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A Q&A with Villanova’s Stephen M. Strader on the legacy of Hurricane Andrew, unsustainable development, and why building codes alone aren’t enough.

In around 12 hours, Hurricane Milton is set to make landfall within miles of Tampa Bay, a region that is home to more than 5 million people. Once a sleepy retirement community, the area has seen a major development boom in recent years fueled by Millennials and Gen Zers seeking the perks of coastal living; it was the 11th fastest-growing city of its size in the U.S. as of this spring and has been expected to continue to grow at nearly twice the rate of the rest of the country over the next five years. A third of those residents, including many of the newcomers, live in low-lying neighborhoods now under urgent evacuation notices due to the threat of “unsurvivable” storm surge, which could rise up to 15 feet.
The development boom that has made Tampa Bay so desirable is also why it’s particularly vulnerable. In an analysis of Hurricane Ian — the most expensive storm in Florida’s history, which struck just south of Milton’s projected track in 2022 — the re-insurance company Swiss Re found that if the storm had struck in the 1970s, it would have caused a third to a half as much damage. Simply put: You can’t adapt your way out of a hurricane problem.
If there is anyone to talk to about the vulnerabilities unique to Tampa Bay, it’s Stephen M. Strader, an associate professor and hazard geographer at Villanova University. Our conversation has been edited and condensed for clarity.
You shared an image on Twitter of the explosive growth in the Tampa Bay area between 1940 and 2024. Why does this make the region vulnerable to a storm like Milton? Is it just about there being more people there?
When we think about disasters, we think of the intersection of three components: a violent event, like what we have with Milton; vulnerability, or what types of people could be in the path, which could be related to racial divides, age, and gender norms; and what a lot of my work focuses on, exposure.
Exposure is just the number of people or things that we care about — businesses, schools, and things like that — that are subject to losses if an event occurs. Florida is a great example of rapid urbanization since the 1900s, and it’s rapid development in a very hazard-prone region.
It can be easy for outsiders to sit back and wonder why anyone would buy a house on the water or on a barrier island near Tampa.
There are a lot of factors that come into play when you think about where we develop and why we develop certain locations. One of the biggest pressures that we see is that it’s desirable land: In the short term, people want to live near the water. It’s beautiful! People don’t think necessarily about the risk that comes with it because they’re too focused on their dream, which is to live near the ocean.
The other side of that is, from an economic standpoint, people see it as an opportunity to have businesses and to build condos. Developers see the land and think, “How much could I buy this for and sell it for with homes on it?” This really started back with Carl Fisher, who was famous for building the Indianapolis Motor Speedway. He was a thrill-seeker, but also a businessman and developer, and he loved to go to South Florida — which is now Miami Beach, and then was swamps and mangroves and not developed at all. And he thought, Hmm, this would be a great place for people to visit for vacations and experiences. He slowly started filling in the wetlands with sand. And that’s the history of Florida's development: It continued because this was very valuable land.
There is a lot of socioeconomic pressure to develop in these areas, but we’re also starting to see it change. Those pressures are lessening because you have insurance industries now and events like this year after year.
There is another issue in Southwest Florida, which is that many of the homes were constructed before building codes were updated, right?
I tend to do a lot more work on the manufactured housing side. Before 1974, all manufactured homes were called mobile homes, and there wasn’t really a standard. Then, in 1974, the United States Department of Housing and Urban Development came in and said, “We need to increase the standards,” and they did.
Fast-forward to 1992 and Hurricane Andrew, and they realized these codes were not strong enough. Many people lived in manufactured homes that were destroyed by Andrew, which was a very windy hurricane. We think hurricanes are wind threats because of Andrew, but hurricanes are water threats, and most deaths occur because of that water. Andrew was the opposite.
Between 1992 and 1994, they updated building codes for manufactured housing, and actually, along the coastline, Florida has some of the strongest codes for manufactured homes in the country. A lot of the areas that will be affected by Milton will have those strong standards. But many homes were also grandfathered in if they were built before that time.
That’s just one type of housing. My guess is that when you have a lot of rapid development since the 1990s — well, I have some questions about structural integrity since building codes can be strong but they might not be followed. And we sometimes don’t know until afterwards. A lot of what is being built are condos or McMansions — it’s basically, How fast can you build them, how cheap can you build them, and how high can you sell them? And they look great until their performance is put into question.
