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It is a cliché that everyone in the insurance industry believes in climate change. But the same can certainly be said of those in the mountain-guiding business.
May marks the beginning of the recreational mountaineering season on Washington’s Mount Rainier, the most popular technical climb in the country. But for many of the guide companies that take clients up the mountain, the last day of the 2026 commercial climbing season remains an ominous unknown. “We used to run a season through the end of September typically,” Jonathon Spitzer, the director of operations at Alpine Ascents, which has offered guided climbs of Rainier since 2006, told me. “For four of the last five years, we’ve ended around Labor Day or so” due to poor snow conditions on the mountain — meaning a loss of about 20% of the historic season.
In the spring and summer, when the vast majority of Rainier’s 10,000 or so annual climbers attempt to reach the summit, the weather begins to mellow, avalanche danger lessens, and crevasses remain mostly covered. But ideally the mountain should still be frozen hard. A firm snowpack provides crampons and ice axes with the best purchase, allowing climbers to stick to steep slopes without sliding, while reducing the danger of ice and rockslides. Accidents and falls increase when climbing on loose dirt, slush, and rock, as well as when navigating exposed blue glacier ice, which is normally covered in snow and otherwise extremely slick.
Yet high-mountain areas, known as the cryosphere, are warming up to twice as fast as the global average. Rainier has lost half its ice since 1896, with most of that loss occurring in recent years; three of its 29 glaciers have disappeared since 2021. Researchers last fall went as far as to assert that the 14,410-foot mountain is now 10 feet shorter than it was in 1998 due to a rocky outcropping replacing its former highest point, a mound of ice that has since melted away.
For the guides working on Rainier, the weather in April and May sets the stage for the rest of the season, when spring storms ideally dump the snow needed for the summer climbs. “It doesn’t really matter what happens in December, January, February,” Spitzer told me, since winter snow is dry and blows off the summit rather than accumulates. Alpine Ascents had guides on the summit of Rainier last week who reported that the upper mountain has a lot of snow, but Spitzer cautioned that the character of the season ahead is still uncertain. “It’s been really dry in April,” he noted.
And it’s not looking good for May, either. Temperatures in the Puget Sound region are 20 to 25 degrees above average to start the month, a kind of final exclamation point on the wickedly warm winter and ongoing snow drought across the West. The Cascade mountain basins have only around 29% of their historic median snow-water equivalent, the metric used to measure snowpack and provide insight into runoff, water availability, and the fire season ahead. Tom Vogl, the CEO of the Mountaineers, a Seattle-based alpine club that offers local climbing courses, told me that “100%, with almost no uncertainty, we’re going to have a shorter climbing season on Washington peaks this year.”
In Oregon and northern California, where Lassen Peak sits at the southern end of the Cascades’ volcanic backbone, the snow-water equivalent median is as low as 1% in places. “Mount Hood is a mess right now,” Graham Zimmerman, a professional alpinist and the athlete alliance manager at Protect Our Winters, told me.
Zimmerman was on Oregon’s highest peak in February to climb Arachnophobia, a challenging route, and he told me that on “significant sections of the south side of the mountain, up high on the final summit, we were walking on dirt.” Though Zimmerman isn’t a guide himself, many of his friends are, and for “the core season up there in June, it’s going to be pretty intense,” he predicted. “There’s not going to be a lot of ice, it’s going to be pretty dirty, and when those mountains start to thaw out, they get pretty dang crumbly, and that’s going to create a risk for those going up there.”
Think of a mountain like a scoop of Rocky Road in an ice cream cone. Fresh out of the freezer, the scoop holds its shape because everything is frozen in place — but as it starts to melt, marshmallows and nuts begin to slough down the sides.
Except on a mountain, it’s not marshmallows and nuts but avalanches and rockfall. In addition to being a life-or-death hazard in the moment — and top-of-mind for the risk-averse concessioners guiding otherwise oblivious novice clients — the debris on a warming mountain can close routes to the peak, crowding the ones that remain. “When you have a bunch of people on a route, it doesn’t make things safer,” Zimmerman said. “It makes things more dangerous because people knock stuff onto each other, and because it slows things down.”
Even as the season shortens due to inadequate snowpack, more and more people are trying to climb on an ever-smaller number of viable days. That puts additional pressure on the guides, whose clients take time off from work and pay thousands of dollars for the chance to summit within a predetermined window, even as conditions overall become more dangerous.
