Daily Archives: November 27, 2021

Bipolar batteries eke better performance by combining the anode and cathode terminals into the same current collector. Before, the anodes and cathodes had their own collectors.

The new arrangement not only saves space, it delivers a larger current of electricity.

At scale, the cost of making the batteries is lower because they have fewer components. But right now, output is limited. The bipolar batteries are manufactured by group affiliate Toyota Industries Corp., which has only enough capacity currently for 240,000 vehicles a year.

For traditional nickel-metal hydride batteries, by contrast, Toyota sources some 1.6 million units a year, primarily from Primearth EV Energy Co. in Japan, as well as sources in China.

Okumura said it's a misconception to think that nickel-metal hydride batteries are old and lithium ion batteries are new. Development of the two types started around the same time, he said. But it just so happens that nickel-metal hydride made it to market first.

"The public has the image that nickel-metal hydride batteries are an old battery, but actually they're not," Okumura said. "We started developing this new type of nickel-metal hydride battery because, after 20 years of using it, there was a record of achievement.

"But the basic design has not changed significantly," he said. "So we decided to take on the challenge of increasing the output."

Because of the strong current and output, the new batteries are best suited for hybrid vehicles that require quick bursts of power, as opposed to EVs that need a large energy store.

Toyota is positioning lithium ion as its main EV battery. But Toyota believes the bipolar structure could also be applied to lithium ion batteries, leading to potential improvements in those power packs.

Read the rest here:

Toyota not ready to concede on its nickel-metal hydride technology - Automotive News

About the Index

The Blue Technology Barometer is a ranking of 66 coastal countries and territories on their progress and commitment toward protecting ocean sustainability. It measures the degree to which economies are prioritizing the protection of ocean health, through sustainable marine activity, blue innovation, and policy implementation.

The Blue Technology Barometer measures the performance of countries and territories across four pillars:

The Blue Technology Barometer was developed through the analysis of select datasets and primary research interviews with global blue technology innovators, policymakers, and international ocean sustainability organizations.

It quantifies the economies of 66 countries and territories with large or economically significant ocean coastlines along four separate pillars: ocean environment, marine activity, technology innovation, and policy and regulation.

Within each pillar, a series of indicatorsa list of qualitative and quantitative factorswere then selected and populated. Through trend analysis, research, and a consultative peer-review process with several of the subject matter experts interviewed for this report, weighting assumptions were assigned to determine the relative importance with which each indicator and pillar influenced a countrys blue technology leadership.

MIT Technology Review was founded at the Massachusetts Institute of Technology in 1899. We are a leading voice on climate change issues with a dedicated topic area on our website for the global climate emergency, including innovations that may accelerate decarbonization and national climate policy initiatives. The Massachusetts Institute of Technology is strongly committed to climate change: in May 2021, MIT shared a new, decade-long plan aimed at fighting climate change and helping to decarbonize the economy by 2050.

MIT Technology Review Insights is the custom publishing division of MIT Technology Review. We conduct qualitative and quantitative research and analysis worldwide and publish a wide variety of content, including articles, reports, infographics, videos, and podcasts.

If you have any comments or queries, please get in touch.

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The Blue Technology Barometer - MIT Technology Review

SHENZHEN, China--(BUSINESS WIRE)--Recently, Muchen Technology launched the Xiaomi G9 vacuum cleaner again. This product is very popular in Germany. From the eBay store of Muchen Technology, the sales volume of G9 vacuum cleaners has reached nearly 5,000 units, which is a good figure in the vacuum cleaner industry, which fully reflects consumers' love for products.

Some consumers' opinions on this product can be found in the comment section of the eBay store of Muchen Technology: Dies ist mein viertes Gert welches ich jetzt zu Hause habe und auch behalten werde. Der Sauger is wirklich wertig verarbeitet und hat eine tolle Haptik. Handlich, unabhngig, zeitsparend, leise... viele Dinge die auch andere Hersteller vorweisen knnen. Aber meiner Meinung nach hlt keiner mit Xiaomi mit !Preis - Leistung Top. Cost-effective king and perfect cleanliness are the two most commented aspects.

Muchen Technology summarized four advantages of the Xiaomi G9 vacuum cleaner:

On Black Friday, the Xiaomi G9 will be the lowest 139 euros this year. At the same time, the top 100 buyers can get a 20 euro battery coupon during Black Friday. The activity time is only 6:00-24:00 on the 26th, please do not miss it.