Insurance companies are starting to see this and ask, “How do we retrofit structures?” Structure-wise, though, I think Tampa is in a decent spot. The problem is, the water is so powerful that it’s not going to matter.
What kinds of conversations do you think Floridians should be having about development or potential redevelopment after Milton?
I’m a huge proponent of resisting the urge to build right back — the reason being that’s how you get repetitive losses. The hard part is, with a lot of insurance, if you have it, you only get provisions to build back the way you were. You don’t have the ability to improve. So what I end up telling people is, sometimes these disasters provide an opportunity to assess what we need to do from a planning standpoint. This is unsustainable development, and not just because of hurricanes, but because of rising sea levels and the stress on the environment. And unfortunately, a lot of these developments were built on top of wetlands and marshes and mangroves that used to protect the island areas as natural barriers.
The hard part is that people’s emotions are very strong after disasters, and they immediately want to return to how things were. That’s why you see people picking up the pieces the day after a storm, sometimes even when they’re injured. So we have to resist the urge as a group, and say, maybe this isn’t the time to think about rebuilding here.
Many wetland restoration projects in Florida are doing that very thing: reclaiming the environments that protected people inland. But on the other side you have developers and builders and local economies that rely on people coming to these areas, and that pressures people to come right back. Then you end up with a situation of repetitive losses and that’s why FEMA has been losing money over the years — it’s not so much that we’re putting money toward disasters but that we’re not getting value out of it, because it’s so much more likely for there to be impacts because of that exposure growth. Look at what happened after Helene and what’s going to happen with Milton: We’re splitting resources between the two. But we’re doing the best with the tools we have when there’s pressure on both sides, and considerations both economic and safety.
Is there anything else people should know about the geography of Tampa or the development risk there?
This storm is going to be different than other storms, and that’s because of the direction and intensity of it. The one thing we have to remember is that all that development — and everybody, for the most part, who isn’t 100 years old — has not experienced a hurricane of this magnitude in their life. That means everyone has the cognitive bias to say, “I’ve been through hurricanes before and was fine.” That is probably not going to be the case with this event; no one has been through this before.
What’s worrisome to me is that the trajectory of the hurricane is changing. A subtle shift north or south by 20 miles could mean a big difference for the Tampa region — if you have the right side of the hurricane push water into the Bay, it’s no different than 10 people jumping into a hot tub. The water level goes up and forces all that water into a smaller region, which is going to lead to more storm surge in Tampa Bay, Clearwater, and the St. Pete area. I don’t want to call it a “perfect storm,” but if you push all that water in there, you’re going to flood people in a way that hurricanes they’ve been through before never got close to. And I worry, if it goes south, about Fort Myers and the areas that were hit hard by Hurricane Ian. So it’s multilayered.
The good news that I’ll bring up is that we’re reeling from Helene, which means people have it in their brains about how bad this can be, which is probably causing more people to evacuate than normal. We have a problem with disaster amnesia in places where a hurricane hasn’t happened in a long time so “it’s not going to happen again.” And we forget. I remember Hurricane Katrina and what it did to New Orleans. It still has effects, but the students I’m teaching now weren’t even alive when it hit. These memories are short, and many people in Florida today weren’t there 30 years ago or 20 years ago. The only good thing to come out of Helene is that people are now aware of what can happen.
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Welcoming the world’s first clean energy trillionaire.
SpaceX is now a public company. The rocket and satellite maker’s shares began trading this morning, surging 19% from their initial price of $135 to more than $160 at the market close. With the sale, Elon Musk became the world’s first trillionaire; his wealth has roughly tripled since President Donald Trump won re-election in 2024.
I’ll let other observers judge the IPO’s success, the firm’s long-term prospects, and the meaning of a world where we now have trillionaires. So I will make a few other points:
I remain agog at Musk’s ability to raise enormous amounts of cash from public equity markets to do hardware and manufacturing development. To some degree, the idea of a venture-backed firm doing hardware engineering — or what some now call “deep tech” — is Musk’s most impressive creation. The SpaceX IPO raised $75 billion today. That money will now go in part to scaling and commercializing rockets, factory equipment, and allegedly, at some point in the future, orbiting data centers.
