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AM Briefing

Two Geothermal Startups Raise a Combined $212 Million

On Trump’s Greenland thaw, Europe’s green steel win, and Tesla’s mission

A Zanskar site.
Heatmap Illustration/Zanskar

Current conditions: The winter storm barreling from Texas to Delaware could drop up to 2 feet of snow on Appalachia • Severe floods in Mozambique’s province of Gaza have displaced nearly 330,000 people • Parts of northern Minnesota and North Dakota are facing wind chills of -55 degrees Fahrenheit.

THE TOP FIVE

1. Trump takes an off-ramp from Greenland push

President Donald Trump announced a “framework of a future deal” on Greenland on Wednesday and abandoned plans to slap new tariffs on key European Union allies. He offered sparse details of the agreement, though he hinted that at least one provision would allow for the establishment of a missile-defense system in Greenland akin to Israel’s Iron Dome, which Trump has called “The Golden Dome.” On the Arctic island in question, meanwhile, Greenlanders have been preparing for the worst. The newspaper Sermitsiaq reported that generators and water cans have sold out as panic buyers stocked up in anticipation of a possible American invasion.

2. Two leading geothermal startups raise a combined $212 million

Zanskar's drilling site in northern Nevada. Zanskar

Geothermal startups had a big day on Wednesday. Zanskar, a company that’s using artificial intelligence to find untapped conventional geothermal resources, raised $115 million in a Series C round. The Salt Lake City-based company — which experts in Heatmap's Insider Survey identified as one of the most promising climate tech startups operating today — is looking to build its first power plants. “With this funding, we have a six power plant execution plan ahead of us in the next three, four years,” Diego D’Sola, Zanskar’s head of finance, told Heatmap’s Katie Brigham. This, he estimates, will generate over $100 million of revenue by the end of the decade, and “unlock a multi-gigawatt pipeline behind that.”

Later on Tuesday, Sage Geosystems, a next-generation geothermal startup using fracking technology to harness the Earth’s heat for energy in places that don’t have conventional resources, announced it had raised $97 million in a Series B. The financing rounds highlight the growing excitement over geothermal energy. If you want a refresher on how it works, Heatmap’s Matthew Zeitlin has a sharp explainer here.

3. Europe’s flagship green steel project inks a major deal

Stegra, the Swedish startup racing to build the world’s first large green steel mill near the Arctic Circle, has recently faced troubles as project costs and delays forced the company to raise over $1 billion in new financing. But last week, Stegra landed a major new customer, marking what Canary Media called “a step forward for the beleaguered project.” A subsidiary of the German industrial giant Thyssenkrupp agreed to buy a certain type of steel from Stegra’s plant, which is set to start operations next year. Thyssenkrupp Materials Services said it would buy tonnages in the “high-six-digit range” of “non-prime” steel, a version of the metal that doesn’t meet the high standards for certain uses but remains strong and durable enough for other industrial applications.

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  • 4. Tesla updates its mission statement

    For years, Tesla’s mission statement has captured its focus on building electric vehicles, solar panels, and batteries: “Accelerating the world’s transition to sustainable energy.” Now, however, billionaire Elon Musk’s manufacturing giant has broadened its pitch. The company’s new mission statement, announced on X, reads: “Building a world of amazing abundance.” The change reflects a wider shift in the cultural discourse around the transition to new energy and transportation technologies. Even experts polled in our Insiders Survey want to ditch “climate change” as a term. The fatigue was striking coming from the very scientists, policymakers, and activists working to defend against the effects of human-caused temperature rise and decarbonize the global economy.That dynamic has fueled the push to refocus rhetoric on the promise of cheaper, more efficient, and more abundant technological luxuries — a concept Tesla appears to be tapping into now. It may be time for a change. As Matthew wrote in September, Tesla’s market share hit an all-time low last year.

