GlobalData’s latest report, 'Wind Turbines Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Key Players and Forecast, 2024-2030', offers comprehensive information and understanding of the global wind turbine market. The report analyses the wind turbine market value and capacity for the historical (2020–2024) and forecast (2025–2030) periods, as well as country-wise drivers and restraints affecting the market. The report also provides detailed information about key pol ...

December 19, 2025 03:21 PM GMT M O R G A N S T A N L E Y R E S E A R C H Towards a Higher Floor December 2025 M O R G A N S T A N L E Y R E S E A R C H Europe Morgan Stanley & Co. International plc+ European Equity Research Alain Gabriel, CFA EQUITY ANALYST Alain.Gabriel@morganstanley.com +44 (0)20 7425 8959 Ioannis Masvoulas, CFA EQUITY ANALYST Ioannis.Masvoulas@morganstanley.com +44 (0)20 7425 0427 Adahna Ekoku EQUITY ANALYST Adahna.Ekoku@morganstanley.com +44 20 7677-0065 Ferdinand Huber RESEARCH ASSOCIA ...

Core Insights - China's dominance in rare earths and critical minerals has highlighted global dependence on its production capacity, particularly for automakers, electronics manufacturers, and energy producers [1] - The trade tensions between the US and China have escalated, resulting in significant tariff increases and expanded export restrictions on critical minerals [2][3] - Countries are actively seeking to diversify their supply chains to reduce reliance on China, with the US leading these efforts [3][6] Group 1: Trade Relations and Geopolitical Tensions - The US-China trade conflict began with tariffs and has escalated to a 145% tariff rate on Chinese goods from the US, with China retaliating with a 125% counter rate [2] - China controls 40% of the world's rare earth reserves and 91% of global separation and refining capabilities, making it a critical player in the supply of essential minerals [3][4] - The mining industry is experiencing shifts due to geopolitical tensions, with countries competing for critical minerals necessary for energy transition [5][6] Group 2: Supply Chain Diversification - Countries are ramping up efforts to secure supply chains for critical minerals, with the US and Australia signing a $1 billion deal to enhance their rare earths market [9] - The US is exploring investment opportunities in Africa, while Australia is looking towards Brazil and Indonesia to diversify its mineral sources [10] - Nations producing critical minerals are becoming more assertive in capturing value, pushing for local processing and increased government participation [10][11] Group 3: Mining Industry Trends - The global mining industry is adapting to geopolitical shifts and increasing demand for critical minerals, with a focus on decarbonization and technological advancements [5][7] - The demand for copper is projected to grow by 2.1% by the end of 2025, despite challenges in production due to operational issues in key regions [12][13] - The mining sector is prioritizing security of supply over cost, leading to diversification into new regions and long-term agreements [11] Group 4: Electrification and Technology in Mining - The mining industry is increasingly adopting battery-electric vehicles (BEVs) and autonomous equipment to improve operational efficiency and reduce environmental impact [22][26] - As of March 2025, the number of battery-powered surface trucks has significantly increased, indicating a shift towards electrification in mining operations [23] - The deployment of autonomous mining equipment is expected to grow, particularly in large operations, enhancing productivity and safety [29][30]

The European Automobile Manufacturers’ Association (ACEA) described the European Commission’s (EC) “automotive package” as an initial move for creating a flexible approach that supports decarbonisation and resilience goals. Under the proposal, carmakers must achieve a 90% reduction in tailpipe emissions from 2035 while the emaining 10% can be offset using low-carbon steel produced in the EU or using e-fuels and biofuels. ACEA stated that, at first assessment, the package requires decisive measures to su ...

Core Insights - SPIE successfully executed its SHARE FOR YOU 2025 employee shareholding plan, reflecting strong employee engagement and commitment to the company [1][2]. Group Participation - Participation in the employee shareholding plan increased significantly, with nearly 25,000 employees from 17 countries subscribing, up from approximately 21,000 in 2024 [2]. - Over 6,000 employees participated for the first time, including individuals from recently acquired companies [2]. Financial Contributions - Employee contributions to the 2025 SHARE FOR YOU plan totaled €62 million [3]. - A total of 2,101,883 new shares were issued as part of this plan, which ran from September 25 to October 16, 2025 [3]. - Employees received a 20% discount on the subscription price, set at €38.55 [6]. Shareholding Impact - Post-plan, more than 50% of employees are now shareholders, with employee-held capital representing approximately 8% of the company [3]. Leadership Commentary - Gauthier Louette, Chairman and CEO, emphasized the importance of employee engagement in shaping the company's future and expressed gratitude for their commitment [4]. - The company plans to initiate a share buyback program in early 2026 to mitigate the dilutive effects of the employee shareholding program and long-term incentive plans [4]. Company Overview - SPIE is a leading independent European provider of multi-technical services in energy and communications, with 55,000 employees dedicated to decarbonization and energy transition [5]. - In 2024, SPIE reported consolidated revenues of €9.9 billion and consolidated EBITA of €712 million [5].

