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There’s a lot of metal sitting at the bottom of the ocean. A single swath of seabed in the eastern Pacific holds enough nickel, cobalt and manganese to electrify America’s passenger vehicle fleet several times over. But whether to mine this trove for the energy transition is an open question — one that’s sparked many an internecine feud among environmentalists.
Most of the seabed in question falls beyond the jurisdiction of any one country. This area, the High Seas, covers a whopping 43% of Earth’s surface. And one group decides whether (and how) to mine it: the International Seabed Authority. Created by the United Nations, the ISA counts 168 nations among its members.
This month, ISA policymakers are meeting in Jamaica to hash out the rules of the road for a future seabed mining industry. They’ll debate everything from environmental protection to financial regulation of mining companies.
ISA members include every major economy with an ocean coastline — except the United States.
The U.S. has yet to ratify the global treaty that chartered the ISA back in 1982. That leaves America sidelined as ISA member countries decide on such matters as the fate of the global ocean and the pace of the energy transition. You know, small stuff.
Senator Lisa Murkowski, a Republican from Alaska, has been leading a lonely, decade-long quest to convince Senate Republicans to abandon their long-held skepticism of the ISA. “Our hands are tied behind our backs,” Murkowski told me. She argues the U.S. has lost the reins on some of the biggest questions surrounding critical minerals sourcing. “When it comes to the ISA, it’s China that is determining the rules. That’s not a good place for us to be.”
A new, bipartisan resolution in the Senate could finally give the U.S. a full seat at the global table in seabed mining negotiations. The legislation faces an uphill climb but, if passed, could allow the Biden administration to take victory laps on two of its ostensible priorities: ocean conservation and decoupling from China-controlled supply chains of critical minerals.
Marine experts affectionately dub the United Nations Convention on the Law of the Sea the constitution for the oceans. The treaty sets ground rules for all manner of seafaring activity on the High Seas, including transit, fishing, and cable laying. And despite that there was no deep seabed mining happening at the time (there still isn’t, yet), UNCLOS was clear about who owns all that metal under the sea.
“It’s everyone’s property,” Andrew Thaler, a deep-sea ecologist and CEO of the marine consultancy Blackbeard Biologic, told me. “It codifies the idea that this is a shared resource among all of humanity,” said Thaler. “And it has to be managed as such.”
Lofty ideals, with practical implications. Under UNCLOS, a country cannot unilaterally decide to plunder seabed resources for its sole benefit. To mine the ocean floor, nations and private companies must receive various permissions from the ISA, where decisions are often made by consensus or supermajority vote among member countries. Mining operations must also pay royalties to every ISA member for the privilege of accessing (and degrading) humankind’s shared resource.
In Thaler’s assessment, it’s all very egalitarian. “UNCLOS is an incredibly progressive piece of international diplomacy,” he said.
Which helps explain why the U.S. never ratified it.
Ronald Reagan occupied the Oval Office in 1982 when the vast majority of nations voted to adopt UNCLOS. He wasn’t keen on the treaty’s “common heritage” principle and didn’t want to have to deal with the rest of the world. As the New York Times reported, “the United States, possessing some of the most advanced technology and the most resources to be developed, was unhappy at the prospect of having to share seabed mining decision-making with smaller, often third-world countries.”
The irony here is that Reagan essentially ceded decision-making to those “often third-world countries” by keeping the U.S. out of the treaty. To this day, the U.S. is relegated to observer status at ISA negotiations, the same standing enjoyed by non-governmental organizations like Greenpeace and the International Cable Protection Committee.
The U.S. sends State Department officials to the ISA to follow along the debate and occasionally make statements. But America’s delegation cannot vote on important matters and, crucially, cannot sit on the ISA Council, a subset of ISA members currently drafting comprehensive regulations to govern the financial and environmental aspects of a prospective seabed mining industry. (That all-important rulebook is known as the Mining Code.)
UNCLOS members updated the treaty in 1994 to “guarantee the U.S. a seat on the ISA Council if it ratifies,” among other things, Pradeep Singh, an ocean governance expert at the Research Institute for Sustainability, told me. The U.S. itself played a “pivotal role” in negotiating such favorable terms, said Singh, “but ultimately they still did not ratify.”
