Tesla takes off

Hi there,

Hope all enjoyed a wonderful Solstice.

Thanks also to all the wonderful responses to my latest piece, in which I yammered on about the pernicious feeling that “no one is at the steering wheel.”

Coincidentally (perhaps), Tesla also (finally) launched its robotaxi services over the weekend. Where literally no one is at the steering wheel! So, I’ll talk about that a little bit today before rounding up other news that caught my eye.

Also, many of you said you hated the new number formatting last week, so I won’t be doing that again. Keep it simple, stupid!

♡ If u find this work valuable, please support it here. U can do so for $1. The more of u who do, the more I write! I put a lot of thought, time, and heart into these, either way. ♡

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ONE STORY IN A SENTENCE AND A CHART

• Something I’ve probably been wrong about: Whether and to what extent the modal person cares about climate change (which depends strongly on how they’re polled). Link.

LEAD STORY

• All eyes were on the launch of Tesla's robotaxi in Austin on Sunday. This has been a long time coming (a decade plus of work), given the care and judiciousness the company has rightfully put into the launch. While Tesla’s launch may seem like it’s well behind Waymo, as Waymo already delivers hundreds of thousands of ride per week across the U.S., Tesla’s approach is fundamentally different. While Waymo has proven that autonomous, all-electric driving isn’t just viable, but is scalablale, Waymo’s rely on expensive LiDAR packages and pre-mapping of routes. Tesla meanwhile aims to operate its robotaxis sans LiDAR or the need for manned mapping of terrain, using cameras and AI only.

On the whole, the launch was quite successful from my vantage point; no massive issues (some safety concerns were surfaced in various videos on social media). I saw far more complaints (if any) about second order features of the service than the self-driving service or its safety itself. Make no mistake, I think electric self-driving technology is a Godsend for emissions reduction, safety (humans are terrible drivers), the economy at large, and perhaps even for second order considerations, like urban planning and traffic congestion, as the light-duty vehicle fleet of the future — if all autonomous — may well require far fewer vehicles than say, the current fleet in the U.S. (more than 0.8 vehicles per person).

It won’t all be roses, however. Over the next decade, you can say goodbye to many of the 5M+ Uber and Lyft drivers (to say nothing of taxis, Doordash, Amazon delivery drivers, etc…). Nor will all this be confined to the ground, as eVTOLs are coming very soon too. More writing on that in the future, once I can dig out some time for it. Link. Link. Link.

OTHER HEADLINES AND NEWS

• The IEA forecasts Chinese oil demand will peak within two years, if it hasn’t already, thanks to voracious EV demand and sales. For a window into the future, see also “I drive an electric vehicle because I am poor" (second link). Link. Link.

• Apropos the above, global EV sales are forecast to reach a record 22 million this year, up 25% from 2024, with two-thirds of sales in China alone and just 7% in the U.S., according to BloombergNEF. Link.

• New York Governor Kathy Hohul has directed the New York Power Authority to build 1 GW of new nuclear energy. I welcome it, though it’s too bad New York let Indian Point, a three-unit nuclear reactor energy site that generated about 2x that new nuclear request before it’s closure, close just four years ago. If nothing else, the shift in attitudes towards nuclear energy in the time I’ve covered this space has been remarkable. Link. Link.

• Longi unveiled a new 700W solar module with 25.9% efficiency at SNEC 2025 in Shanghai, using the company's record-setting hybrid interdigitated back contact (HIBC) crystalline silicon solar cell that achieved 27.81% power conversion efficiency. Link.

• I’m of course also still tracking the status of the “Big Beautiful Bill,” The Senate Finance Committee's budget bill which, at present (as best as I can keep up with it), would:

Phase out solar and wind tax credits by 2028, requiring projects to begin construction by end of 2025 to qualify for full credits. Credits would drop to 60% in 2026, 20% in 2027, and zero by 2028. Link.

Wind and solar projects must begin construction by end of 2025 to qualify for full IRA tax credits under the Finance Committee's proposed budget bill, with nuclear, geothermal, and hydro receiving preferred treatment through 2035. Link.

Consumer tax credits for EVs, energy efficiency upgrades, and rooftop solar face rapid termination under the Senate bill, with new EV credits ending 180 days after enactment and residential solar credits also ending within 180 days. Link.

• Scientists purpotedly decreased methane emissions from cow manure by more than 90% when they added polyferric sulfate to wastewater treatment from livestock operations. That could perhaps, represent a budget-friendly solution for ~roughly 10% of livestock methane emissions. Reproducability of the study would be the first step. Link.

• Even with bombs flying all over the Middle East, brent crude oil prices can barely hold $70. Perhaps markets see the writing on the wall medium-term re: EVs and robotaxis, or short-term, the market is just sufficiently supplied and economic forecasts aren’t that robust. Link.

• Wildtype became the first lab-grown seafood company to meet FDA safety requirements, with its cultivated salmon now for sale in Portland, Oregon. This marks the first time lab-grown seafood is available for sale anywhere in the world, a reasonably big step for cultivated meat in general. Link.

• As Tesla’s robotaxi services launched in Austin, Waymo signaled its intent to bring robotaxis to New York next month, even as it faces state laws prohibiting vehicles from operating without a driver behind the wheel. The company has applied for permits to test with safety drivers and is lobbying for law changes. Link.

• As if Waymo and Tesla weren’t enough, Amazon's Zoox opened its first robotaxi serial production facility for the commercial services it plans to launch in Las Vegas this year, after which it aims to progress to San Francisco. The company is testing with a few dozen vehicles in various U.S. cities so far. Link.

