🔋 Batteries booming

Hello and welcome to a special Tuesday edition of Climate Brief! I hope our US-based readers had a long, restful weekend.

In today’s brief:

• Solar-storage systems are booming in California

• Exxon ventures into lithium mining

• Green banks begin to emerge with $27b in funding

Let’s dive in!

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THE BIG IDEA

🔋 Batteries are booming

California's new rooftop solar billing rules have initially faced criticism from the solar industry, but it is now evident that these rules are presenting new opportunities.

The focus is shifting from simply installing solar panels to offering more sophisticated solar-and-storage systems that integrate with the state's grid. Recognizing the interconnectedness of electricity consumption, the new rules emphasize the importance of more comprehensive approaches to decarbonization.

While the previous rules encouraged mass adoption of solar panels, the updated system changes how utilities pay for the electricity generated. Payments are now based on a formula that reflects the utility's avoided generation costs.

Although overall payments may decrease for post-deadline installations, the value of selling energy back to the grid during peak demand hours could increase. Consequently, the rules are incentivizing the installation of batteries alongside solar panels.

The industry is embracing this shift, with companies including batteries as a standard offering in residential solar systems. Early indicators show a notable acceleration in battery storage adoption in California, demonstrating its growing importance in maximizing energy usage and managing fluctuating power prices.

via Heatmap

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QUICK DEBRIEF

• ExxonMobil is venturing into lithium extraction for electric vehicle batteries. The company secured drilling rights to lithium-rich land in Arkansas, purchasing a 120,000-acre tract from Galvanic Energy for $100 million. The land is located in Arkansas' lithium-rich Smackover formation. Read more.

• Ford's partnership with Tesla in electric vehicle charging technology and infrastructure adds pressure to rival automakers. The deal grants Ford owners access to Tesla Superchargers and enables future Ford EVs to use Tesla's charging plug. Read more.

• Gradiant achieves a billion-dollar valuation by providing wastewater treatment solutions for companies like TSMC, Coca-Cola, and Pfizer. Their revenue is projected to double to nearly $200 million this year. Read more.

• California mandated zero-emission drayage fleets starting January 1, 2024. By 2035, these fleets must be completely zero-emission. However, challenges remain as the technology for electric trucks is not yet fully developed. Read more.

• "Stakeholder fatigue" is impeding clean energy policy progress as experts working on decarbonization face resource and time constraints. The increasing number of stakeholder processes and proceedings may limit states' achievements in clean energy policies, with the pace of action now stabilizing after a period of acceleration. Read more.

• US states are establishing green banks to leverage the $27 billion clean energy fund, supporting investment in solar, wind, and energy efficiency. Read more.

• Atlassian introduced a net-zero guide for business leaders, titled Don't F@#$ the Planet, promoting climate action and urging companies to follow the company’s lead. Read more.

• A potential deal has been reached to raise the debt ceiling, which includes reforms to environmental permitting for energy projects. The agreement aims to reduce spending, implement reforms, and facilitate economic growth while addressing environmental review processes. Read more.

• Startup Ample has developed a battery-swapping for electric vehicles, aiming to provide a quick and convenient alternative to real-time charging. With their prototype swap station, drivers can replace their EV battery and get a full charge in just five minutes. Read more.

• The Supreme Court ruled that the EPA’s authority to regulate wetlands under the Clean Water Act is limited. This decision weakens the agency's ability to protect wetlands from pollution. Read more.

• Rural electric cooperatives set to receive significant federal funding under the Inflation Reduction Act, aimed at making rural energy cleaner and more affordable. Read more.

CHARTS & DATA

The double digit growth of solar energy

Solar production has experienced significant growth over the past two decades. Between 2000 and 2010, it grew 20-fold, and from 2010 to 2020, it grew 35-fold. In the last ten years, solar has consistently grown at an average rate of 30% annually. Read more.

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As always, thanks for reading, and see you next time.