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Ikea injects $373 million into solar parks in Europe; General Motors and Honda will produce millions of electric vehicles: NRG counts

RIYADH: Soaring energy prices are affecting almost every country. While Germany’s natural gas imports are falling, Poland is allowing the return of coal to the country’s energy plans.

Additionally, Japan calls for accelerating nuclear restarts.

At the micro level, automakers are making deals with each other to propel the adoption of electric vehicles, in the near future.

Other companies such as Sweden’s Ikea are investing large sums in solar farms as part of a renewable push.

Looking at the big picture:

Germany’s natural gas imports fell 8.2% in January 2022 compared to the corresponding period last year, Reuters reported.

Despite this, the bill jumped 217% over the same period, as prices associated with natural gas soared.

·Poland has announced its intention to increase the use of coal-fired power plants in the short to medium term, Bloomberg reported.

It comes as gas – which was supposed to be the transition fuel on the European country’s path to nuclear and renewable energy – prices have risen exponentially in recent months.

Japanese lawmakers are calling for a quick nuclear restart amid the energy crisis due to soaring energy bills and geopolitical tensions, Bloomberg reported.

However, the attempt to speed up the process is hampered by a web of red tape governing nuclear reactors following the Fukushima nuclear disaster in 2011.

Through a micro lens:

The investment arm of Swedish multinational furniture retailer Ikea, Ingka Investments, plans to invest a total of 340 million euros ($373 million) in nine solar parks in Germany and Spain, has reported Bloomberg.

The German photovoltaic company Enerparc is in charge of developing the projects which should be ready for construction towards the end of 2022.

American multinational automaker General Motors Co. and Japanese automaker Honda Motor Co. are collaborating to develop millions of affordable small electric vehicles in major global markets, Bloomberg reported.

Automakers plan to launch the first models in North America by 2027.

· Sono Motors in Germany announced its partnership with Finnish entrepreneur and vehicle supplier for the development and production of battery, roof and kinematics systems Valmet Automotive in the production of solar electric cars.

Commercial production is expected to take place in 2023 in Finland, Reuters reported.