At Cititec, we talk for a living. That means we’re the first to hear about what’s going on in the commodities world. Here’s a rundown of the latest developments in the commodities space this May, including key funding updates, recent acquisitions, and new partnerships. Plus, check out the upcoming events you’ll want to keep on your radar for the month ahead.
News 📰
🇺🇸 Centrica Energy opens US office: The new office, located in New York, marks Centrica Energy’s intention to enter the North American gas optimisation business during 2025, following the entry into power markets during 2024.
🇨🇭Glencore’s 20-Year U.S. LNG Supply Deal: Swiss commodities giant Glencore finalised a long-term agreement to purchase 2 million tonnes per annum of liquefied natural gas from Commonwealth LNG’s planned export terminal in Louisiana.
🇸🇦 Aramco signs $90bn in U.S. deals: Saudi Aramco has signed 34 preliminary agreements with major U.S. firms, potentially worth up to $90 billion, as part of a major push to deepen commercial ties with the U.S.
🔋£1 billion for EV battery gigafactory: A new gigafactory in Sunderland, England, has received a £1 billion boost in a move to spearhead the UK’s vehicle electrification goals.
🍇 StoneX relocation plans: StoneX has made redundancies as part of plans to relocate its tech teams to Poland and India, with around 80% of tech employees now based in those locations.
Deals 🤝
☢️ Nuclear Microreactor Startup Raises $165M: U.S.-based startup Radiant Industries lined up approximately $165 million in funding to advance its portable microreactor. The company’s small “reactor-in-a-box” design aims to provide zero-emissions, resilient power for remote sites and industrial uses.
🔵 Cobalt Holdings IPO: Glencore-backed Cobalt Holdings has said that it plans to list on the London market next month. They plan to acquire and store physical cobalt, positioning itself as “the sole option for public equity investors seeking direct, pure-play exposure to cobalt prices,” according to its statement.
🪨 All eyes on Lithium: Mining giant Rio Tinto partners with Codelco for $900 million lithium mine in Chile, the world’s second-largest producer of lithium after Australia.
👋 ExxonMobil waves goodbye to Esso: ExxonMobil intends to sell its 83% stake in its French business Esso SAF to Canada-based energy firm North Atlantic.
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