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With a deal on the global stocktake yet to emerge from Dubai, we asked an expert to fill us in.

This year’s United Nations Climate Change Conference, COP28, has been broadly defined by two facts. The first is that the conference is headed by the CEO of the United Arab Emirates’ state-owned oil company. The second is that this is the year of the first global stocktake, a document that should, in theory, set the world on a path to achieve the goals laid out in the Paris Agreement of 2015.
Perhaps unsurprisingly, that combination has not produced tremendous results. The latest draft of the stocktake dropped language calling for a fossil fuel phase-out. The condemnation was swift: “We will not sign our death certificate,” said the Association of Small Island States in a statement. “We think there are elements in the text that are fully unacceptable,” Spain’s environment minister said.
I was curious: How, exactly, does a global stocktake come to be? To find out, I called up Tom Evans, a policy advisor and climate negotiations specialist at the climate change think tank E3G, who is currently on the ground in Dubai. Our conversation, which has been lightly edited for length and clarity, is below.
Catch me up. How are things going on the ground?
It’s … going along. There’s a lot of discussions at the moment around the text that came out yesterday. Many, many parties are dissatisfied with the level of ambition in that text. It didn’t have the fossil fuel phaseout, it wasn’t strong enough on things like finance or adaptation, so that has triggered this big backlash. It’s all happening behind closed doors at the moment with ministers and politicians talking about the text, and the rest of us are kind of in a black box with regards to what’s going on. But it’s all really on a knife’s edge.
What is happening behind those doors, as best as you can tell?
The process is somewhat unclear. COPs don’t have any strict procedures; the presidency can choose how to do this diplomacy to get to the outcome it needs. At the moment, we’re in the phase of basically bilateral consultations being led by the UAE. The presidency is bringing people together behind the scenes. Everyone’s kind of slowly talking to each other.
What do you mean by bilateral consultations, exactly?
The UAE sitting down with a party — let’s say India, for example — and hearing their concerns and understanding what their red lines are, what they’re looking to change in the text. And then with that knowledge they’ll have another meeting, sitting down with, say, the U.S., having the same conversation and trying to map out where people sit based on these conversations.
They don’t have a big meeting room where everyone is at the table. They haven’t done a plenary yet. Last night they did a heads of delegation meeting, which brought all parties together. It was a closed meeting, and it started at 10 p.m. and finished at about 2 a.m. last night, which we hadn’t seen before.
Of course, at the same time, countries are talking to each other in different configurations. So there are different groups who will come together, such as the regional groups [who might have common goals]. And the U.S., I’m sure, is talking to China and Saudi Arabia.
The UAE has other tools at their disposal — earlier this week they hosted an informal ministerial circle where they talked about the issues together — but at the moment, they’re choosing to do this very closed or bilateral diplomacy, probably because the stakes are high and they need to act sensitively around what this next iteration of text looks like. Because an awful lot hinges upon it.
There must be some real power dynamics at play here. Are there some countries that the UAE is more inclined to listen to than others?
The UNFCCC is weird because some of the times those power dynamics are different from what you might expect. Small island states and other countries have an awful lot of power compared to [the regular UN framework], where they’re not the geopolitical shapers. But in this space, they have much more power because of their moral authority.
This word, “stocktake,” implies a kind of mathematical act. Is there an emissions reckoning happening?
Stocktake is definitely a bad name — we’ve already done a lot of the stock-taking. The past two years had the process of technical dialogues among parties and experts and non-party stakeholders, and we had reports including the IPCC which fed into that. Those conclusions were published back in September, and that report kind of tells us what we already know: Action is growing but inadequate, finance is not there at the scale needed, it’s not going to the right people in the right places at the right time. We think we know what we need to do, we just have to find the ways to do it. How do we commit [to] things here in Dubai that will bend the emissions curve and make sure that actions are implemented on the ground?
Before this COP, I had the impression that the stocktake is going to be some sort of big reckoning of past and future emissions. But it sounds like what’s happening now is similar to how past COP negotiations have gone. Is there something that makes the stocktake stand out from the agreements that were negotiated at previous COPs?
One big difference is that this is the central mechanism of the Paris Agreement, where we take stock and assess how to close gaps to meeting those goals. And that hasn’t happened in a formal way before.
The Paris Agreement was designed to have a stocktake so that we could make sure that our successive action, as the years go by, was ratcheting up, making sure that we’re not just coasting along but really delivering stronger and stronger progress. So that’s an important part of this. We are engaging with the Paris Agreement and saying, “okay, can we make sure it fulfills its goals in that formal way?”
