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Climate Tech

Pouring a substance into water.
Carbon Removal

Is It Too Soon for Ocean-Based Carbon Credits?

The science is still out — but some of the industry’s key players are moving ahead regardless.

Q&A

The Renewable Energy Investor Optimistic About the Future

A conversation with Mary King, a vice president handling venture strategy at Aligned Capital

Yellow
A tokamak and the Capitol.

The One Big, Beautiful Bill’s Fusion Exclusion

How the perpetually almost-there technology could get shut out of the Inflation Reduction Act’s surviving nuclear tax credits.

The Radiant logo and camouflage.

Radiant Nuclear Is Aiming to Build Microreactors ASAP

The company is well-positioned to take advantage of Trump’s nuclear policies, include his goal of installing a microreactor on a military base within the next few years.

Green
Climate Tech

Fervo Snags $206 Million for Cape Station Geothermal

The new funding comes as tax credits for geothermal hang in the balance.

Fervo geothermal.
<p>Heatmap Illustration/Fervo</p>

The good news is pouring in for the next-generation geothermal developer Fervo Energy. On Tuesday the company reported that it was able to drill its deepest and hottest geothermal well to date in a mere 16 days. Now on Wednesday, the company is announcing an additional $206 million in financing for its Cape Station project in Utah.

With this latest tranche of funding, the firm’s 500-megawatt development in rural Beaver County is on track to deliver 24/7 clean power to the grid beginning in 2026, reaching full operation in 2028. The development is shaping up to be an all-too-rare phenomenon: A first-of-a-kind clean energy project that has remained on track to hit its deadlines while securing the trust of institutional investors, who are often wary of betting on novel infrastructure projects.

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Energy

The Department of Energy Is ‘Giving Away the Future of Manufacturing’

Secretary of Energy Chris Wright canceled 24 decarbonization grants worth $3.7 billion.

The Department of Energy.
<p>Heatmap Illustration/Getty Images</p>

Secretary of Energy Chris Wright is clawing back 24 grants for projects to cut emissions from heavy industry after signaling earlier this month that he was reviewing the Biden administration’s award decisions. The total lost funding comes to just over $3.7 billion, and would have helped a wide range of companies, including those in food and beverage production, steelmaking, cement, and chemicals deploy cutting edge clean energy solutions.

The agency, however, decided that the projects “failed to advance the energy needs of the American people, were not economically viable and would not generate a positive return on investment of taxpayer dollars,” according to the announcement.

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