Cryptocurrency wallet startup Cobo raises $13M Series A to enter the U.S. and Southeast Asia

Cobo, a cryptocurrency wallet startup headquartered in Beijing, has raised a $13 million Series A to enter new international markets. The round was led by DHVC and Wu Capital, a family office based in China. Cobo plans to expand in the United States and Southeast Asia, in particular Vietnam and Indonesia. Cobo is also now […]

Cobo, a cryptocurrency wallet startup headquartered in Beijing, has raised a $13 million Series A to enter new international markets. The round was led by DHVC and Wu Capital, a family office based in China. Cobo plans to expand in the United States and Southeast Asia, in particular Vietnam and Indonesia. Cobo is also now taking pre-orders for Cobo Vault, a hardware wallet (pictured above) that it claims is military grade. Cobo’s Series A brings its total funding to $20 million so far.

Cobo Wallet allows users to store both proof-of-stake and proof-of-work coins. One incentive for people to pick the app over its competitors is the ability to pool proof-of-stake assets with other users so they can increase their chances of mining and validating new blocks on the blockchain. Since launching earlier this year, Cobo says its digital wallet has gained more than 500,000 users.

The startup was founded last year by CEO Shixing Mao, who is known as Discus Fish in the crypto community, and CTO Changhao Jiang, a former platform engineer at Facebook and Google who co-founded Bihang, a cryptocurrency wallet acquired by OKCoin in 2013. Discus Fish, meanwhile, is known for launching F2Pool, China’s first mining pool.

Cobo Vault, which will retail for $479, meets the MIL-STD-810G U.S. military standard for equipment, Cobo’s head of hardware Lixin Liu said in an email, adding that it was built with proprietary firmware created especially for the device, a bank-grade encryption chip and military-grade aluminum.

Cobo Vault’s creation was prompted by an August 2017 incident in which F2Pool was hacked and more than 8,000 ETH was stolen from Discus Fish’s account. Fish also refunded customers’ lost ETH from his own assets. “As a result, Discus Fish was resolute on the fact that for crypto to gain mass market adoption, products had to be made to be hacker-resistant and truly safe,” said Liu.

Cryptocurrency wallet startup Cobo raises $13M Series A to enter the U.S. and Southeast Asia

Cobo, a cryptocurrency wallet startup headquartered in Beijing, has raised a $13 million Series A to enter new international markets. The round was led by DHVC and Wu Capital, a family office based in China. Cobo plans to expand in the United States and Southeast Asia, in particular Vietnam and Indonesia. Cobo is also now […]

Cobo, a cryptocurrency wallet startup headquartered in Beijing, has raised a $13 million Series A to enter new international markets. The round was led by DHVC and Wu Capital, a family office based in China. Cobo plans to expand in the United States and Southeast Asia, in particular Vietnam and Indonesia. Cobo is also now taking pre-orders for Cobo Vault, a hardware wallet (pictured above) that it claims is military grade. Cobo’s Series A brings its total funding to $20 million so far.

Cobo Wallet allows users to store both proof-of-stake and proof-of-work coins. One incentive for people to pick the app over its competitors is the ability to pool proof-of-stake assets with other users so they can increase their chances of mining and validating new blocks on the blockchain. Since launching earlier this year, Cobo says its digital wallet has gained more than 500,000 users.

The startup was founded last year by CEO Shixing Mao, who is known as Discus Fish in the crypto community, and CTO Changhao Jiang, a former platform engineer at Facebook and Google who co-founded Bihang, a cryptocurrency wallet acquired by OKCoin in 2013. Discus Fish, meanwhile, is known for launching F2Pool, China’s first mining pool.

Cobo Vault, which will retail for $479, meets the MIL-STD-810G U.S. military standard for equipment, Cobo’s head of hardware Lixin Liu said in an email, adding that it was built with proprietary firmware created especially for the device, a bank-grade encryption chip and military-grade aluminum.

Cobo Vault’s creation was prompted by an August 2017 incident in which F2Pool was hacked and more than 8,000 ETH was stolen from Discus Fish’s account. Fish also refunded customers’ lost ETH from his own assets. “As a result, Discus Fish was resolute on the fact that for crypto to gain mass market adoption, products had to be made to be hacker-resistant and truly safe,” said Liu.

