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Summer break
Catching up after touching grass
Hi there,
I’m back again. After, once again, taking some time off while I was in Europe with family for a while. As always, there was plenty afoot in the energy and sustainability world. And, as I’m increasingly getting clear on, in an environment increasingly inundated with information, it’s not always necessary to curate, digest, or fixate on it every week.
Today, we’ll round up what stands out to me most after having been off-screen for the majority of the past month. Read to the bottom for my favorite pic from Europe :)
♡ If u find this work valuable, please support it here. U can do so for $1. I put a lot of thought, time, and heart into these, either way. ♡
ONE STORY IN A SENTENCE AND A CHART
• It’s not just the U.S. in which solar and storage dominate new electricity generation additions; across the entire world, solar and storage comprised 90% of new capacity additions last year. Link.

LEAD STORY
Part of the reason I took some more time off was also to let dust settle around the Big Beautiful Bill, which a) took some time to work its way through Congress to completion and b) understandably caused a lot of consternation in climate, clean energy, and other liberal-minded sociopolitical communities, given its gutting of support for various cleaner energy and transportation technologies in the U.S., as well as healthcare, other social safety net programs, and much more.
Yes, the BBB is ‘Bad’ for the energy transition and sustainability efforts in the U.S. It’s quite likely that clean energy additions will slow down as tax credits taper off, EV deployment will slow as tax incentives for purchases wind down, and that fossil fuels will continue to get substantial support, as they long have in the U.S., which is the world’s largest producer of both oil and gas. Even coal, which has been in a steep downtrend in terms of its use for electricity generation in the U.S. for decades, is getting a little lift from friendlier policy (no, this won’t change the medium-term fact that the U.S. will, in time, phase out coal use for electricity generation completely.

All that said, I didn’t feel much need to add to the hand-wringing; I’ve done plenty of that this year. Zooming out, it’s worth remembering that:
The U.S. isn’t the only country in the world. Neutering its own competitiveness in global markets and energy growth is folly, but there are countless other players that can lead the energy transition in the U.S.’s stead. China, as I’ve harped on all year, is certainly best poised to both become the world’s first ‘electrostate’ and to continue building a monopoly in manufacturing of energy transition hardware and mineral and metal production and processing capacity. Other countries can also step up in areas where the U.S. may relinquish leadership and control.
If nothing else, we’ll also get a nice A/B test of how resilient solar, storage, EV adoption, and more can be without subsidies. Long a question among energy transition advocates and skeptics alike, the U.S. can now serve as effectively a case study for what happens when you remove subsidy support for these technologies, which, with subsidy support (or in China’s case, comprehensive government support at many levels), have performed quite well. This has value in and of itself, even if it may come at the cost of U.S. national competitiveness.
In any case, if you haven’t read much about the changes in the BBB, here’s a shortlist from CTVC:

And, in sum re: the BBB in general, this is my favorite, succinct take overall:
The importance of the Inflation Reduction Act was that, for the first time, if you squinted hard enough, you could make out a national climate strategy from the world's largest economy and largest historical emitter. That’s gone now.
— Noah Kaufman (@noahqk)
3:12 PM • Jun 19, 2025
OTHER HEADLINES AND NEWS
• China is building an absolutely massive (~$160 billion investment) hydroelectric dam on the Tibetan Plateau's Yarlung Tsangpo River. Once completed, it will be the world’s largest, offering 300,000 annual GWh of capacity, ~3x that of the world’s current largest dam, Three Gorges, also in China. India and Bangladesh have flagged downstream water scarcity concerns, which China has more or less shrugged off as it continues to push the pace of cleaner energy additions, outstripping all other countries worldwide by many country miles. Link. Link.
• China also surpassed 1 Terawatt of solar capacity for the first time in history; in May alone, it added a monthly record of 93 GW of new solar capacity, a 4x increase from capacity additions for the same month in 2024. China is currently home to 74% of wind and solar projects under construction worldwide. Link. Link.
• Further, China Southern Power Grid commissioned the world's first grid-forming sodium-ion battery storage plant in Yunnan province (Baochi Storage Station), combining lithium and sodium-ion technologies at scale with 200MW/400MWh capacity and 98% renewable energy sourcing. Link.