Continued here:

Muchen Technology Launches Well Received Xiaomi G9 Vacuum Cleaner - Business Wire

BANGALORE, India and LONDON, Nov. 26. 2021 /PRNewswire/ --Tata Elxsi is delighted to announce that QoEtient, its flagship product for proactive video Quality of Experience(QoE) improvement, has won the OTT TV Technology of the Year Award at the renowned VideoTech Innovation Awards 2021, the ultimate celebration for companies and individuals revolutionizing today's global video industry.

The OTT video industry has been growing exponentially, and the types of devices used by subscribers are highly diverse, be it the form factor, device type, or OS. The sheer variety of devices and modes of connectivity makes it very challenging for service providers to deliver consistent QoE.

QoEtient, developed by Tata Elxsi, is the world's first streaming performance improvement and player/playback testing solution. It is a cloud-based video DevOps platform that enables video service providers to assess all QoE and functional aspects of a video pipeline for acceptable QoE delivery, including apps/video players on end-user devices. It supports a multitude of OTT devices such as Smartphones, Tablets, SmartTVs, Streaming devices (FireTV, AppleTV, Roku, etc.), Gaming consoles (PlayStation, Xbox), STBs including 4K devices and Bluetooth remote controls. QoEtient also provides APIs that enable seamless integration into the development and delivery pipelines of video service providers.

QoEtient uses frame-accurate high-precision APIs to measure QoE under varied last-yard settings (shifting connectivity conditions) to provide the most actionable device-specific statistics. It also enables automation that covers situations ranging from basic functionality checks to high-precision performance and QoE analysis at up to 60 fps.

QoEtient, backed by over 5 years of R&D and multiple patents, is a one-stop-shop for both QoE and test automation. It is used by some of the leading video service providers globally to offer consistent QoE to their subscribers, transcending video services from "just working fine" to delivering a great experience.

"We're excited to be recognized at the VideoTech Innovation Awards where the most innovative products and technology in the global video industry are celebrated every year," said Sunil TG, Head of Product Engineering- QoEtient at Tata Elxsi. "This is a significant milestone in QoEtient's journey to becoming the platform of choice for Proactive QoE Testing and Video Test Automation."

About Tata Elxsi

Tata Elxsi is amongst the world's leading providers of design and technology services across industries, including Automotive, Broadcast, Media, Communications, Healthcare, and Transportation. Tata Elxsi helps customers reimagine their products and services through design thinking and the application of digital technologies.

Tata Elxsi's solution accelerators and platforms include iCX, the Intelligent Customer Experience Platform; TEPlay, the OTT and IPTV platform; Android TV launcher; Autonomai, the AD/ADAS middleware suite; AI solutions for applications like driver monitoring and video analytics; TEAtom orchestrator and TEDReg, a global regulatory intelligence platform for the healthcare industry.

Media Contact:

Tata Elxsi Hari BalanCorporate CommunicationsTelephone: +91 80 2297 9123Email: [emailprotected]

SOURCE Tata Elxsi

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Tata Elxsi wins OTT TV Technology of the Year Award at the Videotech Innovation Awards 2021 - PRNewswire

Daniel Laverick is the VP,Head of the Digital and Data Solutions team at Zuellig Pharma, where he focuses on developing customer-facing innovations to enable secure ordering and ensuring supply chains are visible.

Zuellig Pharma was founded 100 years ago and has grown to become one of the largest healthcare service provider groups in Asia, valued at US$13 billion. Key products include the online ordering portal eZRx; the eZTracker solution which uses blockchain-based technology to drive transparency and visibility in the supply chain for product authentication; and eZVax, a solution that provides governments, local health authorities and the private sector with end-to-end vaccine management. The latter is primarily used for the COVID-19 vaccine currently, but Laverick says the plan is for this to be used for any vaccine in the future.

Zuellig Pharma's partnership with pharmaceutical company MSD began in 2020 when eZTracker was deployed in Hong Kong to enhance the traceability of Gardasil9, MSD's HPV vaccine. Laverick explains how eZTracker works: "As the vaccines move through various handover points in the supply chain, the products' data points are loaded into eZTracker's secure blockchain ledger, and this ensures it can't be tampered with. Users such as healthcare professionals and patients are able to verify the authenticity of the vaccine by scanning a unique data matrix code on the product pack."

Collaboration between the two companies has grown since then. "We work closely with MSD's Connected Channel globally, as well as the regional teams, on expanding the use and outreach of eZTracker" Laverick says. "It really is to support the initiative that MSD has, to go from plant to patient and track and trace its product and material movements."

