Tag: company

Quebec investment company says battery industry will get another $15 billion in projects

by  on  in Business Investment News


The size of the investments promised in the battery industry could double again in the next few years to reach $30 billion, according to the head of Investissement Québec.


The projects announced in the battery sector represent total investments of nearly $11 billion. To this can be added nearly $4 billion in investments to be announced “shortly.”


“Another $15 billion is being discussed and will be announced over the next few years,” says Guy LeBlanc, President and CEO of Investissement Québec, in an interview prior to a speech he is due to give to the business community in Bécancour on Tuesday. “Essentially, these are phase two and phase three projects to increase the capacity of the plants already announced.”


LeBlanc considers that “the essential part” of Quebec’s battery ecosystem is now complete.


However, the government is planning to add “small missing pieces that we are working on.”


As an example, he spoke about the production of synthetic graphite, which would be added to the graphite production of Nouveau Monde Graphite.


With Quebec’s limited energy capacity, LeBlanc said the government will no longer be courting large cell manufacturers.


“Given the energy limitations at the moment, going out to find another cell manufacturer, for example, would be problematic,” he said.


The battery industry can do without the project by German giant BASF, which was announced in the spring of 2022 and was due to be completed in Bécancour in 2025, said LeBlanc. The project is in limbo while the company looks for partners in the automotive sector.


Even if it doesn’t materialize, BASF’s announcement has done useful work by putting the spotlight on Quebec, argued LeBlanc.


“It was really well received by the international community and by certain players who weren’t

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The Battery Company Freyr Cuts in Giga Arctic Investment

by  on  in Business Investment News

Les på norsk

The battery company Freyr will cut the costs at their battery venture in Mo i Rana in 2024. This was revealed in a press release from the company on Thursday.

Freyr is building the battery factory Giga Arctic in Mo i Rana, Nordland. The Giga factory has been referred to as potentially one of the largest investments in mainland Norway in recent times.

Freyr is now choosing to minimize Giga Arctic spending for 2024.

“The decision to minimize spending is intended to allow for continued technology development at the CQP while Freyr continues to work with stakeholders in Norway and Europe to establish competitive regulatory framework conditions for scaling battery manufacturing,” writes the company.

CQP is Freyr’s Customer’s Qualification Plant on Mo. 

Ventures in the US

“Norway and Europe have yet to offer a competitive response to the US Inflation Reduction Act (“IRA”) or similar incentives from Canada. Accordingly, FREYR plans to minimize spending on the project in 2024, secure the asset with the remaining committed capital spending, and continue to work with stakeholders in Norway and Europe to develop a mutually attractive policy solution,” the press release reads.

Before the summer, it was made known that Freyr would continue the project in Mo i Rana at a measured pace in favor of a US venture – the building of the Giga America factory in the state of Georgia.

The company further pointed to an expectation of a potential Norwegian response to the US’ financial support package for American businesses – meant to accelerate the construction of green industry in the US.

“Disappointing”

“The news of Freyr putting the factory building for battery production on hold in Mo i Rana is sad and severe for the Rana community,” says the Chair of the County Government, Sven Øien

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Windsor salad dressing company earns $1M Dragons’ Den investment

by  on  in Business Investment News

Published Nov 03, 2023  •  Last updated 1 day ago  •  4 minute read

Cedar Valley Selections
Ameen Fadel, founder and president of Cedar Valley Selections, and his mother Surria Fadel are shown at the Windsor business on Wednesday, November 1, 2023. The pita chip company received a significant investment on the Dragon’s Den show. Photo by Dan Janisse /Windsor Star

Of all the things a teenager might get caught selling out of a high school locker, Ameen Fadel probably had the most unusual — fattoush salad dressing.

Having already moved from high school hallways to stores across Canada, Fadel’s Windsor-based Cedar Valley Selections is set for another major expansion after scoring a $1 million investment on Dragons’ Den.

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Small Business Administration and Department of Defense Launch Small Business Investment Company Critical Technologies Initiative | Foley Hoag LLP

by  on  in Business Investment News

Key Takeaways:
  • On September 29, 2023, the U.S. Small Business Administration and the Department of Defense announced a major policy initiative aimed to incentive private capital investment in U.S. small businesses developing critical technologies.
  • As part of the initiative, the U.S. Small Business Administration has started accepting applications for Critical Technology Small Business Investment Companies which may qualify for low-cost leverage to encourage investment in these small businesses.
  • U.S.-based small businesses developing technologies related to biotechnology, quantum science, future generation wireless technology, advanced materials, AI and autonomy, integrated network systems-of-systems, microelectronics, space technology, renewable energy generation and storage, advanced computing and software, human-machine interfaces, directed energy, hypersonics and integrated sensing and cyber may be attractive to private capital investments incentivized by this new program initiative.

On September 29, 2023, the U.S. Small Business Administration (SBA) and the Department of Defense (DoD) announced the rollout of the Small Business Investment Company Critical Technology (SBICCT) Initiative, a joint effort between the SBA and the DoD to increase private capital investment in critical technologies vital to U.S. national security interests.

