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AM Briefing

Ford May Ditch its Electric F-150

On ‘critical’ coal, data center costs, and recycled metals

The F-150 Lightning.
Heatmap Illustration/Getty Images

Current conditions: Typhoon Kalmaegi is slamming into Vietnam after leaving more than 110 dead in the Philippines • Temperatures are plunging 15 degrees Fahrenheit on average across the eastern half of the United States, bringing the season’s first snowfall in many places • A barrage of autumn storms are set to deluge parts of the Pacific Northwest with up to 8 inches of rain.

THE TOP FIVE

1. Ford swerves on the electric F-150

Ford may be veering away from the zero-emissions model of the pickup that spent nearly a half-century as America’s most popular passenger vehicle. Executives at the Detroit giant “are in active discussions about scrapping the electric version of its F-150 pickup,” The Wall Street Journal reported Thursday, declaring the discontinuation “America’s first major EV casualty.” When Ford first unveiled the truck in 2022, the company compared the Lightning to its Model T. But with $13 billion in losses since 2023, and overall electric vehicles sales falling since Congress ended the federal credit in September, the sleek Space Age-looking pickup has looked less likely to take off. “The demand is just not there” for F-150 Lightning and other full-size trucks, Adam Kraushaar, owner of Lester Glenn Auto Group in New Jersey, told the newspaper. “We don’t order a lot of them because we don’t sell them.”

The mood is rosier over at the nation’s electric vehicle champion. Despite slipping market share and plunging profits, Tesla shareholders overwhelmingly approved a new pay package for chief executive Elon Musk worth upward of $1 trillion over 10 years if the company manages to hit certain benchmarks, such as selling 1 million humanoid robots.

2. Interior Department pauses layoffs

The Department of the Interior has halted plans to “imminently” pink slip as many as 2,000 agency staffers for the duration of the federal government shutdown, court documents E&E News published Thursday revealed. In a statement to the U.S. District Court for the Northern District of California, the agency’s chief human resources official said Interior “has no plans” for imminent layoffs.

White House budget chief Russ Vought has sought to use the shutdown as a tool to slash funding or personnel in vast swaths of the federal bureaucracy, as Heatmap’s Matthew Zeitlin wrote. But unions sued and, last month, a federal judge temporarily blocked the cuts from beginning.

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  • 3. Trump names coal a critical mineral

    Take a look at this Google Trends graph charting out the popularity of “critical minerals.” The term historically applied to the metals such as lithium, rare earths, and cobalt that were needed for modern energy and weapons manufacturing shot up in usage after 2023.

    A chart showing the popularity of "critical minerals" as a Google search term. Google Trends

    Now, the Trump administration wants to broaden its definition to include a commodity that, unlike those other rocks, plays a necessarily vanishing role in the transition to cleaner energy. The U.S. Geological Survey added metallurgical coal along with potash, rhenium, silicon, and lead to the federal government’s list of critical minerals, alongside more predictable additions such as uranium, copper, and silver. The list, as Bloomberg noted, “dictates what commodities are included” in trade probes the Trump administration is carrying out. The administration has taken an aggressive approach toward securing new sources of minerals China controls, including signing a landmark deal with Australia last month.

    4. Michigan approves its first new tariffs on data centers

    The Michigan Public Service Commission greenlit new levies on data centers to avoid saddling ratepayers with the cost of supplying energy-thirsty server farms with enough electricity. The ruling came in response to a petition from the utility Consumers Energy requesting permission to implement tariffs on large-load customers such as the server farms providing the computing for artificial intelligence and cryptocurrency mining. Environmental groups, including the Natural Resources Defense Council and the Sierra Club, argued on behalf of stronger protections for consumers against paying for tech giants’ computing centers. It’s part of what Heatmap’s Jael Holzman described as “the techlash,” blowback to tech infrastructure that’s so widespread at the moment, polling Heatmap’s Pro service conducted found more than half the country considered data centers unwelcome near their homes.

    5. Redwood Materials starts up production

    Redwood Materials has started up its $3.5 billion South Carolina factory capable of recycling 20,000 metric tons of critical minerals (not coal, though) from old electric vehicle batteries, Bloomberg reported. The move comes as the company, founded by Tesla cofounder JB Straubel, opened a recycling plant in Sparks, Nevada, which collects 60,000 tons of minerals annually, including rare metals such as cobalt.

    THE KICKER

    Three new species of an unusual group of African toads skip the tadpole phase and give birth to live, squirming babies. “It’s common knowledge that frogs grow from tadpoles — it’s one of the classic metamorphosis paradigms in biology. But the nearly 8,000 frog species actually have a wide variety of reproductive modes, many of which don’t closely resemble that famous story,said Mark D. Scherz, an associate professor and co-author of the study from Natural History Museum Denmark, a coauthor on the study.