Zuellig Pharma recently completed a project to explore how blockchain technology can be leveraged further to provide more visibility around inventory and streamline ordering processes. "We tried to build out a backbone using eZTracker, so we can take this one step further for ongoing collaborations. We're looking at bringing in global serialisation, which entails utilising MSD's global serialisation data matrix. This makes it far more efficient and seamless to track a product's movements along the supply chain" Laverick says.

Next, Zuellig Pharma is looking at ways MSD can have a self-operated node to be in control of the data the blockchain contains. "Looking into the future, we're working on how we can further enhance the blockchain network with things like monitoring shipping conditions and bringing in temperature cold chain data, so we can guarantee the quality of the product along each leg of the supply chain. Then we can work on various options around vaccine registry and maybe even look at adherence, so working with medical institutions to drive more patient-centred care and education."

"We have a very strong partnership with MSD" he adds. "We look forward to continuing to build on this, and seeing how we can support digitally enabled end-to-end supply chains, and the vision to track from plant to patient."

Read more here:

Innovations in Blockchain Technology Zuellig Pharma - Supply Chain Digital - The Procurement & Supply Chain Platform

The Indian Space Research Organisation (ISRO) is looking to develop futuristic technologies, which will help make the country future-ready for the next four to five decades.

ISRO organized the DTDI-Technology-Conclave- 2021, a futuristic and disruptive technology summit aimed at unlocking potential technologies in the space sector. The Directorate of Technology Development and Innovation or DTDI is a technology development wing of ISRO. The conclave concluded on November 26.

R. Umamaheswaran, Scientific Secretary, ISRO, offered glimpses of the futuristic and disruptive technologies for the space sector.

ISRO chairman Dr. K Sivan mentioned a plethora of futuristic technologies such as hack-proof communication systems, self-vanishing satellites, humanoid robots, space-based solar power, intelligent satellites and space-vehicles, make-in-space concept and AI-based space applications among others.

All our rockets have metal casings that are dropped into the sea after launch or become (final-stage) space debris. We are working on a technology through which rockets will effectively eat themselves, eliminating waste-dropping into seas and space debris. We are looking at special materials for casing that can burn up along with motors, Sivan told Times of India.

Similarly, the self-vanishing satellite technology would enable spacecraft to self-destruct once its lifetime is over, with the help of a kill button. When rockets fly, there are defects sometimes. Self-healing materials can correct some of these defects by themselves, he added.

New technologies such as self-eating rockets will be a great boon to the space sector as the scientific community as well as governments are talking about the risk posed by space debris.

As The EurAsian Times recently reported, the US State Department accused Russia of performing an anti-satellite missile test against one of its own satellites. This action was condemned by Washington as it allegedly generated debris that not only threatened the International Space Station but also its crew.

The debris compelled the crew members of the ISS to hide inside their capsules to save their lives. ISRO has been working towards finding a solution to overcome the problem of debris generated from defunct satellites in the orbit or by rocket boosters and payload fairing which remain in the orbit post-launch.

At the same time, ISROs research into quantum communication is going to ensure a faster and secure relay of information in the coming era of quantum computers which function on the concepts of quantum mechanics, according to India Today.

Earlier this year, ISRO was able to successfully demonstrate free-space quantum communication over a distance of 300 m for the first time in the country, Hindustan Times reported.

On the other hand, China already has a satellite dedicated for quantum information science. The satellite named Micius had successfully demonstrated quantum communication between two cities Beijing and Vienna that are 7,600 km apart, according to Live Science.

ISRO has initiated its research & development initiatives, with well-defined milestones and deliverables, the space agency said in a statement.

The DTDI Conclave was inaugurated by Indias Minister of State (Space) Dr. Jitender Singh. He lauded the space agency for its futuristic technological endeavor and said that such technologies will take Indias space capabilities to the next level.

He also highlighted the collaboration between scientific and technological expertise of ISRO, Department of Space laboratories, academia, industries, and international experts, according to ISROs Press Release.

According to Prof. K Vijay Raghavan, Principal Scientific Advisor to the government, ISRO will reap the fruits of these disruptive new technologies in the years to come.

The futuristic and disruptive technology projects are being materialized by the scientists and engineers of ISRO/DOS at its various centers throughout the country. In this coordinated effort, ISRO synergizes the technological capabilities of its centers and laboratories, as well as collaborates with national and international experts, to achieve bigger technology goals, Sivan said.