Following Reagan’s lead, Republicans have typically remained skeptical of UNCLOS, while Democrats — including the Biden administration—have supported it.
“We ought to join the Law of the Sea,” Jose Fernandez, President Biden’s Under Secretary of State for Economic Growth, Energy, and the Environment, told me. “We are the only major economy that’s not a member. It hurts our interests.”
Fernandez noted that the Biden administration has neither endorsed nor condemned seabed mining as a source of minerals for the energy transition (“Let’s just say we’re taking a precautionary approach”), but that ratifying UNCLOS would allow the U.S. to better advocate for strong environmental protections and other provisions in the ISA’s mining code.
Inevitably, seabed mining will impact deep-sea ecosystems that scientists are just beginning to map and explore. Research indicates that mining could also interfere with seabed carbon storage and fish migration — and that land-based mineral reserves are sufficient to meet the needs of the energy transition.
Supporters of seabed mining counter that relying on terrestrial minerals alone could perpetuate the environmental and social harms long associated with mining on land, including deforestation, tainted water supplies, forced relocation of mine-adjacent communities, and child labor. They also say it could reduce the cost of acquiring minerals and thus speed the deployment of low-carbon energy systems, although the overall cost of extracting metal has not yet been demonstrated as, again, no one is currently doing it.
Ratifying UNCLOS would require a two- thirds majority vote in the Senate — a towering hurdle in the polarized chamber. But new momentum is building, thanks to a rare unifying force lurking across the Pacific Ocean.
China holds five separate ISA licenses to explore for seabed minerals. That’s more than any other country. (The U.S. cannot obtain such licenses because it is not an ISA member.) Beijing is also pouring R&D money into deep-sea technology.
This is all of concern to U.S. lawmakers looking to friendshore America’s mineral supply chains, which China already dominates. House Republicans introduced a bill earlier this month to develop a U.S.-based seabed mining industry. The brief seven-page document mentions China on four separate occasions.
Among the concerned lawmakers in the Senate is Murkowski. She’s long pushed for UNCLOS ratification over the isolationist objections of her fellow Republicans. But Murkowski sees opposition dissolving amid worries over China’s maritime activity.
“I’ve been working on this issue for a decade plus, and I’ve never been in a Congress where there are more that are engaged on this issue from both sides of the aisle,” said Murkowski.
Mining firms aiming to process their seabed haul on U.S. soil are hyping the China concern, too.
Also earlier this month, a group of more than 300 former U.S. political and military leaders sent a letter to the Senate Committee on Foreign Relations urging UNCLOS ratification. Signatories included former Secretary of State Hillary Clinton and three former U.S. Secretaries of Defense.
Murkowski hopes to line up enough support for UNCLOS ratification in the Senate to bring the issue to a vote next year, and the resolution currently sits with the Senate Committee on Foreign Relations. “I feel very confident about the momentum we have right now,” Murkowski said.
As UNCLOS gains political traction in the U.S., calls for a cautionary approach to seabed mining have grown louder the world over.
More than 800 marine experts have urged a pause on the controversial industry, citing uncertain environmental impacts and risks to ocean biodiversity. At least 25 national governments have echoed those calls at the ISA. Some manufacturers—including BMW, Volvo, Volkswagen, Rivian, Renault, Google and Samsung—have pledged to forgo ocean-mined minerals in their products.
A shift in electric vehicle technology adds another wrinkle to the debate. A growing share of EV batteries sold globally don’t include any nickel or cobalt — two metals found in abundance on the ocean floor — which complicates the business case for seabed mining.
Compared to traditional nickel-manganese-cobalt batteries, these increasingly popular lithium-iron-phosphate batteries are cheaper but provide lower energy density (i.e. range). Consumers in China, the world’s largest EV market, seem willing to accept that tradeoff. But even with a slipping market share, nickel-manganese-cobalt batteries and their constituent elements could see absolute demand grow as the global EV industry booms.
In the name of the energy transition, some countries such as Norway and the Cook Islands have gone ahead and greenlit mineral exploration in the Exclusive Economic Zones off their own coastlines,.
The debate reached a fever pitch over the summer when The Metals Company, a Canadian firm, announced plans to apply for the world’s first ever commercial mining license on the High Seas; it’s partnering with the government of Nauru on the application.
