OMNI Features｜SoftBank-Backed Ola Electric Set to Become India's First EV Listing．Legal Storm to Hit Rosebank as UK's Historic Ruling Brings Emissions from Burning Oil & Gas into Play

Source: Ola Electric

｜SoftBank-Backed Ola Electric Set to Become India's First EV Listing
Ola Electric is set to become the first electric vehicle manufacturer to list its shares in India after it gained regulatory approval for an initial public offering, but analysts said the company will need to show investors it can turn a profit amid mounting competition.

The SoftBank-backed startup received the greenlight earlier this month to raise 55 billion rupees ($658 million) in an IPO, as it seeks to boost research and development, meet operational expenses and partially repay debt, it said in its IPO prospectus, which did not state when the deal would be launched.

Ola Electric introduced its inaugural electric scooter in late 2021. According to industry data, Ola Electric sold 37,225 units in May, which is twice the sales volume of the second-place TVS Motors, establishing itself as a major player in the Indian market.

｜Legal Storm to Hit Rosebank as UK's Historic Ruling Brings Emissions from Burning Oil & Gas into Play
The UK's Supreme Court has introduced a potential game changer with its decision to deem approval of an energy project unlawful due to no consideration being given to the climate impact of burning the oil. This is expected to have serious implications for all new fossil fuel developments in the country as it adds weight to activists' cases against such projects. The ink is not even dry yet on the ruling but it has sparked excitement about resuming a legal battle against Rosebank, said to be the largest undeveloped oil field in British waters.

Following 5 grueling years locked in a court battle, the ruling on a legal challenge, brought on by local campaigner Sarah Finch on behalf of Weald Action Group and supported by Friends of the Earth, against Surrey County Council over its decision to grant planning permission for oil drilling at Horse Hill, has led to an unprecedented plot twist in the handling of lawsuits against fossil fuel projects, giving an advantage to those fighting for the climate in court.

As the Supreme Court's ruling emphasizes for the first time that emissions from burning oil and gas need to be taken into account when approving such projects, environmental activists and climate campaigners have hailed the decision to quash the planning permission for the Horse Hill project as a historic win for the climate.

Reference: NIKKEI Asia｜offshorewind.biz