• Copper prices are close to all-time highs following Trump's announcement of a 50% copper tariff, which is raising concerns over inflation and supply chain strain, especially for energy-related infrastructure. Link.
• Google announced a partnership with Commonwealth Fusion Systems to purchase 200MW of fusion power from CFS's planned ARC reactor in Virginia, marking Google's first direct fusion power purchase agreement, and one of the first such purchase agreements in general. Google is also an investor in the company. Google also plans to buy up to 3 GW of energy from Brookfield's hydro projects in a $3 billion agreement. Link. Link.
• Waymo surpassed 100 million fully autonomous miles driven without a human driver, doubling its mileage in just six months as it has expanded to new cities. It now provides over 250,000 rides weekly across Phoenix, San Francisco, Los Angeles, and Austin, in (early) fulfillment of my prediction that it would hit ~1 million monthly rides soon. Waymo vs. Tesla’s robotaxi services will be a fun game to track! (see below) Link. Link.

• VW also announced it will start operating autonomous ID. Buzz AD vans in Los Angeles next year in partnership with Uber. The vans feature 13 cameras, 9 LiDARs, 5 radars, and 234-mile range, with human operators initially on board for safety. Meanwhile, Uber is also adding Lucid electric vehicles equipped with Nuro's self-driving technology to its robotaxi network and is buying stakes in both companies, including a $300 million stake in Uber, with plans to deploy 20,000+ Lucid Gravity vehicles over six years. Link. Link.
• The Defense Department agreed to buy $400 million of preferred stock in MP Materials, the only operational rare earth mine in the U.S., making it the largest shareholder with a 15% stake and securing domestic supply chains with 10-year offtake agreements. Apple is also investing $500 million in MP Materials. Link. Link.
• Italy, Spain, and Greece are on track to shutter their last remaining mainland coal power plants in the coming months, after Ireland phased coal out completely, becoming the 15th European country to do so. Link.
• New EVs in Europe produce 73% fewer life-cycle greenhouse gas emissions than gas cars according to a new International Council on Clean Transportation study, a 24% improvement over 2021 estimates due to cleaner electricity grids. Link.
• Nissan has informed suppliers it will postpone production of two electric crossovers at its Canton, Mississippi, plant by nearly a year amid pullback of federal EV incentives. Mercedes-Benz will also pause production of its EQ EVs at its Alabama factory. Link. Link.
• The Netherlands will cut its offshore wind goals by up to 40%, reducing its 2030 target from 50 gigawatts to 30-40 gigawatts, citing high development costs among other factors. Yet another hit to global offshore wind development. Link.
• EPA Administrator Lee Zeldin released resources debunking weather modification conspiracy theories following Texas flooding and a raft of new conspiracies suggesting a cloud seeding company we’ve covered (here), Rainmaker, exacerbated the floods. The company had operated on a very limited basis in the affected area days prior. Link.
• The Trump administration is pressuring the Nuclear Regulatory Commission to "rubber stamp" all new reactors according to Politico, with DOGE representative Adam Blake telling NRC staff their safety assessments would be "foregone conclusions" following DOE or Pentagon approval. Link.
• Saudi Arabia awarded local companies $8.3 billion worth of projects to add 15 gigawatts of domestic wind and solar capacity, with facilities developed by ACWA Power, Water and Electricity Holding Co., and Aramco Power. Link.
• Second-quarter EV sales fell 6.3% compared to 2024, with federal purchase subsidies up to $7,500 ending September 30 under the GOP budget law, along with used EV credits and commercial EV incentives. Tesla sales fell over 12% year-over-year in Q2. Wood Mackenzie also revised its estimate of EV's U.S. market share in 2030 to 18%, down from a prior projection of 23%, reflecting the loss of federal incentives. Link. Link.
• MethaneSAT, an $80+ million satellite launched to measure global methane emissions from oil and gas sites, lost power and likely cannot be recovered after nearly two weeks of lost contact, ending its mission after less than a year instead of its planned five-year lifespan. Link.
• Global climate tech investment was down 19% in the first half of 2025 compared to the same period in 2024, though non-dilutive funding, including debt, is projected to hit an all-time high, suggesting there’s some market maturation afoot rather than straight declines across the board. Link.