The other part of it is that the stocktake, because it’s had this two-year process, has clearly identified the gaps. No one can deny that we’re not doing enough on finance and that adaptation is massively neglected. We’ve acknowledged that there’s been some progress on emission reductions, but it’s just an incremental push towards what's needed. Those conclusions have a certain weight that we can draw from.
What happens if there is no agreement? Is that an option?
I don’t think that is an option. No agreement would be a failure, a clear sign of an inability of the parties to rise to the challenge of what’s needed. There’s obviously a difficult question about what level of agreement is not good enough, but that’s the reason why the parties are working so hard right now to rescue this — because the deal on the table at the moment was clearly falling below that line. That’s why we saw the backlash.
The UAE certainly will be aware that that is what’s at stake. It’s their presidency, they need to deliver what they set out to do. They need to be able to show the final success. After a year of many pledges and announcements, new money, new initiatives — all of that is important, but it doesn’t count unless you negotiate this final outcome.
And every party has to agree to the final outcome?
It has to be consensus, though what exactly consensus means can be debated. Everyone would have to not object. The weird state of the UNFCCC process means that sometimes there have been things which aren’t necessarily fully agreed 100% but still reached consensus.
Consensus isn’t perfect. It’s a political call, it's not a mathematical number game where you tally up votes. For example, even this year, when the parties agreed [to] the loss and damage fund, the U.S. said in that meeting that they didn’t agree to it. But they said they weren’t in the room when consensus was reached, because the negotiator had left the room temporarily, so an agreement was reached and they approved it here in Dubai.
So there’s ways you can play with the system and survive. There have been instances in the past I’ve heard many years ago where decisions have been gaveled through despite objection because the presidency felt confident that the objections were not sufficient to obstruct the outcome.
This is the first stocktake process. Do you think part of what’s making it so hard is that there is no previous framework?
To an extent we’re creating something new, trying to do this for the first time. But I think also, it’s the politics. We are looking at the hardest issue, and for the first time in years getting on the edge of agreeing [to] something like a fossil fuel phaseout. And that brings up deep challenges for countries who are extremely dependent on fossil fuels. That’s true on all sides — not just producers, but also consumers.
We’re talking about initiating a model for the world which doesn’t have fossils in it. And that’s never been done — even in countries who have decarbonized to a great degree, they have not been able to show how that works at an international level.
So it is a huge ask, and there is no doubt that there can be challenges when trying to do that. And that’s what we’re seeing. We’re seeing the pains of trying to get something that’s useful. We’re no longer negotiating a treaty like we were in Paris. We’re no longer agreeing on a rulebook, which we did for five years up until COP26. We’re now really firmly talking about implementation. What does it mean to deliver the Paris Agreement? What does it mean to actually reduce emissions, not just pledge targets? So obviously it’s going to be a painful conversation, but it’s a difficult and important one.
Is there a misconception or something frustrating about this process that you wish people knew more about?
I think the biggest frustration is that this isn’t about just a technical exercise where you’re like, “oh, we need to phase out fossil fuels, because that's what is needed.” I mean, that’s true. But there’s a deeper question here of “how does the Paris Agreement work?”
The Paris Agreement works on the basis of a deal that if we have finance, if we have cooperation, if we have means to deliver action, [then] we can do more ambitious things, we can raise and accelerate action. That is what is at stake here. So when we’re talking about phasing out fossil fuels, we should also be asking, where’s the financial pathway to do that? When we’re talking about trying to make sure that countries have more adaptation, where is the money on the table to do that? And at the moment, we know it’s a drop in the ocean. These are the contours of the deal that we need to really examine.
And it won’t be all sealed here. It goes on and on until COP30 and after that. But the global stocktake is, I think, like a marriage vow renewal. You need to kind of renew the trust and the faith that that deal, that system’s working. And right now it’s looking like maybe a shaky marriage.
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With policy chaos and disappearing subsidies in the U.S., suddenly the continent is looking like a great place to build.
Europe has long outpaced the U.S. in setting ambitious climate targets. Since the late 2000s, EU member states have enacted both a continent-wide carbon pricing scheme as well as legally binding renewable energy goals — measures that have grown increasingly ambitious over time and now extend across most sectors of the economy.