Let’s not forget how crucial the U.S. government is to Musk’s story. In the world of climate, energy and manufacturing, we wail about financing’s “missing middle,” the elusive type of investment that can help scale and deploy early-stage technologies by bridging the gap between expensive venture capital and cheap bank lending. But this is at least partially a solved problem. SpaceX and Tesla survived the valley of death with government help: The Energy Department’s Loan Programs Office (which the Trump administration has dubbed the Office of Energy Dominance Financing) extended a $465 million loan to Tesla to build its Fremont, California, factory in 2010; NASA’s 2008 commercial resupply contract gave SpaceX guaranteed offtake for its Falcon rocket. Neither firm would likely have survived without those key injections of financial certainty.
To some degree, Musk has already made his mark on the American economy by creating a new culture of manufacturing engineering. I cannot recommend enough my colleagues Matthew Zeitlin and Emily Pontecorvo’s report on the new cadre of climate tech founders who came up at SpaceX and Tesla. As it happens, I spent Wednesday touring a clean energy factory founded by a Tesla alumnus, and I was struck by how many signs of Musk’s bottlenecks-focused management approach were visible, even at a company seemingly run more humanely than Musk’s famously “hardcore” firms.
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To that point, Emily and Matt asked a number of clean tech executives who worked for SpaceX or Tesla what they learned from the experience. Their responses are fascinating; you can read them in full here. These comments from Justin Lopas, the COO of Base Power, stuck out — he was asked the “one thing” he learned from working for Musk:
You can get way more done in a day and can move way faster than you think. This does not mean necessarily more hours (although solving any hard problem requires that too), but instead being thoughtful about sequencing work, not accepting delays from suppliers or external counterparties without solid rationale, parallel pathing, accelerating critical learnings to early in the project, etc
To step back, one irony of Elon Musk’s situation — at least to me — is that relatively few American politicians are eager to talk about what has actually driven his wealth. I’m not just talking about his firms’ reliance on public financing, although that counts too. I mean Tesla itself. Although Musk now describes that business as a “robotics company,” it is and remains an electric vehicle and battery manufacturer. (It recently began high-volume production of the Tesla Semi, a potentially game-changing long-haul electric truck.) After today, Musk’s Tesla stake makes up less than half of his wealth, but, still, he would not be a trillionaire without EVs, solar panels, and batteries.
But that is not a particularly convenient fact. That Musk is a clean energy trillionaire remains unpalatable to Republicans, who would prefer to cast EVs as an inferior substitute made to satisfy government mandates. And Musk’s antisemitism, far-right politics, and gleeful destruction of the U.S. Agency for International Development — not to mention Tesla’s violation of labor law — have obviously destroyed his reputation among Democrats.
Yet his elevation to a 13-digit net worth nonetheless marks a new era in American capitalism. The richest Americans in history have almost always been oilmen: John D. Rockefeller became the country’s first billionaire by creating the Standard Oil trust; when he died in 1937, his net worth of $1.4 billion represented 1% to 2% of the country’s gross domestic product. In the 1960s, J. Paul Getty became the country’s richest person by negotiating Saudi and Kuwaiti oil concessions. Yet Musk became a billionaire not by harnessing commodities, but through his mastery of software, hardware, and clean energy.
Musk’s fortune now exceeds 3% of U.S. GDP. He is the richest American in history, judged as a share of national production. And it was electricity, lithium, and modern factory production — and, if you wish, the kerosene and methane that fuel SpaceX’s rockets — that got him there. As the science fiction writer William Gibson almost said, the future is already here; it’s just not evenly distributed in your retirement portfolio yet.
Many thanks for reading, and have a wonderful weekend.
Plus SAF, another SPAC, and more of the week’s biggest money moves.
With SpaceX’s historic IPO dominating headlines this week, Heatmap turned its attention to the impact Elon Musk’s protégés have had on the climate tech landscape. Right after we published the story, an underwater geothermal startup founded and staffed by SpaceX alumni announced a sizable Series A, with its founder telling TechCrunch that his “experience at a very hardcore company like SpaceX” helped shape his approach to this new endeavor.
In other news, one of the biggest players in the sustainable aviation space, Twelve, opened its first commercial fuels plant and is preparing to begin supplying low-carbon jet fuel to Alaska Airlines later this month. Meanwhile, the battery sector saw two SPAC announcements: In a bid for survival, Factorial Energy officially went public this week through a SPAC merger, while ZincFive announced plans to do the same later this year. And finally there was some positive news for Germany’s heat pump market, as the startup Galvany raised fresh funding to simplify the end-to-end process of buying, installing, and operating a heat pump.
