BYD drops another bomb

Hi,

Today’s my birthday! We threw a hot party last night in Williamsburg to great fanfare and success. I know some Keep Cool readers were present; much love, y’all. If you didn’t make the list, better luck next year ;)

Keeping the intro short otherwise to get off screens. As always, here are the top stories & fundraising rounds from the week

♡ If you find this work valuable, you can support it here. I put a lot of time into it. ♡

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

• Wood Mackenzie and the American Clean Power Association reported that the U.S. added a record 12.3 gigawatts / 37.1 gigawatt-hours of energy storage in 2024, up 33% and 34%, respectively, over 2023. Texas and California led growth in grid-scale storage, accounting for 61% of the country's total installed capacity. Utility-scale battery prices fell 16% year-over-year, driven by falling lithium prices and manufacturing oversupply from China. Link (via Latitude Media).

THIS WEEK IN CLIMATE TECH & ENERGY

THE GOOD

• Chinese EV giant BYD, based out of Shenzhen, unveiled a breakthrough charging platform that can allegedly add 249 miles (400 km) of range in just five minutes, potentially assuaging "charging / range anxiety" for EV adoption considerably. For reference, Tesla's Superchargers offer 275 kilometers in 15 minutes. Link.

BYD’s "Super e-Platform" features a 1,000-volt architecture and 1-megawatt charging capabilities through a dual charging port system. The technology employs an "all liquid-cooled megawatt flash charging terminal system" and next-generation automotive-grade silicon carbide power chips. These new flash-charging batteries pair with a mass-produced 30,000 RPM motor that "significantly boosts vehicle speed while reducing motor weight and size," according to BYD Senior VP Luo Hongbin.“ Link.

The rapid development of ultra-fast charging raises questions about the future viability of battery-swapping technologies from companies like Nio, which has built more than 3,200 swapping stations globally, mostly in China. We referenced that last week and have written about American battery-swapping efforts here.

Shares of China-based EV giant BYD hit a record high after announcing the new technologies. Link.

BYD plans to build 4,000 ultra-fast chargers across China to support the technology, which will debut in the Han L sedan and Tang L SUV models. Chinese-made EVs, despite technological advances, remain unlikely to penetrate the U.S. market massively due to a 100% tariff that renders them less competitive on price, though not entirely uncompetitive, frankly, given some Chinese models cost ~$10,000 (its Seagull, for instance). All other global EV and EV manufacturers be warned…

• BYD is also considering Germany for its third European assembly plant, with the country becoming its top choice after opposing E.U. tariffs on Chinese EVs. The automaker is weighing factors like Germany's high labor and energy costs against potential incentives from the country's next government, which is likely to support the automotive sector. BYD is building a Hungarian plant, which will begin production in October, followed by a Turkish factory in March 2026. Link.

• Germany's incoming coalition government also agreed to bolster climate spending to reach a deal on fiscal expansion, boosting clean-tech stocks. The agreement earmarks €100 billion from a €500 billion infrastructure fund for climate initiatives to help meet Germany's constitutional goal of reaching net-zero carbon emissions by 2045. Major wind-power equipment makers saw their stock prices rise on the announcement. Link.

• A federal judge issued a temporary restraining order blocking the EPA from taking back billions in climate grants issued under the Inflation Reduction Act's Greenhouse Gas Reduction Fund. The judge ruled that transferring funds out of nonprofits' accounts would cause "imminent harm" and raised "serious due process concerns" about the EPA's actions. EPA Administrator Lee Zeldin has attempted to terminate over $20 billion in grants, accusing recipients of "fraud, waste, and abuse" without providing specific evidence. Link.

• Researchers from the University of Cambridge, Alan Turing Institute, Microsoft Research, and ECMWF announced an AI-driven weather prediction breakthrough that promises faster and more accurate forecasts while also using thousands of times less computing power than conventional systems. The "Aardvark Weather" approach trains AI on raw weather data to enable predictions that previously required supercomputers. The technology could democratize forecasting by making powerful tools available to developing nations and improve disaster and disaster risk prediction. Link. Related Keep Cool reading here.

