You’ve reached your free article limit
Log in
To continue reading, log in to your account.
Create a Free Account
To unlock more free articles, please create a free account.
Sign In or Create an Account.
By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
Welcome to Heatmap
Thank you for registering with Heatmap. Climate change is one of the greatest challenges of our lives, a force reshaping our economy, our politics, and our culture. We hope to be your trusted, friendly, and insightful guide to that transformation. Please enjoy your free articles. You can check your profile here .
subscribe to get Unlimited access
Offer for a Heatmap News Unlimited Access subscription; please note that your subscription will renew automatically unless you cancel prior to renewal. Cancellation takes effect at the end of your current billing period. We will let you know in advance of any price changes. Taxes may apply. Offer terms are subject to change.
Subscribe to get unlimited Access
Hey, you are out of free articles but you are only a few clicks away from full access. Subscribe below and take advantage of our introductory offer.
subscribe to get Unlimited access
Offer for a Heatmap News Unlimited Access subscription; please note that your subscription will renew automatically unless you cancel prior to renewal. Cancellation takes effect at the end of your current billing period. We will let you know in advance of any price changes. Taxes may apply. Offer terms are subject to change.
Create Your Account
Please Enter Your Password
Forgot your password?
Please enter the email address you use for your account so we can send you a link to reset your password:
The only other U.S. state to have a chief heat officer? Arizona.

The past three months will go down in the books as the hottest meteorological summer on record in Boston — but that is not a record that’s likely to stand long. At 3.5 degrees Fahrenheit of warming since 1970, Massachusetts has outpaced the national average by half a degree; by 2050, researchers expect the state will see more than two-dozen 90-plus-degree days every year. According to a 2023 climate report, that could result in as many as 400 excess deaths in the Commonwealth annually.
Now it’s someone’s job to do something about it. In mid-August, Massachusetts Governor Maura Healey announced the appointment of the state’s first heat resilience officer, making the Commonwealth only the second state in the country to have such a position — after the much more obvious choice, Arizona. (Healey is up for reelection this year, but the race is largely expected to be uncompetitive.) The inaugural role has gone to Katie Schlick, who most recently headed the resilience portfolio at the U.S. Climate Alliance and previously served as a special assistant to Ali Zaidi, the White House’s national climate advisor under Joe Biden.
I caught up with Schlick at the end of her first full week on the job to learn more about what leading heat resilience in a state like Massachusetts will look like in practice. Our conversation has been lightly edited and condensed.
Why does Massachusetts need a heat resilience officer?
This role was established because Governor Healy has seen the science and the public health data on heat risk in the state and worldwide. But she’s also heard from, felt, and understands the lived experiences of communities all across Massachusetts who are really dangerously impacted by extreme heat — and increasingly so.
We know that extreme heat is the No. 1 killer across all other extreme weather events, and that fact holds true not just for the United States but also globally. July was the hottest month ever recorded, and the last three years are the hottest ever recorded in human history. And heat waves in cities are about 46 days longer than they were in the 1960s.
Those are the trends that we’re seeing in the science. But we’ve also seen tons of impacts in the state. Massachusetts itself has warmed about 3.5 degrees Fahrenheit over the last century, and then we’re expecting those numbers to double, if not triple, in the coming decades. We saw 1,500 heat-related emergency room visits in 2025 alone, and we’re seeing higher numbers of visits on unhealthy heat days. We have heat island communities and heat equity communities in the state that are literally degrees hotter because of decades of complicated history. One in five public schools in the Commonwealth don’t have air conditioning, and that only not only impacts learning, but also, when school is closed because it’s too hot to keep the kids and the the staff in the building, then that means parents and guardians have to leave their jobs and figure out child care, which impacts the economy. There are projections that about 20% of the workforce in Massachusetts is exposed in some way to extreme heat, and that impacts work hours, productivity and the economy. And, of course, there are tons of impacts to our natural environment, crop losses in the agriculture sector.
I’ve been calling these the geographies of heat resilience, and I think what we’ve seen from the governor is an understanding that this means we need to put the full weight of the state government behind solutions. It will be a whole government, whole of community process, assessing what the work is that’s already been done to date — and we’ve seen a lot of great stuff coming out of the Department of Public Health, with their different extreme heat initiatives and a lot of good data tracking. Even just in these past two weeks or so, as I’m getting up to speed, there’s a lot of real energy and momentum and excitement from partners all across the state, academia, community organizations, local governments, and regional organizations, who have also seen this problem and are really eager to be part of the solution.