So of course domestic climate tech companies facing funding and regulatory struggles are now looking to the EU to deploy some of their first projects. “This is about money,” Po Bronson, a managing director at the deep tech venture firm SOSV told me. “This is about lifelines. It’s about where you can build.” Last year, Bronson launched a new Ireland-based fund to support advanced biomanufacturing and decarbonization startups open to co-locating in the country as they scale into the European market. Thus far, the fund has invested in companies working to make emissions-free fertilizers, sustainable aviation fuel, and biofuel for heavy industry.
It’s still rare to launch a fund abroad, and yet a growing number of U.S. companies and investors are turning to Europe to pilot new technology and validate their concepts before scaling up in more capital-constrained domestic markets
Europe’s emissions trading scheme — and the comparably stable policy environment that makes investors confident it will last — gives emergent climate tech a greater chance at being cost competitive with fossil fuels. For Bronson, this made building a climate tech portfolio somewhere in Europe somewhat of a no-brainer. “In Europe, the regulations were essentially 10 years ahead of where we wanted the Americas and the Asias to be,” Bronson told me. “There were stricter regulations with faster deadlines. And they meant it.”
Of the choice to locate in Ireland, SOSV is in many ways following a model piloted by tech giants Google, Microsoft, Apple, and Meta, all of which established an early presence in the country as a gateway to the broader European market. Given Ireland’s English-speaking population, low corporate tax rate, business-friendly regulations, and easy direct flights to the continent, it’s a sensible choice — though as Bronson acknowledged, not a move that a company successfully fundraising in the U.S. would make.
It can certainly be tricky to manage projects and teams across oceans, and U.S. founders often struggle to find overseas talent with the level of technical expertise and startup experience they’re accustomed to at home. But for the many startups struggling with the fundraising grind, pivoting to Europe can offer a pathway for survival.
It doesn’t hurt that natural gas — the chief rival for many clean energy technologies — is quite a bit more expensive in Europe, especially since Russia’s invasion of Ukraine in 2022. “A lot of our commercial focus today is in Europe because the policy framework is there in Europe, and the underlying economics of energy are very different there,” Raffi Garabedian, CEO of Electric Hydrogen, told me. The company builds electrolyzers that produce green hydrogen, a clean fuel that can replace natural gas in applications ranging from heavy industry to long-haul transport.
But because gas is so cheap in the U.S., the economics of the once-hyped “hydrogen economy” have gotten challenging as policy incentives have disappeared. With natural gas in Texas hovering around $3 per thousand cubic feet, clean hydrogen just can’t compete. But “you go to Spain, where renewable power prices are comparable to what they are in Texas, and yet natural gas is eight bucks — because it’s LNG and imported by pipeline — it’s a very different context,” Garabedian explained.
Two years ago, the EU adopted REDIII — the third revision of its Renewable Energy Directive — which raises the bloc’s binding renewable share target to 42.5% by 2030 and broadens its scope to cover more sectors, including emissions from industrial processes and buildings. It also sets new rules for hydrogen, stipulating that by 2030, at least 42% of the hydrogen used for industrial processes such as steel or chemical production must be green — that is, produced using renewable electricity — increasing to 60% by 2035.
Member countries are now working to transpose these continent-wide regulations into national law, a process Garabedian expects to be finalized by the end of this year or early next. Then, he told me, companies will aim to scale up their projects to ensure that they’re operational by the 2030 deadline. Considering construction timelines, that “brings you to next year or the year after for when we’re going to see offtakes signed at much larger volumes,” Garabedian explained. Most European green hydrogen projects are aiming to help decarbonize petroleum, petrochemical, and biofuel refining, of all things, by replacing hydrogen produced via natural gas.
But that timeline is certainly not a given. Despite its many incentives, Europe has not been immune to the rash of global hydrogen project cancellations driven by high costs and lower than expected demand. As of now, while there are plenty of clean hydrogen projects in the works, only a very small percent have secured binding offtake agreements, and many experts disagree with Garabedian’s view that such agreements are either practical or imminent. Either way, the next few years will be highly determinative.
The thermal battery company Rondo Energy is also looking to the continent for early deployment opportunities, the startup’s Chief Innovation Officer John O’Donnell told me, though it started off close to home. Just a few weeks ago, Rondo turned on its first major system at an oil field in Central California, where it replaced a natural gas-powered boiler with a battery that charges from an off-grid solar array and discharges heat directly to the facility.
Much of the company’s current project pipeline, however, is in Europe, where it’s planning to install its batteries at a chemical plant in Germany, an industrial park in Denmark, and a brewery in Portugal. One reason these countries are attractive is that their utilities and regulators have made it easier for Rondo’s system to secure electricity at wholesale prices, thus allowing the company to take advantage of off-peak renewable energy rates to charge when energy is cheapest. U.S. regulations don’t readily allow for that.