• Holtec International, based out of Jupiter, Florida, received $57 million in actual cash from the Department of Energy to help restore and restart carbon-free power generation at the Palisades Nuclear Plant in Michigan, which shuttered in 2022. This second disbursement follows January's release of $38 million from the total $1.52 billion loan guarantee, initially approved under the Inflation Reduction Act's Energy Infrastructure Reinvestment program. If permits are secured, Palisades will be the first commercial nuclear reactor in the U.S. to restart ever. Link.

• Santee Cooper, South Carolina's state-owned utility, announced plans to seek buyers for the two unfinished V.C. Summer nuclear reactors in South Carolina, which were abandoned in 2017 after $9 billion in investments. The utility cited growing electric demand from "advanced manufacturing investments, AI-driven data center demand, and the tech industry's zero-carbon targets" as justification for restarting the project, which South Carolina's governor called a potential "nuclear power renaissance." Link.

• U.K. autonomous vehicles startup Oxa will begin using Nvidia's AI models to train its software as it accelerates commercial deployment, marking Nvidia's latest European AV partnership following its participation in rival Wayve's $1 billion Series C last year. Link.

• T1 Energy (formerly Freyr Battery) announced plans to establish an $850 million, 5-gigawatt solar cell facility in Rockdale, Texas. It expects to begin production in late 2026. Link.

• Finland's largest battery storage project received final investment approval from SEB Nordic Energy's Locus Energy and Ingrid Capacity AB. The 70-megawatt system (not that big in the grand scheme of thing)s features two-hour storage capacity and will begin construction immediately. Operations are slated for the second half of 2026. Finland experienced 725 negatively priced power hours last year, exceeding all other European countries and creating favorable economics for energy storage. Link.

• Oregon and nine other states achieved a collective goal of registering 3.3 million new electric vehicles over the past 12 years, fulfilling a 2013 agreement to do so by 2025. In 2013, Oregon had just 300 electric vehicles registered; today, it has more than 100,000. There’s plenty of room to grow still, as EV new car sales ‘only’ represent ~5% of all new cars registered in the last decade. Link.

• EDF Renewables, based out of San Diego, received approval from the Bureau of Land Management for the Sapphire gen-tie transmission line project on 40 acres of public lands in Riverside County, California. The project, representing a $262 million infrastructure investment, will connect EDF's planned Sapphire Solar 117 MW solar and storage facility to the grid. Link.

• Skytree and Return Carbon announced a new partnership with EDF Renewables North America to develop a Texas-based direct air capture park, which will aim to deliver 500,000 tonnes of CO₂ removal per year, with first deployments starting in 2028. I’m skeptical but wish em’ luck. Link.

• A court dismissed a legal challenge against a New York City law that effectively bans fossil fuel-based space heating, hot water systems, cooking ranges, and clothes dryers in new buildings. Industry groups and a plumber labor union had claimed the law "preempted" national energy-efficiency standards. The court did find it "regulates, indirectly, the type of fuel that a covered product may consume in certain settings, irrespective of that product's energy efficiency." Link.

• FireSat, backed by Google, announced that the first satellite of its constellation has successfully reached orbit, aiming to provide near real-time wildfire detection with high-resolution infrared imaging. Link.

THE INBETWEENS

• President Trump signed an executive order invoking the Defense Production Act to expand the production of critical minerals and reduce reliance on imports. The order identifies "priority projects" for expedited permits and directs the Interior Department to prioritize mineral production on federal lands with known deposits. Critical minerals are essential for clean technologies like solar panels, batteries, and wind turbines, plus many other transportation, infrastructure, and defense-linked tech and infrastructure. Link.

• Pursuant to the above, forecasts suggest a U.S. copper supply crunch as demand surges; copper is used in basically all electrical and energy tech and infrastructure. The price of copper has risen nearly 75% since 2020, with existing mines projected to produce around 15% less by 2035 and ore grades diminishing by about 40% since 1991. Only one-third of U.S. copper supply comes from recycled material, with the remainder imported. New mines face lengthy permitting processes and environmental concerns, while domestically, there are only two operating copper smelters already at capacity. Link. Link.

• Crusoe Energy Systems, a unicorn VC-backed AI data center infrastructure company I wrote about as early as January, 2022, secured 4.5 GW of natural gas-fired power through a joint venture with investment firm Engine No. 1, gaining access to power from seven GE Vernova turbines purchased earlier by Engine No. 1 and Chevron. Link.

