Fintech PR
The Electrifying Divide in Battery Chemistries for Construction EVs
BOSTON, July 6, 2023 /PRNewswire/ — The success of electric vehicles in the construction industry will largely be determined by battery prices being low enough that the total cost of ownership is cheaper than diesel alternatives. IDTechEx’s new report, “Electric Vehicles in Construction 2023-2043“, shows that there is a battery price tipping point, under which it will be cheaper over the vehicle lifetime to operate an EV. Selecting the right chemistry then will be imperative for getting a low enough vehicle price. So why is a clear dichotomy seen between the batteries being deployed in China compared to Europe?
Electric vehicles in construction are an emerging market. Despite this, IDTechEx has built a database of more than 100 example makes and models across seven different construction vehicle categories. However, with lots of vehicles still yet to be released, only 49 database entries have confirmed chemistry information. With Europe and China being more established markets for electric construction vehicles, conclusions about battery chemistry trends from OEMs in these regions can be made. What is obvious at this early stage is that Europe heavily favors NMC, while China has chosen LFP.
Battery Requirements in Construction Vehicles
So why would one select NMC, LFP, or even lead acid, for that matter? Electrifying construction equipment is a fascinating and nuanced topic. The priorities for a battery are huge capacities at low costs. With some of these machines being gargantuan, and usually requiring concrete counterbalances to handle the massive loads they encounter, battery weight isn’t so much of an issue. Power density is also not much of a priority. Unlike electric cars, construction vehicles do not tend to have large spikes in power demand and are more likely to operate at a steady rate for a long time. As an example, the Tesla Model S has a ~60kWh battery and ~210kW motor power, meaning its battery must be able to deliver a peak of 3.5C (power divided by capacity). This is a typical requirement of road cars; hence, they tend to favor power-dense chemistries like NMC. By contrast, the Volvo L25 electric (an electric compact loader) has a battery capacity of 40kWh and a maximum motor power of 36kW, so the battery is only required to discharge at a maximum of 0.9C, well below road car expectations.
The same is true when you move to the really big stuff. The XCMG XE270E is a 27-tonne excavator leviathan with a battery capacity of 525kWh, but its motor is a measly 140kW (~0.27C). In fact, research in IDTechEx’s report, “Electric Vehicles in Construction 2023-2043“, shows that the vast majority of electric construction vehicles have a peak discharge requirement of less than 1C, with one quarter of vehicles requiring less than 0.25C peak discharge.
A low peak discharge requirement can be fulfilled by lead acid batteries, which is likely why it had a brief moment in the sun in the early days of construction electrification. The European examples that used lead acid were mainly from the mid-2010s, at which point lithium-ion technologies were still scaling and were much more expensive than lead acid. However, these vehicles were seriously limited, with low endurance and slow recharge times, making their use a challenge. Lead acid was quickly replaced with lithium-ion as it became more financially viable.
Both NMC and LFP offer the required performance for construction, happily coping with the peak discharging requirements and having high enough volumetric and gravimetric densities to fit in the machines. Speaking broadly, NMC tends to be a higher-performance battery than LFP, with better energy and power densities but coming at a premium. It would make sense then for the industry to select LFP. It offers all the needed performance while helping minimize the premium of building an electric vehicle, the number one priority for electric construction vehicles. Why, then, does the European market mostly use NMC?
Why is NMC dominant in Europe and LFP in China?
The best explanation is that it has been a case of availability. Most of the electric construction development so far has used battery pack suppliers, such as Northvolt, Forsee and Volta, and most of their products use NMC. IDTechEx’s research finds that over 75% of the offerings from European and North American pack manufacturers use NMC. These companies have been supplying a range of industries, including heavy-duty road vehicles like buses and trucks. These vehicles will have quite high peak power to deal with acceleration events, hills, etc. and will likely suit NMC better. IDTechEx speculates that this is why Europe has been mostly choosing NMC so far, but with battery pricing being a key factor in the success of electric construction vehicles, it is likely that there will be increased LFP uptake in the future.
Meanwhile, in China, LFP is already the dominant chemistry choice. China already has a good supply of LFP solution. This has risen as its vehicle fleet has rapidly been electrified, and it needed a cheap solution that could provide acceptable energy density (vehicle range) and keep the vehicle affordable. By contrast, European and North American electric vehicle markets have focussed on maximizing vehicle range, normally opting for the more expensive NMC and anticipating consumers will be more comfortable with the additional cost. This is good news for China’s electric construction industry, which has been able to build very large batteries relatively quickly and deploy some huge machines, such as the XCMG example already mentioned.