CURATED DEALS
Larger funding rounds:
• Also, based out of Palo Alto, California, raised $200 million at a $1 billion valuation for its small EVs designed for city use and ride-hailing (coming this fall, purportedly). Greenoaks Capital was the sole investor. Link.
• Climeworks, based out of Zurich, Switzerland, raised $162 million in equity funding for its Direct Air Capture technology, surpassing $1 billion in total funding since inception and marking the largest carbon removal investment globally year to date. BigPoint Holding and Partners Group led the round. Link.
• Gridserve, based out of Buckinghamshire, U.K., raised ~$135 million in new equity investments for its EV charging stations and solar-powered service centers. TPG, Infracapital, and Mitsubishi participated. Link.
• Exodigo, based out of Palo Alto, California, raised $96 million in Series B funding at a $700M valuation for its AI-powered underground infrastructure mapping technology for construction projects. Zeev Ventures and Greenfield Partners led the round. Link.
• Bedrock Robotics, based out of San Francisco, California, raised $80 million across seed and Series A rounds to make autonomous construction equipment. Eclipse led the seed and 8VC led the Series A. Link.
• Amogy, based out of Brooklyn, New York, raised $80 million for its ammonia-to-power technology for shipping and data centers. Korea Development Bank and KDB Silicon Valley LLC led the round. Link.
• Q.ant, based out of Stuttgart, Germany, raised €62 million (~$72.5 million) in Series A funding for its photonic processors for AI and high-performance computing. Cherry Ventures, UVC Partners, and imec.xpand led the round. Link.
• Nitricity, based out of California, closed $63 million in financing to build an organic fertilizer plant in Delhi, California, using renewable energy to combust organic almond shells. Energy Impact Partners and Khosla Ventures participated. Link (paywall).
• BrightAI, based out of San Francisco, California, raised $51 million in Series A funding for its AI-powered industrial power system management platform. Khosla Ventures and Inspired Capital co-led the round. Link.
Medium-sized funding rounds:
• GeologicAI, based out of Calgary, Canada, raised $44 million in Series B funding for its automated rock core analysis tailored to help mining companies find critical mineral deposits. Blue Earth Capital led; Rio Tinto and BHP Ventures participated. Link.
• HIVED, based out of London, raised $42 million in Series B funding for its all-electric delivery service. NordicNinja and Elemental Impact participated. Link.
• Donut Lab, based out of Finland, raised €25 million (~$29.25 million) in seed funding to scale its modular EV platform and five-motor lineup, with support from former Nokia Chairman Risto Siilasmaa. Link.
• Dexter Energy, based out of Amsterdam, Netherlands, raised ~$26.9 million in Series C funding for its AI-driven energy forecasting platform. Klima Capital led. Link.
• Stellaria, based out of Grenoble, France, raised €23 million (~$26.9 million) in seed funding to make molten salt nuclear reactors. At One Ventures and Supernova Invest led the round. Link.
• Tulum Energy, based out of Milan, Italy, raised €22.9 million (~$26.8 million) in seed funding to make “turquoise” hydrogen via methane pyrolysis. TDK Ventures and CDP Venture Capital co-led. Link.
• Arago, based out of Paris, France, raised €22.1 million (~$25.9 million) in seed funding to make more energy-efficient photonic AI chips. Earlybird, Protagonist, and Visionaries Tomorrow co-led. Link.
• EmeraldAI, based out of San Jose, CA, came out of stealth with $24.5 million in seed funding to engender AI data centers with computational flexibility to turn what are otherwise taxing loads into more flexible assets that are thus “friendlier” to power grids. Radical Ventures led. Link.
• Motor AI, based out of Berlin, raised €17.1 million (~$20 million) in seed funding for neuroscience-informed, Level 4 autonomous driving technology. Segenia Capital and Ecapital led the round. Link.
• Helical Fusion, based out of Tokyo, Japan, raised ~$15 million in Series A funding for its stellarator fusion reactor design. SBI Investment and Keio Innovation Initiative participated. Link.
• AssetCool, based out of Leeds, England, raised ~$13.5 million in Series A funding for its “advanced coatings that enhance the performance and lifespan of power lines.” Energy Impact Partners and Extantia participated. Link.