Speaking of academia, I spoke earlier this week to Professor John Rogan at Clark University about the role forests and trees play in cooling communities, particularly in western Massachusetts. Are nature-based solutions part of what you’re considering?
I’m glad you brought him up, because last week we had an event at Clark University, which is the home to the HERO program. It’s been operating for several decades now in Worcester, and I spoke to some of the students last week who were out there all summer researching different types of trees — both if they are resilient themselves to the impacts of hotter temperatures, but also the shade cover, and is it impacting and increasing or decreasing the temperature of different neighborhoods?
What they found is, shade from trees can cool down certain areas and neighborhoods by several degrees, as can white roofs and greener spaces. And not only does it cool an area down, which means that you’re hopefully able to spend less on your electricity bill, but having greener spaces creates safer communities and contributes to public safety. It is also a great space for families to go out and hang out. Nature-based solutions are something I’m excited to dig into, and something that I know our climate chief is really passionate about as well.
One of the big things about heat is that it’s a hyperlocal issue. How are you thinking about that in Massachusetts, where you have large cities and quieter suburbs and remote towns spread across the state?
That’s why this role is positioned at the state level. We’ve seen across the country that there are different regional approaches to heat, and I think that’s important as well — we’ll be leaning into working with our regional and local partners and community organizations — but it’s also important to have someone at the state level who can coordinate all of this, and make sure that there is attention for all the different pieces. Even just last week, during our [Clark University event], we were talking about the rural areas and different research that is showing how even if they might be a little bit cooler right now, because they don’t have the urban effect, eventually those temperature levels are going level out, so they’ll see hotter temperatures as well. So we need to take a whole of state approach. We have an understanding of the social issues and impacts around heat, like school closures, job loss, and impacts to productivity, as well as the health and safety needs and trends, and we’re paying attention to all of the above.
How does the region’s older housing stock affect your approach to heat resilience in the state?
One of the big challenges that we see in the Northeast for living with climate change is that our built environment was generally constructed to keep people warm during intense winters. Now we are having to do a lot of thinking on the loan side about making sure our housing stock and our buildings are resilient to all sorts of climate impacts, whether that be extreme winds or hail or other types of storms and flooding, but also how it can keep people cool during instances of extreme heat.
One of the things we’ll be thinking through is different solutions to decarbonizing our building stock. We want to make sure that people have access to air conditioning, but we also want to make sure they can afford to pay their electricity bill. But we’ve seen rates skyrocket, and that’s one of the hottest topics these days. We want to make sure that we have access to cooling, not just for homeowners, but also for tenants. If someone can’t get access to that in the near term, do we have community cooling centers? Do they have transit to them? And are they aware of where they are? And do we have good community leaders that can help us maintain those?
Again, going back to schools, we’ve seen under this federal administration a huge slash of the funding that went out under the Biden administration for greener schools. We want to make sure that schools are decarbonizing, but also that they are safe and healthy for students to be in and learn in, even on the hottest and smokiest of days. And there are a lot of cool solutions for decarbonizing buildings in general, whether it be with weatherization, insulation, other types of retrofits, cool roofs, or heat pumps — which is something the governor has championed, and I think a good example of how we can think through incentives for different technologies that are more cost effective and easily implementable.
What most excites you about this job, at the end of your first full week? What projects are you most excited to tackle?
For a long time, I’ve loved working on climate resilience issues. I’m such a climate policy person in general, both on the mitigation and the resilience side. But I think resilience in particular reminds us that it’s not just doom and gloom that we’re experiencing, but also hope and possibilities. It’s about leaning into partnership and innovation.
We’ll be establishing a council that will help us get our arms around the breadth of this challenge. We’ll be putting together a plan that also outlines our levers for change across state and local government, and our opportunities for action. But when I think about the different metrics of success for this role at a high level over the next couple of years, we’re hoping to make cooling solutions more affordable for the people of Massachusetts. We want access to clean and cool air, even on the hottest and smokiest days. Wherever you are, we want to see lower school cancellations from heat, and lower emergency room visits, and better health outcomes. We want people to feel more educated on the risks from heat and trained up on how they can respond to them, no matter what their field is. We want to see more heat pumps deployed, and safer workplaces, whether you work inside or outside. We want local governments to feel ready and prepared in the face of something like extreme heat.
All of those are opportunities for action, and to pull in people from across the state to be a part of the solution.