Unfortunately, there is not much data concerning which North American or APAC-based OEMs favor battery chemistries. This is mostly because OEMs in this region are only just beginning their electrification journeys. North America is a prime example; giants of the industry CAT and John Deere have made a recent push with electric construction vehicles showcased at BAUMA 2022, CES 2023, and CONEXPO 2023. However, these are still some years away from production, and battery chemistries are yet to be confirmed. However, an educated guess would suggest that CAT will likely use NMC for similar reasons to Europe.
Sodium ion, a Future Candidate?
Another possible contender for the construction industry is sodium-ion. This is an emerging chemistry and does not have an established market yet. The key thing to know is that sodium-based solutions can be produced at lower costs than lithium ones, but they will not have the same performance. In this respect, they share the qualities of LFP. The issue is that they are not yet a scaled solution, so they are more expensive than both LFP and NMC while having worse performance. Sodium, therefore, does not make sense in the construction industry for the time being. However, when scaled and delivering the promised price reduction, it could be a prime match for the needs of this nuanced market.
The electric construction industry is still nascent, with few vehicles in series production. However, if recent activity and announcements are to be believed, then the number of machines available in the next few years is going to explode. In IDTechEx’s report, “Electric Vehicles in Construction 2023-2043“, a 10-year CAGR of 37% is forecasted, with the electric construction machine industry growing to a value of US$150 billion in 2043. All of this growth is going to give rise to a significant battery demand, and whether it be NMC, LFP, or perhaps even Na-ion, the evolution of this industry is going to be electrifying.
IDTechEx Mobility Research
IDTechEx is actively researching autonomy and electrification and has just released a new report, “Electric Vehicles in Construction 2023-2043”. Find out more about this report, including downloadable sample pages, at www.IDTechEx.com/EVConstruction.
This research forms part of the broader mobility research portfolio from IDTechEx, who track the adoption of autonomy, electric vehicles, automotive semiconductors, battery trends, and demand across land, sea and air, helping you navigate whatever may be ahead. Find out more at www.IDTechEx.com/Research/EV.
About IDTechEx
IDTechEx guides your strategic business decisions through its Research, Subscription and Consultancy products, helping you profit from emerging technologies. For more information, contact [email protected] or visit www.IDTechEx.com.
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Fintech
Fintech Pulse: Industry Updates on Regulatory Pressures, Fraud Prevention, Humanitarian Finance, and Strategic Sales
As fintech companies continue to shape the global financial landscape, regulatory pressures, fraud prevention, human-centered financial services, and high-stakes acquisitions are front and center. Today’s briefing dives into the most recent developments impacting the fintech ecosystem. The following op-ed reflects on these shifts, bringing an analytical view of the news from regulatory frictions to strategic partnerships, framed within the complex interplay between technology, finance, and global regulations.
Lawmakers Sound the Alarm on Fintech Regulatory Overreach
In the evolving U.S. fintech landscape, a tug-of-war between federal and state regulators is heating up. Lawmakers have raised concerns about regulatory overreach, warning that fragmented federal and state frameworks could hinder fintech innovation and growth. Federal agencies, particularly the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), have clashed with state regulatory bodies. These frictions have emerged over issues like state licensing requirements, the use of “true lender” rules, and the boundaries of federal preemption.
As fintech firms work to innovate, they often encounter a regulatory quagmire where state and federal rules overlap or contradict each other. For instance, the “true lender” doctrine continues to provoke disputes on jurisdiction, as it can dictate the level of oversight a fintech lender might face. States argue that fintech companies leveraging national banking charters to circumvent state regulations are violating consumers’ rights and disrupting fair financial access.
From an op-ed perspective, it’s clear that this regulatory tug-of-war has significant implications for fintech firms and the consumers they serve. State-level regulators have a point: a more localized approach might better protect consumers from predatory practices and opaque pricing. However, the federal approach offers a harmonized path that could encourage interstate fintech expansion. The tension, however, threatens to stall industry innovation, leaving companies in regulatory limbo and consumers with uneven protections.
Source: PYMNTS News, October 2024
Fraud and AML Losses Increase, Pressuring Fintechs to Adapt
In a recent report by Unit21, the scale of fraud and anti-money laundering (AML) losses within the fintech sector has come into stark relief. The report highlights an estimated annual loss of billions for fintech companies due to fraud and AML breaches. Key issues range from inadequate identity verification processes to evolving cyber threats, which bad actors exploit to perpetrate fraud.