“Every single project there, we’re delivering energy at a lower cost,” O’Donnell told me. He too cited the high price of natural gas in Europe as a key competitive advantage, pointing to the crippling effect energy prices have had on the German chemical industry in particular. “There’s a slow motion apocalypse because of energy supply that’s underway,” he said.
Europe has certainly proven to be a more welcoming and productive policy environment than the U.S., particularly since May, when the Trump administration cut billions of dollars in grants for industrial decarbonization projects — including two that were supposed to incorporate Rondo’s tech. One $75 million grant was for the beverage company Diageo, which planned to install heat batteries to decarbonize its operations in Illinois and Kentucky. Another $375 million grant was for the chemicals company Eastman, which wanted to use Rondo’s batteries at a plastics recycling plant in Texas.
While nobody knew exactly what programs the Trump administration would target, John Tough, co-founder at the software-focused venture firm Energize Capital, told me he’s long understood what a second Trump presidency would mean for the sector. Even before election night, Tough noticed U.S. climate investors clamming up, and was already working to raise a $430 million fund largely backed by European limited partners. So while 90% of the capital in the firm’s first fund came from the U.S., just 40% of the capital in this latest fund does.
“The European groups — the pension funds, sovereign wealth funds, the governments — the conviction they have is so high in climate solutions that our branding message just landed better there,” Tough told me. He estimates that about a quarter to a third of the firm’s portfolio companies are based in Europe, with many generating a significant portion of their revenue from the European market.
But that doesn’t mean it was easy for Energize to convince European LPs to throw their weight behind this latest fund. Since the American market often sets the tone for the global investment atmosphere, there was understandable concern among potential participants about the performance of all climate-focused companies, Tough explained.
Ultimately however, he convinced them that “the data we’re seeing on the ground is not consistent with the rhetoric that can come from the White House.” The strong performance of Energize’s investments, he said, reveals that utility and industrial customers are very much still looking to build a more decentralized, digitized, and clean grid. “The traction of our portfolio is actually the best it’s ever been, at the exact same time that the [U.S.-based] LPs stopped focusing on the space,” Tough told me.
But Europe can’t be a panacea for all of U.S. climate tech’s woes. As many of the experts I talked to noted, while Europe provides a strong environment for trialing new tech, it often lags when it comes to scale. To be globally competitive, the companies that are turning to Europe during this period of turmoil will eventually need to bring down their costs enough to thrive in markets that lack generous incentives and mandates.
But if Europe — with its infinitely more consistent and definitively more supportive policy landscape — can serve as a test bed for demonstrating both the viability of novel climate solutions and the potential to drive down their costs, then it’s certainly time to go all in. Because for many sectors — from green hydrogen to thermal batteries and sustainable transportation fuels — the U.S. has simply given up.
Current conditions: The Philippines is facing yet another deadly cyclone as Super Typhoon Fung-wong makes landfall just days after Typhoon Kalmaegi • Northern Great Lakes states are preparing for as much as six inches of snow • Heavy rainfall is triggering flash floods in Uganda.
The United Nations’ annual climate conference officially started in Belém, Brazil, just a few hours ago. The 30th Conference of the Parties to the UN Framework Convention on Climate Change comes days after the close of the Leaders Summit, which I reported on last week, and takes place against the backdrop of the United States’ withdrawal from the Paris Agreement and a general pullback of worldwide ambitions for decarbonization. It will be the first COP in years to take place without a significant American presence, although more than 100 U.S. officials — including the governor of Wisconsin and the mayor of Phoenix — are traveling to Brazil for the event. But the Trump administration opted against sending a high-level official delegation.
“Somehow the reduction in enthusiasm of the Global North is showing that the Global South is moving,” Corrêa do Lago told reporters in Belém, according to The Guardian. “It is not just this year, it has been moving for years, but it did not have the exposure that it has now.”

New York regulators approved an underwater gas pipeline, reversing past decisions and teeing up what could be the first big policy fight between Governor Kathy Hochul and New York City Mayor-elect Zohran Mamdani. The state Department of Environmental Conservation issued what New York Focus described as crucial water permits for the Northeast Supply Enhancement project, a line connecting New York’s outer borough gas network to the fracking fields of Pennsylvania. The agency had previously rejected the project three times. The regulators also announced that the even larger Constitution pipeline between New York and New England would not go ahead. “We need to govern in reality,” Hochul said in a statement. “We are facing war against clean energy from Washington Republicans, including our New York delegation, which is why we have adopted an all-of-the-above approach that includes a continued commitment to renewables and nuclear power to ensure grid reliability and affordability.”
