EV Maker Nikola Files for Chapter 11 Bankruptcy
Nikola last week filed for Chapter 11 bankruptcy protection after failing to secure a buyer or raise additional funds to maintain operations.
The company plans to pursue an auction and sale process of its assets, pending court approval.
Nikola had warned investors on its third-quarter earnings call that the company only had enough cash to support its business into the first quarter of 2025 but not beyond.
More: CNBC
National Grid Sells $1.7B US Renewables Arm to Brookfield
National Grid last week announced it has reached an agreement to sell its U.S. onshore renewables business to Canadian investment firm Brookfield Asset Management for $1.74 billion, including debt.
National Grid expects the deal to be completed in the first half of the financial year ending March 31, 2026.
More: Reuters
Constellation Says Three Mile Island Restart Ahead of Schedule
A Constellation spokesperson last week said the planned restart of the shuttered nuclear reactor on Three Mile Island is currently running ahead of schedule.
Community Relations Manager Dave Marcheskie said work on the facility, which will be known as the Crane Clean Energy Center, is moving “ahead of schedule” and that more than 200 full-time workers have already been hired.
The facility is planned to be fully operational by the middle of 2028.
More: City & State PA
Rivian Posts Q4 Profit, Expects Lower Sales in 2025
Rivian Automotive last week said it beat Wall Street’s fourth-quarter earnings expectations and achieved its first gross quarterly profit, but it is forecasting lower sales in 2025.
The company reported a gross profit of $170 million during the final quarter of last year and plans to achieve another “modest gross profit” in 2025. However, Rivian forecast deliveries of 46,000 units to 51,000 units for 2025, compared with 51,579 units delivered last year.
The company’s net loss for the fourth quarter was $743 million, compared to a loss of $1.52 billion during the same period a year earlier.
More: CNBC
Sunnova Energy Lays Off More Than 15% of Workforce
Sunnova Energy last week said it has laid off more than 15% of its workforce.
Nearly 300 positions were eliminated in the layoffs effective Feb. 17, including about 100 Houston-area employees. The company employs more than 2,000 people, according to S&P Capital IQ. Most of the cuts were within Sunnova’s commercial divisions.
More: Houston Chronicle
Vineyard Offshore Cuts 50 Jobs
Offshore wind developer Vineyard Offshore last week confirmed it had cut 50 job positions in the U.S. and Europe.
Vineyard Offshore is one of two parent companies of Vineyard Wind. The company says no Vineyard Wind staff or contractors were part of the layoffs.
More: Cape and Islands