Log in
To continue reading, log in to your account.
Create a Free Account
To unlock more free articles, please create a free account.
Spoiler: They’re mostly winners.
There’s seemingly plenty to celebrate in the Senate’s new 400-plus-page permitting reform bill, the Bipartisan American Affordability and Jobs Act, or BAAJA. The headline benefit — and the one drawing the most praise from energy hawks — is that expediting the buildout of energy infrastructure and transmission lines ought to bring tons more zero-carbon energy online. No doubt it will speed up fossil fuel projects as well, but modeling shows that renewables like wind and solar are disproportionately held back by the notoriously contentious and slow planning and permitting processes the bill seeks to overhaul.
Old-school renewables aren’t the only technologies that stand to benefit from BAAJA, however.
Here are four more climate tech sectors — and the startups working in them — that are probably pretty happy to see that, after four years of debate and countless failed negotiations, a permitting bill finally appears poised to become law.
No surprises here: It’s well known at this point that geothermal is a beloved bipartisan technology, and BAAJA affirms the government’s commitment to bringing more of this clean, firm energy source online as soon as possible.
The bill would categorically exclude drilling exploratory geothermal test wells from review under the National Environmental Policy Act, and exempt lower-impact activities such as mapping and surface surveying from NEPA entirely. It would also require the Interior Department to hold annual geothermal lease sales, and drop the federal drilling permit requirement for geothermal exploration on non-federal land, so long as the government owns less than half of the underground resource.
Next-generation geothermal companies such as Fervo Energy, Sage Geosystems, Mazama Energy, and Quaise Energy stand to benefit, of course, as finding viable sites to trial their tech and build early commercial projects requires plenty of mapping and exploratory drilling. This cohort aims to expand geothermal beyond the relatively small number of geographies with the ideal combination of high heat at shallow depths, naturally occurring subsurface water or steam, and permeable rock that conventional geothermal power plants rely on. But a company like Zanskar, which uses AI to identify overlooked conventional geothermal resources, stands to benefit, too — its approach also depends on scouting and drilling across many sites.
BAAJA is intent on advancing tech that can squeeze more capacity out of the transmission lines we already have. The bill requires utilities to conduct recurring evaluations on technologies that could increase the capacity of existing transmission infrastructure, such as higher-capacity replacement wires or monitoring systems that determine when the lines can safely carry more power. Investor-owned utilities have historically had little incentive to adopt any of this, since they earn money by building new infrastructure, not by making existing infrastructure more efficient. Now, that math could change. If the evaluations find this tech will provide net benefits, utilities are required to deploy it within a certain timeframe, lest the Federal Energy Regulatory Commission impose penalties.
That’s welcome news for dynamic line rating startups such as LineVision and Heimdall Power, which use sensors to monitor power lines in real time to determine when they’re capable of carrying more electricity than their fixed ratings allow. Companies building higher-capacity lines are also likely to see more business. This includes TS Conductor, which makes a carbon-fiber core wire that it says can double or even triple a line’s capacity, and VEIR, which originally aimed to build “high-temperature superconducting transmission lines,” though it recently pivoted to data center power solutions. Startups like NewGrid, whose software finds ways to avoid congested lines and route more electricity through the existing grid, could benefit, too.
The bill also opens doors for virtual power plants, networks of distributed energy resources such as rooftop solar panels, batteries, smart thermostats, and electric vehicle chargers that operate like a single power plant, responding to spikes in energy demand or shifting load to off-peak hours. Like grid-enhancing technologies, VPPs can reduce the need for new poles, wires, and power plants by making better use of the energy resources already installed in homes and businesses. And they also include an added perk: They pay these customers for adjusting their energy use when the grid needs it.
While FERC ordered grid operators to open their markets to these aggregators in 2020, implementation has dragged. BAAJA would speed things up by requiring operators to allow VPPs into their markets within 18 months of the bill’s passage and setting a low, 100-kilowatt threshold for device networks to be considered VPP-eligible. It would also require utilities to connect VPPs quickly and allow them to export power, while barring utilities from requiring aggregators to install the utilities’ own equipment like separate submeters and switches, which adds delays and added costs for hardware and installation. Separately, the bill directs the Department of Energy to fund efforts to streamline local government permitting and inspections for distributed energy resources like rooftop solar and batteries.
This is a boon for aggregators including Voltus, Renew Home, and David Energy, which sell grid services like demand response, capacity, and frequency regulation into utility programs and wholesale markets. Under this bill, they could do so more easily thanks to guaranteed market access and lower entry thresholds.