• Venture Global's CP2 LNG project in Louisiana received approval from the Department of Energy to export to major markets including Europe, representing a policy reversal from the Biden-era pause on new licenses. The facility would produce about 20 million tons of LNG annually, making it the third-largest LNG exporter in the nation. The board of the U.S. Export-Import Bank also unanimously reauthorized a $4.7 billion loan for a controversial LNG project in Mozambique (second link). Link. Link. Wrote a lot more about LNG here previously.

• Putin agreed to a 30-day ceasefire of attacks on Ukrainian energy infrastructure following negotiations with the Trump administration. Putin laid out additional demands for a permanent ceasefire, including halting all foreign military aid to Ukraine and ending Western intelligence-sharing programs with Kyiv. Ukrainian President Zelensky said he was glad to take "a step towards peace" but noted the Russians refused the Americans' offer of a complete ceasefire. Link.

THE BAD

• The World Meteorological Organization released its annual "State of the Global Climate" report. It found atmospheric carbon dioxide levels at their highest point in 800,000 years, with 2023's average global temperature 1.55°C above pre-industrial levels. The ocean was the warmest ever recorded and is warming more than twice as fast as between 1960-2005. Link.

• Not entirely new news, but the EPA is still trying to terminate $20 billion in grants for green banks and climate resilience projects, claiming "programmatic fraud, waste, and abuse." Two recipient groups—Climate United and the Coalition for Green Capital—are suing for funds to be released. That said, as noted above, there are legal challenges, with one federal judge noting the EPA "has to have some kind of evidence" to back its claims and asked the agency to provide information on alleged wrongdoing. Without fund release, recipients may need to lay off staff and default on contracts. Link.

• The EPA also reportedly plans to eliminate its Office of Research and Development, which conducts essential research informing environmental policy. The move would cut up to 1,155 research jobs and potentially face legal challenges, as Rep. Zoe Lofgren noted the office was created by congressional statute and cannot simply be dissolved. Link.

• New EPA Administrator Lee Zeldin also announced plans to redefine which wetlands, marshes, and similar ecosystems count as "waters of the United States" under the Clean Water Act. This could exempt hundreds of thousands of acres from federal regulation, undermining flood resilience and other conservation projects. Link.

• Canadian Prime Minister Mark Carney signed a directive eliminating Canada's consumer carbon tax, starting April 1. The tax, implemented in 2019 by former PM Justin Trudeau, placed an extra fee on fossil fuel use with rebates to residents in applicable provinces. Carney has proposed replacing it with financial incentives for energy efficiency upgrades and electric vehicles. Link.

• S&P Global, headquartered in New York, projects climate shock costs of $1.2 trillion annually for the world's largest companies by 2050 if no adaptation measures are taken. Utilities face the highest risk, at $4.6 billion in predicted average annual losses, nearly five times more than other industries. Extreme heat is the most costly climate hazard, clocking in at $696 billion annually by the 2050s, with water stress second at $265 billion. The projection assumes global warming peaks at 2.7°C by 2100. Link.

• Energy Transfer, based out of Dallas, won a $667 million judgment against Greenpeace for defamation related to protests at the Dakota Access pipeline in 2016-2017. Energy Transfer claimed the environmental organization "incited" protesters through a "misinformation campaign." The verdict could have really bad consequences for free speech and protest in general. Greenpeace said the ruling was aimed at "destroying the right to peaceful protest." It also could bankrupt the organization. I almost put this in the “Inetweens” section because I am not a fan of many of Greenpeace’s policies. But, as said, it’s a terrible precedent for protest and proactive action in general. Link.

• The Mauna Loa Observatory, which tracks atmospheric carbon dioxide levels through the Keeling Curve, could have its lease terminated due to Elon Musk's Department of Government Efficiency cost-cutting measures. The NOAA office in Hilo, Hawaii, houses one of the predominant observatories that measures CO2 levels from a location far from significant pollution sources, which helps provide critical climate data. Link.

• President Trump gloated on social that he will "[authorize[] my Administration to immediately begin producing Energy with BEAUTIFUL, CLEAN COAL," though it remains unclear how this would affect US policy given coal's decline from over 50% of US power generation in 2000 to about 15% today. Link. I wrote about why coal is the ‘worst of all time’ here.