Some notable Facebook shareholders file (mostly symbolic) proposal to oust Mark Zuckerberg as chairman

Several major Facebook shareholders have submitted a proposal calling for CEO Mark Zuckerberg to step down as chairman of the company’s board. The filing is mainly symbolic, since Zuckerberg has almost total voting control, an arrangement that has earned the company’s board structure comparisons to a “dictatorship.” The proposal is still noteworthy, however, because of […]

Several major Facebook shareholders have submitted a proposal calling for CEO Mark Zuckerberg to step down as chairman of the company’s board. The filing is mainly symbolic, since Zuckerberg has almost total voting control, an arrangement that has earned the company’s board structure comparisons to a “dictatorship.” The proposal is still noteworthy, however, because of the investors involved.

The pension funds of New York City are joining activist shareholder Trillium Asset Management, which has wanted to remove Zuckerberg as Facebook’s chairman since its disappointing second-quarter earnings report in July, as well as the state treasurers of Rhode Island, Illinois, and Pennsylvania. The proposal will be voted on at Facebook’s shareholder meeting next year.

In an online statement, New York City comptroller Scott Stringer called on Facebook’s board to make its chair an independent position.

“Facebook plays an outsized role in our society and economy. They have a social and financial responsibility to be transparent—that’s why we’re demanding independence and accountability in the company’s boardroom. We need Facebook’s insular boardroom to make a serious commitment to addressing real risks—reputational, regulatory, and the risk to our democracy—that impact the country, its shareholders, and ultimately the hard-earned pensions of thousands of New York City workers,” Stringer said. “An independent board chair is essential to moving Facebook forward from this mess, and to reestablish trust with Americans and investors alike.”

The shareholder proposal was filed by the New York City Pension Funds, Illinois state treasurer Michael Frerichs, Rhode Island state treasurer Seth Magaziner, Pennsylvania treasurer Joe Torsella, and Trillium Asset Management.

Stringer, a Democrat who serves as fiduciary for the city’s five public pension funds, which are worth about $160 billion in total assets, has been a vocal critic of Facebook. In March, he asked Facebook’s lead independent director, Dr. Susan Desmond-Hellmann, to improve the company’s data privacy accountability after the Cambridge Analytica scandal, citing the 4.9 million Class A shares held by the city’s pension funds.

Another proposal to replace Zuckerberg as chairman was filed in April before his Senate testimony about Cambridge Analytica’s misuse of Facebook user data.

TechCrunch has contacted Facebook for comment.

Samsung acquires network analytics startup Zhilabs to help its transition to 5G

Samsung Electronics is betting that acquiring Zhilabs, a real-time networks analytics startup based in Barcelona, will ease its transition from 4G to 5G technologies. Financial details of the deal, which was announced today, have not been disclosed. Zhilabs will be fully owned by Samsung, but it will continue to operate independently under its own management. […]

Samsung Electronics is betting that acquiring Zhilabs, a real-time networks analytics startup based in Barcelona, will ease its transition from 4G to 5G technologies. Financial details of the deal, which was announced today, have not been disclosed. Zhilabs will be fully owned by Samsung, but it will continue to operate independently under its own management.

The acquisition of Zhilabs is part of Samsung’s initiative, announced in August, to invest 25 trillion won (about $22 billion) in businesses working on AI, 5G, components for self-driving vehicles, and biopharmaceutical technologies.

In a statement, Youngky Kim, Samsung Electronic’s president and head of networks business, said “5G will enable unprecedented services attributed to the generation of exponential data traffic, for which automated and intelligent network analytics tools are vital. The acquisition of Zhilabs will help Samsung meet these demands to assure each subscriber receives the best possible service.”

Founded in 2008, Zhilabs’ products are used by customers including Hewlett Packard Enterprise, Vodafone, and Telefonica to analyze and test network performance in real-time. Because its solutions allow service issues to be automatically detected and fixed, Zhilabs’ AI-based automation will help Samsung launch new services related to the industrial Internet of Things and smart cars.

Amazon puts $10M in Closed Loop Fund to make recycling easier in more American cities

Amazon announced today that it has invested $10 million in Closed Loop Fund, which finances the creation of recycling infrastructure and services in U.S. cities. In a statement, the e-commerce behemoth claimed that its investment will keep one million tons of recyclable material out of landfills and “eliminate the equivalent of two million metric tons of […]

Amazon announced today that it has invested $10 million in Closed Loop Fund, which finances the creation of recycling infrastructure and services in U.S. cities. In a statement, the e-commerce behemoth claimed that its investment will keep one million tons of recyclable material out of landfills and “eliminate the equivalent of two million metric tons of CO2 by 2028, equivalent to shutting down a coal-fired power plant for six months.”

