🔌 EV Charging Down 13%. $560M+ VC Funding Day.
Impact Capital Markets #77 looks at our EV Charging stock index, major impact deals, M&A, and upcoming economic releases.
Hallo 🧀
📉 Today's Global Economic Update: Canada's inflation rose to 2.9% in March, almost meeting the Bank of Canada's 3% forecast, with gas prices driving the increase. The rise in mortgage costs by 25.4% has notably elevated rents, while food inflation has slowed to 3%, reflecting mixed dynamics.
💼 Deal of the Day: Rippling, a workforce management startup, raised $200M to expand into new markets.
What's New?
🔌 EV Charging. EV charging down 13%
💰 Funding. Workforce, biotech, pediatric + more
💼 M&A. Agritech, nursing, pet insurance
📅 Economics. US & Euro area GDP, Japan inflation, balance of trade + more
🔌 EV Charging Down 13%
HolonIQ EV charging index has seen a 13% decrease in the last 3 months. This drop can be primarily attributed to the cooling down of EV sales, inflated electricity costs, and charging station operation costs, resulting in reduced profits for the constituents of the index. Rising electricity expenses have deterred home charging, while last year's spike in US interest rates to its highest level in 22 years has increased borrowing costs for potential EV buyers. The delay of anticipated interest rate cuts this year is likely to further influence EV adoption and, consequently, the demand for public charging stations.
The 30% quarterly drop in Tesla ($445B MCap) is a significant factor contributing to the index's downturn. Despite owning the largest fast-charging network, featuring over 50 thousand charging stations, Tesla fell short of profit forecasts for the quarter. Moreover, the increase in sales of Chinese electric vehicles further dampened Tesla's stock price. Outside the US, BYD $79B (MCap) witnessed a 9% increase over the past three months. EV sales in China surged by 10.5% year-over-year in March, reaching 1.03 million units, according to the China Passenger Car Association. Sales are anticipated to continue growing in the foreseeable future, potentially impacting the index positively.
💰 Funding
💼 Rippling, a California-based workforce management startup, raised $200M from Coatue to expand into new markets.
🔬 SynOx Therapeutics, an Irish biotechnology research company raised a $75M Series B from HealthCap and Forbion Capital Partners to trial a potential treatment of Tenosynovial Giant Cell Tumour (TGCT).
🩺 IMPACT Therapeutics, a Chinese biopharma firm raised a $55M Series D from GTJA Investment Group and Kingray Capital to advance cancer treatment.
💊 Rubedo Life Sciences, a California-based biopharmaceutical company raised a $40M Series A from Khosla Ventures and Ahren Innovation Capital to drive product development.
🧬 Salubris Biotherapeutics, a Maryland-based clinical-stage biotechnology company, raised $35M from Shenzhen Salubris Pharmaceuticals to expand R&D efforts.
🎗️ AccessHope, a California-based cancer benefit company, raised a $33M Series B, from City of Hope to expand operations.
📊 Smart Reporting, a German medical reporting company, raised a $24.5M Series C from TVM Capital Life Science to expand its international partnerships.
👶 Clarity Pediatrics, a California-based pediatric chronic care startup raised a $10M Seed from Rethink Impact to treat chronic childhood conditions.
💼 M&A
🌱 xFarm Technologies, a Swiss agritech startup, acquired Greenfield Technologies, a Spanish agriculture company conducting soil analysis and crop monitoring.
👩⚕️ ShiftMed, a Virginia-based nursing jobs app, acquired CareerStaff Unlimited, a Texas-based staffing solutions provider.
🐾 Chubb, a Swiss insurance company, signed a definitive agreement to acquire Healthy Paws Pet Insurance, a Washington-based insurance broker company.
📅 Economic Calendar
US & Euro Area GDP, Japan Interest Rate, Balance of Trade + More
Tuesday, April 23rd 2024
🇩🇪 Germany HCOB Manufacturing PMI (Flash), April
🇦🇺 Australia Inflation Data, Q1
Wednesday, April 24th 2024
🇩🇪 Germany Ifo Business Climate Index, April
🇺🇸 US Durable Goods Orders Data, March
Thursday, April 25th 2024
🇩🇪 Germany GfK Consumer Confidence Index, May
🇺🇸 US GDP Data, Q1
🇯🇵 Japan BoJ Interest Rate Decision
Friday, April 26th 2024
🇺🇸 US Core PCE Price Index, March
🇺🇸 US Personal Income & Spending, March
Monday, April 29th 2024
🇩🇪 Germany Inflation Data (Preliminary), April
🇨🇳 China NBS Manufacturing PMI, April
🇨🇳 China Caixin Manufacturing PMI, April
Tuesday, April 30th 2024
🇫🇷 France GDP Data (Preliminary), Q1
🇫🇷 France Inflation Data (Preliminary), April
🇩🇪 Germany GDP Data Flash, Q1
🇮🇹 Italy GDP Data, Q1
🇪🇦 Euro Area GDP Data Flash, Q1
🇪🇦 Euro Area Inflation Data Flash, April
🇮🇹 Italy Inflation Data (Preliminary), April
Wednesday, May 1st 2024
🇯🇵 Japan Consumer Confidence Index, April
🇺🇸 US ISM Manufacturing PMI, April
🇺🇸 US Job Openings, March
🇺🇸 US Fed Interest Decision
🇦🇺 Australia Balance of Trade Data, March
Thursday, May 2nd 2024
🇨🇦 Canada Balance of Trade Data, March
Thursday, May 3rd 2024
🇺🇸 US Non-Farm Payrolls Data, April
🇺🇸 US Employment Data, April
🇺🇸 US ISM Services PMI, April
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