A maiden flight and much more

Beta Technologies inches closer to commercial operation, plus much more across sustainability and decarbonization

Hi,

Well, while last week’s roundup was heavy on the Waymo love, now autonomous Waymos in LA are ablaze amidst ongoing riots (stay safe out there). All through no wrongdoing of their own, cuz, well, yeah, they’re autonomous. May you live in interesting times, right?

Anywho, now that we’ve got Monday in the rearview mirror, here are the big news headlines, tidbits, and deals that caught my eye over the past week or so.

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ONE STORY IN (TWO) SENTENCE(S) AND A CHART

• Here’s a story that I haven’t seen get a ton of attention, even as the air quality in New York City suffers due to Canadian wildfires; 2024 was a barnburning year for tropical forest loss, driven in no small part by fires (the underlying red bar). Innovation is great and all, and it can help mitigate the fires of the future, but at some point, we've got to stop the bleeding.

Source: University of Maryland, Global Forest Watch, World Resources Institute

AROUND THE HORN

THE GOOD

• Let’s start with some real good news: Clean energy generated over 40% of global electricity in 2024, a new record according to U.K. think tank Ember. Link.

• Beta Technologies completed its first electric flight from JFK to East Hampton in its all-electric ALIA eVTOL aircraft. The total trip cost only about $8 in electricity fueling costs. eVTOLs for all next year (price pending), as I’ve long predicted. Link.

• Boston Metal is approaching its first revenue recognition from direct reduced iron, a significantly lower-emission steelmaking process. Link.

• There’s some hope yet that thirteen House Republicans will work with Senate leaders to improve clean energy tax credit provisions in the BBB before final voting, warning that aggressive credit and subsidy phase-downs could jeopardize billions in investments. $14 billion in cleaner energy-related projects were canceled since January alone. Godspeed, representatives. Link.

• Of note also is that the head of the DOE, Chris Wright, is also calling for the maintenance of tax credits for at least nuclear and geothermal energy through 2031. Link.

• Westinghouse says it is in talks with federal officials to build 10 large AP1000 nuclear reactors, beginning in 2030 at an estimated $75 billion total cost. I’m all for it, but I’ll believe it when groundbreaks, and especially when the projects are moderately completed within budget and timeline, as the last few AP1000s ran drastically over budget in Georgia and took 11 years to build. Rooting for em’, though. Link.

Like EVs and vertical integration? You’ll love this (unless you’re any other global auto manufacturer): BYD doesn’t just have some of the fastest charging and cheapest EVs in the world, it now also has the largest car-carrying vessel in the world (9,000+ car capacity). As I wrote months ago, CATL and BYD are eating the world. I get it; I probably seem like a Chinese tankie at this point. But what else is there to say? Link.

• Older news that slipped my radar: The US National Ignition Facility achieved another significant fusion energy milestone, increasing energy yield to 8.6 megajoules, in what it’s calling the world's “only” net-positive fusion experiment, though I reckon some other competitors may contend that today and if not now, soon. Link.

THE INBETWEENS

• Meta signed a 20-year nuclear deal with Constellation Energy to purchase 1.1 GW from the Clinton Clean Energy Center in Illinois starting June 2027, preventing the plant's planned 2027 closure and marking Meta's first nuclear agreement. Overall, that’s great news for nuclear and for utilizing otherwise wasted assets. Still, I’m twiddling my thumbs, sitting here hoping we can build some net new reactors whose power doesn’t just get hoovered up by corporations for AI. The Westinghouse news mentioned above could help, but again, there’s a lot to prove. Link.

• Reiterating a point we hit last week (because it’s worth it), BYD cut prices by up to 34% across much of its lineup. If you live in China, you can buy a Seagull hatchback for $7,780. Is there a functional, decent new car one can buy for that price in the U.S.? I fear not. Great news on the whole, unless you’re any other global automanufacturer. Link.

Would you buy this car for <$8k? I would. Too bad I can’t, because the U.S. barred BYD :(

• The tariffs are, in fact, real. Chinese export growth slowed to a three-month low in May with “factory-gate deflation” (i.e., when prices fall as goods leave factories) deepening to its worst level in two years. So, as much back and forth as there’s been, yeah, it is happening! Link.

