US Clean-Energy Project Cancellations Hit GOP Districts Hardest
Clean energy investments in the US are shrinking fast amid the rollback of tax incentives and policy uncertainties under President Donald Trump's administration, with Republican districts hardest hit.
Businesses canceled or delayed more than $1.4 billion in new factories and clean energy projects last month, bringing the total since January to $15.5 billion, according to an analysis by E2, a non-partisan group that advocates for renewables and policies to protect the environment. The canceled projects across battery, electric vehicles and solar, were expected to create nearly 12,000 new jobs.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
8 minutes ago
- Bloomberg
The Budget Bill Is Creating a Republican Existential Crisis
The Republican budget bill, a $3.7 trillion tax cut packaged with $1.2 trillion in spending cuts, is deeply problematic legislation from almost any perspective — including those of its authors. The Congressional Budget Office has the details about how it will be expensive and ineffectual. But for Republicans, President Donald Trump's 'big, beautiful bill' is creating what amounts to an existential crisis. For half a century, Republicans have been committed to the policy of lower taxes to aid the economy — impervious to any evidence that tax cuts are inefficient and prohibitively expensive. At this point, to walk away from the bill is to abandon their economic raison d'etre.
Bloomberg
8 minutes ago
- Bloomberg
Netherlands Defence Minister: NATO-wide 5% defence spend would be "historic"
Ruben Brekelmans, Netherlands Minister of Defence said they and their European partners support President Donald Trump's calls to encourage Iran to the negotiation table in order to "come to a sustainable solution". Speaking about the upcoming NATO meeting, he told Bloomberg's Oliver Crook "if we agree to 5% spending on core defence and defence-related matters, that would be a historic step" and said it would be of particular significance "if 32 allies in unity agree on this". (Source: Bloomberg)
Yahoo
14 minutes ago
- Yahoo
Worksport Reports Consecutive Months of Record-Breaking Revenues, Gross Margin Improves by 25%
Company Reports All-Time-High Revenue in May 2025 (Following Record April 2025 Sales) as Gross Margins Rise 25% from Q1 2025 Levels; Growth Momentum Expected to Continue West Seneca, New York, June 23, 2025 (GLOBE NEWSWIRE) -- Worksport Ltd. (NASDAQ: WKSP) ('Worksport' or the 'Company'), a U.S. based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, today announced that May 2025 sales reached $1.28 million, marking the Company's second consecutive month of record-breaking revenue (non-audited). Gross Margins continue to improve notably, as Worksport's Made-in-USA cover line continues to gain significant traction. Worksport's April and May 2025 revenues alone have surpassed total Q1 2025 revenue, signaling strong momentum entering the second half of the year. Gross Margin Expansion: May gross margins improved 25% over Q1 2025 levels, bringing margins closer to 23%, driven by the Company's focus on higher-value branded products and greater operational efficiency at its New York manufacturing facility, where products use over 90% domestic content. Management projects gross margins to trend toward 30% by year-end, reflecting expected scale benefits and continued cost optimizations. Company expects cash-flow positivity to be achieved towards year-end. Distribution Network and Growth Outlook: Worksport's active dealer network has expanded from 94 in Q4 2024 to over 550 today, including two major national distributors added this spring. Management expects June 2025 to deliver another strong month as two recently onboarded national distributors ramp up ordering. Steven Rossi, CEO of Worksport Ltd., commented: 'The month of May marks another record, reinforcing that our American-made tonneau covers and strategic B2B expansion are delivering real, repeatable results. We expect June 2025 to be even stronger as our newest national distributors ramp up orders. With our SOLIS and COR clean-tech products launching this fall, we believe 2025 will prove to be another breakout year that firmly sets Worksport on a path to long-term growth with a keen focus on strong EBITA.' 2025 Revenue and Profitability Outlook Building on revenue of $1.5 million in 2023 and $8.5 million in 2024, Worksport projects reaching approximately $20 million by year-end 2025 — a scale designed to deliver cash flow positivity and support sustained profitability. Notably, the Company's current market capitalization remains below this year's projected revenue, highlighting what management views as a meaningful investment opportunity. Further upside is expected with the anticipated fall 2025 launch of the SOLIS solar tonneau cover and COR portable nano-grid power system, targeting multi-billion-dollar clean energy and portable power markets. Management believes these high-margin, IP-protected products will accelerate significant consistent growth for the years ahead. For further information:Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: W: E: investors@ Join: Worksport's Newsletter About Worksport Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating & cooling solutions. Worksport has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport's hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the electric vehicle (EV) sector. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and Cold-Climate Heat Pump (CCHP) technology. Terravis Energy's website is Connect with Worksport Please follow the Company's social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram (collectively, the 'Accounts'), the links of which are links to external third-party websites, as well as sign up for the Company's newsletters at Social Media Disclaimer The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company. Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission (SEC') filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media. The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media. Forward-Looking Statements The information contained herein may contain 'forward‐looking statements.' Forward‐looking statements reflect the current view about future events. When used in this press release, the words 'anticipate,' 'believe,' 'estimate,' 'scheduled,' 'expect,' 'future,' 'intend,' 'plan,' 'project,' 'envisioned,' 'should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial situation may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, including, without limitation, our latest Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or in to access your portfolio
