<div>
  <p>
  </p>
  <ul>
    <li>
      <p>
        Rivian, an American EV manufacturer, has reported plans to stop constructing a planned USD 5 billion EV production plant. The company decided to indefinitely pause the project as it looks to cut costs following layoffs that took place in 
        <a href="https://sp-edge.com/updates/26915">
          February 2024.
        </a>
      </p>
    </li>
    <li>
      <p>
        The company initially intended to produce its&nbsp;R2 and R3 EVs in Georgia from 2026 onwards. However, production will now be shifted to its existing plant in Illinois.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        Rivian&rsquo;s Georgia plant was slated to have a production capacity of ~400,000 units per year once operational and was planned to be opened later in 2024. Earlier in the 
        <a href="https://sp-edge.com/updates/27394">
          month
        </a>
        , the company launched three new EVs: R2, a midsize electric SUV, and R3, a midsize crossover, and R3X, a performance model.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.forbes.com/sites/brianbushard/2024/03/07/rivian-halts-planned-5-billion-georgia-ev-plant-and-its-shares-surge/?sh=62e8bb5715ca">
      Forbes
    </a>
  </p>
</div>


EV Economy

ANALYST_QUICK_TAKE

<div>

<p>Rivian, an American electric vehicle (EV) manufacturer, has announced the indefinite pause of a planned $5 billion EV production plant to save costs following layoffs that occurred in <a href="https://sp-edge.com/updates/26915"> February 2024. </a></p>
<p>The company was set to produce its R2 and R3 electric vehicles in Georgia starting from 2026, but has now decided that production will be moved to Rivian's already existing factory based in Illinois.</p>

</div> <p><b>Analyst QuickTake:<br>
 </b> Rivian’s Georgia plant was slated to have a production capacity of ~400,000 units per year once operational and was planned to be opened later in 2024. Earlier in the <a href="https:<br>
//sp-edge.com/updates/27394"> month </a> , the company launched three new EVs:<br>
 R2, a midsize electric SUV, and R3, a midsize crossover, and R3X, a performance model.</p>

Rivian hits pause on USD 5 billion EV manufacturing plant in Georgia

The toolkit to build machine learning applications at scale

Machine Learning Infrastructure

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

<div>
 <p>A partnership, the Global AI Infrastructure Investment Partnership (GAIIP), has been formed between Microsoft, BlackRock, Global Infrastructure Partners, and MGX to fund investments in data centers and related infrastructure. </p>
 <p>The GAIIP aims to leverage USD 30 billion in private equity capital to finance new and expanded data centers, focusing mainly on the US and partner countries. The aim is to meet the increasing demand for computing power and develop new energy sources for these facilities.</p>
 <p>Supported by NVIDIA, the partnership addresses the rising energy demands of AI services and data centers. It plans to improve AI supply chains and energy sourcing for the data center industry, promoting sustainable growth and innovation in the AI technology field.</p>
</div>

Microsoft and BlackRock partner to launch USD 30 billion AI data center investment fund

A decentralized version of the web powered by the blockchain

Web3 Ecosystem

<div>
 
 <p>Limitless Labs, a company that deals with a prediction market platform, successfully raised a total of USD 3 million during a pre-seed funding round. The said round was spearheaded by 1confirmation and also attracted participation from other parties which include Paper Ventures, Collider, and Public Works.</p>
 <p>The newly obtained funding will serve the purpose of advancing the development of its prediction market platform. This platform is constructed on Base, a blockchain network that falls under the category of layer-2 and was brought to life by Coinbase.</p>
 <p>Limitless Labs majorly concentrates on markets that expire quickly, with the main focus being put on stock and cryptocurrency prices which are considered at the closure of each trading day. Boasting over USD 200,000 daily transactions on its platform, the company doesn't fall short on user retention. As a testament to this, they claim that a good 38% of their users prolong their stay and return after the seventh day.</p>
 
</div>

Limitless Labs raises USD 3 million in pre-seed funding to develop prediction market

<div>

 <p>Google Cloud has launched the Blockchain RPC (Remote Procedure Call) service for Web3 developers globally. The service is currently in its preview phase and provides a free tier that accommodates up to 100 requests per second and 1 million requests per day.</p>
 <p>The service ensures enterprise-grade reliability by using Google Cloud's infrastructure for security and reliability. It is fully compliant with the Ethereum JSON-RPC standard and supports the Ethereum mainnet and testnets. The service has plans to include more chains in the coming year.</p>
 <p>Google Cloud highlights that its Blockchain RPC service is cost-effective, compatible with existing RPC providers, and scalable to manage increasing request volumes.</p>
  