This strain is particularly visible in the Himalayas, where photos of the conga line headed to the top of Everest go viral every few years. This season, icefall from a glacier closed the route to the world’s highest point for more than a week, with more icefall anticipated, adding to concerns about queues.
Iconic climbs in the Alps are also a mess due to warming weather and snow shortages. Spitzer, of Alpine Ascents, used to guide on Mont Blanc from June through September, but these days, many guides in the Alps stop around July 15 and resume again in mid- to late-August, when the mountains start to firm up again, because the height of summer in Europe is so hot. “The mountains are dynamic right now,” Spitzer said, and “it’s not just here in Washington. We’re seeing it globally.”
This raises, perhaps, the question of “so what?” Mountaineering is a niche, expensive, and often elite pastime. But a low summer snowpack has knock-on effects: “We expect to see pretty significant impacts on [gateway] communities, not just from the perspective of water availability but also how that relates to guiding businesses, water sports, water recreation, and the outdoor industry, which is really big in the West,” Erin Sprague, the CEO of Protect Our Winters, told me. Rafting guides, for example, could also see abbreviated seasons, hurting their bottom line. Outdoor retailers like REI could see sales slump if it’s a particularly bad fire year, keeping people off the trails.
That’s not to mention that 75% of the West gets its water from snowpack, meaning what happens in the mountains will impact even those for whom sweat, bugs, chance bear encounters, and walking uphill for hours sounds like personal torment.
“It’s not just about mountaineers and climbers who experience the glaciers in a more direct way for recreational purposes — it literally touches every person who lives in the Northwest,” Vogl, the Mountaineers CEO, told me. “This should matter.”
It does to me. In 2021, a few weeks after the Pacific Northwest heat dome, I summited Mount Rainier with my dad on the 50th anniversary of his first climb of the mountain when he was 14. In 1971, August 12 had been the peak of the Cascade climbing season; in 2021, we climbed in a haze of wildfire smoke and almost didn’t make it to the summit because of the warm conditions on the mountain. (Vogl, who was leading a trip on the other side of Rainier around the same time, said exposed blue ice and running water were directly responsible for an accident in his group that resulted in a broken femur and required a helicopter evacuation.) Stripped down to my base layers during the descent from the peak, I watched a boulder the size of a minivan come off a rock across the glacier from where we were climbing. In other spots, we had to balance across ladders laid over crevasses so deep you couldn’t see their bottom.
Last fall, I gave birth to my daughter, and I’ve been thinking about what the mountain will look like in August 2071, on the 100th anniversary of her grandfather’s first summit and the 50th of mine. When I asked Vogl what he thought, I expected something optimistic from the CEO of an organization focused on getting people outdoors. But he sounded crestfallen. “Some of the climbs that I’ve done with my kids, I doubt that they’ll be able to do them with their kids because the conditions are going to change so dramatically,” he said.
I also asked Zimmerman, the accomplished alpinist, what he thought about the future of his sport. He meditated on the question throughout our conversation, only to circle back to it at the end. “I don’t think that people are going to stop climbing,” he finally said. “But I think that people are going to need to come to terms with the fact that we’re living in a changing climate.”
“We’re going to have to continue to adapt, to be smart, to really focus on situational awareness while we’re out there,” he went on. The sense of adventure and risk inherent to climbing won’t just be about first ascents and “going to places where people haven’t necessarily been before,” he predicted — because “even the places we have been are changing.”
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The Science Based Targets Initiative just released a major update to its signature rulebook for setting climate goals.
Companies have a new rulebook for what constitutes credible climate action. The Science Based Targets Initiative, an organization that seeks to align corporate sustainability plans with the goals of the Paris Agreement, published a major update to its signature Net Zero Standard on Thursday designed to help companies assess their progress on climate goals, not just set them.
The update marks a significant expansion of the standard, which previously defined what a good corporate emissions target looked like, but did not say much about how to achieve it. The new version sets requirements for what companies must do to prove they are advancing toward their benchmarks.
“The standard is moving from being focused on ambition only to really focused on implementation,” Alberto Carrillo Pineda, the SBTi’s co-founder and chief technical officer, told me.
