All posts tagged: 1.5B

Hitachi Energy invests .5B to make more transformers for grid upgrades

Hitachi Energy invests $1.5B to make more transformers for grid upgrades

Photo: Hitachi Energy Hitachi Energy is investing $1.5 billion to ramp up transformer production to support electrification efforts worldwide. Transformers enable efficient transmission and distribution of electricity. They’re a crucial component for integrating renewables, grid interconnections, electrifying transportation, and decarbonizing energy systems. Hitachi Energy’s latest investment will gradually expand its global transformer capacity by 2027. The $1.5 billion is in addition to the $3 billion the company announced in October 2023 for transformer manufacturing. Today, the Zurich-headquartered company also announced an investment of around $180 million in a new 30,000-square-meter (322,917-square-foot) transformer factory in the Vaasa region, Finland. It will come online in 2027.  I asked Hitachi Energy about its US expansion plans, and Steve McKinney, senior VP & head of Hitachi Energy’s transformer business in North America, said: The investments announced today are part of an overall effort to strengthen and optimize our manufacturing footprint, both globally and within North America. Hitachi Energy’s transformer facility expansions include the ongoing project in South Boston, Virginia, and other recently completed projects at Jefferson City, Missouri, and Bland, Virginia, among others, and …

Microsoft’s .5B check for G42 shows growing US-China rift

Microsoft’s $1.5B check for G42 shows growing US-China rift

As the Gulf region gains growing strategic importance for the tech war between the U.S. and China, Microsoft makes a big move into one of its richest oil countries. On Monday evening, Microsoft announced a $1.5 billion strategic investment in G42, the Abu Dhabi-based company that has become a major force in the United Arab Emirates’ ambition to be a global leader in artificial intelligence. The minority stake will give Brad Smith, Microsoft’s vice chair and president, a seat on G42’s board of directors. The deal signifies much more than a mere commercial collaboration between two AI titans. It serves as evidence of the two countries’ strategic positioning amid rising geopolitical tensions. The funding comes amid U.S. politicians’ escalating concerns over G42’s ties with China. In January, the bipartisan-select House Select Committee on the Chinese Communist Party sent a letter to Commerce Secretary Gina Raimondo calling for the inclusion of G42 on the Entity List, which would bar the Emirati company from accessing sensitive U.S. technologies. Such a move would put G42 under the same …

BMW’s EV battery partner launches a .5B factory expansion in South Carolina

BMW’s EV battery partner launches a $1.5B factory expansion in South Carolina

Photo: BMW Battery tech firm AESC, which is partnered with BMW, is investing $1.5 billion to expand its EV battery factory in South Carolina. AESC’s EV battery factory expansion AESC’s latest EV battery manufacturing expenditure follows its initial announcement to build the Florence County factory in December 2022 and its $810 million expansion announcement in December 2023. That’s a pretty significant investment at $3.12 billion. Today’s announcement will create 1,080 new jobs, bringing the total number to 2,700 jobs across the local community. In 2022, AESC announced a multi-year partnership with BMW to supply battery cells for next-gen BMW EVs produced at Plant Spartanburg in South Carolina. AESC’s latest expansion will provide EV battery components for BMW Group’s Mexico Assembly Operations. The new extension will be adjacent to the first building that broke ground in June 2023, in the more than 1,000-acre Florence Global Technology Park. Operations are expected to be online in 2027. Governor Henry McMaster (R-SC) said, “This investment is another monumental win for Florence County, and we look forward to the substantial impact this will …

Disney invests .5B in ‘Fortnite’ maker Epic Games

Disney invests $1.5B in ‘Fortnite’ maker Epic Games

A kid playing ‘Fortnite featuring Travis Scott Presents: Astronomical’ on April 23, 2020 in South Pasadena, California. NEILSON BARNARD / GETTY IMAGES VIA AFP The Walt Disney Co. said Wednesday, February 7, that it is paying $1.5 billion for a stake in ‘Fortnite’ maker Epic Games, working with the game developer to create a “games and entertainment universe” that will feature games, shows, and characters from Disney, Pixar, Marvel, Star Wars, Avatar and more. According to Disney’s CEO, Bob Iger, “This marks Disney’s biggest entry ever into the world of games and offers significant opportunities for growth and expansion.” “Our new relationship with Epic Games will create a transformational games and entertainment universe that integrates Disney’s world‐class storytelling into Epic’s cultural phenomenon,” he added, in the company’s first-quarter earnings call. “This marks Disney’s biggest entry ever into the world of games and offers significant opportunities for growth and expansion.” The investment was announced in the same earnings call that saw Disney announce that it won the streaming rights to “Taylor Swift | The Eras Tour Concert Film” film for …