Drawing from an increasingly familiar playbook for Musk alumni, Endurance Energy founder and former SpaceX engineer Andrew Redd applied the lessons he learned from the rocket company’s notoriously “hardcore” culture and rapid pace of development to something completely different. Now that he’s pivoted away from rocket tech, Redd wants to harness geothermal energy from underwater volcanic activity, and his startup just raised a $54 million Series A to make it happen While a growing crop of geothermal startups including Fervo and Zanskar are focused on tapping into the heat beneath our feet, no other company in the sector has sought to develop the resource beneath the ocean floor.
There are good reasons for that, of course. Offshore infrastructure is notoriously difficult and expensive to build, maintain, and repair, and saltwater is corrosive. But if Endurance can crack the code, Redd told TechCrunch he thinks the company could unlock about 6 terawatts of geothermal energy in the coming decade.
Investors seem to be convinced: Peter Thiel’s Founders Fund led the startup’s latest funding roundSeries A, its second capital raise since launching less than two years ago. Other backers include First Round Capital, Felicis Ventures, and Voyager Ventures. EnduranceThe startup is initially targeting remote islands, where electricity costs are often far higher than on the mainland. It’s already launched an initial pilot off the coast of Tonga, which still gets about 80% of its electricity from imported diesel.
Twelve, one of the best capitalized sustainable aviation fuel startups, opened its first e-fuel facility in Washington State this week. The demo plant has officially started production, and the company’s strategic partner and investor, Alaska Airlines, expects to begin using it on commercial flights as soon as this month. The plant’s launch comes roughly two years later than originally planned, a delay that’s hardly unusual for first-of-a-kind industrial projects like this. Last September, Twelve raised $645 million to complete buildout of the facility, as well as to jumpstart development of future plants, which it says will be orders of magnitude larger.
The company’s process begins with renewable-powered electrolysis. Using a proprietary catalyst, Twelve’s electrolyzer splits apart CO2 captured from a nearby ethanol plant at a lower temperature than conventional approaches, making it better suited to running on renewable energy. The company combines the resulting carbon monoxide with hydrogen to create a syngas, which gets refined into sustainable jet fuel. Airlines can blend the resulting product with conventional jet fuel (the Federal Aviation Administration allows a maximum 50% blend) to create a drop-in replacement that requires no engine modifications.
To cover the cost premium of SAF, Twelve and Alaska partnered with Microsoft. The tech giant is buying SAF certificates — essentially carbon credits — from the project to help offset Scope 3 emissions associated with employee travel. “We are seeing strong demand from the corporate offtake side, not only for employee travel, but also for freight and logistics,” Twelve’s CEO, Nicholas Flanders, told me. “Everything from pharmaceuticals to data centers use a lot of air travel.” There are also some policy tailwinds — the European Union now has a sustainable fuels mandate that requires the use of synthetic e-fuels like Twelve’s beginning in 2030.
The plant also comes online at a moment of heightened volatility in the jet fuel market. As my colleague Alexander C. Kaufman noted in Wednesday’s morning newsletter, the closure of the Strait of Hormuz has led to soaring fuel prices, prompting domestic refiners to ramp production to record highs. By contrast, Flanders argues that SAF offers customers greater price certainty via long-term offtake agreements. “You can fix the cost of our key inputs like electricity and CO2 and so that actually makes it a more attractive project from a project financing perspective,” he explained.
SPACs are back. But this week, it’s not just another pre-revenue nuclear company that’s looking to get to market as quickly as possible. Solid-state battery startup Factorial Energy, which has yet to develop a commercial product, has merged with the blank check company Cartesian Growth Corporation III, netting it $100 billion at a $1.3 billion valuation.
The company was upfront about needing the SPAC to stay afloat after racking up losses since its founding in 2013. Factorial’s SEC filing states that prior to this new capital, “its liquidity wasn’t sufficient to fund twelve months of operations.” Yet it does have real traction in the industry — Mercedes-Benz, Stellantis, Hyundai, and Kia have all made strategic investments, looking to use Factorial’s tech in their electric vehicles to achieve higher energy density, longer range, and faster charging.