VPP software platforms like Leap could benefit, too. Leap helps manufacturers of devices such as smart thermostats and EV chargers enroll customers in VPP programs, so fewer utility equipment requirements and what will presumably be a much bigger addressable market would help. Home battery companies such as Lunar Energy and Base Power, which aggregate their residential batteries into VPPs, and smart panel-maker Span, which coordinates home appliances to respond to grid needs, could see similar benefits.
Hard rock mining is also among the bill’s clear winners. It clarifies that miners can use as much federal land as is “reasonably necessary” to store waste rock and tailings, and opens additional federal land for hard-rock mining leases. It also requires lawsuits challenging mining approvals to be filed within 150 days. Broader changes to NEPA, the National Historic Preservation Act, and the Clean Water Act will also accelerate the mining approval process.
This will undoubtedly be controversial for many climate advocates; while the energy transition demands more critical minerals, mining itself is a dirty endeavor. Yet there are a number of climate tech-adjacent companies focused on extracting, refining, and processing materials like lithium, nickel, cobalt and copper that stand to benefit.
One of the buzziest startups trying to develop new critical minerals mines, AI-driven exploration and development company KoBold Metals, is mainly working abroad right now. But a more favorable domestic environment could prove an enticement to invest more at home. Mariana Minerals, a software-driven developer working to bring mines online faster and cheaper, definitely stands to benefit given its current domestic focus. So could startups like Jetti and Endolith, which are developing technology to extract more copper from low-grade ores. Both work with existing mines, so could stand to profit from a domestic mining boom.
Of course not everyone will win here. For the horde of climate-tech adjacent startups trying to jump on the data center bandwagon — perhaps those working on chip cooling or capturing and recycling the waste heat from data center servers — maybe the added costs this bill imposes on data centers will reduce demand for their services just a bit. But I wouldn’t count on that. The bill certainly won’t stop the buildout so much as change who pays for some of the infrastructure required to serve it, shifting the cost of new power lines and grid upgrades from ratepayers onto the tech giants and developers themselves.
Then there are the myriad software startups such as Nira Energy, Paces, and Piq Energy that help energy developers navigate the grid interconnection process. Since the bill requires regional grids to streamline their queues, this could reduce demand for their services. But developers will still need to know where the grid has room and where projects pencil out, and utilities and grid operators will have to rebuild their interconnection processes, a transition that could generate demand for software of this sort.
There’s also just an array of climate industries that go largely unaddressed. While the Inflation Reduction Act offered incentives for practically every decarbonization technology under the sun, this bill is far more targeted, leaving sectors such as EV manufacturing, industrial decarbonization products like clean cement and steel, agricultural technologies, and methane abatement relatively untouched.
Carbon capture and removal projects, EV charging, and hydrogen get only minor nods: protection from administrative delays for carbon management projects and DOE funding to help local governments expedite permitting for EV chargers and hydrogen refueling stations. All of these industries could still benefit when building manufacturing plants or other facilities that need federal sign offs. But they could also lose ground if speedier approvals for fossil fuel infrastructure make cleaner alternatives less competitive.
On Korean reactors, California plug-in solar, and Europe’s green steel champion
Current conditions: Floodwaters from the remnants of Hurricane Polo breached a 20-foot dam in southern New Mexico, forcing evacuations • The Pacific’s active hurricane season continues as Hurricane Rachel threatens dangerous rip tides off Baja California • Further north in the Pacific, Tropical Storm Choi-wan is headed toward the Northern Mariana Islands.
It’s 417 pages — or, for those of you who think in such terms, roughly two-and-a-three-quarters the length of a standard environmental impact statement. And it the landed yesterday with much fanfare. The Senate’s grand compromise on permitting reform, dubbed the Bipartisan American Affordability and Jobs Act, or BAAJA, is packed with sweeping changes that promise to upend how data centers are built, whether transmission lines get constructed at all, and speed up deployments of all kinds of energy infrastructure. My colleagues — there are five bylines on this sucker, if you have any doubt about how seriously Heatmap is taking this — have a dense and comprehensive explainer here.
