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Apple Launches a $300 Million Fund to Bring Clean Energy to China

In September 2016, Apple opened its first China R&D centre in Beijing's Zhongguancun Science Park, often referred to as "China's Silicon Valley"

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The China Clean Energy Fund will be managed through a third party, DWS Group, which specialises in sustainable investments and will also invest in the fund, Apple said.
The China Clean Energy Fund will be managed through a third party, DWS Group, which specialises in sustainable investments and will also invest in the fund, Apple said. Pixabay

Amid heightened trade tensions between the US and China, tech giant Apple has joined hands with its suppliers to launch a $300 million clean energy fund in China.

The “China Clean Energy Fund” will invest in and develop clean-energy projects totalling more than 1 gigawatt of renewable energy in China, the equivalent of powering nearly 1 million homes, Apple said in a statement on Thursday.

“At Apple, we are proud to join with companies that are stepping up to address the climate challenge,” said Lisa Jackson, Apple’s Vice President of Environment, Policy and Social Initiatives.

The Cupertino, California-headquartered tech giant said 10 of its initial suppliers have come forward to jointly invest in the nearly $300 million fund over the next four years.

“We’re thrilled so many of our suppliers are participating in the fund and hope this model can be replicated globally to help businesses of all sizes make a significant positive impact on our planet,” Jackson said.

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Apple in 2017 announced it would invest nearly $500 million in China to build two new R&D centres in Shanghai and Suzhou. Pixabay

By virtue of its size and scale, the China Clean Energy Fund will give its participants the advantage of greater purchasing power and the ability to attain more attractive and diverse clean energy solutions.

The China Clean Energy Fund will be managed through a third party, DWS Group, which specialises in sustainable investments and will also invest in the fund, Apple said.

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The announcement to invest in the clean energy fund in China follows Apple’s announcement earlier in 2018 that its global facilities are powered by 100 per cent clean energy and the launch of its Supplier Clean Energy Programme in 2015.

Apple in 2017 announced it would invest nearly $500 million in China to build two new R&D centres in Shanghai and Suzhou.

In September 2016, Apple opened its first China R&D centre in Beijing’s Zhongguancun Science Park, often referred to as “China’s Silicon Valley”. (IANS)

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Samsung Competes Apple, Launches Stores and Expand Retail Footprints in US

On February 20, Samsung is also hosting its "Unpacked" event in San Francisco, where it will announce its first foldable smartphone and "Galaxy S10".

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Samsung's retail presence in the US was marked only by pop-up stores and dedicated spaces in franchisees like Best Buy. Pixabay

Keeping in line with the prevailing competition with Apple, Samsung is planning to inaugurate three full-scale stores in Los Angeles, New York and Houston on February 20, aiming to expand its retail footprint in the US, Apple Insider reported.

Samsung intends to allow users to try and buy its products ranging from smartphones to Virtual Reality (VR) glasses and televisions via these retail stores.

Much like Apple Stores, the South Korean giant plans on providing in-person customer support along with walk-in repairs available for mobile devices.

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Apple has long touted its retail stores as one of its key advantages, since people can try products in advance and have a place to turn if they need help with setup or troubleshooting. Pixabay

Up until now, Samsung’s retail presence in the US was marked only by pop-up stores and dedicated spaces in franchisees like Best Buy. This move comes at a time when Apple is coping with declining iPhone sales, driven mostly by tough competition in China from local smartphone makers.

“Apple has long touted its retail stores as one of its key advantages, since people can try products in advance and have a place to turn if they need help with setup or troubleshooting. It remains to be seen whether Samsung would be able to cultivate an equal or superior level of support and whether or not will enough people choose to shop at outlets instead of online or at the many third-party vendors that carry Samsung gears,” the report said.

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Due to low traffic and poor response, the company failed in its attempts at retail expansion in the UK and withdrew quickly.

On February 20, Samsung is also hosting its “Unpacked” event in San Francisco, where it will announce its first foldable smartphone and “Galaxy S10”, the report noted. (IANS)