This accompanies a broader rhetorical shift in the standard, which asks companies to demonstrate progress on a “best-efforts basis” rather than judging them solely on absolute emissions reductions. In the foreword to the standard, Chair Francesco Starace says that the SBTi made “an explicit choice to recognize that companies do not control everything, and that pretending otherwise does not serve anyone.”
That ethos permeates the revisions and additions to the standard. Here’s a breakdown of some of the biggest changes.
Version 2 of the standard introduces a new “implementation hierarchy.” Companies must first do everything in their power to reduce emissions directly. Once they have exhausted those options, they can then pursue indirect actions such as buying renewable energy certificates or certificates for low-carbon cement.
This isn’t just a guideline. It’s a reporting requirement. Companies are asked to “document and demonstrate” all of the actions they have assessed and implemented to reduce their emissions directly, as well as to define the constraints to pursuing additional reductions. They also have to describe their indirect actions and explain how they “complement, and do not substitute for” direct reductions.
The updated standard differentiates between larger and smaller companies, and those based in higher-income and lower-income countries, recognizing that the former in both cases will have an easier time decarbonizing than the latter.
Larger companies in higher-income countries, referred to as “category A companies” are required to set near-term, five-year targets for all emissions related to their businesses, whether they fall under scope 1, 2 or 3. All others are required to set targets only for scope 1 and 2. Category A companies are also required to verify much of their reporting to the SBTi with a third party, while this is optional for other companies.
The updated standard clarifies that in order for renewable energy certificates to count toward a company’s scope 2 target, they must be “deliverable,” or purchased from a clean energy source within the same grid region as the company. That means a company with offices or factories in Idaho can’t buy certificates from a solar farm in Florida. (The standard does seem to offer some wiggle room on that rule to companies with many locations.)
An earlier draft of the new standard released last year would have required that companies set targets for purchasing hourly-matched, deliverable clean electricity. That would mean looking at their energy consumption for every hour they operate and setting a goal to match it with an equivalent amount of locally produced clean power for a certain percentage of hours.
Much to the disappointment of proponents of this strategy, however, that’s not in the final standard. Companies can set scope 2 targets on an annual matching basis, meaning they can effectively claim they consumed solar power at night and will not have to do the hard work of trying to clean up the harder-to-decarbonize hours of the day.
The standard does, however, require those larger companies in category A to at least report the percentage of their energy use that they have matched with clean power on an hourly basis. This reporting rule aligns with a proposal by the Greenhouse Gas Protocol, a separate corporate standard-setter focused on emissions accounting. The SBTi also aims to encourage companies to make progress on hourly-matched clean power by creating a new dashboard showing which companies have exceeded certain benchmarks — 50% until 2030, 75% until 2035, and 90% from that year onward.
Previously, regular old carbon credits like the kind that pay a Brazilian landowner not to cut down trees or fund a methane capture system at a landfill had no place in the SBTi’s net-zero standard. Also, while the “net-zero” in the name implied that companies should eventually begin investing in carbon removal credits to make up for any residual emissions, the earlier version did not say when they should start doing that.
Now, the SBTi says it will require category A companies to begin covering some of their ongoing emissions with carbon removal beginning in 2035. Because companies are only required to set targets in five year increments, they won’t have to report on those efforts for several years. But the carbon removal industry will require investment now to be able to meet demand in 2035, so companies will likely need to begin buying credits today in order to meet that deadline.
Prior to 2035, companies will be able to earn kudos for purchasing carbon avoidance and removal credits by participating in something the SBTi is calling the “ongoing emissions responsibility program.” The program has three tiers that will recognize companies that are contributing to a lower, medium, and high degrees of carbon mitigation, ranked either by tallying dollars spent or tons of carbon abated. Companies will still not be allowed to count these credits when measuring progress toward their targets, however.
One question hanging over the news is whether the SBTi’s definition of a “science based target” is still appropriate. The organization requires companies to calibrate their targets to be consistent with limiting warming to 1.5 degrees Celsius above pre-industrial levels by the end of the century. But many scientists believe the world has already warmed more than 1.5 degrees. In theory, cooling the planet back down to this level by 2100 is still possible with a huge amount of carbon removal, but it appears exceedingly unlikely.
“Of course, there is healthy scientific debate about what is the most likely temperature outcome, so that's something that we are aware of,” Pineda said when I asked about this. “But we maintain the focus to catalyze transformation consistent with achieving net-zero emissions by mid-century.”