According to the Investment Policy Statement for the SBICCT Initiative released by DoD and SBA, the mission of the program is to incentive investors to catalyze investment in critical technology areas such as biotechnology, quantum science, future generation wireless technology, advanced materials, AI and autonomy, integrated network systems-of-systems, microelectronics, space technology, renewable energy generation and storage, advanced computing and software, human-machine interfaces, directed energy, hypersonics and integrated sensing and cyber. Building off the existing Small Business Investment Company (SBIC) program, DoD and SBA will partner to license SBIC fund managers with a strategic intent to invest at least 60% of capital in portfolio companies directly involved in the development of one or more critical technology areas designated by DoD. Once licensed as a

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Scots director hit with 14-year ban for £2.8 million oil company investment scam

by  on  in Business Investment News

Kenneth James Campbell, 52, from Glasgow, was banned from being a company director at The Court of Session in Edinburgh on 16 August 2023, after swindling £2.8 million from investors who believed they were investing in an oil and gas venture in Texas, USA.

Campbell was sole director of HGEC Capital Ltd, a company which claimed to invest in petroleum and natural gas extraction, from its incorporation in March 2018 until it went into liquidation in February 2020.

An Insolvency Service investigation was triggered after complaints from investors to the company’s administrators following HCEG Capital’s demise.

The court heard that Campbell had sought investment in the company from clients between June 2018 until it folded in February 2020.

But investigators discovered that HGEC had operated as a Ponzi-like scheme, with Campbell using new funds to make negligible interest payments to existing investors. Most of the money was sent to third parties, and hundreds of thousands of pounds was paid to Campbell himself, with only around £430,000 invested in the intended scheme.

Among those who benefitted from the company were Cheryl McGregor, wife of Scotland and Rangers goalkeeper Allan McGregor, who received £700,000, and a director of a connected company, who received £526,000.

The company’s administrators recovered £900,000 from Mrs McGregor through a gratuitous alienation claim – a claim against money that was given while the benefactor was insolvent .

Investigators also found that Campbell paid himself £194,000, and payments of £360,000 were paid to consultants in HGEC. The total loss to investors when the company folded was £2.8 million .

Investigators found no evidence of wrongdoing by anyone other than Campbell, who had been solely responsible for the company’s finances.

Rob Clarke, Chief Investigator of Insolvent Investigations North at the Insolvency Service, said:

Many of Kenneth Campbell’s victims are members

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How the next generation is breaking into company boardrooms

by  on  in Business Breaking News

After 20 years in investment banking, Rupal Patel joined risk analytics fintech Acin in 2019. Since starting her role, she has met board directors and advisers — typically older people in corporate life who had been on similar trajectories to hers and now have portfolio careers involving multiple board seats. They manage their own time, do varied and interesting work and give strategic advice without the stress of an executive role. “This sounded like a good proposition for me longer-term,” she said.

But Patel soon realised getting her first board seat would be difficult. As a 44-year-old woman of Indian origin, the odds are stacked against her. The world of non-executive directors is “a closed circle of who you know”, she said. “You really need experience and a network.”

Rather than signing up for an educational programme that teaches the theoretical aspects of boardroom life, Patel wanted practical experience. She got in touch with Heather White, a matchmaker who helps executives work their way to their first NED role by facilitating boardroom apprenticeships. For a fee of £7,800, White interviews candidates and connects them with a host board for a 12-month stint as an observer. They are mentored by the chair but also assigned a coach who helps them navigate boardroom relationships and decisions. (Everyone signs non-disclosure agreements.)

In the UK, boardroom apprenticeships are still a nascent idea and data is scant on how many convert to non-executive director roles. But demand is rising, according to White.

“Lots of executives — male and female — are looking for board roles but are not getting them,” she said. For candidates, such schemes provide insight into what a seat on a corporate board involves and are a way to boost their CV.

For businesses, they can be a useful tool for

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Crypto king fed funds from Chatham company, Banknote

by  on  in Business Investment News

A Chatham, Ont. mother is spearheading a class action lawsuit alleging a company that collected $14 million in investments from members of her community was actually a Ponzi scheme that fed nearly a third of its funds to Ontario’s self-described ‘crypto king’ Aiden Pleterski.

“It’s definitely been overwhelming,” Emily Hime, the 31-year-old mother, told CTV News Toronto in an interview earlier this month. “The financial stress of it all, it’s impacted my family life quite significantly.”

The class action, filed at the Ontario Superior Court of Justice in May, is representing 125 people who invested with Banknote Capital Inc. after a whistleblower from the company filed a complaint to the Ontario Securities Commission in early 2023 alleging the owner pocketed investments. The lawsuit is ultimately aiming to trace and preserve assets with the goal of redistributing money to investors.

Speaking out for the first time, the whistleblower – former Banknote employee Brock Tedford – told CTV News Toronto he believes his boss and close friend, Ryan Rumble, saw Pleterski “getting away” with allegedly exploiting investors and “decided to do the same thing.”

Pleterski – a 24-year-old from Whitby, Ont., who allegedly operated a $40 to $100 million Ponzi scheme – was pushed into bankruptcy a year ago. According to previous court documents, more than 98 per cent of the money he collected was never invested.

