Three individuals were identified as “initiators and founders” of the endowment:Jochen Wermuth, founder of German family office Wermuth Asset Management and member of the investment committee of Germany’s newly created €24bn fund to finance the storage of nuclear waste;Markus Bodenmeier, co-founder of AQAL, a Munich-based multi-family office; andPatrick Horend, former special situations investor and risk manager at the Abu Dhabi Investment Council.AQAL and Wermuth Asset Management are also separately named as backing the launch. Philippe Desfossés (top) and Mats AnderssonThe initiators of Climate Endowment aim to raise €20bn-40bn in commitments from the public and private sector.It is due to be launched in the autumn and will be headquartered in Berlin, “the centre of the energy transition and home to many research and policy institutions on climate change”, the statement said.Targeting institutional investors such as EU pension funds, it said it would focus on illiquid investments in renewable energy, new mobility, and related clean tech assets.Large US endowments had achieved better financial results than EU pension funds and insurers over the past decades, according to the statement, which attributed this to the former being able to invest with a long-term horizon, “largely in illiquid assets, alternative asset classes and largely taking equity risk”.EU pension funds and insurers, in contrast, were prevented from investing in this way by regulation, and often did not have the resources to do so. The former chief executives of two major European pension funds are supporting a planned new endowment focused on investing in climate change solutions.Mats Anderson, former CEO of AP4 in Sweden, and Philippe Desfossés, ex-CEO of France’s ERAFP, are supporting the founders of the Climate Endowment, according to a press release.Stephen Blyth, former chief of Harvard University’s endowment fund, is the third major investment expert on the new group’s advisory panel.According to the press release, the Climate Endowment was being launched as “an urgent response to the climate crisis and to the European voters’ outcry for a green revolution”.
Three major Nordic pension funds have backed a $1bn (€886m) capital raising for Swedish lithium-ion battery maker Northvolt, led by Goldman Sachs and Volkswagen.Sweden’s AMF and Denmark’s ATP announced investments of SEK740m (€69m) and DKK650m (€87m) respectively in the start-up company, which said it would use the equity to “enable Europe’s first homegrown gigafactories for lithium-ion batteries”.Folksam, the Swedish pensions and insurance group, said it put SEK200m into the company via the capital raising.With debt financing to be provided by the European Investment Bank and other lenders, Northvolt said funding was in place to set up the initial 16 gigawatt hours of lithium-ion battery cell manufacturing capacity at its Northvolt Ett factory. Construction of the the factory in Skellefteå in north-east Sweden was due to start in August, with production scheduled to begin in 2021, it said.#*#*Show Fullscreen*#*# An artist’s impression of the Northvolt Ett factoryUlrik Weuder, head of alternative investments at ATP, said: “With the investment in Northvolt, we can be involved in promoting the development of a green car industry and create a good return for our members – that is a match we really like.”He said the car industry was undergoing a transformation and both the development of and demand for electric cars was rising strongly, which increased the need for lithium batteries.Weuder said that, with the local hydro-electric power plant providing electricity for Northvolt’s battery production, the CO2 burden of the development was being significantly reduced.Tomas Flodén, AMF’s CIO, said the pension fund aimed to be a long-term owner of Northvolt, after taking a 5% stake. “It feels particularly good to be part of a Swedish industrial investment of this size,” he said. “The investment has the potential to be good not only for our savers, but also for Sweden at large.”Michael Kjeller, Folksam’s CIO, added: “The investment will yield profits economically, environmentally as well as for the local community.”Folksam said the investment would be divided equally within the group between the life and pensions arm Folksam Liv, non-life arm Folksam Sak and the pension fund KPA.Other investors in Northvolt included German carmaker BMW and the IMAS Foundation, a sister foundation to the INGKA Foundation, the indirect owner of IKEA.
Top eligible drivers in both Stock Car regions and in both Hobby Stock regions, and in national standings for Northern SportMods and for Southern SportMods all get D.U.I. distributors. Eligible runners-up in each division each get $100 product certificates, with $75 for third, $50 for fourth and $25 for fifth. The Memphis, Tenn., high performance parts manufacturer, now in its 14th year of sponsorship, gives a combination of product awards and product certificates to IMCA Sunoco Late Model, IMCA Sunoco Stock Car, IMCA Sunoco Hobby Stock, Karl Kustoms Northern SportMod and Smiley’s Racing Products Southern SportMod competitors. MEMPHIS, Tenn. – The Performance Distributors contingency awards program expanded in 2019 has been renewed for the 2020 IMCA race season. Performance Distributor awards will be presented during the national banquet in November or mailed beginning the following week from the IMCA home office. Late Model awards were new to the Performance Distributors program last year. In addition to required distributor usage, Stock Car, Hobby Stock and SportMod drivers must fill out and return a contingency sign-up sheet to the IMCA home office by Aug. 1. Information about Performance Distributors products and dealers is available at the www.performancedistributors.com website, by calling 901 396-5782 and on Facebook. Both the Late Model national champion and national rookie of the year earn D.U.I. distributors. Second through fifth place finishers in national point standings receive $50 product certificates; all Late Model track champions receive D.U.I. coil kits. “We are rebuilding a great weekly Late Model program and the renewal of the Performance Distributors program displays the continued commitment to not only that division, but the other aforementioned ones as well,” IMCA Marketing Director Kevin Yoder noted. “We are grateful to Performance Distributors for 14 years of support.”
AS the race to the top seat of the Guyana Motor Racing and Sports Club (GMR&SC) heats up, one competitor has outlined his plans should he be successful.Former president Mahendra Boodhoo, one of the candidates who emerged has pinpointed the return of the Dakota 100 and marshal training as two of the major plans he has for the sport in 2020.Releasing via a post on his facebook page, Boodhoo stated, “We will reintroduce the Dakota 100 which is 100 laps around the long circuit with adequate safety marshals and safety responders. We will get major sponsors for this event so that we can have foreign competitors joining this series and encourage local cars that were built for endurance racing to come out.”In addition to that, the manifesto added, “We will have a full complement of volunteers to ensure all safety and follow the regulations. We will arrange training of marshals and follow protocols.”His first task if elected back in office would be the fan experience he stated, adding, “We plan to keep the fans more informed and be interactive with the fans by resuscitating the GMR&SC website and other social media platforms together with getting the forum up and running where we can get feedbacks from our fans.”He has also outlined plans to increase the membership of the club through ‘non-traditional members’ as well as enhanced improvement to the South Dakota raceway.“We have seen tremendous improvements in the form of racing within the last two years, kudos to the teams and present executives. We plan in the short term to focus on developing the drag strip to meet international standards, by re-laying the entire quarter mile to a flat surface including a full operational timing system with digital boards at the finish line.”His slate includes: Shairaz Roshandin (Vice-President), Azim Jaffar (Secretary), Chetram Singh (Treasurer), Azaad Hassan (Assistant Secretary/Assistant Treasurer), Rameez Mohamed, (Club Captain), Joel Evans (Technical Advisor), Vivekanand Harichand (Committee Member), Reyaud Rahaman (Committee Member), Paul Jiwanram (Committee Member), Diana Dornellas (Committee Member) and Udoh Kanu (Committee Member).Elections, along with the annual general meeting of GMR&SC, take place on Monday.