Pineda may have been downplaying how much the SBTi has considered this. After our call, I did a search for “1.5°” in the new version of the standard and the old one. The temperature target appeared 59 times in the old document, but just once in the new one, and only in the executive summary, where it was used to describe the SBTi’s larger mission as an organization. Nevertheless, the standard continues to emphasize a long-term goal of net-zero emissions by 2050, and there is no indication that the underlying modeled decarbonization pathways that the SBTi uses to validate targets are going to change.
SpaceX and Tesla have produced executives and founders across the clean energy world. Here’s what they had to say about working for their former boss.
While SpaceX founder and Tesla CEO Elon Musk is often lauded for turning technology like reusable rockets and American-made electric vehicles into thriving businesses in a way long thought impossible, or at least improbable, he has also more quietly done something about as unlikely: get investors excited about capital-intensive hard tech startups.
For most of the time Musk was sleeping on the floor of Tesla’s factory to oversee Model 3 assembly and his rockets were riding across the country on the back of flatbed trucks, the venture capitalists that fund the next generation of technology companies were largely enamored with software businesses, which required little capital to start up and could scale quickly with accelerating profitability.
Today, thanks in no small part to Musk, hard tech companies are able to raise hundreds of millions of dollars within a few years of being starting up, with top-flight venture capital firms such as Andreessen Horowitz building whole funds devoted to the broad sector.
That investor interest has helped nurture a series of startups founded and led by former SpaceX and Tesla employees. These types of businesses don’t have the forgiving characteristics of software companies; instead, they’re often incredibly capital intensive, and require years of design and manufacturing before profits show up. Climate tech and energy companies almost inevitably fall in this category, often working on trying to turn technology that may mostly exist in a lab with nascent markets and high barriers to scale into something that can generate real returns for investors.
To mark the occasion of SpaceX’s initial public offering, Heatmap decided to survey the landscape of SpaceX and Tesla alumni now cutting their own swath through the climate tech marketplace. We identified 40 founders and executives, who all together spent a total of 252 years working for Musk. They’ve since moved on to companies in 9 different industries, from Musk-adjacent categories such as batteries and electric vehicles to carbon removal and grid tech. Cumulatively they’ve raised at least $27 billion, according to the data available in Crunchbase. (Since we finalized this list, one more Musk alum-founded company has emerged from stealth. Welcome to the world, Ambrosia Energy.)
Heatmap asked these founders and executives by email what they learned from their experiences working at Musk-led companies, and we heard back from more than a dozen of them. The vast majority of those told us it was no accident that they’d ended up where they have after working for Musk.
“While working at Tesla, I was surrounded by people who were there for the hard stuff and thrived on it,” Mateo Jaramillo, co-founder and CEO of the long-duration battery company Form Energy and a former Tesla Energy vice president, told us. “It's not just that they tolerated it — that was the stuff they lived for. There are moments in a company's arc when that kind of mentality is required, and at Tesla in those days it was like walking through a crucible every single day, with truly no idea how things were going to resolve. And yet you keep going and figure it out along the way.”
Musk himself has been a formidable digester of investor capital, including from Founders Fund, the venture capital firm founded by his former PayPal colleague Peter Thiel, which invested in SpaceX before its first successful launch.
Founders Fund has since become an investor in several Musk-alumni-founded companies, including the fuel enrichment startup General Matter, the geothermal company Endurance Energy, and the hydrogen company Hgen.
Another frequent investor, Andreessen Horowitz, had previously been the great promoter of software businesses. Its cofounders Marc Andreessen and Ben Horowitz wrote the seminal essay “Why Software Is Eating The World,” which became a manifesto for its investments in businesses like Facebook (now Meta) and Twitter (now X). Since then, a16z, as it’s known, has expanded its remit and invested in several Musk-alumni founded companies, including the power electronics company Heron Power, the mining services company Mariana Minerals, electric boat company Arc, and home battery company Base Power.
These investments are not just simply giving money to Tesla and SpaceX employees to do the same things they did in their previous jobs. Many of the companies we looked at were founded by SpaceX alumni and have nothing to do with space, rockets, or satellites.
Mike Schroepfer, former Meta chief technical officer and founder of hard tech VC firm Gigascale Capital, which has invested in Heron and Form, as well as battery systems company Arbor and nuclear microreactor company Radiant, told us that when founders have a Musk company on their resume, it tells him “they’ve been trained to build in the physical world, which is rarer than people think.”