Unit21’s findings suggest that while fintech companies invest heavily in technology, they often fail to keep up with the agility of fraud tactics. The report underscores how fraudsters adapt to changes in fraud-detection protocols faster than expected, using techniques like synthetic identity fraud, account takeovers, and elaborate money laundering schemes. This has intensified the need for robust Know Your Customer (KYC) and AML mechanisms, as traditional defenses prove ineffective against modern fraud techniques.
From an op-ed lens, the impact of fraud losses on fintechs isn’t limited to financial losses. It also erodes trust, one of the most valuable assets for fintech platforms. To maintain consumer confidence, companies must take a more proactive stance in combating fraud. Advanced solutions incorporating AI and machine learning are pivotal for effective fraud detection and prevention, yet they must be implemented carefully to avoid false positives that frustrate legitimate users. The report’s insights remind us that innovation without security measures is an open invitation for exploitation.
Source: The Paypers, November 2024
Internet Computer Protocol Supports “Fintech for Humanity” at Singapore Fintech Festival 2024
At this year’s Singapore Fintech Festival, Internet Computer Protocol (ICP) announced its support for the “Fintech for Humanity” initiative, highlighting the role of digital financial solutions in addressing global humanitarian challenges. As part of this event, ICP has focused on creating scalable, decentralized technologies aimed at providing financial services to underserved communities globally.
This initiative aligns with a growing trend in fintech—harnessing technology to promote social impact. ICP’s endorsement of “Fintech for Humanity” underscores a commitment to financial inclusivity, promoting a decentralized financial ecosystem that extends beyond the traditional banking infrastructure. By leveraging blockchain technology, ICP seeks to empower populations without bank access, addressing social issues from poverty alleviation to emergency financial aid.
In an industry often accused of prioritizing profit over people, “Fintech for Humanity” serves as a refreshing counter-narrative. The backing from a player like ICP brings credibility and visibility to humanitarian fintech efforts, paving the way for innovations aimed at social good. This shift is likely to inspire other fintech companies to explore similar initiatives, recognizing the need for ethical considerations in the financial technology space.
Source: PR Newswire, November 2024
Strategic Acquisition: One Equity Partners Sells Dragonfly Financial Technologies to FIS
In a strategic move, One Equity Partners has completed the sale of Dragonfly Financial Technologies to FIS, marking a significant consolidation within the fintech landscape. Dragonfly, known for its payments solutions, has developed an extensive suite of technology that enhances real-time payments capabilities, an increasingly sought-after service in today’s fast-paced financial environment. This acquisition is expected to bolster FIS’s digital payment infrastructure, as they integrate Dragonfly’s offerings into their extensive portfolio.
The transaction points to a broader trend of consolidation in fintech, where established players acquire specialized firms to expand their service offerings and remain competitive. FIS’s acquisition of Dragonfly is particularly timely, as the demand for streamlined payment solutions grows. Real-time payments are becoming more critical, not only for enhancing the user experience but also for responding to regulatory demands for greater transparency and security.
From an op-ed perspective, FIS’s strategic acquisition of Dragonfly is indicative of a maturing industry. Mergers and acquisitions (M&A) activity in fintech is a double-edged sword. While it consolidates resources and expertise, it also reduces market competition, potentially stifling smaller players. As the industry evolves, M&A will likely intensify, challenging regulators to balance fostering innovation with maintaining competitive fairness.
Source: Business Wire, November 2024
AZA Finance Secures PSP License in Nigeria, Marking Milestone for Fintech Expansion in Africa
AZA Finance has announced that its subsidiary has been granted a Payments Service Provider (PSP) license by the Central Bank of Nigeria. This license authorizes AZA Finance to offer digital payment solutions within Nigeria, an emerging market with a rapidly growing demand for financial services. The PSP license enables AZA Finance to expand its presence in Africa’s fintech ecosystem, supporting digital transformation across the continent.
This development underscores Nigeria’s commitment to digital finance, especially as the country works toward achieving broader financial inclusion. AZA Finance’s PSP license enables the company to leverage its cross-border payments solutions, which are designed to streamline transactions in diverse African markets. This milestone is not only significant for AZA Finance but also for Nigeria, as the license positions the country as a regional fintech hub.
Looking forward, Nigeria’s regulatory environment will play a critical role in shaping fintech’s impact on the economy. The Central Bank’s move to grant PSP licenses is commendable, signaling a welcoming stance for fintechs. However, maintaining robust oversight will be essential to prevent issues related to money laundering and ensure consumer protection as fintech expands.