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ISRO Says Working On New-Age Technology Where Spacecraft Can Self-Destruct Itself With A Kill Button - EurAsian Times

When the Taliban captured the city of Herat on August 12, Yasin and his colleagues speculated that it wouldnt be long before the Talibans invading forces took over their own city of Mazar-i-Sharif.

Things were more tense in Mazar, too, so me and other computer kars of Mazar who work together held a secret meeting to decide what to do to protect all our content, he says. Among them, the informal union of computer kars had several hundred terabytes of data collected over several years, and much of it would be considered controversialeven criminalby the Taliban.

We all agreed to not delete, but rather hide the more nefarious content, he says. We reasoned that in Afghanistan, these regimes come and go frequently, but our business should not be disrupted.

He isnt too worried about being discovered.

People are hiding guns, money, jewelry, and whatnot, so I am not scared of hiding my hard drives. They will never be able to find [them], he says. I am a 21st-century boy, and most Taliban are living in the past.

Less than 20 years after former president Hamid Karzai made Afghanistans first mobile phone call, there are nearly 23 million mobile phone users in a country of fewer than 39 million people. But internet access is a different matter: by early 2021, there were fewer than 9 million internet users, a lag that has been largely attributed to widespread physical security problems, high costs, and a lack of infrastructural development across the countrys mountainous terrain.

Thats why computer kars like Yasin can now be found all across Afghanistan. Although they sometimes download their information from the internet when theyre able to get a connection, they physically transport much of it on hard drives from neighboring countrieswhat is known as the sneakernet.

I use the Wi-Fi at home to download some of the music and applications; I also have five SIM cards for internet, says Mohibullah, another kar who asked not to be identified by his real name. But the connection here is not reliable, so every month I send a 4 terabyte hard drive to Jalalabad, and they fill it with content and return it in a weeks time with the latest Indian movies or Turkish TV dramas, music, and applications, for which he says he pays between 800 and 1,000 afghanis ($8.75 to $11).

"People are hiding guns, money, jewelry, and whatnot, so I am not scared of hiding my hard drives. I am a 21st-century boy, and most Taliban are living in the past."

Mohibullah says he can install more than 5 gigabytes of data on a phoneincluding movies, songs, music videos, and even course lessonsfor just 100 afghanis, or $1.09. I have the latest Hollywood and Bollywood movies dubbed in Dari and Pashto [Afghan national languages], music from across the globe, games, applications, he told me in early August, days before the Taliban took over.

For just a little more, Mohibullah helps customers create social media accounts, sets up their phones and laptops, and even writes emails for them. I sell everythingA to Z of contents. Everything except 100% films, he said, referring to pornography. (Later he admitted that he did have some free videos, another nickname for porn, but that he only sells them to trusted customers.)

More:

Can Afghanistans underground sneakernet survive the Taliban? - MIT Technology Review

Continuous glucose monitors (CGM) used by people with diabetes have been a focus of recent conversations both inside and outside the healthcare space. Superstar Nick Jonas has been raising awareness of this technology through his platforms and in new TV commercials, and companies like Apple are exploring glucose monitoring as an indicator for general health and wellness. All this attention has led to more people with diabetes becoming aware of this life-changing technology, and in turn, heading to their primary care provider to ask for a CGM.

With 34.2 million Americans living with diabetes, nearly every primary care provider is guiding treatment plans for people with type 1, type 2 and even pre-diabetes, but many healthcare providers are still not aware of CGM technology and how it can benefit patients.As healthcare providers, we work to keep pace with the latest treatments, technologies and tools available to be prepared to address patient questions and ultimately improve health outcomes. This is more important now than ever, aswere starting to see a gap in healthcare provider knowledge and consumer awareness in an era whereendless healthcare resources and information is at our patients fingertips.

While patients are doing their own research, they still expect us, as their healthcare provider, to be the experts on what tools and treatments we believe will best help them. A recent survey1of people with insulin-treated diabetes found that patients believe it is the responsibility of their healthcare provider to bring new standards of care to their attention, like CGM systems.

CGM technology is widely considered the standard of care and clinically proven to improve outcomes for people with diabetes taking insulin. For those of us who may not be as familiar with the technology but want to inform future conversations with patients, here are 3 things you need to know about CGM systems:

A CGM uses a small, wearable sensor and transmitter to measure and send real-time glucose values wirelessly to a smart device or receiver every five minutes. It eliminates the need for multiple daily fingersticks used in blood glucose monitoring (BGM).