All the things Disney’s Bob Iger said about the .5B investment in Epic and the new Disney universe

All the things Disney’s Bob Iger said about the $1.5B investment in Epic and the new Disney universe

Are you looking to showcase your brand in front of the gaming industry’s top leaders? Learn more about GamesBeat Summit sponsorship opportunities here.  Disney CEO Bob Iger gave air time in today’s earnings call to the partnership where Disney will invest $1.5 billion in Epic Games to build a new Disney universe that resembles a metaverse. The deal is a huge one that could boost the fortunes of Epic Games’ vision to build an open and connected metaverse — something Epic Games CEO Tim Sweeney has been talking about for nearly a decade. “It’s not just our parks where we’re creating new opportunities for consumers to engage with the characters and franchises they love,” Iger said in the analyst call. In our new relationship with Epic Games, we’re creating a transformational games and entertainment universe that integrates Disney’s world-class storytelling into Epic’s cultural phenomenon Fortnite, enabling consumers to play, watch, create, and shop for both digital and physical goods. This marks Disney’s biggest entry ever into the world of video games, and offers significant opportunities …

Disney invests .5B in Fortnite maker Epic Games to build a persistent game universe

Disney invests $1.5B in Fortnite maker Epic Games to build a persistent game universe

Are you looking to showcase your brand in front of the gaming industry’s top leaders? Learn more about GamesBeat Summit sponsorship opportunities here.  Disney is investing $1.5 billion for an equity stake in Fortnite and Unreal Engine maker Epic Games as part of a broader partnership to create a new Disney gaming universe. The companies plan to create an expansive and open games and entertainment universe. I would say they’re building a metaverse, if the word weren’t so overused late and out of favor with some. They didn’t actually use that word. Bob Iger, CEO of Disney, announced the investment in an interview with CNBC today. The companies will collaborate on a new games and entertainment universe that will further expand the reach of beloved Disney stories and experiences. It will be a multi-year project, built by Epic Games. “It’s not just our parks where we’re creating new opportunities for consumers to engage with the characters and franchises they love,” Iger said in an analyst call. In our new relationship with Epic Games, we’re creating …

TikTok to invest .5B in GoTo’s Indonesia e-commerce business

TikTok to invest $1.5B in GoTo’s Indonesia e-commerce business

ByteDance’s TikTok will take a 75.01% controlling stake in a joint venture entity formed in partnership with GoTo’s e-commerce unit Tokopedia, the two tech firms announced on Monday. TikTok will invest $1.5 billion in the combined entity over time “to provide future funding required by the business, without any additional dilution to GoTo’s 24.99% stake,” the companies said.  As part of the transaction, Tokopedia will first acquire TikTok Shop’s Indonesia business for $340 million in the fourth quarter of this year, according to GoTo’s investor note. TikTok will then acquire the majority stake in the entity. The overall transaction is expected to close in the first quarter of 2024.  The strategic partnership deal will allow TikTok to run its online shopping features again via TikTok’s social media app in Indonesia. The development comes roughly two months after Jakarta banned direct payments for online purchases on social media platforms to protect smaller local merchants and users’ data. TikTok suspended its e-commerce service on 4 October to comply with the new rule in the country, which was one …

Buy now, pay later platform Tabby nabs 0M in Series D funding at .5B valuation

Buy now, pay later platform Tabby nabs $200M in Series D funding at $1.5B valuation

The past year and a half have witnessed multiple startups facing valuation cuts as funding from VCs waned in an environment of rising interest rates. In this context, fintechs, especially buy now, pay later companies serving Western customers, including Affirm, Afterpay and Klarna, have encountered challenges in the public and private markets. Yet, Tabby, a platform offering BNPL services to customers in the Middle East, is currently thriving. Tabby, previously headquartered in Dubai but now based in Riyadh, has raised $200 million in its Series D funding round, achieving a valuation of $1.5 billion. This positions the shopping and financial services app as the first fintech startup unicorn in the Gulf, underlining its substantial growth and market importance in how customers shop and pay. This is coming less than a year after Tabby’s $58 million Series C round led by Sequoia Capital India and STV, both of whom participated in this recent unicorn round. Existing investors like Mubadala Investment Capital, PayPal Ventures and Arbor Ventures joined. At the same time, new backers include the lead investor …