French president Emmanuel Macron has announced plans to set up a green tax credit to support the country’s green technologies, making France the first European country to formally respond to the US Inflation Reduction Act (IRA).

During a speech on May 11 announcing a new strategy of reindustrialisation, Mr Macron said that batteries, heat pumps, wind farms and solar panels would be eligible for the tax credit. He added that an analysis by the Ministry of Economics and Finance found the plan will unlock €20bn of investments in France by 2030. It will be presented at the next cabinet meeting. 

“We are the first in Europe to adapt what the European rule book allows us to do. The Americans’ IRA is good because they’ve been quick to put it through the motions and that’s what we’re going to do with [this tax credit].”

Microsoft enters world’s first fusion PPA

US fusion energy company Helion Energy announced on May 11 that it has signed an agreement with Microsoft to provide the tech giant with electricity from its fusion power plant. It claims the deal is the world’s first fusion energy power purchase agreement (PPA).

Helion’s plant is expected to come online by 2028 and aims to generate 50 megawatts or more after its first year. Unlike the conventional means of generating nuclear energy via fission, nuclear fusion is a process where two atoms fuse together to generate energy. At present there is no commercial project worldwide, but Helion has built six working prototypes and is working on a seventh by which it expects to show that it can generate electricity in 2024.

The development of a commercial fusion power facility is tipped to be a crucial step in the transition to a sustainable energy future. The PPA helps Microsoft to achieve its goal of being carbon negative by 2030, but supports the development of a new clean energy source for the world.

Hyundai bets $2.4bn on India

South Korean carmaker Hyundai is investing Rs200bn ($2.4bn) in the southern Indian state of Tamil Nadu to develop a sustainable electric vehicle (EV) ecosystem, according to a company announcement on May 11.

Through the investment, which is expected to stretch across ten years until 2032, Hyundai plans to increase production volumes, introduce new EV models, set up a battery pack assembly unit and establish 100 charging stations.

Speaking about the announcement, Unsoo Kim, managing director and CEO of Hyundai Motor India said: “As part of our long-term vision, we have finalised plans to develop and establish Tamil Nadu as a base for Hyundai’s EV manufacturing in India.

And finally: Tech start-up investor SoftBank posted investment losses in its Vision Fund of Y5.3tn ($39.3bn), according to its fiscal year report ending March 2023.