Mamdani stayed mostly mum on climate and energy policy during the campaign, as Heatmap’s Robinson Meyer wrote, though he did propose putting solar panels on school roofs and came out against the pipeline. While Mamdani seems unlikely to back the pipeline Hochul and President Donald Trump have championed, during a mayoral debate he expressed support for the governor’s plan to build a new nuclear plant upstate.
Late last week, Pine Gate Renewables became the largest clean energy developer yet to declare bankruptcy since Trump and Congress overhauled federal policy to quickly phase out tax credits for wind and solar projects. In its Chapter 11 filings, the North Carolina-based company blamed provisions in Trump’s One Big Beautiful Bill Act that put strict limits on the use of equipment from “foreign entities of concern,” such as China. “During the [Inflation Reduction Act] days, pretty much anyone was willing to lend capital against anyone building projects,” Pol Lezcano, director of energy and renewables at the real estate services and investment firm CBRE, told the Financial Times. “That results in developer pipelines that may or may not be realistic.”
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The Southwest Power Pool’s board of directors approved an $8.6 billion slate of 50 transmission projects across the grid system’s 14 states. The improvements are set to help the grid meet what it expects to be doubled demand in the next 10 years. The investments are meant to harden the “backbone” of the grid, which the operator said “is at capacity and forecasted load growth will only exacerbate the existing strain,” Utility Dive reported. The grid operator also warned that “simply adding new generation will not resolve the challenges.”
Oil giant Shell and the industrial behemoth Mitsubishi agreed to provide up to $17 million to a startup that plans to build a pilot plant capable of pulling both carbon dioxide and water from the atmosphere. The funding would cover the direct air capture startup Avnos’ Project Cedar. The project could remove 3,000 metric tons of carbon from the atmosphere every year, along with 6,000 tons of clean freshwater. “What you’re seeing in Shell and Mitsubishi investing here is the opportunity to grow with us, to sort of come on this commercialization journey with us, to ultimately get to a place where we’re offering highly cost competitive CO2 removal credits in the market,” Will Kain, CEO of Avnos, told E&E News.
The private capital helps make up for some of the federal funding the Trump administration is expected to cut as part of broad slashes to climate-tech investments. But as Heatmap’s Emily Pontecorvo reported last month from north of the border, Canada is developing into a hot zone of DAC development.
The future of remote sensing will belong to China. At least, that’s what the research suggests. This broad category involves the use of technologies such as lasers, imagery, and hyperspectral imagery, and is key to everything from autonomous driving to climate monitoring. At least 47% of studies in peer-reviewed publications on remote sensing now originate in China, while just 9% come from the United States, according to the New York University paper. That research clout is turning into an economic advantage. China now accounts for the majority of remote sensing patents filed worldwide. “This represents one of the most significant shifts in global technological leadership in recent history,” Debra Laefer, a professor in the NYU Tandon Civil and Urban Engineering program and the lead author, said in a statement.
The company is betting its unique vanadium-free electrolyte will make it cost-competitive with lithium-ion.
In a year marked by the rise and fall of battery companies in the U.S., one Bay Area startup thinks it can break through with a twist on a well-established technology: flow batteries. Unlike lithium-ion cells, flow batteries store liquid electrolytes in external tanks. While the system is bulkier and traditionally costlier than lithium-ion, it also offers significantly longer cycle life, the ability for long-duration energy storage, and a virtually impeccable safety profile.
Now this startup, Quino Energy, says it’s developed an electrolyte chemistry that will allow it to compete with lithium-ion on cost while retaining all the typical benefits of flow batteries. While flow batteries have already achieved relatively widespread adoption in the Chinese market, Quino is looking to India for its initial deployments. Today, the company announced that it’s raised $10 million from the Hyderabad-based sustainable energy company Atri Energy Transitions to demonstrate and scale its tech in the country.
“Obviously some Trump administration policies have weakened the business case for renewables and therefore also storage,” Eugene Beh, Quino’s founder and CEO, told me when I asked what it was like to fundraise in this environment. “But it’s actually outside the U.S., where the appetite still remains very strong.”
