Central Texas Global Business Pulse - August 24th 2024 - Big Plan

Central Texas Global Business Pulse

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3 Stories that are must read

Governor Abbott Signs Statement Of Mutual Cooperation With Coahuila Governor Jiménez In Austin

Governor Greg Abbott of Texas and Governor Miguel Ángel Riquelme Solís of Coahuila, Mexico, signed a statement of mutual cooperation in Austin. This agreement aims to strengthen economic, trade, and cultural ties between Texas and Coahuila. The collaboration focuses on enhancing bilateral trade, fostering investment opportunities, and addressing shared challenges. The partnership highlights the commitment of both regions to promote cross-border cooperation and mutual growth.

Mexico sets new Foreign Direct Investment record in first 6 months of the year

Mexico recorded an impressive $29 billion in foreign direct investment (FDI) during the first six months of 2024, the highest for that period in the country's history. The increase is attributed to growing investor confidence, driven by nearshoring trends and Mexico's strategic position in global supply chains. Key sectors attracting investment include manufacturing, automotive, and technology. This surge in FDI highlights Mexico's strengthening role as a major hub for international business and trade.

Jupiter Power launches 400MWh battery storage in Houston, Texas

Jupiter Power has announced a major expansion in battery storage with plans to develop a new 2.5 GW battery energy storage system in Texas. The project aims to enhance grid stability and integrate more renewable energy sources by providing large-scale energy storage capabilities. This initiative is part of a broader effort to address the growing demand for reliable and sustainable energy solutions. Jupiter Power’s expansion reflects the increasing importance of energy storage in the transition to a cleaner energy grid.

Big Plan Highlights

Governor of Coahuila Mexico's Reception at TAB

Big Plan LLC team, Fang Fang and Oscar Macias, were honored to join the Texas Association of Business in welcoming Governor Jimenez of Coahuila. The governor shared his vision for cross-border business growth, commemorating the 200th anniversary of 'Coahuila y Tejas' and strengthening the economic and cultural ties between Texas and Coahuila. Big Plan is excited to support this vital economic development.

Entrepreneur's Chair Interview

Fang Fang, CEO of Big Plan, recently sat down with Elizabeth Davis for an exclusive interview on The Entrepreneur's Chair. Fang Fang shared her insights on transforming enterprises, global expansion, and leading with purpose in today's fast-paced business world.

Catch the full interview here

News & Updates

International

Atlas gets US$289 million loan for Chile battery storage project

Atlas Renewable Energy secured a $289 million loan for a battery storage project in Chile. The financing will support the construction of the Almeyda project, which aims to enhance energy storage capacity in the country. This project is part of Chile's broader efforts to integrate renewable energy sources and ensure grid stability. The loan was provided by a consortium of international banks, reflecting growing investor interest in Latin America's renewable energy market.

MG Motor to Build New EV Plant: The Week in Automotive

MG Motor is set to build a new electric vehicle (EV) plant in Mexico, marking a significant expansion of its manufacturing capabilities in the country. This initiative reflects MG Motor's commitment to increasing EV production to meet growing demand in North America. The plant is part of broader efforts by automakers to ramp up EV production amid global shifts towards greener transportation. This development also underscores Mexico's importance as a hub for the automotive industry.

Tesla to get lower EU tariff on its Chinese-made EVs

The European Union has reduced planned tariffs on Tesla's Model Y and Model 3 vehicles. Initially, a 10% tariff was proposed as part of the EU's investigation into subsidies for Chinese EV makers, which Tesla's Shanghai plant benefitted from. However, this has been scaled back to avoid impacting the broader European automotive market. The decision reflects ongoing tensions between trade policies and the push for greener transportation.

USA

$1.4 billion investment in first of its kind battery factory comes to Edgecombe Co.

A $1.4 billion investment is bringing a first-of-its-kind battery factory to Edgecombe County, North Carolina. This facility will focus on producing advanced energy storage systems and is expected to create 2,500 jobs, significantly boosting the local economy. The project is part of a broader trend of increasing investment in clean energy and technology manufacturing in the United States. This factory aims to meet the growing demand for batteries as the world shifts towards renewable energy solutions.

U.S.-Mexico trade hits new record, tops $415B in first half of the year

U.S.-Mexico trade reached a record high of over $415 billion in the first half of 2024, solidifying Mexico as the United States' top trading partner. The growth is driven by strong cross-border trade in sectors like automotive, electronics, and agricultural products. This surge highlights the increasing economic integration between the two countries and the benefits of nearshoring, which has boosted Mexico's manufacturing industry. The record trade levels underscore the vital economic ties between the U.S. and Mexico.

