Sunnova Encouraged Dealers to Keep Selling Solar Panels as Financial Woes Mounted
Sunnova was months behind on its payments to dealers, who sell and install its home solar-energy systems and depend on timely reimbursements from the company to recoup upfront costs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
40 minutes ago
- Forbes
Inside The Bold Vision For America's First Cognitive City
An artist's rendering of Pista, a motorsports club, one of 14 districts in the proposed cognitive ... More city of ELISIUM. It may come as a surprise that the United States is only three percent urbanized and it's where 80 percent of Americans live. The country's vast space and rich resources make it ideal for building innovative new cities focused on economic opportunity, quality of life, and sustainability. Yet, except for a few minor developments over the past several decades, no new ambitious cities have broken ground. This may be about to change. A new project called ELISIUM is underway in Florida that could become a model for city development and it's betting big on an urban future of artificial intelligence (AI), data, and automation. Our Future Belongs To Cities After thousands of years of rural existence, today, humans largely live in an urban context. By 2100, the United Nations predicts that 85 percent of the world's population will live in cities. They are the powerhouses of GDP growth and opportunity. Existing urban areas continue to grow and the number of megacities—those that are larger than 10 million inhabitants--is now at 37, a number which is predicted to grow to 67 by 2050. And what about new cities? There's no shortage of ambitious global projects underway such as Masdar City in the UAE and Songdo in South Korea. Notable though is the relative absence of novel greenfield urbanization in the United States. The Concept Of A New American Cognitive City In early 2023, seeking a location to build a motorsports themed country club, a group of successful real estate developers led by Ed Miranda, a veteran of luxury resort construction, identified and secured roughly 4000 acres of land in Hendry County, Florida. It quickly became apparent that significant infrastructure would be required for housing workers, running utilities, and maintaining operations. Design concepts evolved rapidly, and the project began to look like a small city. Inspired by the possibility of creating a development more ambitious than the original intent, the team looked to the Middle East Gulf region and China for ideas. Saudi's NEOM region was particularly influential in their decision-making, and in fact, they recruited NEOM's chief technology officer, Himanshu Kaul, to be part of the founding team. Together, they were convinced, and rightly so, that the US was being left behind by impressive global urban developments, particularly the concept of cognitive cities, a version 2.0 of smart cities, where AI, data, and automation is being used to create more personalized, responsive and adaptable urban experiences. The team decided it was time to build a bold and progressive new sustainable microcity in the US and ELISIUM was born. The Scope Of The Cognitive City ELISIUM is impressive in its vision but modest in its scale. Its total size will eventually reach around 4000 acres when completed and house around 10,800 residents in 4400 homes. Around 20 percent of the development will be dedicated to business use. The development, scheduled to break ground in 2026, will be made up of 14 districts, each with a specific design and theme, including a state-of-the-art private airport, a Formula E quality racing track, and a uniquely designed golf course. An artist's rendering of Aeroville, a 432-acre private airport at ELISIUM. Already, the project has around 50 partners, including top-tier architects, commitments from retailers and technology companies. The estimated cost to build Elisium is $18 billion, which will be raised and spent over a 12-year period, the anticipated duration to complete the entire project. Funding will come from several sources including bonds, private investors, and the team's own funds. Along the way, as with many development projects, phases will open, including the initial sale of memberships and plots in mid-2026. The first residents will be able to move in by 2029. Cognitive Technologies At The Center Much of how the team is approaching ELISIUM is unique. In addition to a hyper-focus on sustainability, technologies such as AI, automation, and the Internet-of-Things (IoT) will play an outsized role in managing and maintaining the community. While thousands of people will be involved in building the microcity, they also intend to utilize robotics in a major way from a construction in the short-term to providing other forms of physical AI in the long-term. With a 12-year project plan, some of their vision for automation will only kick-in after several years as the anticipated technology catches up. Similar to how NEOM created an independent technology arm called Tonomous, ELISIUM has created COGNITIVE. This entity will be the technology provider to ELISIUM, which will use the community as a living lab to innovate and deploy solutions for their own use and then resell these products and services to other cities and developments around the world. Initially, core solutions will include a city operating system (CityOS), a building management system (BuildingAI), and an application called WooHoo for community end users. An AI agent called Verdant, their Chief AI Officer (CAIO), who even has a LinkedIn profile, will be responsible for running and managing complex AI tasks and services across the community. To quote David Grieshaber, ELISIUM's CIO, 'we're building a computer system with a city attached to it.' Why ELISIUM May Succeed Where Others Have Failed The idea of building new, technologically driven