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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

Son of Porsche 911 designer recalls 1963 Frankfurt debut

The Goodwood Revival is described by its presenters as the greatest motorsport racing party of the year. We often focus heavily on the motorsports, but you can't forget about the party. For the first preview of the new 911 Turbo in the UK, Porsche recreated its booth from the Frankfurt Motor Show in 1963 - the time and place of the original 911's public debut.
Porsche's cameras also caught up with Mark Porsche, the great grandson of Dr. Ferdinand Porsche and son of the late Ferdinand Alexander "Butzi" Porsche, who oversaw the design of the 911. Mark Porsche admires the 911's friendly design, which is set off by the round headlights, and says his mother, who was at the original Frankfurt booth in 1963, was milling around the booth at Goodwood - no doubt taking a trip down memory lane.

$1.4B hedge fund suit against Porsche dismissed

Investors have canvassed courts in Europe and the US to repeatedly sue Porsche over its failed attempt to take over Volkswagen in 2008 (see here, and here and here), and they have repeatedly failed to win any cases. You can add another big loss to the tally, with Bloomberg reporting that the Stuttgart Regional Court has dismissed a 1.4-billion euro ($1.95B US) lawsuit, the decision explained by the court's assertion that the investors would have lost on their short bets even if Porsche hadn't misled them.
Examining the hedge funds' motives for stock purchases and the bets that VW share prices would fall, judge Carola Wittig said that the funds didn't base their decisions on the key bits of "misinformation," and instead were participating simply in "highly speculative and naked short selling," only to get caught out.
With other cases still pending, the continued streak of victories bodes well for Porsche's courtroom fortunes, since judges will expect new information to consider overturning precedent. If there is any new info, it could come from the potential criminal cases still outstanding against former CEO Wendelin Wiedeking and CFO Holger Härter, who were both indicted on charges of market manipulation.