And what’s rare can be profitable.
“Hardware is capital-intensive for the best possible reason” Schroepfer said. “You’re building the foundations the world runs on, and those things have to work reliably and get cheaper as they scale. The dollar figure tells you investors are starting to take the physical world seriously again.”
Philip Schröder, who left the European battery startup Sonnen to run Tesla’s Germany and Austria business, told us that after he rejoined his former company, the European battery startup, they were able to raise “one of the largest cleantech financing rounds in Europe.”
It’s not just raising money where a SpaceX or Tesla pedigree helps. Many former employees of the two companies left with enough of a financial cushion to take a risk on something new. When asked how being part of SpaceX helped him found his own company, John Bucknell, who worked on the Raptor rocket engine at SpaceX, said that having worked for Musk gave him the “financial freedom” necessary to start a company — in his case Virtus Solis, which is developing solar power in space.
But it also doesn’t hurt when raising money to put a SpaceX or Tesla logo on a slide deck, considering the size of returns they’ve generated for their backers.
Former Tesla employees have started and run some of the buzziest and best funded battery, transportation, and electrical infrastructure companies in the world. These include Lucid Motors, led until recently by former Tesla VP of vehicle engineering Peter Rawlinson, battery recycling company Redwood Materials, founded by former Tesla chief technical officer J.B. Straubel, and Heron Power, founded by Drew Baglino, who worked at Tesla from 2006 to 2024, ending his career there leading its powertrain and energy divisions.
When asked how their current work was connected to their past work for Musk or what they had learned, the founders and executives we surveyed — especially the SpaceX alumni — focused more on management and engineering principles than anything specific to energy or transportation.
“You can get way more done in a day and can move way faster than you think,” Justin Lopas, the co-founder of the home battery company Base Power, and a former manufacturing engineer at SpaceX, told us of what he’d learned from Musk.
Musk’s legendary short deadlines (which he says he only expects to hit about half the time) came up frequently among the group. Describing his time at Tesla, Arch Rao, the founder and chief executive of the smart electric panel company Span and a former head of products at Tesla Energy, told us, “The milestones to hit were incredibly audacious, but with the right group of people, possible. This has been a key model for how Span has scaled from the very early days to today.”
Jonathan Criss, the co-founder and chief executive of the desalination company Vital Lyfe, who worked at SpaceX for over a decade on both the Dragon spacecraft and the satellite communications service Starlink, told us that the rocket company had a unique “building for rate” philosophy, where engineers work backwards from a specific production goal, as opposed to first designing a product and then figuring out how to manufacture it as cheaply as possible. “That capability lets us design and manufacture highly reliable products at a fraction of the cost of most of the industry,” Criss said.
Investors, too, recognize SpaceX and Tesla alumni’s ability to work fast. Schroepfer, of Gigascale Capital, told us that speed sets these founders apart. “They know physical products can take years to get from first unit to cost-competitive scale. Even with a long timeline, they move with urgency,” he said. “They get how iteration and cost-down curves only work if you move fast, learn fast, and scale deliberately.”
Several founders also talked about learning to challenge assumptions. “At Tesla, there was a strong culture of questioning established ways of doing things,” Enric Asuncion, the co-founder and CEO of the EV charging company Wallbox who worked as a program manager for vehicle charging at Tesla, told us. Austin Spiegel, the co-founder and CEO of the infrastructure management software company Sift and a former software engineer at SpaceX, said that his former employer never accepted that something was good enough just because it existed. “Instead of buying off-the-shelf software, they asked, what would this look like if we designed it for a company that's going to launch and land rockets for the first time? That stuck with me.”
A former product engineer for Tesla’s Powerwall battery business, Cole Ashman, gave another example. He described how, for years, enabling a home to island from the power grid during a blackout required a labor-intensive, expensive electrical job. Tesla engineered a backup switch that was quicker and easier to install, but it required utility cooperation. “Conventional wisdom said it would never get broad approval,” Ashman, who founded the battery startup Pila, told us. “Tesla did the unglamorous work of bringing utilities along and moving the codes and standards — and pulled the whole industry forward.”