Solid state batteries typically use a solid electrolyte in place of the flammable liquid electrolytes found in conventional lithium-ion cells, but Factorial is starting with more of a hybrid approach. Its initial design relies on a “quasi-solid” gel-like electrolyte, which allows it to use an energy dense lithium metal anode while preventing the needle-like dendrite growth that predisposes solid-state batteries to short circuit. Factorial is manufacturing these cells at a pilot plant in Massachusetts, while working on a prototype with a fully solid electrolyte that could offer even greater performance gains.
Factorial isn’t the only battery company with SPAC news this week. ZincFive, a nickel-zinc battery producer, also announced plans to go public via SPAC in a deal expected to close in the second half of this year. Unlike Factorial, however, ZincFive is already making money, selling its batteries to hyperscalers and other data center operators as a backup power solution to bridge the gap in between when the power goes out and when the backup generator turns on. As the company’s CEO Tod Higinbotham told Bloomberg, “We have the backlog. We have the capacity. We have the demand. We really need capital.”
Navigating the maze of consumer clean energy incentives and coordinating home energy upgrades is hardly a U.S.-specific challenge. Just a few years ago, heat pump sales in Germany were falling precipitously despite generous subsidies and proven tech. One startup, Galvany, theorized the problem wasn’t the heat pumps themselves, but rather the unnecessary complexity of the surrounding ecosystem. Now it’s raised roughly $11.5 million to help streamline the process of getting heat pumps into consumers’ homes and apartments.
“In Germany, heat pumps do not fail because of the technology, but because of the gap between subsidy bureaucracy, installation capacity, and economic viability for the end customer,” the company’s CEO, Raik Belka, said in a press release. This is exactly the gap we are closing.” The approach is already paying off — Galvany has installed more than 2,500 heat pumps to date and became profitable last year after increasing its revenue sevenfold.
The startup produces its heat pump in partnership with Panasonic, but its real innovation lies in the way it streamlines sales, procurement, installation, and ongoing heat pump operations into a single platform. Potential customers enter their building data online and, after a feasibility check, get a quick quote that factors in subsidies. They can then purchase a standardized kit that’s simple for installers to assemble. Once operational, the heat pump’s energy management system, which launches this summer, will automatically adjust heating loads based on the cost of electricity, saving customers money without them having to actively manage the system.
The administration filed to dismiss an appeal of a December ruling that overturned its wind permitting freeze.
Trump’s Department of Justice is giving up on defending the president’s wind permitting moratorium.
The DOJ filed a motion on Wednesday to dismiss its appeal of a federal court’s December decision vacating the order to halt wind energy approvals. The plaintiffs in the case — New York and 16 other states, as well as the Alliance for Clean Energy New York, a trade group — did not oppose the motion. The case will not be officially dismissed, however, until the First Circuit Court of Appeals approves the request, which typically happens quickly when both parties support the dismissal.
The case stems from an executive order President Trump issued on the first day of his current term temporarily withdrawing all areas of the outer continental shelf from offshore wind leasing and pausing all federal authorizations for onshore and offshore wind projects while the administration conducted a review of leasing and permitting practices.
States took the administration to court last May, arguing that the order was arbitrary and capricious and violated the Administrative Procedures Act. They claimed it harmed their ability to source reliable and affordable energy and threatened billions of dollars in investment in supply chains, workforce development, and wind industry-related infrastructure.
On December 8, Judge Patti B. Saris of the U.S. District Court for the District of Massachusetts ruled in the states’ favor and vacated the wind order. More specifically, the judge vacated the portion of the order directing agencies to pause permits and other authorizations. The withdrawal of areas eligible for new leases remains in effect.
What it means is that federal agencies will now have to proceed with permitting wind projects using the existing statutory and regulatory framework, Kit Kennedy, the managing director for power, climate, and energy at the Natural Resources Defense Council, told me in an email. “The door to federal permitting is now unlocked again and each developer will be able to make the case for permitting their individual project based on the facts and the law,” she said.
The Trump administration appealed the ruling to the First Circuit in February, but never submitted an opening brief. The initial deadline was May 11, but on May 4, the DOJ requested additional time to file the brief. The judge gave the defendants until June 10. On that date, the defendants filed the motion to dismiss.
This is a developing story and we’ll update it as we learn more about the administration’s actions and their effects.
Editor’s note: This story has been updated to reflect that the freeze and ruling apply to onshore as well as offshore wind. It also adds a quote from Kit Kennedy.