajjad Khan to its executive board and will focus on in-car tech. Khan has made the rounds in the German automotive industry. He left his post as CTO at Mercedes-Benz in August 2021. He also worked at BMW Group, where he led the company’s global connected drive efforts.

Tesla is looking to hire recruiters in Quebec for a “high-volume” effort, indicating the automaker’s plans to grow in Canada.

Volvo Cars appointed Johan Ekdahl as CFO.

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