GM will close its Brownstown Battery Assembly plant near Detroit when the lease ends next summer. The site built packs for the Cadillac Celestiq and Corvette E-Ray, and GM says the move is about the lease, not its EV plans.
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Oil prices fell on Thursday as hopes for U.S.-Iran peace talks eased some supply fears. U.S. crude lost 78 cents to settle at $102 a barrel and Brent fell 44 cents to $114.88.
GE Vernova agreed to buy high-voltage grid equipment maker Trench Group from Triton Partners for $9.0 billion (about €8.0 billion), funded equally with cash and debt. The deal is expected to close in late 2027, subject to regulatory approvals.
Oil prices rose on Wednesday after reports that the U.S. is preparing for possible renewed strikes on Iran after the midterm elections. U.S. crude gained 2.9% to settle at $102.78 a barrel and Brent rose 1.3% to $115.32.
The US Department of Energy closed a $5.1 billion loan to Alliant Energy for new natural gas plants, storage, and upgrades in Iowa and Wisconsin. The package will add more than 2.6 gigawatts of capacity and hundreds of construction jobs.
German home battery maker Sonnen has filed for insolvency, Handelsblatt reported, about two months after oil major Shell sold the company to family office Tiven in August. Sonnen says it will keep serving its more than 150,000 customers, while its U.S. unit says its U.S. sales doubled year over year.
