Energy Transition, Renewables, Emissions, Carbon
March 25, 2026
ET Highlights: Uber invests $1.25 bil in Rivian; Reliance, Samsung C&T ink $3 bil renewable ammonia deal; Rotterdam to become Europe’s CO2 gateway
Energy Transition Highlights: Our editors and analysts bring together the biggest stories in the industry this week, from renewables to storage to carbon prices.
Top story
Uber invests $1.25 bil in Rivian amid slowing US EV market, new platform launch
Uber Technologies will invest up to $1.25 billion in US electric vehicle manufacturer Rivian as the auto company ramps up to its newest more affordable platform, the companies said March 19.
Uber will invest in Rivian through 2031 “subject to the achievement of certain autonomous milestones by specific dates,” Rivian said in a statement. An initial $300 million investment subject to regulatory approval has been committed.
The investments aim to accelerate Rivian’s plans to launch fully autonomous EVs in the US, Canada and Europe. The initial 10,000 Rivian so-called “robotaxis” are planned to be deployed in San Francisco and Miami starting in 2028, expanding to 25 other cities by 2031, Rivian said.
“Should all milestones be achieved, the companies will have deployed thousands of unsupervised Rivian R2 robotaxis across 25 cities in the US, Canada, and Europe by the end of 2031," Rivian said. “The companies also have the option to negotiate the purchase of up to 40,000 more autonomous Rivian R2 vehicles beginning in 2030.”
The EV company is taking aim at the market share of US EV leader Tesla, which dominates the US market with an approximately 50% share in California. Tesla also is pushing towards fully autonomous “robotaxis.”
Benchmark of the Week
$19,000/mt
Platts, part of S&P Global Energy, assessed battery-grade lithium carbonate CIF North Asia at $19,000 per metric ton on March 20. This reflects a dip based on reduced demand and competitive hydroxide offers. Lithium carbonate is a critical material in electric vehicle batteries.
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CERAWEEK: US to refund $1 bil to TotalEnergies in deal to drop offshore wind lease
TotalEnergies will cancel its US-based offshore wind projects and invest approximately $1 billion in fossil fuel development, as part of a March 23 deal with the US Interior Department. After investing in the fossil fuel infrastructure, including oil, gas and LNG production, the French energy company will receive reimbursements of $1 billion from the US government, reflecting the total cost the company paid for offshore wind leases off the coast of North Carolina and New York in 2022.
India’s Reliance signs $3 bil renewable ammonia sales deal with Samsung C&T
Reliance Industries has signed a 15-year binding agreement with South Korea's Samsung C&T Corp. to supply renewable ammonia, the Indian conglomerate said, marking a step toward expanding Asia's emerging market for low-carbon fuels. The supply and purchase agreement, valued at more than $3 billion, plans deliveries commencing in the second half of fiscal year 2028-29 (April-March), according to Reliance Industries. The firm is building an integrated new energy hub in Gujarat state.
EU carbon market softening as supply balancing rules face heightened scrutiny
The EU's cap-and-trade carbon market, which sets a price on greenhouse gas emissions within the bloc, is set to undergo a policy review in the third quarter of this year, which will define the future direction of Europe's climate framework. Against this backdrop, multiple politicians have been calling for reforms to the flagship scheme. This has led to a sharp drop in the price of EU Allowances, which hit an 11-month low of Eur65.06/metric ton of CO2 equivalent ($75/mtCO2e) during March 17 trading on the Intercontinental Exchange.
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Port of Rotterdam positions itself as Europe's CO2 gateway
Rotterdam in the Netherlands is positioning itself as Europe's carbon capture and storage gateway, with the Port of Rotterdam's flagship Porthos project set to become operational by the end of 2026, capturing approximately 2.5 million metric tons of CO2 annually, Nico van Dooren, director of new business development and portfolio at the port authority, told the Carbon Capture Europe Summit earlier in March. The Port of Rotterdam started its energy transition program in earnest in the late 2010s, focused on four pillars: infrastructure, renewable energy, alternative carbon sources for industry, and clean shipping.
China’s Chifeng renewable fuels hub to reach full commercialization in 2026
China’s Chifeng renewable hub is set to reach full commercialization this year, with a production capacity target of 5 million mt/year of renewable ammonia, Frank Yu, senior VP, hydrogen marketing and sales product line president at Envision Energy said. Envision Energy, housed in Chifeng, made its first shipment of renewable ammonia to South Korea’s LOTTE Fine Chemical last month, marking a notable development in the nascent clean fuels trade, Platts, part of S&P Global Energy, reported.
China to develop low-carbon hydrogen pilots; sees price below Yuan 25/kg by 2030
China will develop low-carbon and renewable hydrogen pilots across regional clusters, supported by subsidies, with the price of the commodity likely to drop below Yuan 25/kg ($3.64/kg) by 2030, the government said. Through the pilot of urban agglomerations, the application scenarios of hydrogen energy will be expanded from fuel cell vehicles to qualified diversified fields such as transportation and industry, a move that would improve the supply capacity of clean and low-carbon hydrogen.