• BloombergNEF reported that U.S. wind power capacity additions dropped to 5.4 gigawatts in 2023, marking the fourth consecutive annual decline and the lowest amount in a decade. Factors including long turbine delivery lead times, transformer shortages, and high interest rates contributed to the slowdown even before the Trump administration's anti-wind policies. Link.

• MIT aerospace engineers reported that rising greenhouse gases will shrink the upper atmosphere and reduce its capacity to safely support satellites. The research shows that while greenhouse gases heat the lower atmosphere, they cool and constrict the thermosphere, lowering "atmospheric drag" that helps manage satellite collisions. Some popular orbital layers could see capacity reduced by 50-66%, potentially creating "runaway instability" where a sequence of crashes makes operations impossible. Link.

• The Ohio Supreme Court is considering a high-stakes legal challenge to a regulatory board's rejection of a solar farm permit, which could have "devastating" consequences for clean energy development. Vesper Energy argues the Ohio Power Siting Board "essentially rewrote" state law by giving local governments veto power over energy projects when it denied a permit for its 175-megawatt Kingwood Solar facility based on local opposition, despite meeting other legal criteria. Not the NIMBYs… Link.

• Atlantic Shores South, a joint venture based out of New Jersey, will face setbacks as the EPA's Appeals Board invalidated an air pollution permit for the state's first offshore wind farm at the request of the EPA itself. Local residents had also protested the permit, first granted in September, and the EPA asked to review the project's environmental impacts, in line with President Trump's executive order pausing wind permits. Link.

• Southern California Edison investigators believe an idled "zombie" power line may have caused the deadly Eaton wildfire in Los Angeles after it unexpectedly became energized through induction from nearby active lines approximately 50 feet away. Link.

• Tesla is recalling 46,096 Cybertrucks over a defect that could cause a stainless steel exterior trim panel to "delaminate and detach from the vehicle" during driving. Link.

CURATED DEALS

Larger funding rounds:

• BuildOps, based out of Brooklyn, New York, raised a $127 million Series C round at a $1 billion valuation, led by Meritech Capital, for its management platform for commercial contractors in HVAC, plumbing, and electrical industries. Link.

• Peregrine Energy Solutions, based out of Boulder, Colorado, raised $53 million from Bildmore Clean Energy for utility-scale renewables and energy storage development business. It also raised $115 million in debt facilities from a consortium of banks. Link.

Medium-sized funding rounds:

• Tado, based out of Munich, an “intelligent home energy management” startup, raised €30 (~$32.6) million in funding led by Panasonic. Link.

• Coreshell, based out of San Leandro, California, raised $24 million from Ferroglobe, Zeon Ventures, and other investors for its silicon anode battery technology for EVs. Link.

• C1 Green Chemicals AG, based out of Berlin, raised €20 (~$21.8) million from Denkapparat, Planet A Ventures, Maersk Growth, and SquareOne for its green methanol catalysis technology. Link.

• SkySpecs, based out of Ann Arber, Michigan, raised $20 million led by Goldman Sachs Alternatives, with participation from Statkraft and Equinor Ventures, for its renewable infrastructure monitoring technology. Link.

• Theion, based out of Berlin, raised €15M (~$16.4) million in Series A funding led by Team Global, with Geschwister Oetker Beteiligungen and Enpal participating, to develop advanced lithium-sulfur batteries offering three times the energy density of traditional lithium-ion batteries at one-third the cost. Link.

• Novatron Fusion, based out of Stockholm, raised €10 (~$10.9) million in Series A1 funding led by St1, with participation from TomEnterprise, Unit E Limited, Axon Partners, and others for fusion energy development. The company uses a novel design featuring magnetic mirrors with strong magnetic fields to confine and reflect charged plasma. Link.

Smaller funding rounds:

• 257, based out of New York, raised $9.2 million in seed funding co-led by Israeli VC firm F2 Venture Capital and angels for its AI-powered home energy management software that creates digital twins of residential energy profiles. Link.

• GoodSam Foods, based out of North Carolina, raised $9 million in Series A funding to bring high-quality cocoa products from Colombia to the U.S. via a more regenerative supply chain. Alive Ventures and Desert Bloom led. Link.

• Pulsetrain, based out of Munich, raised €6.1 (~$6.6) million in seed funding from Vsquared Ventures, Planet A, and Climate Club for its battery management technology for EVs that focuses on extending battery life. Link.