Founded in 2014, Closed Loop Fund invests in companies and organizations working on services, infrastructure, or technology that will make recycling accessible to more communities in the U.S. Only a few cities have made recycling mandatory and in many municipalities, trucking trash to the landfill is still much cheaper than offering curbside recycling. According to Amazon’s announcement, about half of Americans “lack access to convenient, sufficient curbside recycling at their homes.” Over the next 10 years, Closed Loop Fund wants to save more than 8 million tons of waste from landfills by making recycling easier for 18 million households.

In a statement, Closed Loop Fund CEO Ron Gonen said “Amazon’s investment in Closed Loop Fund is another example of how recycling is good business in America. Companies are seeing that they can meet consumer demand and reduce costs while supporting a more sustainable future and growing good jobs across the country. We applaud Amazon’s commitment to cut waste, and we hope their leadership drives other brands and retailers to follow suit.”

As the largest online retailer in the U.S. by far, Amazon packages produce a massive amount of cardboard and packaging waste every year. More than 5 billion items were shipped through Amazon Prime last year, while the company’s fulfillment and shipping network increased by more than 30% in square footage.

The burden placed on overwhelmed municipalities and waste collection services that need to dispose of packaging from Amazon and other e-commerce stores has been dubbed the “Amazon Effect” and blamed for contributing to the decline in the cardboard recycling rate. According to the American Forestry and Packaging Association, the recycling rate for cardboard fell to 88.8% in 2017 from 92.9% in 1999.

Amazon claims its Frustration-Free Packaging program, which offers brands incentives to use less wasteful packaging, has eliminated more than 244,000 tons of packaging materials and made it possible to avoid more than 500 million shipping boxes since launching 10 years ago. But with its rapid pace of growth—Amazon is expected to reach $258.22 billion in U.S. retail sales this year, accounting for 49.1 percent of all online retail spending in the country and 5 percent of all retail sales—there is still a lot of work to do if it really wants to stop contributing to packaging waste.

Google CEO Sundar Pichai speaks publicly for the first time about its censored China search engine

Commenting publicly for the first time about Google’s censored search engine for China, CEO Sundar Pichai said onstage at the WIRED 25 summit in San Francisco that the company is taking “a longer-term view” about the country. Codenamed Project Dragonfly, the controversial development has been public knowledge since a report in August by the Intercept, […]

Commenting publicly for the first time about Google’s censored search engine for China, CEO Sundar Pichai said onstage at the WIRED 25 summit in San Francisco that the company is taking “a longer-term view” about the country. Codenamed Project Dragonfly, the controversial development has been public knowledge since a report in August by the Intercept, generating significant backlash, with several employees resigning in protest.

Google did not confirm Project Dragonfly’s existence until its chief privacy officer, Keith Enright, spoke at a Senate hearing last month. Even then, Enright did not provide much information about the project, so this means Pichai’s comments at WIRED 25 are the most detailed ones made officially by Google’s leadership so far.

Even before Project Dragonfly was revealed by The Intercept, Google had already been quietly working on a strategy to re-enter China, including launching (or re-launching) apps through third-party Android stores (Google Play is not available in China) and working with partners like Xiaomi and Huawei to introduce its ARCore technology for augmented and virtual reality there. Pichai said Google has not decided if it will actually launch Project Dragonfly in China, but if it does, the search engine’s biggest competition would be Baidu.

Pichai said that Chinese tech innovations means it’s time for Google to get an understanding of the market from the inside out. “It’s a wonderful, innovative market. We wanted to learn what it would look like if we were in China, so that’s what we built internally,” adding that “given how important the market is and how many users there are, we feel obliged to think hard about this problem and take a longer-term view.”

Even though it follows China’s strict censorship laws, Pichai claimed that Project Dragonfly will still be able to answer “well over 99% of the queries” put to it and that “there are many, many areas where we would provide information better than what’s available.”