The deployment of battery energy storage in India lags far behind the pace of renewables adoption, presenting both a challenge and an opportunity for the sector. “India does have an opportunity to leapfrog into a more flexible, resilient, and sustainable power system,” Shreyes Shende, a senior research associate at Johns Hopkins’ Net Zero Industrial Policy Lab, told me. The government appears eager to make it happen, setting ambitious targets and offering ample incentives for tech-neutral battery storage deployments, as it looks to lean into novel technologies.
“Indian policymakers have been trying to double down on the R&D and innovation landscape because they’re trying to figure out, how do you reduce dependence on these lithium ion batteries?” Shende said. China dominates the global lithium-ion market, and also has a fractious geopolitical relationship with India, So much like the U.S., India is eager to reduce its dependence on Chinese imports. “Anything that helps you move away from that would only be welcome as long as there’s cost compatibility,” he added
Beh told me that India also presents a natural market for Quino’s expansion, in large part because the key raw material for its proprietary electrolyte chemistry — a clothing dye derived from coal tar — is primarily produced in China and India. But with tariffs and other trade barriers, China poses a much more challenging environment to work in or sell from these days, making the Indian market a simpler choice.
Quino’s dye-based electrolyte is designed to be significantly cheaper than the industry standard, which relies on the element vanadium dissolved in an acidic solution. In vanadium flow batteries, the electrolyte alone can account for roughly 70% of the product’s total cost, Beh said. “We’re using exactly the same hardware as what the vanadium flow battery manufacturers are doing,” he told me minus the most expensive part. “Instead, we use our organic electrolyte in place of vanadium, which will be about one quarter of the cost.”
Like many other companies these days, Beh views data centers as a key market for Quino’s tech — not just because that’s where the money’s at, but also due to one of flow batteries’ core advantages: their extremely long cycle lives. While lithium-ion energy storage systems can only complete from 3,000 to 5,000 cycles before losing 20% or more of their capacity, with flow batteries, the number of cycles doesn’t correlate with longevity at all. That’s because their liquid-based chemistry allows them to charge and discharge without physically stressing the electrodes.
That’s a key advantage for AI data centers, which tend to have spiky usage patterns determined by the time of day and events that trigger surges in web traffic. Many baseload power sources can’t ramp quickly enough to meet spikes in demand, and gas peaker plants are expensive. That makes batteries a great option — especially those that can respond to fluctuations by cycling multiple times per day without degrading their performance.
The company hasn’t announced any partnerships with data center operators to date — though hyperscalers are certainly investing in the Indian market. First up will be getting the company’s demonstration plants online in both California and India. Quino already operates a 100-kilowatt-hour pilot facility near Buffalo, New York, and was awarded a $10 million grant from the California Energy Commission and a $5 million grant from the Department of Energy this year to deploy a larger, 5-megawatt-hour battery at a regional health care center in Southern California. Beh expects that to be operational by the end of 2027.
But its plans in India are both more ambitious and nearer-term. In partnership with Atri, the company plans to build a 150- to 200-megawatt-hour electrolyte production facility, which Beh says should come online next year. With less government funding in the mix, there’s simply less bureaucracy to navigate, he explained. Further streamlining the process is the fact that Atri owns the site where the plant will be built. “Obviously if you have a motivated site owner who’s also an investor in you, then things will go a lot faster,” Beh told me.
The goal for this facility is to enable production of a battery that’s cost-competitive with vanadium flow batteries. “That ought to enable us to enter into a virtuous cycle, where we make something cheaper than vanadium, people doing vanadium will switch to us, that drives more demand, and the cost goes down further,” Beh told me. Then, once the company scales to roughly a gigawatt-hour of annual production, he expects it will be able to offer batteries with a capital cost roughly 30% lower than lithium-ion energy storage systems.
If it achieves that target, in theory at least, the Indian market will be ready. A recent analysis estimates that the country will need 61 gigawatts of energy storage capacity by 2030 to support its goal of 500 gigawatts of clean power, rising to 97 gigawatts by 2032. “If battery prices don’t fall, I think the focus will be towards pumped hydro,” Shende told me. That’s where the vast majority of India’s energy storage comes from today. “But in case they do fall, I think battery storage will lead the way.”
The hope is that by the time Quino is producing at scale overseas, demand and investor interest will be strong enough to support a large domestic manufacturing plant as well. “In the U.S., it feels like a lot of investment attention just turned to AI,” Beh told me, explaining that investors are taking a “wait and see” approach to energy infrastructure such as Quino. But he doesn’t see that lasting. “I think this mega-trend of how we generate and use electricity is just not going away.”