• Unblock, based out of Buenos Aires, Argentina, raised $13.5 million for data centers that convert wasted energy into computing power. Goldcrest Capital and Collaborative Fund led the round. Link.
• FlyGuys, based out of Lafayette, Louisiana, raised $13 million in Series A-1 funding for drone-based aerial data collection services for the construction and energy industries. Wonder Fund North Dakota led the round. Link.
• Membrion, based out of Seattle, Washington, raised $11.3 million in additional Series C funding for ceramic desalination membranes. Link.
Smaller funding rounds
• Chloris Geospatial, based out of Newton, Massachusetts, raised $8.5 million in Series A funding for natural capital carbon monitoring solutions. Future Energy Ventures and AXA Investment Managers participated. Link.
• Tibo Energy, based out of Eindhoven, Netherlands, raised €6 million (~$7 million) in seed funding for its energy management platform. KOMPAS and Hitachi Ventures participated. Link.
• Alva Energie, based out of Berlin, Germany, raised €5.2 million (~$6.1 million) in funding for decentralized energy management solutions for property owners. Triodos Bank and Württembergische Energie participated. Link.
• Vok Bikes, based out of Tallinn, Estonia, raised €5 million (~$5.85 million) in Series A funding for its heavy-duty electric cargo bikes designed for delivery services. SQM Lithium Ventures and Metaplanet Holdings participated. Link.
• Inyanga Marine Energy Group, based out of Falmouth, England, raised ~$5 million in growth funding to provide offshore renewable energy project services. British Business Bank and The FSE Group participated. Link.
• Cariqa, based out of Berlin, Germany, raised €4 million (~$4.7 million) in seed funding to offer EV charging payment and network management platform software. Anthemis Group and Contrarian Ventures co-led. Link.
• Wood Chuck, based out of Grand Rapids, Michigan, raised $3.75 million in seed funding for wood waste and biomass processing services. Alloy Partners and Beckett Industries participated. Link.
• Loopworm, based out of Bangalore, India, raised $3.25 million in seed funding to use insects for more sustainable animal feed and cosmetic input development. Enrission India Capital and WaterBridge Ventures participated. Link.
• Crosstown H2R, based out of Zurich, Switzerland, raised $3 million in seed funding for gas turbine decarbonization technology. 2100 Ventures and Climate Insiders participated. Link.
• Fiber Elements, based out of Leoben, Austria, raised ~$3 million in seed funding for bio-based fiber and polymer composite manufacturing to create metal-like materials. Amadeus Capital Partners and LEA Partners participated. Link.
• Cosma, based out of Nice, France, raised $2.9 million in seed funding for autonomous benthic (the ecological region at the bottom of a body of water, including the sediment) monitoring technology. Ternel and Wind Capital participated. Link.
• RarEarth, based out of Italy, raised €2.6 million (~$3 million) for rare elements recycling and high-performance NdFeB magnet production from e-waste. Primo Capital led out of its Primo Climate fund. Link.
• YPlasma, based out of Spain, raised $2.5 million in seed funding for ultra-efficient plasma actuators, which are used for electronics cooling and wind turbine de-icing. Faber VC led. Link.
• Jälle Technologies, based out of Tallinn, Estonia, raised $2 million in pre-seed funding for lithium-ion battery recycling and graphite waste upcycling services. Enterprise Estonia and Environmental Investment Centre participated. Link.
• Tarnoc, based out of Delft, Netherlands, raised €1.2 million (~$1.4 million) in seed funding to make electric turbine heat pumps. Link.
Other funding notes
• Steady Energy, based out of Espoo, Finland, raised €32 million (~$37.4 million) in equity and debt funding to build small modular nuclear reactors. 92 Ventures and LocalTapiola participated. Link.
• Puna Bio, based out of Buenos Aires, Argentina, secured an undisclosed amount of Series A funding from the Gates Foundation, Corteva Catalyst, and At One Ventures for extremophile-based seed treatments to develop climate-resilient crop solutions. Link.
• Amperon, based out of Houston, Texas, received an undisclosed amount in strategic investment from Acario, the venture arm of Tokyo Gas, to expand its AI-powered energy forecasting platform across North America and Europe. Link.

✌️ Here’s a pic from my latest travels (complete with power lines) ✌️
Ciao,
— Nick
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