• Speaking of tariffs, Trump announced tariff increases on steel and aluminum imports from 25% to 50%, which affects nearly all U.S. trading partners. Trading partners have until July 8 to propose alternatives. I’ll have a lot more to say about this in a coming piece, though a little wait and see will also be warranted to see where the tariffs on one of the most emissions-intensive commodities in the world net out. Link.

• China isn’t just a leader in conventional energy tech and climate solutions; it’s leading on geoengineering, too. The country ramped up cloud seeding operations 20% this year to combat severe drought affecting grain-growing regions. For instance, Sichuan province gets 80% of its electricity from hydropower, making droughts particularly impactful not just for crops, but for electricity availability as well. Link. Link. Link.

• GM took the top spot from Tesla as Canada's top EV seller in Q1 2025 with 252% sales growth, led by the Chevy Equinox EV. Tesla sold just 542 cars in Quebec, the country's largest EV market, signaling its continued sales struggles in international markets. Link.

• FERC Chairman Mark Christie learned from media reports that Trump nominated Laura Swett, an energy attorney at Vinson & Elkins, to replace him when his term expires June 30. From everything I’ve heard, Laura Swett will be quite friendly to the oil and gas contingent, and that the White House will be more involved with FERC itself. Link. Link.

THE BAD

• Coal is still king: Coal India, the world's largest coal producer, plans to reopen 32 defunct mines this year, citing renewables' inability to keep up with growing electricity demand. India is also extending its goal to phase out coal to 2070. Woof. Link.

• Chinese export controls on rare earths and critical minerals are wreaking havoc on global auto supply chains. For instance, Ford recently had to halt production of its Explorer model due to magnet shortages. GM, Toyota, and Volkswagen are concerned that they may be next on the list of companies that could have to pause production. Mind you, China’s grip on these minerals is critical for much more than just vehicles (*ahem, defense*). Fortunately, progress in trade talks seems to be forthcoming. Link. Link. Link.

• More leading and publicly traded tech companies had to release some not-so-great news that their greenhouse gas emissions are surging rather than falling as they bet it all on AI. Amazon, Microsoft, Alphabet, and Meta all saw “indirect” emissions (i.e., their power usage) rise 150% between 2020 and 2023. Amazon led with an 182% increase. Good luck with those net-zero targets, cap’n. Link.

• Apropos of the writing I published Friday, Envision AESC scrapped construction plans for its $1.6 billion South Carolina battery plant, citing "policy and market uncertainty" under the Trump administration, jeopardizing 1,600 planned jobs. Fuck around, find out! Link.

• Another one bites the dust, unfortunately. Sunnova Energy, based out of Houston, filed for Chapter 11 bankruptcy protection with $10.67 billion in debt after laying off 55% of its workforce and losing a $2.92 billion loan guarantee from the Trump administration. Residential solar may well be in for a long slog ahead; really, it already is in the thick of one based on regulatory and pricing changes in state legislatures. Link.

• Powin, the third-largest battery installer in the U.S. in 2024, also warns it may have to shutter as early as July as it scuffles with financial difficulties and missed payments to CATL. Link.

CURATED DEALS

Larger funding rounds:

Eavor, based out of Calgary, Canada, raised up to ~$100 million in growth funding (contingent on performance) from Canada Growth Fund for its geothermal energy development company. Link.

Aerones, based out of Riga, Latvia, raised $62 million in equity funding led by Activate Capital and S2G Investments for its robotic wind turbine maintenance systems. Bold, betting on wind right now. But fortune favors the bold after all. Link.

Runwise, based out of New York City, raised $55 million in Series B equity and debt led by Menlo Ventures. The company operates a combination of hardware and software in over 10,000 buildings to address inefficient heating systems, cut fuel consumption by 20% or more, and save building owners, operators, and tenants money (which translates to emissions reductions, too). To date, the company claims to have saved customers more than $70 million in energy costs. Link.