    5. The world’s biggest nuclear plant comes back online

    In yesterday’s newsletter, I told you that the Tokyo Electric Power Company had delayed the restart of the Kashiwazaki Kariwa nuclear power station in western Japan over an alarm malfunction. It wasn’t immediately clear how quickly Japan’s state-owned utility would clear up the issue. It turns out, pretty quickly. The pause lasted just 24 hours before Tepco brought Unit 6 of the seven-reactor facility back online, NucNet reported.

    THE KICKER

    Things are getting steamy in the frigid waters of Alaska’s Bristol Bay. New research from Florida Atlantic University’s Harbor Branch Oceanographic Institute found that a small population of beluga whales survive the long haul by mating with multiple partners over several years. It’s not just the males finding multiple female partners, as is the case with some other mammals. The study found that both males and females mated with multiple partners over several years. “What makes this study so thrilling is that it upends our long-standing assumptions about this Arctic species,” Greg O’Corry-Crowe, the research professor who authored the study, said in a press release. “It’s a striking reminder that female choice can be just as influential in shaping reproductive success as the often-highlighted battles of male-male competition. Such strategies highlight the subtle, yet powerful ways in which females exert control over the next generation, shaping the evolutionary trajectory of the species.”

    Green

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    Electric Vehicles

    Maybe Don’t Rent an EV in Europe

    There are lots of reasons why that might seem like a good idea, but I urge you to learn from my mistakes.

    A gas can with stickers on it.
    Heatmap Illustration/Getty Images

    All I wanted was to drive an electric car to the solar eclipse. But after the third consecutive charging port RFID reader wouldn’t accept my credit card and finding that the employees inside the attached Spanish hotel restaurant mostly didn’t speak English, I began to feel as though, just maybe, this hadn’t been my best idea.

    Opting for an EV as a rental car can be an attractive proposition. For a longtime electric driver like me, it’s the opportunity to avoid car emissions even when on holiday, and to try out the experience in another country. For others, it could be a way to save money while on vacation in countries with even more expensive gasoline than America’s, or perhaps to try out electric driving before taking the plunge on buying an EV back home.

    Keep reading...Show less
    AM Briefing

    Thirst Trap

    On steel, uranium, and roof tiles

    Lake Powell.
    Heatmap Illustration/Getty Images

    Current conditions: Tropical Storm Moke sideswiped Hawaii yesterday just weeks after a weakened Hurricane Lala became the first major storm to hit the Big Island in decades • On the western fringe of the United States’ Pacific borders, Typhoon Saudel struck Guam and the Northern Mariana Islands over the weekend, bringing heavy rain and flooding • Temperatures in Khorramshahr, on Iran’s border with Iraq, are topping 118 degrees Fahrenheit, rendering the southwestern port city the hottest place on Earth.


    THE TOP FIVE

    1. Trump administration orders Arizona, California, and Nevada to cut water use

    With water levels in reservoirs across the American West at record lows, the Trump administration has directed Arizona, California, and Nevada to cut back on how much water they use from the Colorado River over the next two years. On Friday, the Department of the Interior imposed the reductions via a series of documents detailing a two-year and a 10-year plan to salvage the supplies from the drought-stricken river fed by snowmelt from Colorado’s stretch of the Rocky Mountains. As climate change has shifted snow patterns, levels on the river have dropped. Yet the seven states that depend on the water — the aforementioned three in the Lower Basin, and Colorado, New Mexico, Utah, and Wyoming in the Upper Basin — could not come to agreement among themselves on how to divvy up the dwindling supply. Instead, the Interior Department came up with a proposal that forced the Lower Basin states to pare back first. As you may recall, Arizona’s Democratic governor called the cuts “draconian” when the administration released its proposal in early August. The plan, which imposes short-term cuts while leaving a larger split for later, sets the stage for what E&E News predicted would be “a behemoth legal fight.”

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    Red
    Adaptation

    A Chat With Massachusetts’ First Heat Resilience Officer

    The only other U.S. state to have a chief heat officer? Arizona.

    A Massachusetts thermostat.
    Heatmap Illustration/Getty Images

    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.

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