iWelcome back, climate leaders. It turns out the Blink 182 guy was right - aliens do exist. This week’s congressional hearing on UFOs has murder, coverups, alien bodies, time-traveling, and more. Unfortunately, no mention of new forms of renewable energy… yet.

In today’s edition:

• 👨‍👩‍👧‍👦 More family-size electric SUVs are on the way

• ⚡️ We might be underestimating the increase in power demand that will come with electrification

• 🌎 $33m for EV charging software startup

Read time: 5 minutes

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HOT TOPIC

👨‍👩‍👧‍👦 Family-size EVs are on the way

Auto manufacturers are set to launch seven-seater electric SUVs, targeting families with hopes of encouraging them to go electric.

Driving the news: Companies like Kia and Volvo are planning to introduce larger plug-in SUVs, such as the Kia EV9 and Volvo EX90, expected to hit showrooms soon.

Why it’s happening: Car executives believe that offering larger plug-in SUVs will expand the appeal of EVs to a new group of buyers. Many potential buyers, particularly parents who transport their children, have avoided electric vehicles due to the unavailability of larger vehicles with a third row of seating and ample cargo space.

• Mercedes-Benz's EQS priced at approximately $105,000 was the only large seven-seat electric SUV available in the US for the 2022 and 2023 model years.

• There were a few plug-in midsize SUVs with a third row, including Rivian's R1S and Tesla's Model X.

• On the other hand, there were 22 small or compact electric SUVs in the market.

A different target buyer: The top-selling EVs in the US are Tesla's Model Y, Model 3, and GM's Chevrolet Bolt.

• These vehicles primarily attract male early adopters who are fascinated by new technology. As automakers introduce larger, family-oriented electric SUVs, they aim to attract more female buyers.

• Kia, for instance, expects women to account for half of the buyers of their upcoming EV9, a futuristic three-row SUV.

What’s next: EVs make up around 7% of new-vehicle sales in the US. As the availability of larger electric SUVs increases, it represents a test of Americans' willingness to adopt electric vehicles for road trips, where finding charging stations can be a logistical challenge and extend travel times.

🔥 Hot take: Smaller electric vehicles, such as the Chevy Bolt, and forms of mass transit like trains and buses, are more eco-friendly than larger electric vehicles. But the hard truth is that Americans prefer big cars. The EV transition will happen faster if we cater to those preferences instead of expecting families to squeeze into smaller cars or rely on non-existent public transportation.

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POLL TIME

DEBRIEF

📈 Business & Markets

• Elon Musk urged power sector stakeholders at a Pacific Gas & Electric summit to anticipate higher electricity demand, stating that the current predictions are too low and there's a lack of urgency in understanding the future demand. Utilities are not concerned.

• Stellantis and Samsung will collaborate on a second US electric vehicle battery plant, expanding their joint venture, StarPlus Energy. The new facility, set to commence operations in early 2027, will complement the ongoing construction of a plant in Kokomo, Indiana, slated to begin production in early 2025.

• Shell and TotalEnergies witnessed a 56% and 49% drop in Q2 profits, respectively. The drop can be attributed to lower oil, gas, and LNG prices in 2023 compared to 2022.

• Meyer Burger, a Swiss solar company (not a fast food chain), will create 350 manufacturing jobs in Colorado Springs with a new solar cell facility. The cells produced there will supply a separate facility in Arizona, boosting the city's advanced manufacturing sector.

• Bosch tackles chip shortage and ventures into green hydrogen and fuel cells, making waves in the US manufacturing sector. The company's strategic moves aim to seize new opportunities and attract attention from A-list global corporations.

🏛 Policy & Politics

• House Republicans are demanding information from Ford about its partnership with Chinese battery maker CATL, citing concerns about forced labor. They seek clarity on the licensing agreement and the $3.5 billion Michigan factory.

• The EPA will review smog limits for new gas power plants nationwide following a settlement with environmental groups. The groups sued the EPA for neglecting to update nitrogen oxide emission limits since 2006.

• EU proposed laws to cut emissions from the freight sector, promoting zero-emission trucks and shifting cargo to rail and waterways.

• India blocks $1 billion electric vehicle factory bid by China's BYD, citing national security concerns. BYD's plan to capture 40% of India's EV market has temporarily been thwarted.

• Experts say collaborating with Mexico is crucial for stabilizing the drought-ridden Colorado River basin, prioritizing cross-border investments to ensure stability in a region where 40 million people rely on the 1,450-mile waterway.

🚀 Startups & Tech

• A next-gen nuclear reactor company will build up to 12 reactors in Washington state. They've signed a joint development agreement with Energy Northwest for the construction of small modular reactors in Richland.

• UK startup ev.energy has secured $33 million in funding to expand its EV charging software, aiming to serve millions of vehicles and meet the increasing power demands of future electric fleets.

• SensorUp raised a $12 million Series B funding round for its cutting-edge emissions management platform. SensorUp's software solution aids in identifying and mitigating methane emissions to help companies hit their net-zero targets.

• US startup Verse raises $5.75M to use generative AI for faster clean energy transition.

• Supply Change Capital, led by Latina entrepreneurs Noramay Cadena and Shayna Harris, has raised $40 million for its inaugural fund. The venture capital firm is backed by General Mills and aims to invest in early-stage food tech companies.

🌎 Society & Impact

• Butte Falls, Oregon is taking an unconventional approach to fire defense by purchasing the surrounding forest.

• Rising temperatures pose a threat to daily walks as a vital exercise routine.

• Decades of recycling messaging in the US have overshadowed more effective waste management methods. People prioritize recycling over waste reduction and reuse, resulting in a recycling bias and neglect of other strategies.

• Construction of a highly debated liquified natural gas (LNG) facility in the Florida Panhandle will not proceed, following months of decision-making and community concerns.

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KEY DATA

46%

In 2022, 46% of electricity generation was carbon-free, with 40% of countries having clean power as their largest source. Hydropower dominates the cleanest power grids globally, complemented by wind, solar, geothermal, and nuclear.

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• Hydropower is one of the original sources of clean energy… or is it?

• Here are 3 good climate change books that are not a total bummer.

• Who will actually pay for and build the EV charging infrastructure we need?

• Thailand now has air-conditioned bus stops.

• How another Trump presidency could slow the EV transition.

• Climate impacts truly every, including healthcare. Check out what’s happening in the other mega-trend here.*

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