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Recharge Wrap-up: Porsche buys stake in carbon fiber partsmaker, Formula E runs on solar

The US Department of Energy is providing $35 million in new funding for fuel cell and hydrogen technologies. The money will fund projects to advance technology and speed up adoption of fuel cell applications like light-duty vehicles. Categories for possible projects include deployment of fuel-cell electric hybrid vehicles, mobile refueling and one called "Crosscutting: America's Climate Communities of Excellence." Other possible projects include research and development for hydrogen production, delivery and fuel cell manufacturing. Read more from the DOE. Porsche will buy a 25.1-percent stake in carbon fiber parts manufacturer Capricorn Composite GmbH. Capricorn has provided parts for Porsche's LMP1 racecar and 918 Spyder. The deal will give the automaker better access to the lightweight material going forward, and will "build on joint work over many years in the motor-sports industry and secure the future," according to Porsche. Porsche's parent company Volkswagen owns almost 10 percent of Capricorn's competitor SGL Carbon SE, but an expansion of that ownership could be thwarted by BMW, which controls more of SGL's stock. Read more at Bloomberg. The electric racecars running in the Formula E Miami ePrix will use solar energy. Florida Power & Light (FPL) will provide the electricity the cars will be using for the race on March 14, and its Martin Next Generation Solar Energy Center provided the electricity the cars used during the announcement event. "Our partnership with Formula E and the Miami ePrix is another example of our commitment to advancing zero-emissions solar energy and the use of electric vehicles in Florida," says FPL President and CEO Eric Silagy. FPL currently operates two other solar plants, with plans to install 1 million solar panels at three more power plants by the end of next year. Read more at Domestic Fuel. Featured Gallery 2015 Porsche 918 Spyder: First Drive View 51 Photos Related Gallery 2015 Formula E Buenos Aires ePrix View 28 Photos News Source: DOE, Bloomberg, Domestic FuelImage Credit: Porsche Government/Legal Green Motorsports Porsche Alternative Fuels Electric Hydrogen Cars recharge wrapup

Porsche board members facing another ˆ1.8B lawsuit over VW takeover bid

Back in 2008, Porsche got the bright idea that it could take over Volkswagen in the midst of the worst economic slump since the Great Depression. Ignoring that this was a catastrophic move for the Stuttgart sports car manufacturer that that eventually resulted in it nearly going bankrupt and eventually being taken over by the same company it sought to control, the aftermath has left Porsche Chairman Wolfgang Porsche and board member Ferdinand Piëch in the crosshairs of seven hedge funds that lost out during the takeover and are now seeking €1.8 billion - $2.43 billion US - in damages from the two execs, according to the BBC.
See, investors bet on Volkswagen's share price going down, partially because Porsche said it wasn't going to attempt a takeover. But Porsche was attempting to take over VW, having bought up nearly 75-percent of VW's publicly traded shares. When word broke that Porsche owned nearly three-quarters of VW (which indicated an imminent takeover attempt), rather than go down like the hedge funds bet it would, VW's share price skyrocketed to over 1,000 euros per share, according to Reuters.
Naturally, when you bet that a company's share price is going to drop and it in turn (temporarily) becomes the world's most valuable company, you lose a lot of money, unless you're able to buy up shares before prices jump too much. This led to a squeeze on the stock, which the hedge funds accuse Porsche and Piëch (who are both members of the Porsche family and supervisory board) of organizing.

German carmakers recall 630,000 diesel vehicles in Europe

Mercedes, Opel, Porsche, and Volkswagen will recall over 630,000 cars in Europe, according to reports Friday. No diesel car has been able to get under the legal emissions limit in real-world driving, according to a German government investigation. While only Volkswagen Group has been using a specific "defeat device", other carmakers have been playing with their exhaust gas recirculation (EGR) systems. Depending of the manufacturer, the systems have been cut off at a certain temperature. In a specific test cycle the systems operate to fulfill the legal requirements, but in everyday use the limits are exceeded. According to the magazine Der Spiegel, the supplier Bosch is behind this programming and has provided it to all German automakers. The mentioned carmakers have announced recalls, but many other manufacturers are also mentioned by name in the report, including Alfa Romeo, Chevrolet, Dacia, Fiat, Ford, Hyundai, Jaguar, Jeep, Land Rover, Nissan, Renault, and Suzuki. PSA Group, which produces Peugeot, Citroen, and DS cars, declared yesterday that its offices were raided following an emissions investigation. Related Video: News Source: AutocarImage Credit: Getty Images Government/Legal Green Recalls Mercedes-Benz Porsche Volkswagen Opel Emissions Diesel Vehicles diesel emissions investigation