Aircapture, based out of Berkeley, California, raised $50 million in Series A funding led by Larsen Lam Climate Change Foundation for its modular direct air capture units. It also inked a 10-year contract with AB InBev in the Canary Islands to pre-sell DAC credits. Link.

Medium-sized funding rounds:

Hystar, based out of Norway, raised $36 million in Series C funding to make high-efficiency PEM electrolysers. It was also awarded €26 million (~$30 million) in an EU Innovation Fund grant to accelerate commercial scale-up. Link.

Treefera, based out of London, raised $30 million in Series B funding led by Notion Capital for its AI-powered forest data and carbon credit verification platform that leverages satellite imagery. Link.

Volare, based out of Finland, raised €26 million (~$29.6 million) in equity funding to build an insect protein plant that uses zero-waste technology to upcycle food industry byproducts into sustainable protein, oil, and fertilizers. Link.

Amber, based out of Melbourne, Australia, raised $29.6 million led by ETF Partners for its software that helps optimize home battery charging based on real-time wholesale electricity prices. Link.

Hypercraft, based out of Provo, Utah, raised $26 million in Series A funding led by Stalwart Ventures to make hybrid and electric powertrains for mining trucks, race cars, and military vehicles at a $106 million post-money valuation. Link.

Jua, based out of Zürich, Switzerland, raised €10 million (~$11.4 million) in Series A funding co-led by Ananda Impact Ventures and Future Energy Ventures for its physics-informed AI weather and climate forecasting platform. Link.

Smaller funding rounds:

Aistech Space, based out of Barcelona, raised €8.5 million (~$9.7 million) in a first tranche of an ongoing Series B funding round led by Global Portfolio Investment to capture thermal data and imagery from satellites in space. Link.

AUAR, based out of London, raised £5.1 million (~$6.9 million) led by Planet A to scale its robotic microfactories that automate timber home construction, which offer lower embodied emissions and help expand affordable housing. Link.

Atmen, based out of Munich, Germany, raised €5 million (~$5.7 million) in seed funding from Project A Ventures for its automated sustainability certification platform for industrial clients. Link.

GridFree AI, based out of Houston, raised $5 million in seed funding led by Giant Ventures for its AI platform that optimizes data center deployment, energy usage, performance, and more. Link.

ClearLeaf, based out of San Pedro, Costa Rica, raised $3.5 million in seed funding from Hawthorne Food Ventures for non-toxic crop protection solutions supporting regenerative agriculture. Link.

Swap Robotics, based out of Ontario, Canada, raised $3 million in seed funding from Silicon Ranch for its autonomous robots that help maintain vegetation around solar fields and highways. Link.

Voltrac, based out of Valencia, Spain, raised €2 million (~$2.28 million) from FoodLabs and Antler to make autonomous electric tractors for agriculture and logistics. Link.

Termina, based out of Melbourne, Australia, raised $3M pre-Series A funding for its automatic energy account switcher service that helps consumers optimize electricity bills. Link.

Funds

Energize Capital, based out of Chicago, closed $430 million for its fifth fund, which it will use to back early-stage “digitally-enabled” climate and infrastructure startups. Its total AUM is now $1.8+ billion. Congrats to my friends on the team! Link.

Rockaway Ventures, based out of Prague, closed its second fund with nearly €55 million (~$62.7 million) to invest in late-seed and Series A startups in the energy and defense sectors. Link.

Nordic Foodtech VC, based out of Helsinki, announced a €40 million (~$45.6 million) first close of its second fund to back early-stage B2B agrifoodtech startups in Europe. Link.

Oddballs

Here’s a headscratcher, though it happens all the time: Peter Carlsson, the former (now bankrupt) Northvolt CEO, raised €5 million (~$5.7 million) to build a new AI manufacturing company dubbed Aris Machina. That’s even as Northvolt's $5.8 billion debt is still unwinding and there’s an ongoing police investigation (with manslaughter charges) into a 2023 factory death we covered last week. My reaction in meme form below. Link.

Have a nice week,

Nick

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