Italy’s Eni is set to sell a stake in its renewables unit Plenitude: Italian state-controlled oil giant Eni is reportedly set to sell a 10% stake in its renewable energy and gas production arm Eni Plenitude to Zurich-based fund Energy Infrastructure Partners AG for USD 800 mn, Bloomberg reported last week, citing sources with knowledge of the matter. The transaction — which values the company at some EUR 8 bn — is reportedly in its final stages of negotiations and is set to be finalized by the end of the month. The stake sale will give the Italian company a cash injection it can use for investments, and would allow Eni to lock in a value for Plenitude and lay the groundwork for IPO plans as soon as 2024, Bloomberg notes.

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GM + Stellantis invest in metalsfree EV magnet startup: US and Dutch giant automakers General Motors and Stellanis are joining US-based rare metalsfree EV magnet startup Niron Magnetics’ latest USD 33 mn funding round, Reuters reported last week. Niron Magnetics will use the funds to develop its patented Clean Earth Magnet — a permanent magnet manufactured without the use of critical metals such as neodymium and praseodymium. The move comes as EV makers around the world seek to reduce their reliance on critical metal and mineral imports from China, which supplies around 90% of the world’s rare-earth magnet supply, Niron CEO Jonathan Rowntree told the newswire.

Why permanent magnets? Electric motors that use rare metal magnets in their production are by far the most commonly used motors in the EV market given their high power density, torque density, and efficiency, according to EV reporter, adding that in 2021 permanent magnet motors made up 84% of the electric car market. Motors without permanent magnets are cheaper but less efficient and require a larger battery, reducing the driving range, Reuters writes.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• The first commercial DAC plant in the US comes online: Heirloom Carbon Technologies has launched the first commercial plant in the US to use direct air capture (DAC) with an initial 1k ton annual sequestration capacity. (New York Times)
• World’s first commercial carbon-sensing satellite launched: Canadian greenhouse gas monitoring firm GHGSat launched on Saturday a satellite from the Vandenberg Space Force Base in California to track carbon emissions from polluting industries. Data gathered by the sensor will be available for sale to industrial emitters, governments, and researchers. (Statement)
• South Africa is set to miss its 2030 climate action target: South Africa — the world’s seventh largest coal consumer — is on course to miss its binding emissions reduction target for 2030 as its government axes plans to decommission six coal-fired power plants by the end of the decade. (Reuters)
• Shell sues Greenpeace: Dutch oil giant Shell is suing climate Greenpeace for USD 2.1 mn after protesters occupied the vessel in the Atlantic Ocean for 13 days earlier. Greenpeace rejected an offer by Shell to reduce its claim to USD 1.4 mn if the group agreed to no longer protest at Shell’s assets. (Financial Times)
• Namibia breaks ground on first green steel plant: HyIron has begun construction on Africa’s first green hydrogen-powered iron smelting plant as part of the Oshivela project in western Namibia. The plant will have a production capacity of some 15k tons of iron annually. (Reuters)
• Ins. companies are still on the fossil fuel bandwagon: Ins. industry giants — including Berkshire Hathaway and Everest Re — are still investing in fossil fuel production companies and do not have an exit strategy. Germany’s Allianz ranked as the global leader in fossil fuel underwriting policies over the past two years, while Generali, Aviva, Swiss Re, AXA, Hannover Re and AXIS Capital followed in ranking. Scor retained first place by a “wide margin” for its fossil fuel divestment policy. (Report, pdf)