</div>

Google Cloud launches Blockchain RPC service for Web3 developers

<div>
 <p>Kore.ai, a company offering AI platform technology has launched GALE (GenAI and LLM Platform for Enterprises). GALE aims to assist enterprises in the creation and implementation of advanced GenAI applications to improve productivity and stimulate innovation.</p>
 <p>GALE comes with a no-code toolset and interactive interface for swift development and release of AI applications. Some of its significant features include a Model Hub with 30+ AI models, AI Agents for task automation, and a Prompt Studio for creating prompts. Additionally, the platform includes ready-to-use templates and integrations for various enterprise applications. </p>
 <p>Kore.ai suggests that GALE can decrease development time by up to 50% and allows for quick prototyping. The platform is compatible with LLM models, cloud infrastructure, and applications, providing flexibility in AI deployment and addressing the challenges companies face in adopting GenAI. </p>
 <p><b>Analysts QuickTake: </b> GALE, Kore.ai's new product, is viewed as a significant expansion of its offerings. It facilitates the creation of AI agents via a no-code interface. GALE offers compliant nodes, model protections, and advanced debugging tools for enhanced control and usability. </p>
 
</div>

Kore.ai launches GALE platform for enterprise GenAI adoption

Empowering Tomorrow's Innovations with Generative AI Infrastructure

Generative AI Infrastructure

<div>
 <p>Kore.ai, an enterprise AI technology provider, has launched a new platform, GALE (GenAI and LLM Platform for Enterprises). GALE's intended role is to aid businesses in creating advanced GenAI applications, improving both productivity and innovation.</p>
 <p>The platform features a no-code toolkit and an intuitive visual interface, facilitating swift AI application development and deployment. It boasts a Model Hub with more than 30 AI models, AI Agents for task automation, as well as a Prompt Studio for creating prompts. It also provides pre-made templates and ready-made integrations for a range of enterprise-related uses.</p>
 <p>GALE, according to Kore.ai, can cut down development time by as much as 50% and fast-track prototyping. It's designed to be versatile with regards to a variety of components, including LLM models, cloud infrastructure, and applications. This versatility fosters easier AI deployment and tackles the obstacles organizations encounter when trying to adopt GenAI.</p>
 <p><b>Analysts QuickTake: </b> The introduction of GALE signifies a major addition to Kore.ai's products. It provides a user-friendly method to create AI agents via a no-code interface. Furthermore, GALE offers flexible nodes, model safeguards, and sophisticated debugging tools for improved control and ease of use.&nbsp;</p>
</div>

Clear the air on carbon capture, reuse, and storage

Carbon Capture, Utilization & Storage (CCUS)

<div>
 <p>Swiss direct air capture company, Climeworks, has joined forces with non-profit organization, Terraset. This collaboration aims to leverage philanthropic capital for carbon removal. The partnership will permit donors, from the US, Canada, and the UK, a tax deduction for their contributions, supporting Climeworks' carbon removal mission while tapping into the global philanthropic market. </p>
</div> <p><b>Analyst QuickTake:<br>
</b> This collaboration addresses the current gap in climate-focused philanthropy, as less than 0.04% of global philanthropic funds are directed to carbon removal efforts. The partnership offers a new way for individuals to help scale carbon removal technologies and support climate action.</p>

Climeworks partners with Terraset to enable philanthropic support for carbon removal

<div>
 <p>Carbon capture, utilization, and storage (CCUS) technology developer, 8 Rivers, has received a funding investment from JX Nippon Oil &amp; Gas Exploration Corporation (JX). The funds aim to aid the commercialization of 8 Rivers' calcite Direct Air Capture (DAC) technology, although the funding amount was not revealed.</p>
 <p>The investment will boost the development of 8 Rivers' calcite DAC technology from pilot stage to commercial project phase. This includes Project Cardinal's first commercial installation in the US Gulf Coast, set to begin Front-End Engineering Design (FEED) in 2025. Additionally, the financial input will assist in minimizing technology risks at the Calcite pilot project, located in Mobile, Alabama.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> This investment marks JX’s first move into the growing DAC space and builds on the two companies’ previously signed agreement in November 2021 to identify and develop carbon capture solutions. In <a href="https:<br>
//sp-edge.com/updates/14483"> November 2022 </a> , the two companies also entered an MoU to evaluate the US Gulf Coast for commercially deploying sustainable infrastructure to produce clean energy.</p>

