Biggest fine and biggest U.S. clean tech deal
Clean Tech, Advanced Energy, & Advanced Manufacturing
Happy Halloween everybody!
It’s the best holiday of the year—the only one dedicated to fun. For all the parents out there, make sure you tax the kids at 15% (you know, capital gains and all that). Alright, on to the news. Japan’s election this weekend upended expectations and could make life harder for the U.S. and our allies in the Indo-Pacific. Google got hit with a fine that far exceeds the global GDP by like 1,000,000,000,000,000,000 times. Yeah, it’s ridiculous and it’s from Russia. Anyway, if that weren’t ‘spooky’ enough for you, let’s dive in to this week’s news on energy!
News Headlines
Election shock in key U.S. ally Japan could embolden China, other rivals (RT)
Russia fines Google $20,565,635,200,000,003,000,000,000,000,000,000 (MT)
CleanTech & Advanced Energy
Ukraine, Russia in talks on halting strikes on energy facilities (RT)
Renewables
NextEra 10GW deals among largest in U.S. clean power history (ReC)
Green energy stocks at risk from voter uncertainty (RT)
China Three Gorges plans $10B renewables-coal power base (BBG)
China's power transformation puts climate goals on notice (BBG)
Nuclear Fission & Fusion
U.S. Navy picks Quantico for small nuclear power site (PWT)
Energy Department is looking at using AI to help with its nuclear accelerators (FS)
U.S. nuclear regulator kicks off review on Three Mile Island restart (RT)
Gates-backed reactor company ASP Isotopes plan plant to make nuclear fuel currently only available from Russia (RT)
Hydrogen
Despite calling hydrogen fuel cells 'the most dumb thing,' Musk's Tesla is adding a hydrogen-powered car model to its product line in 2026 (YF)
As profits slide, BP stops 18 hydrogen projects (GW)
Analysts: 'we overestimated how much hydrogen the world needs to reach net zero' (HI)
Advanced Manufacturing
ASTRO America gains final federal approval for its PE fund to accelerate the adoption of additive manufacutring in key aerospace and defense supply chains (3DP)
U.S. finalizes 45X advanced manufacturing tax credit (RT)
Ursa Major secures $5M contract to develop copper additive manufacturing for hypersonic flight (MAM)
Hadrian is likely looking to accelerate growth and fundraising as they hire veteran fundraiser as CFO (PRN)
Mitsubishi Electric Power Products to build a manufacturing factory in western PA as part of $86M investment in advanced switchgear and power electronics in North America (BW)
Deal Flow
Funds
Energy-focused PE firm Quantum Capital raised $10B for its eight flagship and other funds (WSJ)
VC
Pacific Fusion nabs $900M in tranched funding led by General Catalyst for pulsed magnetic fusion (WI)
Merlin Solar, designer of flexible, lightweight solar panels, raised a $31M Series B round led by Fifth Wall (TC)
Thermochemical energy storage systems developer Redoxblox raised a $31M Series A led by Prelude Ventures (CM)
Andium raised a $21.7M Series B led by Aramco Ventures to advance its remote monitoring technology for the oil and gas industry (PRN)
Adden Energy, a startup developing lithium SSBs, raised a $15M Series A led by At One Ventures (BW)
Dunia Innovations, an AI-powered lab to discover new materials, raised $11.5M led by Elaia and redalpine (TFN)
Canadian startup Planetary Technologies raised $11.4M in Series A funding led by Evok Innovations, to develop carbon removal technology to capture atmospheric CO2 and reduce ocean acidity (PRN)
PE
French firm Ardian is in advanced talks to acquire Akuo Energy, a solar and wind farm developer, in a deal valued around $2.5B (BBG)
Blackstone provides $288M preferred equity financing to solar provider Pine Gate Renewables (PRN)
Other
Czech utility CEZ acquired a 20% stake in Rolls-Royce's small nuclear reactor business (RT) )
Opportunities
The Energy Department is offering up to $46M for advanced hydrogen and fuel cell technologies to drive 'national goals' (DOE)
DOE is offering an opportunity to license a novel method for joining dissimilar metals through electric field assisted sintering, a method superior to traditional welding (SAM)
DOE is offering an opportunity to license another, similar technology for seamlessly bonding similar and dissimilar materials (SAM)
The State Department is interested in shifting its facilities in Brazil to a 100% carbon pollution-free electricity and will issue a solicitation in the near future (SAM)
Editor's Picks:
Pitchbook has released its most recent Emerging Space Brief focused on how the development of next-gen fission reactors is helping to put nuclear energy back in the spotlight.
NPR recently ran a segment on the Nuclear Emergency Support Teams (NEST).
Lighter Side:
Keep Building,
BOF