Singapore-based company Sembcorp Industries has agreed to acquire Australia’s integrated energy provider Alinta Energy to grow its global renewables capacity and strengthen its footprint in the Australian energy market. Under a share sale agreement with Hong Kong-based Chow Tai Fook Enterprises (CTFE), Sembcorp will acquire 100% of Alinta Energy at an enterprise value of A$6.5bn ($4.32bn). Alinta operates a portfolio with 3.4GW of installed and contracted generation capacity across coal, gas, wind, and ...

Core Insights - NH3 Clean Energy will supply 300,000 tonnes per annum of clean ammonia to ITOCHU Corporation for ammonia-fuelled shipping and bunkering operations in the Asia-Pacific region over the next two years [1] - The companies will explore business models for the entire supply chain, with findings supporting a final investment decision for the WAH2 project expected in late 2026 [2] - ITOCHU aims to lead the transition of maritime transport to clean ammonia, having already ordered an ammonia bunkering vessel and established agreements for ammonia bunkering in Singapore and Japan [3] Company Developments - NH3 Clean Energy's WAH2 project will utilize proven technology and existing infrastructure, including the deepwater Port of Dampier and gas pipelines, to deliver clean ammonia at scale [2] - The partnership with ITOCHU follows initial collaboration with Pilbara Ports Authority and Oceania Marine Energy to establish clean ammonia bunkering operations at Port of Dampier, supporting the decarbonization of the Pilbara-Asia maritime corridor [4] - NH3 and Oceania signed a MoU with Mitsui OSK Lines to develop an integrated proposition for clean ammonia-fuelled shipping, aiming to decarbonize Australian iron ore exports [5]

Group 1 - Vow ASA and its subsidiary Scanship received a purchase order worth EUR 29.6 million from a major European shipyard for equipment deliveries starting in July 2027 for two vessels [1] - The first vessel is scheduled to enter operation by the end of 2029, with equipment deliveries continuing throughout 2028 [1] Group 2 - The contract reinforces the long-standing cooperation between Vow ASA, the shipyard, and the cruise line, emphasizing a commitment to reliable and sustainable solutions [2] - Scanship technology will ensure that all wastewater on the ships is purified to meet the highest standards at sea, specifically for the Baltic Sea and Alaskan State waters [3] Group 3 - The waste management system enhances the circular economy on board, recovering valuable materials such as glass and aluminum [4] - Scanship's integrated clean ship solutions are designed to comply with maritime environmental requirements, reduce greenhouse gas emissions, and prevent pollution [4] Group 4 - Vow ASA is a leader in wastewater purification and waste valorization in the cruise market, providing technology that enables industries to transition towards a fossil-free future [9] - The company offers advanced technologies that convert biomass, sewage sludge, plastic waste, and end-of-life tires into clean energy and low carbon fuels [7][9]

November 28, 2025 09:09 AM GMT M O R G A N S T A N L E Y R E S E A R C H Towards a New Equilibrium November 2025 M O R G A N S T A N L E Y R E S E A R C H Europe Morgan Stanley & Co. International plc+ European Equity Research Alain Gabriel, CFA EQUITY ANALYST Alain.Gabriel@morganstanley.com +44 (0)20 7425 8959 Ioannis Masvoulas, CFA EQUITY ANALYST Ioannis.Masvoulas@morganstanley.com +44 (0)20 7425 0427 Adahna Ekoku EQUITY ANALYST Adahna.Ekoku@morganstanley.com +44 20 7677-0065 Ferdinand Huber RESEARCH ASSO ...

Core Insights - Ecopetrol has finalized negotiations to potentially acquire seven companies from Grenergy Renovables, which hold a total of 88.2 megawatt-peak (MWp) of solar projects in Colombia [1] - The acquisition is contingent upon fulfilling specific conditions and legal requirements, aiming to enhance Ecopetrol's renewable energy capacity towards its goal of 900MW of self-generated renewable energy [2][3] Group 1: Acquisition Details - The companies in Grenergy's portfolio are located in the Córdoba, Cesar, Magdalena, and Sucre departments, each with permits and assets for solar photovoltaic (PV) projects, estimated at 12.6MWp per project [1] - The acquisition aligns with Ecopetrol's strategy to diversify its energy mix and support its decarbonization objectives [2][3] Group 2: Strategic Goals - Ecopetrol aims to generate low-emission energy for its own use, reducing reliance on bilateral energy contracts and exposure to spot market prices [3] - The company currently accounts for over 60% of hydrocarbon production in Colombia and is involved in power transmission across several South American countries [4]