Source: Business Wire, November 2024
Conclusion
In today’s fast-paced fintech environment, companies are navigating complex regulatory landscapes, tackling evolving fraud threats, expanding social impact initiatives, consolidating through acquisitions, and making strategic moves in emerging markets. This briefing provides an overview of the latest developments, reflecting the diverse and rapidly shifting priorities within the fintech industry. Regulatory clarity, technological vigilance, and ethical considerations are increasingly pivotal as fintech firms redefine the boundaries of finance on a global scale.
The post Fintech Pulse: Industry Updates on Regulatory Pressures, Fraud Prevention, Humanitarian Finance, and Strategic Sales appeared first on HIPTHER Alerts.
Fintech PR
Gnosis Gathers Vitalik and Other Industry Heavyweights for Blockchain’s Biggest Debates at Inaugural DevConflict
- Featuring seven matchups over two days, DevConflict will facilitate discussions on some of the industry’s biggest questions and divides.
LONDON, Nov. 5, 2024 /PRNewswire/ — Gnosis, the architects of the fully EVM-compatible Layer-1 Gnosis Chain, today announces the launch of DevConflict, a credibly neutral forum ahead of Devcon aimed at finding a resolution to the biggest divides and questions in Web3. Taking place from the 9th to the 10th of November in Bangkok, DevConflict will be hosted at the Siam Society Under Royal Patronage, a short walk from the main Devcon venue, the National Convention Centre.
Martin Köppelmann co-founder of Gnosis said: “Devconflict stands as the premier arena for Ethereum’s most crucial discussions. Whether it’s shaping the future of staking, solving blockspace scalability, or strategizing the onboarding of the next billion users, we offer a neutral platform for the community to address these core challenges directly. We’re proud to host Ethereum’s leading minds as they drive these essential conversations, and look forward to fostering dynamic debates that will help chart our collective path forward.”
Featuring seven matchups, DevConflict brings together industry heavyweights in an environment where speakers and attendees engage in in-depth discussions on critical topics. Bucking a trend of pay-to-present conferences, DevConflict is designed to bring speakers outside of their comfort zone and share real substance.
Each 60 minute debate (listed below) covers a core question in the Ethereumverse and will feature candid Q&As. Additionally, by voting on which contender wins the debate, audience members directly contribute to the shaping of the industry’s future:
- Gnosis: L1 vs L2 – Vitalik Buterin (Ethereum Foundation) and Martin Köppelmann (Gnosis)
- Layer 1 vs Layer 2: Evaluating Gnosis Chain’s Potential Network Evolution
- Moderated by Bartek Kiepuszewski (L2BEAT)
- Vanilla Staking vs Liquid Staking – Nixo (EthStaker) and Dmitry Gusakov (Lido)
- Two faces of staking: Vanilla and Liquid Approaches
- Moderated by Brian Crain (Chorus One)
- Protocol Ossification vs Agility – Odysseus (Phylax Systems) and Toghrul Maharramov (Scroll)
- Immutable Foundations vs. Adaptive Evolution: The Future of Blockchain Protocols
- Moderated by Sebastian Bürgel (Gnosis)
- Onboard the Next 1B vs the Next 1M – Remco Bloemen (Worldcoin) and Vadim Koleoshkin (Zerion)
- Onboarding the next 1 billion, or onboarding the next 1 million? Should Blockchain Compromise Ideals for Mass Adoption?
- Moderated by Kartik Talwarn (ETH Global)
- Local Apps vs Cloud Service – Andreas Tsamados (Fileverse) and Michelle Mosh (Protocol Labs)
- Control or Convenience: The Clash Between Local Apps and Cloud Services in the Future of Blockchain
- Moderated by Lefteris Karapetsas (Rotki)
- Larger Blockspace vs Low-Spec Device Compatibility – Nick Dodson (Fuel Labs) and Toni Wahrstätter (Ethereum Foundation)
- Ethereum’s Crossroads: Maximize Capacity or Prioritize Participation?
- Moderated by Pol Lanski (DappNode)
- Should MEV be Tackled at the Application Layer or Protocol Level? – Felix Leupold (CoW Swap) and Tomasz Stanczak (Nethermind)
- MEV Mitigation: Protocol-Level Solutions vs. Application-Layer Approaches
- Moderated by GregTheGreek.eth (Chainsafe)
Beyond voting on the outcome of key debates, Devconflict launches together with a predictions market focused key questions to be discussed at the event. Hosted on Presagio, attendees can take stake on questions including “Will more than 50% of Ethereum transactions be processed on Layer 2 solutions by the end of 2026?” and “Will a major blockchain protocol (Bitcoin, Ethereum, or others in the top 5 by market cap per DefiLlama) announce a permanent freeze on feature upgrades by 2026?”