• Kaiko Systems, based out of Berlin, raised €6 (~$6.5) million in Series A funding led by Hi Inov and Flashpoint Venture Growth for its AI-powered maritime operations platform, which is focused on driving efficiencies (which can help reduce fuel consumption and emissions). Link.

• Uranium Digital, based out of New York, raised $6.1 million in seed funding led by Framework Ventures, with Mirana Ventures, Karatage, Rubik Ventures, and Knollwood Investment Advisory for its blockchain-based trading platform for physical uranium. Link.

• Resilco, headquartered out of Bergamo, Italy, raised €5 (~$5.4) million in Series A funding led by 360 Capital to transform industrial waste into secondary raw materials while permanently sequestering CO₂. Link.

• Leta, a Kenyan efficient logistics tech developer, raised $5 million in seed funding led by Speedinvest, with Google's Africa Investment Fund and Equator VC participating. Link.

• Silicon Data, headquartered in New York, raised a $4.7 million seed round co-led by DRW and Jump Trading Group for its platform that provides information about GPU pricing, carbon footprint estimation, and performance benchmarking. Link.

• Noble Gas Systems, based out of Wixom, Michigan, raised $4.2 million in an initial close of Series B funding led by AP Ventures, with support from Aliad and Saint-Gobain, for its high-pressure gas storage and delivery systems for hydrogen and other compressed gases. Link.

• ResiQuant, based out of San Francisco, closed a $4 million seed funding round led by LDV Capital, with participation from Foothill Ventures, Pear VC, Alumni Ventures, and angel investors to accelerate its work to reshape how property insurers assess and manage catastrophe risks. Link.

• Capalo AI, based out of Kuopio, Finland, raised €3.8 (~$4.1) million in seed funding from VentureFriends, Profounders, Inventure, and Innovestor for its AI-powered energy storage optimization platform. Link.

• Withthegrid, based out of Utrecht, Netherlands, raised €2 (~$2.2) million in equity funding from Move Energy and €1.5 (~$1.6) million in debt from Rabobank and Nationaal Groenfonds for its asset monitoring platform for energy infrastructure. Link.

• Evera, a French B2B EV subscription service based out of Paris, raised €2 million (~$2.2) from Groupe Magellim, Newfund NAEH Innopy, MCapital, and AstoryaVC for its business-focused EV fleet leasing service with insurance, maintenance, and charging infrastructure offerings. Link.

• BlueShift, based out of Boston, came out of stealth with $2.1 million in pre-seed funding from ConocoPhillips (oil and gas major), Ridgeline, and Massachusetts Clean Energy Center for its electrochemical mineral extraction technology. Link.

• Elaniti, based out of Cambridge, U.K., raised €1.5 (~$1.6) million in equity and non-dilutive funding from VIB, Planetary Impact Ventures, Pinc, and Innovate UK for its soil analysis technologies designed to enhance and make better use of data for things like crop yield forecasts. Link.

• Catchwise, based out of Oslo, Norway, raised €1.25 (~$1.36) million in pre-seed funding from Dreamcraft Ventures, Sondo, and Ocean Impact to transform the wild fishery industry with AI-driven predictive analytics to help fishing vessels reduce fuel consumption. Link.

• Okify, based out of Barcelona, raised €1 (~$1.1) million from Bewater Funds for a software platform it’s building to help properties and their owners interface with utilities (noted from Sifted, no link avail).

Other funding rounds

• The AI Infrastructure Partnership expanded as Elon Musk's xAI and Nvidia joined forces with Microsoft, BlackRock, and MGX to invest $100 billion in U.S. AI infrastructure. The collaboration will focus on creating next-generation data centers and energy solutions, with BlackRock's Global Infrastructure Partners, GE Vernova, and NextEra Energy supporting renewable energy, battery storage, and nuclear power for AI facilities. Link.

• Abu Dhabi-based wealth fund ADQ and U.S. energy investor Energy Capital Partners announced plans to invest over $25 billion in power projects for data centers and industrial consumers. The 50-50 partnership aims to develop 25 gigawatts of projects, primarily gas-fired generation co-located with data centers. The first facilities are expected to come online in approximately three years. Link.