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    Politics

    Exclusive: Over 530 Local Laws Now Seek to Ban or Restrict Data Centers

    The overwhelming majority of the ordinances were enacted this year, a Heatmap Pro review shows. They’re helping to drive an unprecedented surge of data center cancellations.

    Local laws restricting or banning data centers.
    Heatmap Illustration | Unsplash

    America’s data center backlash is gaining steam.

    Anti-data-center protesters briefly interrupted President Trump’s speech at a General Motors facility in Michigan earlier this week. A day later, the country music legend Willie Nelson called on Americans to “fight against data centers invading our land.”

    Washington has yet to pass major data center regulation. But the backlash is already reshaping local zoning and land use codes across the country, according to an extensive review of public records conducted by Heatmap Pro. A surge of new restrictions and bans have killed dozens of proposed data centers this year.

    More than 500 counties or municipalities now actively restrict or block new data centers, according to the review. This tally includes only the most severe constraints — such as steep setback requirements, impossible noise limits, or outright bans on permit approvals — that all but forbid the construction of a data center.

    The overwhelming majority of these restrictions have been enacted since the beginning of the year. Nearly 190 have been passed since June 1.

    The pace of moratoriums is “accelerating,” Peter Freed, a founding partner at the Near Horizon Group and the former director of energy strategy at Meta, told me.

    Broadly, these new local restrictions seem to be succeeding. More than 50 data centers have been canceled so far this year after facing local pushback of some kind, according to a Heatmap Pro review of press accounts, public records, and project cancellations.

    That’s more than twice as many projects as were canceled under similar circumstances in all of 2025, according to our data. Eight projects were canceled in July alone.

    Ominously for developers, the rate of projects facing cancellations seems to be increasing over time.

    Keep reading...Show less
    AM Briefing

    Uncommon Wealth

    On ‘precariously low’ oil stockpiles, China’s ammonia milestone, and a PFAS destroyer

    Hundred dollar bills.
    Heatmap Illustration | Unsplash

    Current conditions: The wildfires in France and Europe are slowing, but three firefighters have died and the looming heat wave could bring yet more disaster • New York and New Jersey are facing flash floods as a storm system makes its way across the Northeast United States • Days of thunderstorms are causing floods across Vientiane, Laos’ sprawling capital.

    THE TOP FIVE

    1. Commonwealth Fusion Systems raises another $1 billion

    Last month, I toured Commonwealth Fusion Systems’ headquarters in small-town central Massachusetts. The place was abuzz in activity. On the factory floor side, workers were assembling the magnets needed to ultimately form the torus-shaped reactor — think a giant doughnut with an interior that curves like the core of an apple — called the tokamak. On the actual reactor side, SPARC — the prototype that CFS expects will make history next year as the first private enterprise and only tokamak to ever generate more energy that it took to start the fusion reaction — was starting to look like a functional machine from my view on a second-story walkway overlooking the sterile assembly room. The old joke that fusion is the energy source of tomorrow — and always will be — certainly didn’t ring as funny now. I’ll tell you who isn’t laughing: All the new investors that just poured another $1 billion into CFS. The company announced its latest funding round early this morning, which brings the startup’s total fundraising since its launch as a spinout from the Massachusetts Institute of Technology in 2018 to $4 billion. CFS now accounts for 30% of all the private capital that has flowed into fusion. What distinguishes this round, my colleague Katie Brigham wrote, is that the money is coming from a bunch of institutional investors, such as pension funds and sovereign wealth funds, rather than venture capitalists. On a call with reporters this week, CFS’s newly-named chief financial officer, Lorence Kim, said it’s the first-time institutional investors comprised the majority of the new funding. When I asked the company’s spokeswoman for a percentage estimate breaking down the new versus old investors in this round, she declined to comment. Kim cautioned that the funding isn’t the kind of capital you raise before launching on a stock market. But his hire is notable. The former Goldman Sachs banker famously helped take the pharmaceutical giant Moderna public and held the top financial role through the start of the Covid-19 pandemic.

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    Yellow
    Energy

    Commonwealth Fusion Systems Wins Over New Class of Investors With $1 Billion Raise

    Risk-averse but deep-pocked institutional investors join the party.

    Commonwealth Fusion Systems Wins Over New Class of Investors With $1 Billion Raise

    When the Fusion Industry Association surveyed the sector earlier this month, it found that the industry’s 56 active companies had collectively raised more than $14.2 billion over the past five years. But an ever-larger share of that money is ending up in the hands of one startup: Commonwealth Fusion Systems.

    With its latest $1 billion funding round, announced today, the MIT spinout now accounts for nearly 30% of all capital in the industry. The new financing, led by a wave of institutional investors entering the sector for the first time, will support construction of the company’s first commercial power plant in Chesterfield County, Virginia, which CEO Bob Mumgaard says is on track to come online in the early 2030s.

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