Whether the bill becomes law is another question. Already, House Democrats are casting doubt over whether they will vote for the legislation during the lame-duck session after Republicans likely lose control of at least the lower chamber of Congress in November’s midterm elections. “Most Democrats will want to see how things go on Nov. 3 and then do a reality check,” Representative Jared Huffman, a California Democrat, told Bloomberg reporter Ari Natter. “If we’re on our way to a majority in one or both Houses, it makes no sense to fold our hand when we could wait a few months and have a much better deal early next year.” Any hope of brokering a deal to vote on the bill before the election seems unlikely. A GOP source told me “there is no way” House Speaker Mike Johnson, the Louisiana Republican, “will call back people from the campaign trail to vote on this in the House.” So it may be too soon to turn the acronym into a name. But my humble suggestion is to pronounce BAAJA as BAH-zhuh, which sounds like Basha, my late grandmother’s name. I can only assume the rest of you are equally moved by that association.
South Korea is the only country in the democratic world with a strong, recent track record of building nuclear reactors competently and on time. Seoul’s state nuclear giant is also bound by a settlement with America’s flagship nuclear company, Westinghouse, which accused Korea Hydro & Nuclear Power of ripping off the design of the U.S. reactor, the AP1000. As a result, the Koreans can’t build their own reactors in North America or Europe. But in a bid to stave off President Donald Trump’s tariffs, South Korea has agreed to spend $200 billion on U.S. energy projects. That includes an investment into Alaska LNG, a major liquified natural gas terminal, a gas-fired station in Texas, and eight nuclear reactors, according to Bloomberg and Politico. The deal is the culmination of talks ongoing since the spring, as I previously reported, and comes amid swirling rumors in the South Korean press over whether Seoul could secure a stake in Westinghouse if the American company makes a debut on the stock market. In a statement, the Canadian uranium giant Cameco, which owns 49% of Westinghouse, said the eight reactors in the Korean deal “contemplates” the construction of as many as six new AP1000s and up to two Korean APR1400 reactors. Still, the company emphasized that it was focused on the Department of Energy’s condition loan commitment to finance AP1000 components for any joint venture between Westinghouse and a utility building one of its reactors. But it said that, if both the American and Korean reactors can be built successfully, “both technologies are expected to be deployed on federal sites designated” by the U.S. government, “beginning with the deployment of two AP1000 reactors.”
It’s unclear when the South Korean money will flow into actual projects on the ground. But New York is putting up dollars. On Tuesday, New York Governor Kathy Hochul awarded another $10 million to the New York Power Authority to support workforce development programs in a bid to train more people to staff the nuclear power stations her administration has tasked the state utility with financing. “Advanced nuclear is a cornerstone of my all-of-the-above strategy to keep the lights on and costs down for New Yorkers,” Hochul said in a statement. “The $10 million in funding approved today by the NYPA board will help ensure New York’s advanced nuclear future will be built by and for New Yorkers and also re-energize an industry that will create thousands of high-quality jobs while complementing our nation-leading efforts on wind and solar.” Canada, meanwhile, is upping its ambition. Saskatchewan’s provincial government announced plans this week to build at least two large-scale reactors by the early 2040s, NucNet reported.
When Secretary of Energy Chris Wright sat down with my colleague Robinson Meyer last week, he said he doubted the Trump administration would impose a temporary ban on exporting diesel amid record-high prices. But the Financial Times reported Wednesday that the White House was holding “crisis talks” to determine whether the move was merited. Experts have cautioned that it could lower diesel prices in the U.S. slightly, but would send prices soaring in Europe.
Russia, meanwhile, just renewed its ban on diesel exports, blunting both the effects of the global market chaos and the profits the Kremlin could be yielding given its rising crude exports, Bloomberg reported.
Sign up to receive Heatmap AM in your inbox every morning:
California Governor Gavin Newsom signed a series of bills Wednesday that clear the way for more homeowners in the state to slash their electricity costs and personal carbon footprints. Under one new law, utilities will offer a voluntary incentive to electrify homes whenever the pipe connecting a home to a gas main line is due for replacement. Under another, homeowners and even renters will be able to install plug-in solar panels that can generate small amounts of electricity on roofs or balconies.
As grows a market in the nation’s most populous state, so goes the country. The so-called balcony solar bill in particular is expected to supercharge the market, making cheap, personal solar panels more widely accessible. As my colleague Katie Brigham wrote last year, plug-in solar is popular in Europe, and could find a big market in the U.S. New York, for example, passed legislation this spring, though Hochul has yet to sign it.