cities in the US isn't new, but sadly there's a long list of failed attempts. Reasons that success hasn't been forthcoming range from overly ambitious plans to poor governance, political resistance, and bureaucratic quagmire in dealing with federal, state, and other entities. To avoid these traps, the team behind ELISIUM aren't establishing a city with all the state regulations that come along with it. Instead, it will be designated as a private luxury resort community that will work closely with the county. The project also benefits from its modest scale. At approximately 4000 acres and 10,800 residents, it's significantly smaller, less complex, and more manageable than most new city initiatives. This is also a team that has vast experience having collectively been involved in over 100 projects around the world. They know what works and what doesn't and they're leveraging their experience and lessons learned to avoid many of the pitfalls. Notably, their risk register is over 1000 pages in length. They're aware, for example, of the privacy concerns that have made other smart city efforts receive show-stopping backlash. Finally, consistent with their prioritization of cognitive technologies, they're already using AI extensively for analysis, decision-making, and planning and design. Despite having many advantages, building a new city is extreme in the challenges the team will face and successfully executing their vision will be no cakewalk. The Time Is Right For Bold And Ambitious City Projects In addition to ELISIUM, other urban innovators including Telosa, which is notably more ambitious in scale, and the notional idea of Freedom Cities, indicate some momentum in this space. That said, the opportunity to build new cities in the US remains shockingly untapped. An artist's rendering of Telosa, Marc Lore's vision for a new, innovative and fully sustainable city ... More in the US Right now, the ELISIUM team might just have the vision and experience to deliver America's first cognitive city. While a small group of people will enjoy the luxuries of ELISIUM—and having a home there will come at a premium, one of the most important impacts it may ultimately have is as a sustainable model for all types of new communities in the future. As a trailblazer, ELISIUM could be just what is needed to inspire a new era of smart urbanization right here in the US.
Yahoo
an hour ago
- Yahoo
How Trump's tariff chaos could reshape Asia's businesses
Tan Yew Kong, who works at one of the world's largest chipmakers, says his company is like a tailor's shop - it customises chips to meet client's needs. "We provide the fabric, we provide the cufflinks and everything. You tell us what you like, what design you like and we make it for you," says Mr Tan, who runs GlobalFoundries' operations in Singapore. Nowadays, the firm is also customising its future to accommodate US President Donald Trump's unpredictable tariff policy. Businesses and countries have been offering to appease Washington ahead of 9 July, when the 90-day pause on Trump's steep "Liberation Day" tariffs ends. And yet again, it's unclear what happens next. The president said on Friday that the US government is to start sending out letters with details of higher tariff rates that will take effect on 1 August. He said as many as 12 letters will be sent out over the coming days and the levies will range from "60% or 70% tariffs to 10 to 20% tariffs" but did not name the countries due to receive them. So far, semiconductors are exempt from tariffs but Trump has threatened levies on them several times, and that uncertainty is making it near impossible for businesses to plan for the future. Also last week Bloomberg reported the White House is planning to further tighten controls over artificial intelligence (AI) chips by restricting shipments to Malaysia and Thailand to crack down on suspected smuggling of the technology to China. The US Commerce Department did not immediately respond to a BBC request for comment. You cannot "flip the switch every other alternate week or day. That makes it very difficult for businesses to plan long term", Mr Tan says. US-headquartered GlobalFoundries is contracted by some of the world's biggest semiconductor designers and manufacturers - AMD, Broadcom, Qualcomm - to make their chips. Its factories are spread across the world, with many in Asia, from India to South Korea. It recently announced plans to increase its investments to $16bn (£11.7bn) as demand for artificial intelligence (AI) hardware skyrockets. To protect that sprawling footprint, the company has also pledged to work with the Trump administration to move parts of its chip manufacturing and supply chain to US soil. Chip manufacturers, textile producers and car industry suppliers - whose tightly-knit supply chains run through Asia - are rushing to fulfil orders, cut costs and find new customers as they navigate a market in turmoil. "Businesses need to rethink buffers, increasing their inventory and lead times to account for volatility," said Aparna Bharadwaj of Boston Consulting Group. She adds this could create new opportunities, but also impact their competitiveness and market share in certain countries. In other words, it's hard to say. "Uncertainty is the new normal." When Trump announced levies in April against much of the world, some of the steepest rates were aimed at Asian economies - from long-time allies Japan (24%) and South Korea (25%) to major trading partner Vietnam (46%). He then hit pause soon after, lowering tariffs on most countries to 10% for the next 90 days. Still the higher rates could return as early as Wednesday. Malaysia's prime minister has said tariffs will adversely affect many industries, including textiles, furniture, rubber and plastics. Singapore will be subject to a 10% levy despite having a free trade deal with the US - the prime minister said