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☆ Clean Energy Ventures raises $305 million to back early-stage climate startups
▼ + stars: | 2024-05-29 | by ( Pippa Stevens | ) www.cnbc.com time to read: +1 min

Clean energy stocks may be underperforming in the public market, but there is still great appetite for companies focused on decarbonization in private markets — with Clean Energy Ventures' new fund serving as the latest example. The climate tech firm said Wednesday that it raised $305 million for its second fund, five years after closing its first fund. This latest fund was oversubscribed — the initial target stood at $200 million — but interest from limited partners including The Grantham Foundation, Builders Vision and Carbon Equity led to a higher raise. The firm is already putting the new money to work, focusing on technologies that go beyond the traditional green investments of solar and wind. Co-founder and managing partner Daniel Goldman identified industrial decarbonization as one compelling vertical — specifically emissions-reducing technology for the cement and steel industries.

Persons: Daniel Goldman Organizations: Clean Energy Ventures, The Grantham Foundation, Builders Vision, Carbon Equity, CNBC

☆ It’s All About the Grid
▼ + stars: | 2023-10-31 | by ( David Gelles | More About David Gelles | ) www.nytimes.com time to read: +1 min

The clean energy will have nowhere to go. Point A to Point BIt’s easy to lose sight of the importance of the grid, and just how much work needs to be done. But clean power sources are often situated far from cities where the most people live. As Brad has reported, the boom in clean energy ventures has also overwhelmed the system for connecting new power sources to homes and businesses. “Sometimes you have existing lines where they are basically at capacity, they’re full and they can’t handle adding more wind power or solar power,” Brad said.

Persons: there’s, Brad, ” Brad Organizations: Department of Energy Locations: U.S, United States

Green hydrogen, produced by splitting water through electrolysis using renewable energy, is expected to play a key role in decarbonising transport and industries. But it is produced today on a very small scale and costs up to five times more than the most common hydrogen produced from natural gas, which is highly carbon-intensive. It sharply reduces the cost of electricity for the electrolysis process, which accounts for more than 70% of green hydrogen production costs, the company said. BP, which aims to sharply reduce its carbon emissions in the coming decades, is betting big on green hydrogen. By 2030, it aims to produce between 0.5 and 0.7 million tonnes per year of primarily green hydrogen.

Persons: Ron Bousso, Louise Heavens Organizations: BP Ventures, Mitsubishi Heavy Industries, Clean Energy Ventures, Gatemore Capital Management, BP, Thomson

☆ Why the U.S. Electric Grid Isn’t Ready for the Energy Transition
▼ + stars: | 2023-06-12 | by ( Nadja Popovich | Brad Plumer | ) www.nytimes.com time to read: +13 min

Power lines 100KV 345kV 500kV Data reflects the contiguous U.S. Power lines 100KV 345kV 500kV Data reflects the contiguous U.S. Power lines 100KV 345kV 500kV Data reflects the contiguous U.S. Power lines 100KV 345kV Data reflects the contiguous U.S. Power lines 100KV 345kV 500kV Data reflects the contiguous U.S. That makes it hard to build the long-distance power lines needed to transport wind and solar nationwide. To make the plan work, the nation would need thousands of miles of new high-voltage transmission lines — large power lines that would span multiple grid regions. Utilities are sometimes wary of long-distance transmission lines that might undercut their local monopolies. “The grid is already a critical element of our energy system,” said Matteo Muratori, an analyst at the National Renewable Energy Laboratory.

Despite SVB's demise knocking the value of banks globally, particularly European lender Credit Suisse, U.N. climate envoy Mark Carney said he, too, did not expect a "material" impact on climate tech funding. "At a minimum, this will likely drive continued tightening of investments and a push to have their portfolio companies cut (cash) burn," it said in a note. Mona Dajani, partner at law firm Shearman and Sterling, said most of her clean energy clients either banked with SVB or faced some other impact from its troubles. SVB "cultivated a reputation as being very friendly to clean energy... they were willing to underwrite more risk," she said. "Not all the companies are going to make it and now that’s happening to climate companies."

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