The other management concept that came up frequently was “ownership,” the idea of devolving responsibility down to engineers who were directly responsible for the projects they were working on. Working at SpaceX “taught me how to run a challenging hardware development program: how to choose and organize engineers around a tough unsolved problem, and give each of them real ownership from concept to mission success,” Colin Ho, founder and chief technology officer at the electrolyzer company Hgen, told us.
Frank Tybor, the chief technical officer at Infravision, the drone grid maintenance company and a former launch engineer at SpaceX, told us that “one of the things that made SpaceX special was the concentration of exceptionally talented people who were willing to take ownership of difficult problems and work across traditional organizational boundaries to solve them.”
Andreessen has endorsed the description of Musk-run companies and SpaceX specifically as a “zone of shocking competence” that attracts the best engineers, which its alumni founders have tried to recreate. Justin Cohen, the founder and CEO of Maritime Fusion who did stints at both Tesla and SpaceX, told us the talent network was “analogous to SEAL Team 6 of engineering; there is no better on earth.”
Several mentioned the Musk alumni network as a recruitment resource for their own businesses. “Tesla has cultivated a highly passionate ecosystem of engineers and tech developers,” Rao, the Span founder, told us. “My experience at Tesla helped me quickly identify what a skillful talent pool looks like and expect rapid and ambitious development from them.”
Brad Hartwing, a former SpaceX manufacturing engineer and founder and chief executive of Arbor Energy told us that “several early Arbor employees came from SpaceX, and that shared experience helped us build a world-class engineering team quickly. Many of us have worked on complex, high-stakes technology; we’ve already proven that we can execute in demanding environments, which helps when building a hard-tech company from scratch.”
When asked to name specific, non-Musk employees that influenced them, one name came up more than another: J.B. Straubel, the former Tesla chief technology officer and founder of Redwood Materials.
“Straubel is easily one of the smartest yet incredibly humble engineers and leaders I’ve had the opportunity to work with,” Rao told us.
Straubel, along with Heron Power’s Drew Baglino, “were both influential in how they helped solve complex problems within the company while dealing with constant pressure on cash & company survival,” Kunal Girotra, former Tesla Energy chief and founder of the battery company Lunar Energy, told us.
Jaramillo, the Form Energy founder, also singled out Straubel and Baglino, saying, “They’re very different people from each other, but both technically world class, with incredibly high standards. They drove that mindset into their teams from an engineering perspective — to never compromise on those standards.” About Straubel specifically, Jaramillo said that he had an “amazingly calibrated impatience, to know precisely when enough study is done, to just push start and get going in the physical world, and accept that you're going to learn things along the way.”
While Musk and his legions of former employees have helped turn hard tech and climate tech into an investible sector for venture capitalists, the amount of money the companies we’ve looked at have raised — about $30 billion — pales in comparison to the hottest sector, artificial intelligence. Even SpaceX, the signature hard tech company of its era, is itself running a massive “neo-cloud” business, renting out data center capacity to companies like Anthropic and Google to the tune of around $2 billion a month.
That being said, Tesla and SpaceX, which together are worth around $3 trillion, will continue to produce engineers and managers with sizable net worths and resumes uniquely looked favorably on by investors.
More than 4,000 current and former SpaceX employees are expected to become instant millionaires after the IPO, with 400 potentially getting at least $100 million, generating a wave of wealth that can give potential founders the cushion necessary to found their own company — or the capital necessary to become investors themselves.
“I think this is the emergence of a hardware mafia,” Schroepfer told us. “The PayPal mafia helped define an era of software and internet companies. This group will probably define an era where the center of gravity moves back toward atoms: energy, industry, mobility, infrastructure, manufacturing, and the physical systems that modern life depends on.”
On Texas data centers, Holtec’s New Jersey plans, and Polish renewables
Current conditions: Las Vegas is well over 100 degrees Fahrenheit, and could hit 110 degrees by tomorrow • Tropical Storm Cristina is deluging Central America as it barrels toward the coast of El Salvador • Temperatures are already 110 degrees in Minab, Iran, where American missiles struck early this morning.
