Happy Friday!

Between climate tech bucking the trend to be somewhat recession-proof and the Inflation Reduction Act’s outcomes taking shape, there’s a lot happening in the climate economy. So I’m experimenting with a weekly debrief on the latest intel across energy, transportation, food, and more.

The big deal this week - the White House announced Tesla is opening up their supercharger network to all electric vehicles as part of the Biden Administration’s push to triple the amount of public charging stations across the US.

But also…

• Electric vehicles and gas-powered vehicles are approaching price parity, and the EPA outlines $27B in clean energy grants.

• $2b for battery recycling, $110m for public transit software, and $10M for solar financing

• A deep dive on home electrification

Thanks for reading!

🔌 Coming soon: More fast-charging EV networks

The White House announced major moves toward nationwide charging networks for electric vehicles.

• 3,500 of Tesla's 7,500 electric-vehicle Supercharger stations will be open to all electric vehicles by the end of 2024. Right now, only Tesla drivers can use the automaker's network of fast-charging stations.

• Hertz and EV fleet charging operator bp pulse confirmed joint plans to develop a national network of EV fast-charging infrastructure. Bp pulse intends to invest $1 billion to build EV fast-charging hubs for airport ride-hail fleets, while Hertz aims to make one-fourth of its airport fleet electric by the end of 2024.

Why is the White House making announcements for these companies? 

Tesla’s closed charging network doesn’t support widespread EV adoption. Teslas are luxury vehicles and unaffordable to the masses. By adopting the “combined charging system” standard, standardizing payment options, and opening up to all electric vehicles, barriers to adoption are reduced. Plus, any company adopting these standards is eligible for $5 billion in subsidies available as part of the National Electric Vehicle Infrastructure program.

How does this help EV adoption?

One of the biggest challenges of EV adoption is consumer sentiment, especially range anxiety.

Range anxiety is the fear that electric vehicles (EVs) may run out of battery charge and leave drivers stranded on the road. Due to the more limited capacity of EVs, many don’t have the same range as gas-powered cars.

For drivers who are used to the convenience of gas-powered vehicles, the idea of having to plan their routes and stops around charging stations can be daunting. The fear of not being able to find a charging station, or not having enough time to charge the battery fully, can be a barrier to choosing an EV as their primary mode of transportation.

By expanding fast-charging infrastructure, as well as battery storage systems, range anxiety can be reduced.

There are currently about 130,000 public charging stations in the US, but the Biden administration plans to triple that amount by 2030 as part of its larger efforts to accelerate EV adoption and reduce emissions.

🎯 Climate News That Matters

News and trends in the climate economy across energy, transportation, food, and more.

1/ Big backlash to new renewables is mounting

2/ World Bank chief resigns after climate stance misstep

3/ EPA outlines $27B in clean energy grants as Biden administration remains open to national green bank

4 / Electric Vehicles Could Match Gasoline Cars on Price This Year

5/ Bill Gates on why he’ll carry on using private jets and campaigning on climate change

6/ What to know about the train derailment in East Palestine, Ohio

7/ Energy Transition Investment Now On Par with Fossil Fuel

8/ In EV adoption, most US states lag California by at least 5 years

9/ Ford’s EVs are getting faster charging and more affordable batteries thanks to new chemistry

10/ Water Shortages Threaten to Increase Violence and Disappearances in Mexico

💰New Funding

Breaking down the latest climate tech funding

Redwood Materials, a battery recycling startup that makes electric vehicles and sustainable materials for circular supply chains, raised $2B in debt financing.

Via, a transport company that offers public mobility solutions for transit agencies, school districts, cities, and corporations, raised $110M in venture funding.

Cirba Solutions, a sustainability company providing battery recycling management and materials, raised $50M in venture funding.

Zunder, an electric vehicle charging company, raised €40M in debt financing.

Fulcrum Bioenergy, a converter of household garbage into low-carbon transportation fuels, including jet fuel, diesel, and ethanol, raised £16.8M in grant funding.

Dance is an e-bike subscription service where users pay a monthly fee that covers their bikes and provides an all-inclusive support package, raised €12M in venture funding.

Complete Solar, offering a wide range of solar products and financing programs to help consumers reduce their electricity bills, raised $10M in convertible notes.

Qotto, a provider of solar-powered energy solutions in West Africa, raised $8M in debt financing. 

BoxPower, who designs and manufactures solar energy systems in a 20-foot shipping container, raised $5M in Series A funding.

BIBAK, an industrial technology solution making reusable packaging services simpler, raised €6M in Series A funding.

😎 Community Spotlight

Insights and must-reads from the climate community 

Home of the Future: How to electrify your life by Canary Media

Meet the Man Fueling Clean Energy Opposition in the Midwest by Distilled

The future our grandchildren deserve by Bill Gates

Five Key Climate Solutions by RMI

Drought may have doomed this ancient empire — a warning for today’s climate crisis by the Washington Post

This is a weekly debrief of the latest intel on the climate economy straight to your inbox.

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