these are "not actions one does to a friend". South East Asian countries accounted for 7.2% of global GDP in 2024. So the extra costs that come with tariffs could have severe, long-lasting effects. In the region only Vietnam has managed to strike a deal so far - US imports from there will now face 20% tariffs, while US exports to Hanoi will face no levies. Japan and South Korea have been pursuing trade negotiations during the pause, although Trump has threatened Tokyo with an even higher rate - up to 35% - as the deadline looms. Japanese car makers could be amongst the worst hit. Companies including Mazda have said they are in survival mode because of the time and lengthy processes involved in changing suppliers and adapting their business. Australia, despite being a key security ally and importing more US goods than it exports, has said it has been telling Washington the rate on it "should be zero". Indonesia and Thailand have offered to buy more American products and reduce taxes on US imports. Poorer countries like Cambodia, which have limited bargaining power, face a staggering 49% tariff but cannot afford to buy more US goods. "Asian economies are reliant on both China and the US... they sort of sit at the heart of the global supply chain," said Pushan Dutt, professor of economics and political science at INSEAD. "If there are shifts in this global supply chain, if there are shifts in trading patterns, it is going to be much more difficult for them." He adds that countries with big domestic demand like India may be insulated from trade shocks, but economies that are more reliant on exports - like Singapore, Vietnam and even China - will see a major impact. In the years after Trump was first elected, Singapore and Malaysia invested in growth industries like chip manufacturing and data centres. It was partly about so-called friend-shoring – where companies make goods in countries that have good relations with the US. Asian economies also benefited from a "China + 1" supply chain strategy, which involved firms diversifying supply chains beyond China and Taiwan to South East Asian countries. All of this was to be able to continue reaching the US, which Ms Bharadwaj says is "a critical market for many". "No matter what happens with tariffs, the US remains an important customer for many Asian businesses," she adds. "It's the largest world economy and has a dynamic consumer base." Beyond the South East Asian producers, Trump's tariffs also raise costs for American companies that have been operating in the region for decades. The clothing and footwear industry stands to suffer - brands like Nike have long outsourced manufacturing to countries like Vietnam and Indonesia. Some US brands have already said they'll need to pass costs onto customers because tariffs make the price of imported goods significantly higher. Experts say foreign investments could shift from Vietnam, Laos and Cambodia to countries with lower tariffs, like the Philippines, Singapore, Malaysia and Indonesia. Businesses may also look for new customers - with the European Union, the Middle East and Latin America emerging as alternative markets. "We are no longer doing globalisation but more of a regionalisation," said Mr Tan of GlobalFoundries. "Find a place that we feel safe. We feel that the supply will be continued. And people will have to get used to the fact that it is not as cheap as it used to be." Just as Asia's trade alliances shift, the US has emerged as an increasingly unreliable partner. "This has actually created a massive opportunity for China to become, sort of, guardian of the world trading order," Prof Dutt says. The US-Vietnam deal is only the third announced so far, after agreements with the UK and China. Until more happen, businesses and economies in Asia may have to forge a new path. "As the US and others embrace increased protectionism, Asia is moving in the opposite direction, as pro-business governments are increasing trade openness," Ms Bharadwaj says. "Tariffs are accelerating two macro trends: slowing of trade between China and the West, and accelerating trade between China... and emerging Asian countries." Trump's policies have created trade turmoil that could transform the global economic order, and the US may not necessarily come out as the winner. Prof Dutt sums up what is happening in the words of an old proverb: "Bow to the ruler, and then go your own way." Trump's chips strategy: The US will struggle to take on Asia Trump's tariffs are a huge blow to Vietnam's economic ambitions Trump's tariffs leave China's neighbours with an impossible choice 'We don't care': A defiant China looks beyond Trump's America Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
How tariffs are shifting global supply chains
A 90-day pause on Donald Trump's sweeping tariffs plan is about to expire on Wednesday, which could upend US trading relationships with the rest of the world. But the uncertainty of the last few months has already forced several companies to rethink their supply lines in radical ways. When an Illinois toymaker heard that Trump was introducing tariffs on Chinese imports, he was so incensed that he decided to sue the US government. "I'm inclined to stand up when my company is in genuine peril," says Rick Woldenberg, who is the CEO of educational toy firm Learning Resources. The majority of his company's products are made in China, so the tariffs, which US importers have to pay, not Chinese exporters, are now costing him a fortune. He says his import taxes bill leapt from around $2.5m (£1.5m) a year to more than $100m in April when Trump temporarily increased tariffs on Chinese imports to 145%. That would have "devastated" the company, he says. "This kind of impact on my business is just a little bit hard to wrap my mind around," he says. With US tariffs on Chinese imports now at 30%, that's still