“I think he saw how quickly Aiden was getting away with it,” Tedford said of his boss.

HOW DID IT UNFOLD?

At the start, in the spring of 2021, Pleterski boasted six per cent earnings per week and offered investors a 70-30 per cent split on capital gains, a motion filed in court last month states.

Excited about the prospect of making quick profits, Rumble decided to create Banknote with two other directors in 2021

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Tucker Carlson may see Rebekah Mercer, Peter Thiel invest in company

by  on  in Business Investment News

Former Fox News commentator Tucker Carlson attends the Turning Point Action Conference in West Palm Beach, Florida, July 15, 2023.

Marco Bello | Reuters

Former Fox News host Tucker Carlson could see two of the wealthiest GOP business megadonors, Rebekah Mercer and Peter Thiel, invest in his new media company, according to people familiar with the matter.

Mercer has spoken with Carlson since his April departure from Fox News about possibly investing in his as yet unnamed media company, sources told CNBC. Thiel has hinted to allies that he could invest in the venture after hearing from Carlson’s side, these people added.

It was unclear Monday whether Thiel or Mercer had officially moved ahead with a financing plan, and their spokespeople did not respond to multiple requests for comment over several weeks, including outreach on Monday. A spokesman for Carlson did not return a request for comment.

But both of them have privately expressed interest in helping Carlson, said numerous sources, who were granted anonymity to discuss private conversations.

The move by Carlson and his team to cultivate potential investors like Mercer and Thiel signals that the former Fox News host’s new project could be on the brink of gaining financial support from some of the nation’s most recognized conservative megadonors.

The news of Mercer’s and Thiel’s interest in Carlson comes as the TV host and his longtime business partner Neil Patel are reportedly looking to raise hundreds of millions of dollars to fund the company.

Any business between Carlson and Mercer could be part of a larger financing effort led by investment firm 1789 Capital, which is already planning an eight-figure investment into the former Fox News host’s media venture.

Mercer is listed on the corporate database PitchBook as an “executive officer” at 1789 Capital and has already reportedly

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What to look for in a gold investment company

by  on  in Business Investment News

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If you choose a self-directed gold IRA, make sure your investment follows IRS requirements. 

Getty Images/iStockphoto


As uncertainty about a potential recession grows — coupled with the lasting effects of elevated inflation — more Americans this year are turning to gold investments.

But once you’ve decided to add gold to your portfolio, it can be a challenge to figure out exactly how to do it. You might choose to buy shares in a gold ETF with the brokerage you already use or gold futures contracts. You could also simply buy gold bullion, in the form of gold bars or coins. Another popular option for long-term investors is a gold IRA, which allows you to invest in physical gold using a tax-advantaged retirement account.

Gold IRAs are unique because you typically need to use a company to help you buy the gold and act as custodian so that you can meet IRS requirements for your self-directed IRA. You can also use these companies to assist your physical gold bullion purchase, even if you don’t plan to put it in an IRA. 

To help you get started, we’ve outlined a few things below you should always consider when choosing a company to assist with your gold investment.

Learn more about gold investing with a free information kit today. 

What to look for in a gold investment company

These are some details to look for when searching for a gold investment company:

IRS requirements and approved custodians

If you’re specifically looking to invest in a gold IRA, perhaps the most important thing you can do is ensure your investment follows IRA rules. Otherwise, you could face penalties or fines from the agency.

To start, make sure the gold the company buying on your behalf meets IRS standards. The IRS outlines eligible

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Supreme Court avoids ruling on scope of internet company immunity from lawsuits over content posted by users

by  on  in Business Google News

WASHINGTON — The Supreme Court sidestepped a ruling Thursday on the legal shield that protects internet companies from lawsuits relating to content posted by users in a case concerning allegations that YouTube was liable for suggesting videos promoting violent militant Islam.

In a brief unsigned opinion, the court did not decide the legal question of whether liability protections enshrined in Section 230 of the Communications Decency Act safeguard YouTube’s alleged conduct.

That is because, in a related case involving similar allegations against Twitter, the court ruled unanimously Thursday that such claims could not be brought in the first place under a federal law called the Anti-Terrorism Act. As a result, both the YouTube and the Twitter lawsuits are likely to be dismissed without courts’ needing to address the Section 230 issues.

“This is a huge win for free speech on the internet. The court was asked to undermine Section 230 — and declined,” said Chris Marchese, a lawyer at NetChoice, a trade group for tech corporations.

The YouTube lawsuit accused the company of bearing some responsibility for the killing of Nohemi Gonzalez, an American college student, in the 2015 Paris attacks carried out by the Islamic State terrorist group.

In the Twitter case, the company was accused of aiding and abetting the spread of militant Islamist ideology in way that contributed to the death of a Jordanian citizen in a terrorist attack.

The justices found in that case that relatives of Nawras Alassaf, who was killed in Istanbul in 2017, cannot pursue claims that Twitter, Google and Facebook were liable for aiding and abetting the attack under the Anti-Terrorism Act. Because of that decision, Gonzalez’s family is unlikely to be able to pursue its claim.

As a result, there is no need for courts to address the Section 230 immunity

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