Google once operated a censored search engine in China at Google.cn, but pulled out of the country in 2010. At the time, Google said its decision was prompted by a “sophisticated cyber attack originating from China” that targeted human rights activists, and the country’s efforts to “further limit free speech on the web in China” by blocking websites like Googe Docs, Blogger, Facebook, Twitter and YouTube.

For its critics, Project Dragonfly’s existence means Google has reneged on the values it avowed nine years ago. While onstage at WIRED 25, however, Pichai said working on a search engine is in line with the company’s mission to “provide information to everyone,” noting that China contains about 20% of the world’s population.

Google only embarked on Project Dragonfly after much deliberation, he said. “People don’t understand fully, but you’re always balancing a set of values” when entering new countries,” adding “but we also follow the rule of law in every country.”

The real-life Emery and Evan from “Fresh off the Boat” launch Batu Capital for cannabis, crypto and big data startups

Restaurateur and raconteur Eddie Huang is the best known of the three “Fresh off the Boat” brothers (it was his memoir that inspired the ABC sitcom), but his younger brothers Emery and Evan remain relatively mysterious even to its most loyal viewers. Though the two’s namesake characters are also prominently featured on the show, their […]

Brothers Evan and Emery Huang, founders of Batu Capital

Restaurateur and raconteur Eddie Huang is the best known of the three “Fresh off the Boat” brothers (it was his memoir that inspired the ABC sitcom), but his younger brothers Emery and Evan remain relatively mysterious even to its most loyal viewers. Though the two’s namesake characters are also prominently featured on the show, their real-life counterparts have kept a much lower public profile, making sporadic appearances on Eddie’s social media.

Emery and Evan, however, have been busy investing in real estate and recently branched into tech startups. Though their multi-family investment office Batu Capital just launched this year, it reached a big milestone this week when one of their first investments, MJ Freeway, an enterprise software developer for the cannabis industry, entered into a merger agreement with MTech that will make it part of a Nasdaq-listed holding company.

The fictionalized versions of Evan and Emery Huang, portrayed on “Fresh off the Boat” by Ian Chen and Forrest Wheeler. (Photo by Vivian Zink/ABC via Getty Images)

In an interview, the two brothers told TechCrunch about moving into the tech sector and the startups they want to fund in the United States, China and Southeast Asia. Batu Capital is focused on finding companies in the cannabis, blockchain and crypto sectors, as well as big data.

In addition to MJ Freeway, which provides enterprise resource planning and compliance tracking software for the cannabis businesses, its portfolio also includes Vidy, a startup building a new approach to video ads on Ethereum, and Sora Ventures, a crypto-backed blockchain and digital currency venture fund. Batu Capital invests in seed or Series A stage companies or Series C and pre-IPO and its typical check size will be about $500,000 to $2 million.

Though Batu isn’t a single family office, instead raising capital from a network of limited partners for each investment, its creation was motivated by Emery and Evan’s desire to protect their family’s assets after several generations of political and social upheaval.

“Long story short, our family has made and lost fortunes more than five times within the past two generations and quite frankly I’ll be damned if we let it happen again in me and Evan’s lifetime,” Emery says.

Before World War II, the Huang brothers’ paternal relatives amassed a railroad fortune, but lost it all during the Japanese invasion of Nanjing. They escaped to Chongqing and began rebuilding their wealth through real estate, but were forced to flee to Taiwan during the Chinese Communist Revolution, losing everything once again. Meanwhile their maternal grandparents had also fled from China to Taiwan to escape the Japanese army. Though they had worked in banking before, they survived in Taipei by selling steamed buns on the street for several years until getting jobs in a textile plant, eventually opening their own curtain and upholstery fabric factory.

Like many who had escaped the Chinese Communist Party, however, the boys’ relatives remained wary of another invasion and though they had rebuilt their lives in Taiwan, both sides eventually left for the U.S. That’s where their parents, Louis and Jessica, met, married, and had their three sons. “Fresh off the Boat,” the first American primetime sitcom in 20 years to star Asian-Americans, is a fictionalized version of the Huang family’s ups-and-downs as Louis and Jessica build a restaurant business in Florida, where the brothers grew up.

Investing in the backbone of new industries

All three brothers gained business experience by working on BaoHaus, the popular restaurant chain Eddie launched on the Lower East Side of Manhattan in 2009. Emery, who had won the Writers of the Future Grand Prize for science fiction writing, exited early and moved to China. He wanted to work on novels set there, but also look for new investment opportunities. At that time, Emery and Evan were helping their parents prepare for retirement by exiting the restaurant business and they began investing the family’s assets in real estate, brokering deals between Chinese investment groups and New York City property owners before deciding to branch into tech.