DevConflict comes on the back of the successful run of Gnosis’ annual flagship event, DappCon in May 2024 which gathered over 900 builders to discuss the latest trends in the Ethereum ecosystem.
General tickets for DevConflict are available and can be purchased here.
About Gnosis
Gnosis is building open applications and infrastructure for the new economy. The Gnosis ecosystem is underpinned by Gnosis Chain, a secure, resilient, and decentralized blockchain that extends Ethereum with lower transaction costs. Gnosis Studios is a product incubator focused on payments, identity, and internet freedom, while GnosisVC is an early-stage investor in projects focused on decentralized infrastructure, real-world assets, and financial rails.
Website | X (Twitter) | Discord | Blog
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Fintech PR
Former Cointelegraph Editor-In-Chief Kristina Cornèr Joins Exponential Science to Expand Partnerships and Drive Global Strategy
- The foundation will harness the expertise of former Cointelegraph Editor-in-Chief, Kristina Corner as the new Global Head of Strategy and Partnerships.
- The appointment will shape Exponential Science’s strategic vision, enabling the convergence of emerging technologies and driving interdisciplinary research and partnerships.
LONDON, Nov. 5, 2024 /PRNewswire/ — Following October’s successful 10th annual Peer-to-Peer Financial Systems Workshop in Dubai, where the launch of independent foundation Exponential Science was announced, founders Dr. Paolo Tasca and Professor Nikhil Vadgama have bolstered their team with the hiring of former Cointelegraph editor-in-chief, Kristina Cornèr. Kristina will lead the Partnerships and Strategy arm of the foundation, bringing deep expertise in securing new resources and forging impactful partnerships.
Exponential Science was established to address the growing interdependencies among emerging digital technologies and deep tech. It focuses on harnessing the synergy between blockchain and other cutting-edge technologies, including artificial intelligence, quantum computing, AR/VR, and other deep-tech innovations. Scientists have long driven many of humanity’s greatest achievements and translating this academic expertise into actionable insights for businesses and regulators is crucial. To assist with this, Exponential Science has brought on Kristina whose mission is to communicate the foundation’s work effectively across industries and sectors, ensuring its impact reaches both practical and policy applications.
Kristina joins Exponential Science after seven years at leading blockchain publication Cointelegraph. With her extensive knowledge of the digital assets landscape and blockchain, Kristina is expertly placed to help the foundation broaden its connections and expand its research to new audiences in a digestible and engaging way. Kristina is also an accomplished sustainability leader, serving as an ambassador for the Climate Chain Coalition, an international, multi-stakeholder organisation focused on advancing blockchain and digital technologies to support climate action and sustainability. She is also a founding advisory member of 100Women@Davos, which has helped to build a community of female CEOs, leaders, and change-makers dedicated to advancing the United Nations Sustainable Development Goals.
“Exponential Science is uniquely positioned to unite businesses, regulators, and academics to tackle global challenges using the potential of blockchain, AI, and deep tech. I am thrilled to be able to explore powerful narratives within the scientific community and amplify their voices to key players shaping the future of technology. I am committed to advancing impactful ideas and fostering collaboration across industries, communities, and borders,” says Kristina Cornèr.
“Exponential Science’s mission is clear – we want to advance research, innovation, and education of emerging technologies such as blockchain, AI, quantum computing and much more. We want to facilitate the safe and empowering adoption of these technologies so that society can thrive and solve real-world problems. Kristina will play a critical role in growing our partnerships and fine-tuning our strategy so that we can make a real difference in the emerging technology space. We are in an exciting growth stage at the foundation and we look forward to bolstering our team of experts further in the coming months,” says Dr. Tasca.
This month, Exponential Science released its first study, which aimed to quantify the environmental effectiveness of Bitcoin mining bans by estimating the resultant carbon emissions from displaced mining operations. Part of the study examined the effect of Bitcoin mining bans in low-emission countries and found it could result in a significant net increase in global carbon emissions due to redirecting mining activities to regions with higher carbon intensities. For example, a ban in Canada could lead to an increase of almost 6%, or 2.5 million tonnes of CO2 annually.
About the Exponential Science Foundation (ESF)
The Exponential Science Foundation (ESF) is a Hedera-funded independent foundation driven to advance research, education, and innovation across emerging digital technologies/deep tech. With a mission to explore the convergence of blockchain, Artificial Intelligence (AI), the Internet of Things (IoT), and other transformative technologies, ESF aims to drive interdisciplinary collaboration and deliver impactful solutions to challenges faced by society. ESF is committed to fostering sustainable, transparent, and innovative developments that will shape a more advanced and interconnected future. For more information go to: www.exp.science.
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