A BGM shows glucose values at a single moment in time and patients may often miss or forget to take a reading, leaving many unknowns. A CGM connects the dots and provides a complete picture of glucose management, filling in the gaps for both patients and healthcare providers. The data gleaned from CGM technology show trends in glucose levels, the rate of change in readings and even alerts users of dangerously low or high glycemic levels.

These data arm patients with real-time insights to inform short-term actions like taking medication or insulin, and long-term lifestyle adjustments as they can see how their body reacts to certain foods, physical activities or behaviors.

The benefits of CGM systems for people of all ages have been clinically proven, from two years old to Medicare patients. The recentSENSEstudy has shown the benefits of CGM technology for children ages 2-7 with type 1 diabetes in reducing hypoglycemia and parental burden and fear. TheWISDMstudy of adults ages 60 and older with type 1 diabetes found that CGM systems help to significantly lower A1C, reduce hypoglycemia and increase the amount of time a user spends in target glucose ranges. The technology is truly easy to use for all demographics.

We are also now seeing more evidence of the benefits of CGM for broader populations, including people with type 2 diabetes. Earlier this year theMOBILEstudy was the first of its kind toaffirm that people with type 2 diabetes on basal insulin benefit from the use of CGM technology, with study participants showing significant increases in time in range and decreases in A1C. These outcomes occurred independent of direct provider interventions, so even getting a patient on the device to learn for themselves can be a win.

Not only does CGM technology give the power back to patients by arming them with information to make treatment decisions in real-time, it also provides healthcare providers with the insights and data needed to develop tailored medication and treatment regimens. The reports available to providers help make appointments with patients more efficient as you can quickly see potential issues, leaving more time to get to know the patient and discuss together ways to improve diabetes management and outcomes.

Diabetes patients are making healthcare treatment decisions nearly every minute of every day and are looking for new and better ways to ease the burden of managing their condition. Patients are asking, and its up to us as healthcare providers to educate and provide them with the best tools available to manage their diabetes.

The American Diabetes Association,SIGMA(Study of Improved Glucose Monitoring and Assessment) andThe Global Movement for Time in Rangehave great resources available to help you learn more about CGM technology and better understand how it can support your patients.

The demand for CGM technology will only continue to grow, and now is the time for healthcare providers to educate themselves on the proven benefits of the technology.

Aaron King, MD, is a family practitioner and diabetes specialist with Baptist Health System.

Authors and clinicians interested in being published on HCPLive can contact the editorial team here.

References

1. Dexcom, U.S. data on file, November 2020

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3 Things Primary Care Providers Need to Know About Continuous Glucose Monitoring Technology - MD Magazine

This whale alert can help traders discover the next big trading opportunities.

Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.

Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels.

Here's the list of options activity happening in today's session:

These bullet-by-bullet explanations have been constructed using the accompanying table.

For AMD (NASDAQ:AMD), we notice a call option trade that happens to be bearish, is expiring today. Parties traded 367 contract(s) at a $152.50 strike. The total cost received by the writing party (or parties) was $132.1K, with a price of $360.0 per contract. There were 3865 open contracts at this strike prior to today, and today 4336 contract(s) were bought and sold.

For MSFT (NASDAQ:MSFT), we notice a call option sweep that happens to be bullish, expiring in 7 day(s) on December 3, 2021. This event was a transfer of 250 contract(s) at a $342.50 strike. This particular call needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $32.5K, with a price of $130.0 per contract. There were 1860 open contracts at this strike prior to today, and today 3728 contract(s) were bought and sold.

Regarding ZM (NASDAQ:ZM), we observe a call option trade with bullish sentiment. It expires in 21 day(s) on December 17, 2021. Parties traded 95 contract(s) at a $240.00 strike. The total cost received by the writing party (or parties) was $65.5K, with a price of $690.0 per contract. There were 1696 open contracts at this strike prior to today, and today 2003 contract(s) were bought and sold.

For AAPL (NASDAQ:AAPL), we notice a put option sweep that happens to be bearish, expiring in 14 day(s) on December 10, 2021. This event was a transfer of 78 contract(s) at a $160.00 strike. This particular put needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $38.2K, with a price of $490.0 per contract. There were 7618 open contracts at this strike prior to today, and today 1761 contract(s) were bought and sold.

For QCOM (NASDAQ:QCOM), we notice a call option sweep that happens to be bullish, expiring in 7 day(s) on December 3, 2021. This event was a transfer of 522 contract(s) at a $180.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $125.8K, with a price of $241.0 per contract. There were 2966 open contracts at this strike prior to today, and today 1437 contract(s) were bought and sold.

