Any guesses on who is more reliant on fossil fuels: China or the United States?
Clean Tech, Advanced Energy, & Advanced Manufacturing
Good morning,
A terrorist attack at a Turkish A&D firm near Ankara has resulted in at least 5 deaths, highlighting the continued and heightened state of danger in our world. After a report found TSMC chips buried in Huawei subsystems, TSMC has reportedly stopped supplying to the third party. It’s important to note that the third party was not a sanctioned party, and TSMC has been diligent in trying to abide by restrictions against selling chips to certain Chinese companies. Speaking of China, they are leading the BRICS in breaking away from fossil fuels, with the bloc now get nearly 50% of their energy from renewables. By comparison, the United States derives about 22% of its energy from renewables and more than 60% from fossil fuels, still. Not everything should be a competition between us and the China-led axis of autocracy, but this is pretty pathetic, still.
Let’s dive in!
News Headlines
Terrorist attack at Turkish defense firm kills 5, injures 22 more (RT)
TSMC halts chip supply to customer after finding it in Huawei product (RT)
China may chafe at N. Korea sending troops to aid Russians (NYT)
CleanTech & Advanced Energy
New Army microgrid standard aims to rein in expeditionary-power vendors (DN)
Northvolt's second largest shareholder Goldman Sachs Asset Management is considering joining an effort to rescue the struggling battery maker (YF)
Renewables
China leads BRICS push into renewables; capacity set to surpass 50% as fossil fuel use shrinks across the bloc (SCMP)
Nuclear Fission & Fusion
Nuclear energy stocks hit record highs on surging AI demand (FT)
Marvel Fusion breaks ground on $150M laser facility in Colorado (TNW)
Vinod Khosla sees real fusion power within 5 years (BBG)
Hydrogen
Germany approves $20.5B hydrogen push (OP)
Advanced Manufacturing
Rowan University team to begin 5-year project with Army DEVCOM to develop 'super' materials (RwT)
Deal Flow
X-energy, a developer of advanced small modular nuclear reactors, raised a $500M Series C-1 from Amazon, Ken Griffin, Ares, and more (TC)
Zap Energy, a scalable fusion energy platform, raised a $130M Series D led by Soros Fund Management (PU)
Equilibrium Energy raised a $39M Series B led by DCVC as it provides software to help companies manage and optimize energy storage systems (BW)
Wave energy device developer CorPower Ocean raised a $35.4M Series B-1 from NordicNinja VC (RT)
Freeform, led by former SpaceX engineers, raised $14M from Nvidia and Boeing, to scale new method for 3D printing metal (VxM)
Octavia Carbon, raised a $3.9M seed round co-led by Lateral Frontiers and E4E Africa to develop carbon capture and storage technology (TC)
Saudi Arabia's Abdul Latif Jameel Energy & Environmental Services plans to revive a $2.2B sale of Spanish energy firm Fotowatio (BBG)
Italian management services firm Rekeep is in exclusive talks to sell its energy arm to a JV between efficiency platform Renovit and utility Hera in a potential $273M deal (BBG)
Opportunities
German Society for Defense Technology eV, organizer of the European Military Additive Manufacturing symposium has issued a call for papers for the two-day event (MAM)
Editor's Picks:
ICYMI: The International Energy Agency has released its World Energy Outlook 2024.
Lighter Side:
Keep Building,
BOF