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UPDATE: Porsche could raise its stake in Rimac, and Rimac weighs in

CLARIFICATION: An earlier version of this Reuters story said Porsche could raise its stake in Rimac to nearly 50%, but Rimac reached out to Autoblog to say that's not so. Here is a statement from Mate Rimac: "We have a very strong partnership with Porsche that is key for Rimac Automobili. Porsche is a shareholder in Rimac since 2018 with 15.5% ownership currently, accumulated over several rounds of investment. While it is true that we are discussing further expansion of this collaboration that will lead to increase of Porsche's stake in Rimac Automobili, some media have mistakenly reported that Porsche would take over 50% or nearly 50% of the company.   We are very happy that the partnership with Porsche will strengthen even further, but it is in the interest of both Rimac and Porsche that Rimac is a fully independent company. We are working with many car companies that are not our shareholders and there is a clear separation between shareholding and projects. It is very important to us that our industry customers have the peace of mind that Rimac is independent and that there is an "Information Firewall" between projects and shareholders (not only Porsche, but also Hyundai and others) - and this will not change. Confidentiality is very valued in the industry and one of the basics for collaboration between companies. Our shareholders are happy with such an arrangement and expect the same level of professional behaviour and confidentiality for their projects and customer projects.   So, the point is: Porsche's stake will increase but nowhere near to 50% and Rimac will remain independent with many industry customers that are not our shareholders/investors." The original story, with the 50% reference removed, appears below.   FRANKFURT — Volkswagen unit Porsche is participating in a financing round of Rimac Automobili that will see the electric supercar maker raise 130 million-150 million euros ($157 million-$181 million), its owner Mate Rimac told weekly Automobilwoche. The fundraising should be completed in two to three months and another round is planned at the end of the year, Rimac told the trade journal. Porsche owns a 15.5% stake in Rimac Automobili and could raise its stake in a deal that would also include the transfer of Volkswagen's supercar brand Bugatti to Rimac, Automobilwoche said. Volkswagen and Rimac were not immediately available for comment on Sunday.

Recharge Wrap-up: Porsche buys stake in carbon fiber partsmaker, Formula E runs on solar

The US Department of Energy is providing $35 million in new funding for fuel cell and hydrogen technologies. The money will fund projects to advance technology and speed up adoption of fuel cell applications like light-duty vehicles. Categories for possible projects include deployment of fuel-cell electric hybrid vehicles, mobile refueling and one called "Crosscutting: America's Climate Communities of Excellence." Other possible projects include research and development for hydrogen production, delivery and fuel cell manufacturing. Read more from the DOE. Porsche will buy a 25.1-percent stake in carbon fiber parts manufacturer Capricorn Composite GmbH. Capricorn has provided parts for Porsche's LMP1 racecar and 918 Spyder. The deal will give the automaker better access to the lightweight material going forward, and will "build on joint work over many years in the motor-sports industry and secure the future," according to Porsche. Porsche's parent company Volkswagen owns almost 10 percent of Capricorn's competitor SGL Carbon SE, but an expansion of that ownership could be thwarted by BMW, which controls more of SGL's stock. Read more at Bloomberg. The electric racecars running in the Formula E Miami ePrix will use solar energy. Florida Power & Light (FPL) will provide the electricity the cars will be using for the race on March 14, and its Martin Next Generation Solar Energy Center provided the electricity the cars used during the announcement event. "Our partnership with Formula E and the Miami ePrix is another example of our commitment to advancing zero-emissions solar energy and the use of electric vehicles in Florida," says FPL President and CEO Eric Silagy. FPL currently operates two other solar plants, with plans to install 1 million solar panels at three more power plants by the end of next year. Read more at Domestic Fuel. Featured Gallery 2015 Porsche 918 Spyder: First Drive View 51 Photos Related Gallery 2015 Formula E Buenos Aires ePrix View 28 Photos News Source: DOE, Bloomberg, Domestic FuelImage Credit: Porsche Government/Legal Green Motorsports Porsche Alternative Fuels Electric Hydrogen Cars recharge wrapup

Audi, Porsche ensnared in new Volkswagen cheating allegations

The scope of the Volkswagen emissions cheating scandal that has enveloped the global automaker for the past six weeks widened Monday. Now, some of the automaker's premium brands are further ensnared in the mess. Officials with the Environmental Protection Agency issued a second notice of violations Monday, accusing Volkswagen of violating the Clean Air Act by using defeat devices that circumvent emissions testing on diesel versions of certain vehicles equipped with 3.0-liter engines. Roughly 10,000 vehicles in the United States contain the illegal software, the EPA alleges. That's a far smaller number than the 482,000 vehicles affected by the first instances of cheating, which Volkswagen confessed to in September. But this latest violation alleges the cheating occurred broadly through the Volkswagen empire and includes vehicles from the Porsche and Audi brands. Audi had one model, the A3, involved in the first round of announced violations. But the brand, which has enjoyed skyrocketing sales in the US in recent years, is more extensively involved in violations announced Monday. The 2016 Audi A6 Quattro, A7 Quattro, A8, A8L and Q5 are among the cars which contain the illegal software, which permits the cars to emit nitrogen oxide at up to nine times the allowable thresholds set in the Clean Air Act, according to the EPA. The 2015 Porsche Cayenne and '14 Volkswagen Toureg SUV are also affected. "There is clear evidence of additional violations and it's important to put Volkswagen on notice and to inform the public." - Janet McCabe. "Audi, which has been on a roll in terms of sales, reputation and image of late, now is being drawn deeper into the quagmire," said Michelle Krebs, senior analyst for Autotrader. "Previously, only the low-volume A3 was under scrutiny, but now Audi's core models are under fire." Audi officials did not respond to a request for comment Monday. In a written statement issued late Monday afternoon, a Porsche spokesperson said, "We are surprised to learn this information. Until this notice, all our information was that the Porsche Cayenne Diesel is fully compliant." Porsche said it would cooperate with authorities.