For ADBE (NASDAQ:ADBE), we notice a put option sweep that happens to be bearish, is expiring today. Parties traded 197 contract(s) at a $670.00 strike. This particular put needed to be split into 47 different trades to become filled. The total cost received by the writing party (or parties) was $41.4K, with a price of $210.0 per contract. There were 283 open contracts at this strike prior to today, and today 1358 contract(s) were bought and sold.

Regarding PYPL (NASDAQ:PYPL), we observe a call option trade with bearish sentiment. It expires in 56 day(s) on January 21, 2022. Parties traded 100 contract(s) at a $185.00 strike. The total cost received by the writing party (or parties) was $146.1K, with a price of $1461.0 per contract. There were 1056 open contracts at this strike prior to today, and today 1254 contract(s) were bought and sold.

For INTC (NASDAQ:INTC), we notice a put option sweep that happens to be bearish, expiring in 21 day(s) on December 17, 2021. This event was a transfer of 500 contract(s) at a $47.50 strike. This particular put needed to be split into 19 different trades to become filled. The total cost received by the writing party (or parties) was $40.5K, with a price of $81.0 per contract. There were 17635 open contracts at this strike prior to today, and today 797 contract(s) were bought and sold.

Regarding V (NYSE:V), we observe a call option trade with bearish sentiment. It expires in 7 day(s) on December 3, 2021. Parties traded 52 contract(s) at a $195.00 strike. The total cost received by the writing party (or parties) was $31.2K, with a price of $600.0 per contract. There were 235 open contracts at this strike prior to today, and today 474 contract(s) were bought and sold.

For CLSK (NASDAQ:CLSK), we notice a call option trade that happens to be bearish, expiring in 112 day(s) on March 18, 2022. This event was a transfer of 100 contract(s) at a $25.00 strike. The total cost received by the writing party (or parties) was $27.0K, with a price of $270.0 per contract. There were 539 open contracts at this strike prior to today, and today 316 contract(s) were bought and sold.

Options Alert Terminology- Call Contracts: The right to buy shares as indicated in the contract.- Put Contracts: The right to sell shares as indicated in the contract.- Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it.- Premium/Option Price: The price of the contract.

For more information, visit our Guide to Understanding Options Alerts or read more news on unusual options activity.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

Originally posted here:

10 Information Technology Stocks Whale Activity In Today's Session - Benzinga

Lotus Technology, a new unit of China's Geely, set up to develop the technology to power Lotus sports cars, is planning to raise $400 million to $500m before the end of this year, its chief financial officer told Reuters.

Lotus Technology, part of Group Lotus which is in turn owned jointly by the Chinese automaker and Malaysia's Etika Automotive, intends to kick off the funding round before Christmas, Alexious Lee said.

That will give Lotus Technology a post-money valuation value of a company after a round of financing from external investors of $5 billion to $6bn, Mr Lee added.

Mr Lee said the firm will launch its first product an electric sports utility vehicle in the first quarter of next year and aims to have three models within the next five years.

"We have gotten a lot of traction especially from international investors, because wow, this is Lotus," said Mr Lee, adding that the company was looking to sell a 10 per cent to 15 per cent stake.

The company will spend more than half the new funds on research, and 30 per cent to 40 per cent on marketing with the remainder going to working capital.

Mr Lee said Lotus Technology remained on track for a potential initial public offering as soon as 2023, likely in New York or Hong Kong.

We have gotten a lot of traction especially from international investors, because wow, this is Lotus

Alexious Lee, chief financial officer of Lotus Technology

Lotus Cars, the maker of the Lotus Esprit, famously driven by James Bond in 1977's The Spy Who Loved Me, positions its vehicles in a segment similar to rival Porsche. It is set to open a new factory in Wuhan, China, next year.

"We are an asset-light business because we don't own our own manufacturing. It's owned by our parent," said Mr Lee.

Premium and luxury car sales are growing in China as coronavirus pandemic travel restrictions leave consumers in the world's biggest car market with more money to spend.

Lotus Tech's investors include Nio Capital, an investment firm founded by the CEO of Chinese electric vehicle maker Nio, which valued the unit at 15bn yuan ($2.35bn) in September.

Updated: November 26th 2021, 1:07 PM

Read more:

Geely unit Lotus Technology to raise up to $500m in funds before the end of 2021 - The National