8 Rivers secures investment from JX Nippon to commercialize DAC technology

Next-gen packaging solutions for enhanced product tracking, inspection solutions and freshness monitoring

Smart Packaging Tech

<div>
 <p>Flexible packaging and material science company, ProAmpac, has launched an upgraded version of its online pouch configurator, MAKR by DASL. The tool is powered by a 3D source configuration platform and uses unreal engine technology to enhance the user interface and graphic development process.</p>
 <p>Customers can use MAKR by DASL to create custom digital flexible packaging prototypes. Available options include pouch, bag, or food-to-go formats with customizable dimensions, features, and graphics. Users can expect a physical prototype of their design within two weeks.</p>
 <p>ProAmpac states that MAKR by DASL is a ground-breaking solution that makes virtual prototyping easier and quicker. It eliminates the need for complex software or external resources in online packaging design. The tool is an industry-first, user-friendly online design tool for flexible packaging, capable of significantly reducing product launch timelines.</p>
 
</div>

ProAmpac launches enhanced online pouch configurator MAKR by DASL for custom flexible packaging prototypes

Reinforcing recycling, rerouting refuse, and reducing wasteflows

Waste Recovery & Management Tech

<div>
 <p>Summa Equity, a Sweden-based investment firm, has purchased majority ownership in Bollegraaf Group, a Dutch company supplying machinery for waste recycling. The acquisition, totalling EUR 800 million, is awaiting regulatory approval and set to finalize in October 2024.</p>
 <p>Bollegraaf Group, which primarily targets plastics for waste recycling, revealed in June 2024 its project of a large low-density polyethylene sorting plant for Broeckx, a Dutch plastics recycler. The plant is projected to have a processing capacity of 13.5 tonnes per hour.</p>
 <p>The collaboration with Summa is hoped to expedite investments in innovation, cutting-edge technology, and tactical acquisitions to streamline their client's solutions. In July of 2024, Summa procured Finland's Fortum Recycling and Waste for a similar sum of EUR 800 million.</p>
</div>

Majority stake in Bollegraaf Group acquired by Summa Equity for EUR 800 million

Technology to explore opportunities beyond Earth

Space Travel and Exploration Tech

<div>
 <p>Intuitive Machines, a space exploration firm, has been granted a Near Space Network (NSN) contract by NASA for communication and navigation services in near-space. The contract, worth up to USD 4.82 billion, is for services ranging from Geostationary Orbit to Cislunar Relay. It spans a base period of five years starting October 1, 2024, but can be extended for an additional five years. The company intends to use the contract to launch lunar relay satellites and supply services to facilitate NASA's Artemis campaign, which aims to establish a long-term lunar presence.</p>
 <p>The company will reveal its lunar satellite constellation under this contract, a key part of its plan to monetize lunar activities. The goal of the constellation is to boost data transmission services and back autonomous lunar operations.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> This is the second NASA contract Intuitive Machine has secured in 2024, with the first contract awarded in <a href="https:<br>
//sp-edge.com/updates/33116"> August 2024 </a> . The first contract, part of NASA's Commercial Lunar Payload Services (CLPS) initiative, was valued at USD 116.9 million and aimed to transport six science instruments to the Moon's South Pole in 2027.</p>

All Updates

Rivian hits pause on USD 5 billion EV manufacturing plant in Georgia

Microsoft and BlackRock partner to launch USD 30 billion AI data center investment fund

Limitless Labs raises USD 3 million in pre-seed funding to develop prediction market

Google Cloud launches Blockchain RPC service for Web3 developers

Kore.ai launches GALE platform for enterprise GenAI adoption

Kore.ai launches GALE platform for enterprise GenAI adoption

Climeworks partners with Terraset to enable philanthropic support for carbon removal

8 Rivers secures investment from JX Nippon to commercialize DAC technology

ProAmpac launches enhanced online pouch configurator MAKR by DASL for custom flexible packaging prototypes

Majority stake in Bollegraaf Group acquired by Summa Equity for EUR 800 million

NASA awards Intuitive Machines contract for near-space network services

EV Economy

Rivian hits pause on USD 5 billion EV manufacturing plant in Georgia

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