• Tesla also signed a $557 million deal for Tesla's first deployment in China of its grid-scale battery storage Megapack batteries. The energy storage facility will be located in Shanghai as part of Tesla's expansion into grid-scale storage. Its batteries also are in use at the newly operation 270-MW/540-MWh Western Downs Battery Stage 1 project in Queensland, Australia, which cost $300 million and is operated by French renewable power producer Neoen SA. Link. Link.

• The UK announced £7.9 billion (~$10 billion) commitment for the nation's most extensive flood defense infrastructure program, including traditional barriers and nature-based solutions like reforestation and wetland restoration, expecting £8 in prevented economic damage for every £1 invested. Link. And for more on adaptation and resilience from us, see here.

• Bila Solar began producing ultra-lightweight solar modules at a new Indianapolis manufacturing plant aiming to scale to 1 GW annual production. Some domestic clean energy manufacturing is still moving forward! Link.

• The world's 65 biggest banks increased fossil fuel financing by more than 21% in 2024 to $869 billion, marking the first increase since 2021. JPMorgan Chase led with the biggest increase to $53.5 billion, followed by Citigroup, Bank of America, and Barclays. Link.

• Audi's CEO confirmed the brand reversed its 2021 decision to phase out combustion engines by 2033. The German automaker no longer has a timeline or promises for full electrification. Link.

• Cleveland-Cliffs' $500M plan to build America's first green steel facility using hydrogen-ready technology in Ohio risks being canceled. CEO Lourenco Goncalves said the company is negotiating with the Department of Energy to use "readily available and more economical fossil fuels" instead of hydrogen due to supply challenges. Whoops! Link.

• Astana awarded lucrative contracts to China and Russia for Kazakhstan's first nuclear plants, edging out bids from France and South Korea in a geopolitical energy infrastructure win. Link.

CURATED DEALS

Larger funding rounds:

• Archer Aviation, based out of the United States, raised an additional $850 million via a share sale after President Trump's released a new Executive Order announcing an eVTOL Integration Pilot Program to accelerate deployment of electric aircraft in the U.S. Archer will serve as Official Air Taxi Provider for the LA 2028 Olympic Games and now has approximately $2 billion in pro forma liquidity. Link.

• TerraPower, based out of Bellevue, Washington, raised $650 million from investors including Nvidia's VC arm NVentures, with existing investors Bill Gates and HD Hyundai also participating. The advanced nuclear company is building the first commercial advanced reactor in the U.S. at its demonstration project in Kemmerer, Wyoming, expected to be operational by 2030. Link.

• Applied Intuition, based out of Mountain View, California, raised $600 million Series F at $15 billion valuation for autonomous vehicle testing software. Link.

Medium-sized funding rounds:

• Pano AI, based out of San Francisco, raised $44 million in Series B funding led by Giant Ventures for its AI-powered wildfire detection tools. Link.

• Pelico, based out of Miami, raised $40 million led by General Catalyst for supply chain orchestration platform serving aerospace, defense, and energy sectors. Link.

• Insight M raised $30 million led by Morgan Stanley Investment Management for its aircraft-based methane leak detection technology, with plans to acquire other emissions startups. Link.

• Senra Systems, based out of Torrance, California, raised $25 million in Series A funding co-led by Dylan Field and CIV for robotic manufacturing equipment for aerospace and energy sectors. Link.

• Ostrom, based out of Berlin, Germany, raised €20 million (~$23.2 million) in Series B funding led by Eneco Ventures for its digital renewable energy management platform. Link.

• Elemental Advanced Materials, based out of Houston, raised $20 million led by Taranis to convert waste plastics into carbon nanomaterials and clean hydrogen. Link.

• Rival Foods, based out of Netherlands, raised €10 million (~$11.6 million) in Series B funding led by APG for plant-based meat technology. Link.

• Voliro, based out of Zurich, Switzerland, raised $11 million in a Series A extension for aerial robotics technology applicable to infrastructure inspection drones. Link.

Smaller funding rounds

• Future Fields, based out of Canada, raised $8 million Series A led by Amplify Capital for protein biomanufacturing using fruit flies. Link.

• Fungu'it, based out of France, raised €4 million (~$4.6 million) led by Asterion Ventures for its filamentous fungi fermentation technology used to transform agricultural products. Link.

• Hymeth, based out of Denmark, secured €3.7 million (~$4.3 million) led by Thisbe AB for high-efficiency alkaline electrolysis technology. Link.

• umob, based out of Rotterdam, Netherlands, raised €3.5 million (~$4.1 million) for its sustainable urban transport booking app. Link.

• BlueRedGold, based out of Sweden, raised €2.73 million (~$3.2 million) led by PINC for more sustainable, indoor, automated saffron production. Link.

• Engrate, based out of Stockholm, Sweden, raised €2.5 million (~$2.9 million) in seed funding led by Maniv for energy integration platforms. Link.

• Tether, based out of Spain, secured €1.3 million (~$1.5 million) in pre-seed funding led by Draper B1 for its EV grid integration and V2G platform. Link.

• Hypermine, based out of Finland, closed seed funding from Stephen Industries and VTT for AI-powered hyperspectral sensing technology for mining. Link.

Other funding notes

• KKR won an auction for Australia-based Zenith Energy with a AU$1.7 billion (~$1.1 billion) bid for the microgrid developer that builds solar, wind, and battery storage for remote mining sites. Link.

• UKRI (UK Research and Innovation) will invest £44 million (~$56 million) into four research hubs for sustainable steel, AI research to accelerate manufacturing decarbonization, more sustainable plastics, and bio-based materials. Link.

Funds

• Climate Tech Partners, based out of Sydney, Australia, completed a first close to the tune of ~$32.6 million for its debut climate startup fund. Link.

Bye,

— Nick