This week’s edition of Current Climate brings you the latest updates on sustainability in the business world. Make sure to sign up to receive it directly in your inbox every week.
Secretary of Energy, Jennifer Granholm, announced on Friday that the Department of Energy is investing up to $1.2 billion to expedite the development of two direct air capture (DAC) hubs. These facilities are designed to directly capture carbon dioxide from the atmosphere. The captured CO2 can then be either stored or used in the production of other products like concrete. The completion of these hubs is projected to remove over 2 million metric tons of CO2 annually.
The first hub, called the “South Texas DAC Hub,” will be constructed by 1PointFive, a subsidiary of Occidental, in partnership with Worley and Carbon Engineering. The second hub, known as “Project Cypress,” will be built by Battelle, along with Climeworks Corporation and Heirloom Carbon Technologies, co-founded by Noah McQueen, an esteemed Forbes 30 Under 30 member. The $1.2 billion investment in these projects is nearly half of the funding allocated to the DOE under the Inflation Reduction Act. The agency plans to allocate the remaining funds to other air capture projects in 2024. For more details, read Irene Benedicto’s in-depth article on these projects.
The Big Read: Iron and Rust as the Key to Storing Clean Power Long-Term
Form Energy, a company led by a former Tesla executive and backed by Bill Gates’s Breakthrough Energy Ventures, proposes a cost-effective solution for storing surplus energy from renewable sources for several days. Unlike lithium-ion storage, which can only store energy for 4-6 hours at a much higher cost, Form Energy believes iron and rust can be the secret to long-term storage. The company is currently constructing its first factory in West Virginia and aims to start delivering products by 2025. Find out more about this innovative storage solution here.
Discoveries and Innovations: Antarctica’s Uncertain Future and Heat-Related Illness Tracking
New research reveals that Antarctica is facing an uncertain future due to climate change, which is causing extreme weather events on the continent. In response to a record-breaking summer in many U.S. cities, the Biden administration is implementing a federal system to monitor heat-related illnesses across the nation. Furthermore, NOAA has increased the probability of an above-average Atlantic hurricane season from 30% to 60% due to warmer ocean temperatures and the El Niño weather pattern, which increases the likelihood of powerful storms. Stay updated on the latest developments in these areas.
The Big Transportation Story: Waymo and Cruise’s Expansion of Robotaxi Services
Waymo and Cruise, developers of autonomous vehicles, have received permits to offer full-day robotaxi services in San Francisco, Los Angeles, and Silicon Valley. They claim that their technology can enhance traffic safety and reduce carbon emissions. With this regulatory approval, these companies can now fulfill their promises by deploying fleets of electric rideshare vehicles. Discover more about their plans and developments in this area.
Sustainability Deals of the Week
Here are some noteworthy sustainability deals that have taken place recently:
1. Solar Production: Maxeon, a solar power manufacturer, will be constructing a new manufacturing facility in New Mexico with a significant investment of over $1 billion. The facility is expected to begin operations in 2025 after breaking ground in 2024.
2. Microplastics: Matter, a UK-based startup focused on capturing and recycling microplastics, has secured a $10 million series A funding round led by S2G Ventures.
3. Fusion Lasers: Colorado State University has partnered with Marvel Fusion to establish a $150 million facility dedicated to research and development of high-powered lasers for nuclear fusion.
4. Biomaterials: Nature Coatings, a company dedicated to turning waste products into valuable chemical products sustainably, has raised a $2.5 million seed round led by Regnerational.VC and The 22 Fund.
Other Notable Reads This Week
1. China’s Carbon Price Hits Record Amid Increasing Demand for Permits (Bloomberg)
2. EV Firm Proterra Files for Chapter 11 Bankruptcy Protection (Reuters)
3. BYD Calls for Unity Among Chinese Automakers to Drive Global Expansion (Reuters)
For more sustainability news and coverage, click here.
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Jessica Irvine is a tech enthusiast specializing in gadgets. From smart home devices to cutting-edge electronics, Jessica explores the world of consumer tech, offering readers comprehensive reviews, hands-on experiences, and expert insights into the coolest and most innovative gadgets on the market.