The two-month ceasefire is over. U.S. strikes on Iran began again Wednesday and continued early this morning as President Donald Trump vowed to make Tehran “pay the price” for stalled negotiations to end the conflict. The second day of strikes came hours after U.S. allies Bahrain, Kuwait, and Jordan came under Iranian missile fire. In response, oil prices surged yet again, right as U.S. inflation data showed a 4% price spike last month as higher energy prices ripple through the economy. Inflation is now at its highest level since April 2023. The price of West Texas Intermediate crude, the benchmark for American oil, shot up nearly 4% on Wednesday following the strikes, roughly twice the increase for the European and Emirati benchmarks.

Solar panels supplied a record 12.8% of the United States’ electricity last month, while coal fell to 12.2% in its fourth-lowest monthly share ever, according to a new analysis by the pro-renewables think tank Ember. It’s the first time in U.S. history that solar eclipsed coal for a whole month. Solar generated an all-time high of 45.5 terawatt-hours, exceeding its May 2025 output by 17% and surpassing last July’s previous record. This summer is on track to break yet more records. “U.S. solar power continues to set new records,” Nicolas Fulghum, a senior data analyst at Ember, said in a statement. “Overtaking coal for the first month on record shows just how far solar has come, from a niche contributor to the third-largest and fastest-growing source of power in the U.S. electricity system.”
The milestone comes as the U.S. prepares to produce more of its own solar panels. As I told you yesterday, America’s largest solar factory, South Korean giant Qcells’ plant in northern Georgia, is nearly at full capacity.
Texas has a reputation as a place where, if the land is yours, you can do what you want with it. That’s partly why the state has been such a hotbed for data center development. Well, the Republican leadership is pumping the brakes. In a letter to state regulators on Wednesday, Governor Greg Abbott recommended the legislature pass sweeping data center reforms. Among the policy changes The Texas Tribune highlighted:
The move comes in response to plummeting support among American voters for data center development. The latest poll from Heatmap Pro, which my colleague Robinson Meyer wrote up earlier this month, found that roughly three-quarters of U.S. voters now oppose data center development in their neighborhoods, including 55% who say they “strongly” oppose server farms.
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When the Department of Energy canceled the American Battery Technology Company’s nearly $58 million grant last October, it appeared to many as a sign that the Trump administration would go after virtually any firm awarded money by its predecessors, even if its business aligned with the White House’s policy priorities. But the Nevada-based battery and critical minerals startup said this week that the Energy Department had reinstated the grant, which was meant to support construction of the company’s first commercial lithium refinery. “Of the hundreds of DOE grants terminated last Fall very few have been able to successfully appeal the decisions and have their contracts reinstated,” American Battery Technology CEO Ryan Melsert said in a statement. “I am very proud of our team for relentlessly demonstrating the performance of these internally-developed critical mineral technologies and how crucial it is to implement and scale these commercial facilities to support the national security of the United States and enable its energy dominance.”
The Energy Department is also making moves on fusion. On Tuesday, the agency put out its roadmap for commercializing fusion energy, tapping more than 800 scientists to inform its analysis. “Fusion energy has entered a new era defined by extraordinary scientific progress and public-private momentum,” Darío Gil, the under Energy secretary for science, said in a statement. “With this roadmap, we now have the clarity, coordination, and sustained commitment needed to turn the promise of fusion into a reality for the American people.”
Holtec International was once the undertaker of the nuclear industry with a business split between manufacturing storage casks for spent fuel and decommissioning shuttered plants. But the company is nearly ready to turn a shuttered atomic power plant back online for the first time in U.S. history, with its Palisades nuclear station. It’s also considering rebuilding New York City’s defunct nuclear station, Indian Point. All the while, Holtec is racing to build its 300-megawatt pressurized water reactor. The first two units are set to debut at Palisades once the plant’s single older reactor is back online. Next it’s looking at building as many as four of the small modular reactors at Holtec’s half-demolished Oyster Creek nuclear station in southern New Jersey. If approved, the Asbury Park Press reported, the project would generate nearly 1.3 gigawatts of power.
I reached out to Patrick O’Brien, Holtec’s director of government affairs, who confirmed the story. “It’s a potential project post-Palisades SMRs,” he wrote in a text.
If you’re booking a flight right now, you might not yet be feeling the difference. But U.S. production of jet fuel has reached record highs as refiners scramble to respond to soaring prices following the closure of the Strait of Hormuz. By the start of May, the four-week average estimate of fuel production surpassed 2 million barrels per day for the first time on record, according to new analysis by the Energy Information Administration. But with domestic inventories still relatively high, much of that increased production is being exported.