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News on Medial
China installed more solar panels last year than the U.S. has in total
Ycombinator
·
1y ago
Medial
China is the global leader in renewable energy, with 40% of the world's solar capacity, surpassing the US which holds 12%, according to Rystad Energy. Last year, China installed more new solar capacity than any other country. They are set to reach 500 GW of installed capacity by the end of 2023 and are on track to double it to 1 TW in just three more years. China's strategic focus on renewable energy is evident in their investments and adoption of innovative technologies.
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Related News
China has flooded the market with so many solar panels that people are using them as garden fencing
Business Insider
·
1y ago
Medial
China's oversupply of cheap solar panels is causing a global glut and plummeting prices. Solar panels, predominantly made in China, have become so inexpensive that they are being utilized to line fences in Germany, the Netherlands, the UK, North America, and Australia. Manufacturers elsewhere are struggling to compete, and US Treasury Secretary Janet Yellen plans to address the issue of oversupply during her visit to China. The excess capacity not only impacts American workers and firms but also distorts global prices and production patterns, affecting growth in the Chinese economy.
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One French company’s lonely struggle to survive fierce competition from China
Livemint
·
1y ago
Medial
French solar-panel company Photowatt is struggling to stay afloat, facing fierce competition from cheap Chinese solar panel imports. The company's orders have plummeted as customers opt for lower-priced Chinese panels. Photowatt's plight serves as a warning to the US and Europe as they consider how to protect their industries from Chinese pressure. China's push to stimulate its manufacturing sector and overcapacity in sectors such as solar panels, electric vehicles, and batteries threatens the green industries of the West. The West fears becoming reliant on China for crucial goods needed for a low-carbon future.
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Loom Solar surpasses Rs 150 Cr revenue in FY24, profits triple
Entrackr
·
4m ago
Medial
Solar energy solutions provider Loom Solar has achieved around three-fold growth in its operating revenue during the last fiscal year. The Faridabad-based company also tripled its profit in FY24. Loom Solar’s revenue from operations soared by 2.9X to Rs 151.5 crore in the fiscal year ending March 2024 from Rs 53 crore in FY23, as per its financial statements sourced from the Registrar of Companies (RoC). Loom Solar is a direct-to-consumer solar energy firm that manufactures and sells solar panels, inverters, batteries, and other solar products. Its entire collection in FY24 came from the sale of these products. The cost of materials was the largest expense for Loom Solar, surging by 192.9% to Rs 123 crore in FY24. Employee benefit costs also kept pace, growing 150% to Rs 5 crore. Meanwhile, transportation expenses rose by 181% to Rs 4.5 crore, alongside Rs 7.5 crore booked under other operational expenses. Overall, the company's total expenses jumped 2.7X to Rs 140 crore in the last fiscal year from Rs 51 crore in FY23. Despite the rising costs, Loom Solar's focus on cost efficiency and revenue expansion led to a net profit rising by 3X to Rs 9 crore in FY24. The company's Return on Capital Employed (ROCE) and EBITDA margin improved to 37% and 9.31%, respectively. On a per-unit basis, Loom Solar spent Re 0.92 to earn a rupee of operating revenue during the past fiscal. Loom Solar recorded current assets worth Rs 49 crore, which includes Rs 16 crore of cash and bank balance in FY24. It has raised $2 million of funding to date, with Social Investment Managers & Advisors as its lead investors. Backed by a young founding team of brothers Amol and Amod Anand, Loom Solar has focused on selling much smaller solar systems in rural areas and tier 2 and 3 cities, where tight costs control and higher margins provided it the fuel to keep investing in growth. The firm has been among the earliest to use E-commerce platforms like Amazon to drive sales and awareness. At Rs 150 crores, the firm is at an inflection point with great insights into the markets it serves. As growth moves to the next level, it remains to be seen if its scrappy grit and resilience will carry it to possibly Rs 500 crores by 2026-27. Knowing the history of the firm, they will certainly not aim any lower than that, pulling out more than a few innovations and marketing surprises along the way.