Batu Capital is named after Batu Khan, the Mongol ruler and founder of the Golden Horde dynasty, in a nod to their love of Mongolian history (they also recently discovered, thanks to 23andMe tests, that they have some Mongolian heritage through both their parents).

The firm is focusing on cannabis because of its “massive addressable market, both in terms of pain management and medical usage, as well as recreational usage,” Emery says. In particular, the brothers are hopeful that it can replace the $17 billion painkiller market, but without the side effects that have contributed to the opioid epidemic. As for crypto, Emery says the brothers “were really drawn to the applications of blockchain technology, not just for currency, but blockchain in general, and smart ledgers in general, as a way to archive information in terms of data storage and data fidelity.”

In each sector, Evan says Batu looks for companies that want to build solutions for the “overall infrastructure of the industry.”

For example, MJ Freeway helps growers and dispensaries manage their business while making sure they comply with state and federal regulations. Vidy, meanwhile, is using blockchain to reboot the way publishers display ads. Instead of automatic pop-ups or embeds, readers can decide if they want to see a video by placing their finger or cursor over text in an online article (try it in this Esquire Singapore article by hovering over the pink highlighted text).

By allowing readers an easy opt-in to streaming videos, Vidy hopes to give publishers a more nuanced understanding of user engagement. The startup, whose partners include Mediacorp, Mercedes-Benz, and Deliveroo, also created its own ERC20 utility token, called VidyCoin, which advertisers use to purchase ad placements and readers can earn by watching videos. Recording transactions on blockchain enables Vidy to guard against different types of online ad fraud, including click spam.

With their family’s past setbacks in mind, the Huang brothers say one priority is to make sure their portfolio is geographically diverse. In addition to the U.S. and China (Emery is based in Shanghai and Evan is planning to move from the U.S. to Beijing soon), Batu Capital is also looking at growth markets in Southeast Asia, in particular the Philippines and Cambodia. The latter not only benefits from Chinese funding, but also provides more transparency for investors, they say.

“Our number one priority for startups is the executive team. We want to make sure it’s people who have a track record of building up companies in that industry or related industries, or that have experience that can transfer over. They have to have a competitive edge in the market. For example, what’s their niche in the big data space or do they have strategic partnerships?” Emery says. “The same thing with crypto and cannabis. We don’t just invest in the space. We need to make sure they stand out.”

ServiceNow to acquire FriendlyData for its natural language search technology

Enterprise cloud service management company ServiceNow announced today that it will acquire FriendlyData and integrate the startup’s natural language search technology into apps on its Now platform. Founded in 2016, FriendlyData’s natural language query (NLQ) technology enables enterprise customers to build search tools that allow users to ask technical questions even if they don’t know […]

Enterprise cloud service management company ServiceNow announced today that it will acquire FriendlyData and integrate the startup’s natural language search technology into apps on its Now platform. Founded in 2016, FriendlyData’s natural language query (NLQ) technology enables enterprise customers to build search tools that allow users to ask technical questions even if they don’t know the right jargon.

FriendlyData’s NLQ tech figures out what they are trying to say and then answers with text responses or easy-to-understand data visualizations. ServiceNow said it will integrate FriendlyData’s tech into the Now Platform, which includes apps for IT, human resources, security operations, and customer service management. It will also be available in products for developers and ServiceNow’s partners.

In a statement, Pat Casey, senior vice president of development and operations at ServiceNow, said “ServiceNow is bringing NLQ capabilities to the Now Platform, enabling companies to ask technical questions in plain English and receive direct answers. With this technical enhancement, our goal is to allow anyone to easily make data driven decisions, increasing productivity and driving businesses forward faster.”

The acquisition of FriendlyData is the latest in ServiceNow’s initiative to reduce the friction of support requests within organizations with AI-based tools. For example, it launched a chatbot-building tools called Virtual Agent in May, which enables companies to create custom chatbots for services like Slack or Microsoft Teams to automatically handle routine inquiries such as equipment requests. It also announced the acquisition of Parlo, a chatbot startup, around the same time.