Prevalon Energy Secures Contract to Supply 600MWh Battery Storage System with Long-Term Service Agreement for Western U.S Utility

Prevalon Energy has secured a contract to supply a 600 MWh battery storage system to a utility in the Western U.S. The agreement includes a long-term service contract to ensure the system’s optimal performance and reliability. This project marks a significant step in expanding energy storage capabilities to support renewable energy integration and grid stability. The deal highlights Prevalon Energy's role in advancing sustainable energy solutions.

Texas

Texas EV Battery Startup Aims To Break Texas Oil Industry

A Texas-based startup is aiming to disrupt the oil industry by focusing on electric vehicle (EV) batteries. The company is developing advanced battery technologies designed to significantly enhance performance and affordability. By leveraging innovations in battery design and manufacturing, they seek to capitalize on the growing demand for EVs and shift the energy market away from fossil fuels. This move represents a broader effort to transition towards more sustainable energy sources in Texas and beyond.

Nextracker opens manufacturing line in Texas to counter supply chain disruptions

Nextracker has opened a new manufacturing line in Texas to address global supply chain disruptions. The facility, located near Corpus Christi and operated in collaboration with JM Steel, will produce components for solar trackers. This move aims to stabilize pricing, ensure timely delivery, and support the growing solar market in Texas, which now leads the U.S. in solar capacity additions. The production process will use sustainable methods, including recycled steel, and provide strategic access to key transportation routes.

Texas Instruments receives $1.6 billion grant to boost microchip manufacturing

Texas Instruments has received a $1.6 billion grant from the U.S. Commerce Department as part of the CHIPS and Science Act, which aims to boost domestic semiconductor manufacturing. The funding will support the construction of up to four new factories in Sherman, Texas, enhancing production of legacy chips used in everyday technology. This grant is part of a broader U.S. initiative to revive semiconductor production on American soil, addressing shortages that impacted industries like automotive during the pandemic. The investment will create approximately 2,000 manufacturing jobs and thousands more in construction, contributing to Texas’s growing role as a semiconductor hub. This push, driven by bipartisan support, reflects a global competition to dominate the chip industry, with substantial investments from various countries and companies.

Austin

Developers join city in considering climate resiliency as Austin grows

Developers and city officials in Austin are increasingly considering climate resiliency in response to extreme weather and the region's growing population. Key points include the integration of sustainable practices like solar energy, geothermal systems, and water conservation in new developments. Challenges include high costs and unfamiliarity with resilient materials, which slow adoption despite potential long-term benefits. Developers are working with utility companies and pushing for supportive policies to enhance infrastructure and building standards.

AMD's planned $4.9B acquisition of ZT Systems will impact planned factory north of Austin

AMD has acquired ZT Systems, a data center and IT infrastructure company based in Georgetown, Texas. The deal, valued at around $200 million, aims to bolster AMD's presence in the data center market and enhance its capabilities in delivering high-performance computing solutions. ZT Systems, known for its customized server solutions and data center infrastructure, will be integrated into AMD’s existing operations. This acquisition is expected to accelerate AMD’s growth in the data center sector, providing advanced computing resources and strengthening its competitive edge against other tech giants. The move reflects AMD's strategy to expand its market reach and capabilities in the rapidly growing data center industry.

Opinion Editorials

Energy economics and rocket science with Casey Handmer

The podcast "Solar Economics" from the Complex Systems Podcast discusses the economic aspects of solar energy.

Key points include:

Cost Decline: Solar energy costs have decreased significantly, making it competitive with traditional energy sources.
Corporate Adoption: Major corporations like Walmart, Apple, and Amazon are investing in solar energy to reduce their carbon footprint.
Government Incentives: The U.S. government offers tax credits for solar installations, which have been instrumental in driving growth.
Market Trends: Solar energy is becoming increasingly popular, with residential installations reaching record highs in 2023.
Future Prospects: The industry is expected to continue growing, driven by declining costs and increasing demand for clean energy.

Events

Austin Business Journal's Women in Business Awards 2024 (August 27th, 2024)

Central Texas Angel Network Funding Cycle 6 Information Session (VIRTUAL, October 14th)

Integris Inspire 2024 - Austin(October 23rd)

Cybersecurity Essentials: Protecting Your Business in a Digital Age(August 27th)

Power Lunch - US Senator John Coryn(August 28th)

SEO Tool Showcase: Innovative Solutions for Digital Marketers (August 29th)

State of Talent & Education 2024 (September 5th)

Opportunities & Jobs

AARO's Frank McBee Fellowship - Applications Open Now, Deadline (August 26th)

The Skills for Small Business grant, Texas Workforce Commission, Deadline(October 25th)

SBA New Working-Capital Loan Program(Begins Aug.1)

Project Rebuild Small Business Grant & Assistance Program

Thank you for reading! We at Big Plan strive to collaborate and uplift local initiatives for global business in our region. We’d love to feature your business/achievements/events, feel free to share them with us.