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China’s quest to become a robot superpower
Livemint
·
1y ago
Medial
China is determined to become a robot superpower, driven by a combination of national pride and demographic challenges. The country has already made significant progress in industrial automation, with half of all industrial robots installed worldwide last year being in China. However, China's ambition extends beyond industrial use, as it aims to produce humanoids and service robots to address labor shortages and boost productivity in various sectors, including agriculture and elder care. The government is investing heavily in robotics research and pushing for self-sufficiency in the production of robots. Chinese people generally have a positive attitude towards robots, viewing them as job creators rather than threats.
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Apple shares drop 7% in Frankfurt after Trump tariffs on China
Economic Times
·
4m ago
Medial
Apple shares dropped 7% in Frankfurt following U.S. President Trump’s announcement of tariffs on China, where Apple manufactures extensively. These tariffs could potentially impact Apple significantly, with Citi estimating a 9% negative effect on the company’s total gross margin, assuming the company does not pass on the 54% cumulative tariffs to consumers. More than 90% of Apple’s manufacturing occurs in China, highlighting the potential financial implications of the tariffs on the company.
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Dhruva Space to integrate solar panels on Pixxel's upcoming satellite fleet
IndianStartupNews
·
1m ago
Medial
Dhruva Space, a Hyderabad-based spacetech startup, has partnered with Pixxel to integrate solar panels on Pixxel's satellite fleet. Dhruva Space, known for its Solis+ solar panels featuring high-efficiency GaAs solar cells, aims to enhance satellite power systems. This collaboration highlights India's growing space capabilities and aims to deliver high-resolution hyperspectral imagery. Positioned to strengthen India's space hardware ecosystem, this partnership is a signal of technological maturity and export readiness in the NewSpace sector.
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Trident commissions solar project in Madhya Pradesh, stock gains
Money Control
·
1y ago
Medial
Trident Limited has announced the commissioning of a 1.1 MWp solar power project in Budhni, Madhya Pradesh. The project is part of the company's initiative to reduce its carbon footprint and will contribute to the captive consumption of power for its manufacturing facilities at the same location. The total installed capacity of the rooftop solar power plant at the facility has now reached 29.5 MWp. Trident Limited, based in Ludhiana, Punjab, is known for manufacturing various products including yarn, paper, stationery, home textiles, chemicals, and captive power.
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UK firm secures 4 million pound order to supply for solar facility in Gujarat
Livemint
·
1y ago
Medial
Gas Recovery and Recycle Limited (GR2L), a cleantech firm based in south-east England, has received a GBP 4 million order to supply its technology to a 2.0-gigawatt solar facility in Mundra, Gujarat. GR2L has developed and patented cutting-edge technology to reduce energy consumption, carbon footprint, and manufacturing costs of solar panels. The order was backed by UK Export Finance (UKEF) through its Bond Support Scheme. GR2L's Argon machinery can recycle up to 95% of the gas used in solar cell production, providing a more efficient and sustainable solution for the industry.
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India with 3,600 deeptech startups ranks 6th globally: Nasscom
Inshorts
·
1y ago
Medial
India, with more than 3,600 deeptech startups, ranked 6th among the top nine deeptech ecosystems in the world (excluding China) in 2023, a Nasscom report said. Of the 3,600 startups, 480 were founded last year. The Indian deeptech startups cumulatively raised $10 billion in the last five years, of which $850 million was raised in 2023 itself.
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Two former CloudKitchens execs are tackling Mexico's solar power lag
TechCrunch
·
1y ago
Medial
Niko, a solar installation company based in Mexico City, has recently raised a $3.3 million seed round at a $16 million post-money valuation. The startup aims to address the challenges faced by the solar market in Mexico, such as uneven installations, uncertain customers, and high financing costs. Niko initially focuses on sales and installation of solar panels for residential and small commercial customers. The company offers a zero-money-down approach, guaranteed savings on utility bills, and promises to remove the panels for free if customers are unsatisfied. Niko plans to expand its services to include home electrification projects in the future.
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