Google will not bid for the Pentagon’s $10B cloud computing contract, citing its “AI Principles”

Google has dropped out of the running for JEDI, the massive Defense Department cloud computing contract potentially worth $10 billion. In a statement to Bloomberg, Google said that it decided not to participate in the bidding process, which ends this week, because the contract may not align with the company’s principles for how artificial intelligence […]

Google has dropped out of the running for JEDI, the massive Defense Department cloud computing contract potentially worth $10 billion. In a statement to Bloomberg, Google said that it decided not to participate in the bidding process, which ends this week, because the contract may not align with the company’s principles for how artificial intelligence should be used.

In statement to Bloomberg, Google spokesperson said “We are not bidding on the JEDI contract because first, we couldn’t be assured that it would align with our AI Principles. And second, we determined that there were portions of the contract that were out of scope with our current government certifications,” adding that Google is still “working to support the U.S. government with our cloud in many ways.”

Officially called Joint Enterprise Defense Infrastructure, bidding for the initiative’s contract began two months ago and closes this week. JEDI’s lead contender is widely considered to be Amazon, because it set up the CIA’s private cloud, but Oracle, Microsoft, and IBM are also expected to be in the running.

The winner of the contract, which could last for up to 10 years, is expected to be announced by the end of the year. The project is meant to accelerate the Defense Department’s adoption of cloud computing and services. Only one provider will be chosen, a controversial decision that the Pentagon defended by telling Congress that the pace of handling task orders in a multiple-award contract “could prevent DOD from rapidly delivering new capabilities and improved effectiveness to the warfighter that enterprise-level cloud computing can enable.”

Google also addressed the controversy over a single provider, telling Bloomberg that “had the JEDI contract been open to multiple vendors, we would have submitted a compelling solution for portions of it. Google Cloud believes that a multi-cloud approach is in the best interest of government agencies, because it allows them to choose the right cloud for the right workload.”

Google’s decision no to bid for JEDI comes four months after it reportedly decided not to renew its contract with the Pentagon for Project Maven, which involved working with the military to analyze drone footage, including images taken in conflict zones. Thousands of Google employees signed a petition against its work on Project Maven because they said it meant the company was directly involved in warfare. Afterward, Google came up with its “AI Principles,” a set of guidelines for how it will use its AI technology.

It is worth noting, however, that Google is still under employee fire because it is reportedly building a search engine for China that will comply with the government’s censorship laws, eight years after exiting the country for reasons including its limits on free speech.

Saudi Arabia’s sovereign fund will also invest $45B in SoftBank’s second Vision Fund

The sovereign fund of Saudi Arabia plans to invest $45 billion into the second SoftBank Vision Fund, two years after putting the same amount into the original $100 billion Vision Fund, Saudi Arabia Crown Price Mohammed bin Salman told Bloomberg in an interview on Friday. When the first Vision Fund was announced, it was by […]

The sovereign fund of Saudi Arabia plans to invest $45 billion into the second SoftBank Vision Fund, two years after putting the same amount into the original $100 billion Vision Fund, Saudi Arabia Crown Price Mohammed bin Salman told Bloomberg in an interview on Friday.

When the first Vision Fund was announced, it was by far the biggest private equity fund ever created, but if SoftBank Group CEO Masayoshi Son’s plans come to fruition, it will not be the last. Son told Bloomberg Businessweek last month that he wants to raise a new $100 billion fund every two or three years.

Saudi Arabia’s Public Investment Fund is anticipating a fresh influx of $170 billion over the next three to four years after selling its stake in Saudi Basic Industries, as well as the upcoming IPO of state-owned Saudi Aramco, said Prince Mohammed, who is also the PIF’s chairman. The PIF, which has also made investments in Uber, Tesla and Lucid, has enjoyed a “huge benefit” from the first Vision Fund, he told Bloomberg.

“We would not put, as PIF, another $45 billion if we didn’t see huge income in the first year with the first $45 billion,” Bin Salman said. He added that its investment in the first Vision Fund will help PIF achieve its new target of $600 billion in assets by 2020, up from the almost $400 billion it currently holds.

SoftBank Group has been contacted for comment.

SoftBank Group and Saudi Arabia’s other partnerships include a deal to build the world’s biggest solar plant for $200 billion. The PIF said earlier this month the plant is still going ahead despite a Wall Street Journal report that it had been shelved.