unaffordable for many American companies such as Learning Resources. So in addition to its continuing legal fight, it is changing its global supply chain, moving production from China to Vietnam and India. These two countries, like most others around the world, have seen the US hit them with general 10% tariffs, two-thirds lower than those on China. Although these 10% tariffs are due to run out on Wednesday, 9 July, uncertainly remains over what they may be replaced by. Meanwhile, many Canadian companies, who often trade in both their home country and in the US, are now facing a double hit to their supply chains. These hits are the 25% tariffs put in place by Trump on many Canadian imports, and the reciprocal ones of the same level that Canada has placed on a host of American exports. And other businesses around the world are looking at exporting less to the US, because their American import partners are having to put up prices to cover the tariffs they now have to pay, which makes their products more expensive on US shelves. Trump threatens Japan with tariff up to 35% as deadline looms What have tariffs really done to the US economy? Trump tariffs get to stay in place for now. What happens next? Tariffs prompt record plunge in US imports At Learning Resources, Mr Woldenberg has now moved about 16% of manufacturing to Vietnam and India. "We have gone through the process of vetting the new factories, training them on what we needed, making sure that things could flow easily, and developing relationships." Yet he admits that there are uncertainties: "We don't know if they can handle the capacity of our business. Much less the whole world moving in there at the same time." He also points out that switching production to another country is expensive to organise. In the meantime, his legal case against the US tariffs, called "Learning Resources et al v Donald Trump et al" is continuing its way through the US court system. In May a judge at the US District Court in Washington DC ruled that the tariffs against it were unlawful. But the US government immediately appealed, and Learning Resources still has to pay the tariffs for the time being. So the firm is continuing to move production away from China. Global supply chain expert Les Brand says that it is both expensive and difficult for companies to switch manufacturing to different countries. "Trying to find new sources for critical components of whatever you are doing - that's a lot of research," says Mr Brand, who is CEO of advisory firm Supply Chain Logistics. "There's a lot of quality testing to do it right. You have to spend the time, and that really takes away from the business focus." He adds: "The knowledge transfer to train a whole new bunch of people on how to make your product takes a lot of time and money. And that effects already razor-thin margins businesses have right now." For Canadian fried chicken chain Cluck Clucks, its supply chain has been significantly impacted by Canada's revenge tariffs on US imports. This is because while its chicken is Canadian, it imports both specialist catering fridges and pressure fryers from the US. While it can't live without the fridges, it has decided to stop buying any more of the fryers. Yet with no Canadian company making alternative ones, it is having to limit its menus at its new stores. This is because it needs these pressure fryers to cook its bone-in chicken pieces. The new stores will instead only be able to sell boneless chicken, as that is cooked differently. "This was a substantial decision for us, but we believe it's the right strategic move," says Raza Hashim, Cluck Clucks CEO. "It's important to note that we do plan to retain the necessary kitchen space in new locations to reintroduce these fryers should the tariff uncertainty be completely resolved in the future." He also warns that with the US fridges now more expensive for the company to buy, the price it charges for its food will likely have to go up. "There is a certain amount of costs we cannot absorb as brands, and we may have to pass those on to consumers. And that is not something we want to do." Mr Hashim adds that the business is continuing with its US expansion plans, and it has set up local supply chains to source American chicken. It currently has one US outlet, in Houston, Texas. In Spain, olive oil producer Oro del Desierto currently exports 8% of its production to the US. It says that the US tariffs on European imports, presently 10%, are having to be passed on to American shoppers. "These tariffs will directly impact the end consumer [in the US]," says Rafael Alonso Barrau, the firm's export manager. The company also says it is looking at potentially reducing the volume it sends to the US, if the tariffs make trading there less profitable, and exporting more to other countries instead. "We do have other markets where we can sell the product," says Mr Barrau. "We sell in another 33 markets, and with all of them, and our local market, we could cushion US losses." Mr Brand says that firms around the world would have been less impacted if Trump had moved more slowly with his tariffs. "The speed and velocity of these decisions are really making everything worse. President Trump should have gone slower and been more meaningful about these tariffs." Back in Illinois, Mr Woldenberg is also concerned about where Trump will go next in his trade battles. "We just have to make the best decision we can, based on the information we have, and then see what happens," he says. "I don't want to say 'hope for the best', because I don't believe that hope is a strategy." Why the world's superyachts are getting bigger and bigger The global environmental award hit by accusations of greenwashing Why your old mobile phone may be polluting Thailand Can shoes be made in the US without cheap labour? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