• Citadel, a Miami-based private equity giant, made a big move into the U.S. natural gas sector, inking a $1 billion agreement to acquire assets from Paloma Natural Gas. This is one of the hedge fund's largest investments in the natural gas market. The deal, led by Citadel founder Ken Griffin, provides access to acreage and producing assets in the U.S., although the firm will not directly operate assets. Link.

• Toyota Tsusho, based out of Nagoya, Japan, announced a $907 million acquisition of Radius Recycling, based out of New York, an industrial metals recycler operating over 100 sites across 25 U.S. states. The deal will expand Toyota's recycling efforts for materials like steel, precious metals, and other battery components used in automotive manufacturing. The deal is expected to close in the third quarter of 2025. Link.

• Other private infrastructure investors are increasingly purchasing renewable energy assets at discounted prices following a slump in clean-energy stocks triggered by the Trump administration's fossil-fuel-focused policies (on top of one that was well-underway previously). Asset managers like Brookfield, which recently acquired French battery energy storage developer Neoen for €6.1 billion, see opportunities in the current to buy projects at attractive valuations. Remember, buy when others are fearful (Buffett). Link.

• For more on the above-mentioned slump in clean-energy stocks, renewable energy and other clean energy stocks have fallen to five-year lows as the Trump Administration's energy policies markets. The S&P Global Clean Energy Transition Index is down 13.5% over the past year despite being up 2% year-to-date. Investor bearishness intensified after Trump's election, with his administration freezing Department of Energy activities, halting billions in IRA spending, and freezing wind and solar project leases on federal lands. Link.

• Dimension Energy, based out of New York, received commitments for a $300 million credit facility led by Deutsche Bank and Nuveen Energy Infrastructure Credit for community solar development. Link.

• Quinbrook Infrastructure Partners, based out of London, raised €238.5 (~$260) million in debt financing from Lloyds and NatWest to build the U.K.'s largest solar and battery project. Link.

Funds

• Morgan Stanley Infrastructure Partners, based out of New York, raised $4.1 billion for its fourth global infrastructure fund. Link.

• 2150, a sustainability-focused venture firm based out of London, raised €200 million (~$218 million) for its second fund targeting “urban tech” solutions. Link.

• Long Journey Ventures, a generalist VC firm based out of San Francisco that's backed climate and energy tech companies like Crusoe, Bedrock Energy, and Magrathea, raised $181.8 million for its latest fund. Link.

• Pillar VC, based out of Boston, raised $175 million for its fourth fund to invest in companies working on “breakthrough science to become world-changing companies.” Link.

• Elbow Beach, based out of London, raised £63 (~$81.4) million in the first close of its new £80 (~$103.4) million climate impact fund. The fund will target early-stage British startups focused on technology enabling cost-effective lower-emission operations. Link.

• Soulmates Ventures, a Czech accelerator and VC firm based out of Prague, announced a €50 (~$54.5) million sustainability fund for seed-stage investments up to €3 (~$3.3) million across eight key areas: air, water, energy, mobility, circular economy, food and agriculture, education, and healthcare. Link.

• Motion Ventures, based out of Singapore, held a first close north of $50 million for its second maritime tech fund, which is targeting $100 million. Link.

• Critical Venture Partners, based out of New York, raised a debut $5 million fund to invest in “student and recent alumni founders tackling major crises.” Link.

OTHER ‘COOL’ STUFF

• This one isn’t ‘fun’ or ‘cool’ per se, but I felt like sharing. Whales strike me as inordinately beautiful and special beings. I have little doubt that whalesong carries deep meaning, not just as a form of communication between whales, but as it pertains to the secrets of the universe and ‘beingness.’ In that vein, I found this article on research about how climate change impacts whales and their singing quite salient, poignant, and, frankly, heartbreaking—all the more reason to keep up the work.

• Airstream, based out of Jackson Center, Ohio, unveiled its first fully electric trailer powered by 600-watt solar panels and a 10.3 kWh lithium battery pack, marking the iconic brand's entry into zero-emission transport. Link.

Perseus, a U.K. EV startup, wants to launch this stealthy, compact EV SUV beaut in 2027.

Finally, here’s a film pic from some bday celebrations with dear friends ܁₊ ⊹ .❤︎ ⊹ ₊

Have a wonderful week ahead,

– Nick