Europe once boasted two cutting-edge green industrial manufacturers, both in Sweden, with shared investors and executives. Northvolt, an electric vehicle battery manufacturer, declared bankruptcy last year. That left only Stegra, the green steelmaker. Shortly after Northvolt went under, Stegra went looking for another financial lifeline to cover the mounting costs of commercializing its renewable electricity-based method for forging steel. It ultimately received one from a French hydrogen investor. Now Stegra says it needs more money to complete its flagship first project in northern Sweden. The company named former Saab aerospace executive Håkan Buskhe as its new chief executive, replacing Henrik Henriksson who served in the top role since 2021. The new leadership’s review of its books and plans revealed “that additional capital is required to complete the project, as estimated costs of completing it are significantly higher than assumed in June.” The high costs “are mainly the result of substantial ramp-up costs following the prolonged scaling back of work earlier this year, as well as inflation.”
The U.S., meanwhile, may be getting what Canary Media called a “lower carbon steel mill” in Iowa. Mesabi Metallics, which is already building America’s first new iron ore mine in 50 years, announced plans this week for a $15 billion steel plant in southeast Iowa that would rely on what’s called direct reduced iron, a cleaner method of making iron than a traditional coal-fired blast furnace. As my colleague Emily Pontecorvo wrote last year, the Trump administration may have violated the law when it diverted Energy Department funding from a green steel project in Ohio to instead reboot a blast furnace. Hyundai is also building a gas-powered DRI steel mill in Louisiana, which the automaker plans to eventually run on low-carbon hydrogen, as I previously reported.

Before the artificial intelligence boom (and its less sexy older brother, the cryptomining boom), electricity demand growth was a problem many proponents of decarbonization actually wanted, because it would mean electrification was taking off. Last year, record EV sales translated into record 16% growth in electricity demand for charging the light-duty battery electric vehicles. But this year the growth fell by half to just 8%, according to the latest analysis by the U.S. Energy Information Administration.
Controlled Thermal Resources has completed key financial steps ahead of its planned Nasdaq debut.
California’s inland Salton Sea is a potential clean energy double dip, with vast and largely untapped geothermal hotspots for generating heat and electricity and rich deposits of lithium, manganese, and other critical minerals needed to fuel the battery revolution.
Now one of the companies looking to commercialize both resources is taking a big step toward debuting on the stock market.
On Thursday, Controlled Thermal Resources is set to announce that it’s converting $205 million of debt into equity ahead of a planned initial public offering on the Nasdaq later this year, Heatmap can exclusively report. Among the big investors swapping debt for a stake in the Imperial, California-headquartered startup is the automaker Stellantis, according to a source with direct knowledge of the deal.
“Like a lot of our colleagues in this industry, we need to raise a lot of capital to build out a multi-stage project,” Rod Colwell, CTR’s chief executive, told me this week. An IPO, he said, “is a mechanism that enables us to keep going back to the market as we build out our 650-plus megawatts and supporting infrastructure that follows.”
He declined to comment on what interest Stellantis, which owns brands such as Chrysler, Jeep, and Maserati, has in the deal. The Dutch auto giant did not respond to multiple requests for comment.
“Automakers who successfully build out a resilient EV supply chain, including mining and mineral processing, will be in a good position to compete as the U.S. auto market continues to evolve in the years ahead,” Corey Cantor, the research director at the trade group Zero Emission Transportation Association, told me via email. With electric vehicles sales also booming globally, “having a more resilient supply chain up and running soon is more important than ever.”
CTR isn’t pursuing a traditional IPO. Instead, the startup is planning to go public via a merger with a special purpose acquisition company, a so-called blank-check firm that’s already trading, allowing the actual primary entity to swiftly issue stock to retail investors. While plenty of SPAC deals have proven volatile in recent years, particularly in cutting-edge clean energy, geothermal stocks are particularly — forgive me — hot.
Fervo Energy, the country’s frontrunner in developing next-generation geothermal power plants, is racing to complete its first major facility, known as Cape Station. Shares in the Houston-based firm skyrocketed after its IPO in May, though the price has sunk in the intervening months.
With demand for electricity soaring, CTR shifted its strategy to focus on building its debut 50-megawatt geothermal power station. Power and heat from that facility will, in turn, be used to extract and process lithium and other minerals from the briny inland lake.
CTR said it aims to move forward with its plant next June, with the facility expected to come online in 2028.
“Shortly thereafter, we’ll be building out the critical minerals component,” Colwell said. “That’ll be commissioned in 2030.”
Editor’s note: This story has been updated to correct the generation capacity of CTR’s debut power station.