Joint venture makes $20 million bid for ailing EV company Fisker

A joint venture consisting of China-based Wanxiang group, former General Motors head Bob Lutz and industrial Gilbert Villarreal offers troubled electric vehicle manufacturer Fisker Automotive in a prefabricated insolvency purchase valued at $20 million, to deal according to reports.

Like Tesla Motors, which recently their loans repaid, $529 million in the form of received vehicles Fisker Automotive of loans from the Department of energy (DOE) under the advanced technology manufacturing loan program.

In contrast to Tesla Fiskers issued loans was seized but money by DOE if the company not to payments or to meet production quotas. The company has approximately 171 million $ in DOE loans still outstanding.

Fisker was founded in August 2007 by Henrik Fisker, who later left the company, that relying on differences of opinion over corporate strategy. Reuters reported that Fisker and a Hong Kong-based investor named Richard Li are common Fiskers DOE pay off loans and save the carmaker from bankruptcy.

Fisker dismissed three-quarters of its workforce in April. The company has its headquarters in Anaheim, California.

According to the company, Fisker was valued at around 2 billion $ until 2011.

The lone car, the Karma Fisker has a base price of more than $100,000. The company has sold a car reportedly since July 2012.

Wanxiang group bought Fisker's former battery manufacturer, A123 systems, at an auction in 2012, after the bankruptcy of the company.

Lutz was quoted in 2008 as saying that the electrification of the automobile "inevitable."

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Selections Named for U.S.-India Joint Energy Center

The Energy Department on April 13 announced the selection of three consortia that will make up the $125 million U.S.-India Joint Clean Energy Research and Development Center. The consortia are led in the United States by DOE's National Renewable Energy Laboratory and Lawrence Berkeley National Laboratory, as well as the University of Florida. They will bring together experts from national laboratories, universities, and industry in both the United States and India. Consortia researchers will leverage their expertise and resources in solar technology, advanced biofuels, and building efficiency to unlock the potential of clean energy technologies that can reduce energy use, cut dependence on foreign oil, and accelerate the deployment of renewable energy sources.

The three lead U.S. institutions have partnered with three lead Indian institutions: the Indian Institute of Science-Bangalore, the Indian Institute of Chemical Technology-Hyderabad, and CEPT University-Ahmedabad. The Joint Clean Energy Research and Development Center is part of the U.S.-India Partnership to Advance Clean Energy.

As part of a planned five-year initiative, DOE will make $5 million available in fiscal year 2012. The Energy Department plans to request as much as an additional $20 million of Congress over the next four years, subject to available appropriations, to support research conducted by U.S. institutions and individuals. The Indian Government also committed to funding $25 million over five years that will be used to support work by Indian institutions and individuals. In addition, U.S. and Indian consortia members have pledged more than $75 million in matching funds, for a combined funding total of more than $125 million for joint research and development in solar energy, advanced biofuels, and building energy efficiency. See the DOE press release.

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Iraq natural gas joint venture gets final approval

The Iraqi Cabinet approved with Royal Dutch Shell and Mitsubishi Corporation, formation of joint ventures to the raw gas from three large oil fields to collect an agreement.

The joint venture, Mitsubishi Corporation, 51% of Iraqi South gas company, are called held 44% of shell and 5% Basrah gas company (BGC) and come together is raw gas that is currently due to lack of infrastructure, flared to collect it.

Shell offers project management and technical expertise with the intention that learn and step-by-step key positions in the management of the company take over development of our Iraqi employees to facilitate.

"Recording this gas is a reliable energy supply for the Iraq while reducing greenhouse gas emissions," said shell Chief Executive Officer Peter Voser.

"This sends a positive signal about the investment climate in the country."

The joint venture collect and process raw gas from the fields of Rumaila, Zubair and West world's largest 1 and Majnoon, in the southern part of the country. The primary market for the gas is Iraq, but any surplus can potentially be exported.

Some 700 million standard cubic feet of gas is currently burned every day in the South of Iraq. At current prices is the gas valued at approximately $1.8 billion per year.

Burning created it, how much per year than 3.5 million cars greenhouse gases.

In September 2008, shell signed a preliminary agreement with the Iraqi Ministry of oil for a gas project collect. The agreement established the commercial principles: a joint venture between shell and the South gas company. An official signing of the agreement is scheduled in the near future.

In the Iraq shell, the operator of the Consortium is providing technical assistance in the development of the Majnoon field.

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Official Launch of Styrolution Joint Venture

LUDWIGSHAFEN, Germany, October 4, 2011 /PRNewswire/ --

- New Leading Styrenics Supplier Starts Operations

On October 1st, 2011 Styrolution officially started operating as an independent company, following the approval of the relevant antitrust authorities. The new company is a 50:50 joint venture between BASF and INEOS, comprising the key styrenics activities of the two partners. Styrolution is the world's leading styrenics supplier.

Styrolution is the only one of the key players dedicated entirely to styrenics, and a strong leader in the market. It holds global number one positions in styrene monomer (SM), polystyrene (PS), styrene-butadiene block copolymers (SBC), other styrene-based copolymers (SAN, AMSAN, ASA, MABS) and copolymer blends, and a number two position in acrylonitrile butadiene styrene (ABS).

Giving customers a competitive edge in their markets

Says Styrolution's CEO Roberto Gualdoni: "Using different business models to serve the different needs of the commodity and specialty styrenics markets, we are determined to give our customers a competitive edge. Our highly professional and passionate team around the world works diligently to deliver the best and most efficient solutions to drive the success of our customers - with fast and reliable supply, the highest product quality and consistency, constant innovation, and a professional service. This is in our corporate DNA and is reflected in our company name, which is a combination of the words 'styrenics' and 'solution'. Our objective as a company is to be and remain a strong leader in our markets globally, and we are excellently positioned for profitable growth and long-term success."

Global presence and industry-benchmark manufacturing sites

With its global and regional headquarters in Frankfurt, Germany and regional headquarters in Channahon (USA) and Singapore, Styrolution has a global market presence, which allows it to always be close to its customers and to serve their needs in the best possible way. The company employs around 3,400 people, and its 17 manufacturing sites across ten countries represent industry benchmarks and are among the most efficient in the world. With best-in-class production technology, leading R&D skills and strong IP and patents positions, Styrolution is perfectly equipped to ensure top quality, efficiency and innovation.

ABOUT STYROLUTION

Styrolution is the leading global styrenics supplier with a focus on styrene monomer, polystyrene, copolymers, and ABS. As a joint venture of BASF and INEOS, Styrolution combines the key styrenics assets of two of the biggest chemical companies in the world - with more than 70 years of experience, complementary competencies and portfolios. Styrolution strives to serve the success of its customers by offering them the best possible solution, designed to give them a competitive edge in their markets. The company provides styrenics applications for many everyday products across a broad range of industries, including automotive, electrical/electronics, building and construction, household appliances, toys/sports/leisure, packaging, healthcare and diagnostics. In 2010, pro forma combined sales were at 6.4 billion euros, resulting in an EBITDA before exceptionals of 407 million euros. Styrolution employs about 3,400 people at 17 sites in ten countries.

Further information on Styrolution is available at http://www.styrolution.com

Contact
Christine Schonfelder
Head of Corporate Communications, Investor Relations and Change Management

Styrolution Group GmbH
KS/K - H201
67056 Ludwigshafen
Germany
Phone: +49-621-60-45375
Email: christine.schoenfelder@styrolution.com

Internet: http://www.styrolution.com

SOURCE Styrolution Group GmbH

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