Meanwhile, the ISA is unlikely to adopt a final mining code before The Metals Company submits its application, which is expected as soon as August — a timing mismatch that could throw the seabed mining debate into chaos. (The ISA Council has signaled it would not support the approval of a mining application until regulations are finalized.)
All the while, the U.S. will be watching. And unless the Senate ratifies UNCLOS, it won’t be doing much else.
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The company simplifies the process of getting consistent, apples-to-apples bids.
With commercial electricity prices steadily climbing, many businesses and real estate owners are increasingly eager to generate and store their own power onsite, cutting their bills and making costs more predictable. But figuring out whether solar and storage can actually pencil out — and under what conditions — can be a nightmare. Ask a handful of developers for a quote and you might get a rooftop solar array from one, a ground-mounted solar and battery system from another, and a gas turbine from a third, each with its own size, price, and financing terms.
That leaves buyers comparing apples to oranges. And for businesses evaluating a portfolio of potential projects, the process gets even messier. “These are very local-centric systems. Different interconnection requirements, different permits, different suppliers,” Gareth Evans, CEO of the onsite energy planning and procurement startup Veckta, told me. “There are hundreds of solar developers in every state.” The hard part, he added, is “knowing what supplier to go with, how to ask them the right questions in the right language, in the right format, so that you’re getting consistent bids back that you can compare and contrast.”
That’s the tension San Diego-based Veckta has built its business around. And on Tuesday, the startup announced an oversubscribed $11 million Series A to scale its solution. Origin Ventures led the round, with participation from others including the climate-focused investor VoLo Earth Ventures, which led Veckta’s $3.3 million pre-seed round in 2022.
The company starts with a single input: a property address. Veckta’s software analyzes over 5,000 data points, including utility rates, grid emissions, outage risk, local equipment and construction costs, and available incentives to assess — in under a minute — whether an onsite energy project makes financial sense. That helps buyers define their needs, from system size and installation type to contract terms, and ensures that potential suppliers are bidding on the same requirements. The result is a set of comparable proposals, without the upfront cost of hiring a consultant or supply chain expert.
Veckta’s platform includes more than 3,000 vetted suppliers. As bids come in, the startup automatically compares them based on factors including the supplier’s track record, warranties, equipment offerings, compliance with foreign entity of concern requirements, and ability to leverage federal and local incentives. From there, Veckta makes its recommendations. “Supplier A is your best option if you want U.S.-made equipment with the longest warranty, best guarantee, and they’ve done these projects before,” Evans explained, by way of example. “Supplier B is disqualified because they’ve never done a project in your state.”
Out of the roughly 34,000 customer sites Veckta has analyzed, Evans said 37% would see positive returns today by installing solar panels, battery storage systems, or both. That translates to $3.1 billion in potential project value, concentrated largely in markets with high electricity rates such as the Northeast and California, and among businesses facing steep peak-demand charges. But as utility rates continue to rise and installation costs fall, he expects onsite power to become cost-competitive with the grid at “almost 100%” of sites within five years. The startup estimates that would unlock a whopping $12 billion in potential project value.
Veckta wouldn’t capture all that itself, of course. Rather, it generates revenue in two ways: buyers pay an upfront platform fee, and the winning supplier pays a success fee once a contract is signed. Evans told me the startup has been net profitable for the past year, though he would not share specifics. So far in 2026, customers have signed contracts for onsite energy projects at 128 sites. These typically range from 250 kilowatts for businesses like car dealerships and retail stores to 10 megawatts or more for manufacturing facilities, warehouses, or cold storage facilities. “That ranges from Fortune 500s right down to your individual business owner,” Evans told me.
With this latest raise, Veckta plans to expand its supplier network and grow its sales, marketing, and customer support teams. It also wants to help customers capture additional revenue streams from their onsite energy systems, such as by connecting them with demand-response programs, using batteries to provide grid services like frequency regulation, and selling renewable energy credits.
Named customers include rental car company Enterprise Mobility, real estate investment trust Regency Centers, and auto dealership group Lithia & Driveway. About 80% of the projects the platform facilitates today involve rooftop solar paired with batteries, but the company has begun to branch out.
“We’ve done waste-heat-to-energy, we’ve done EV chargers, done backup generators, and then the latest is, we’ve just finished our first pilot on roof replacements,” Evans told me. “We are firm believers that for any complex purchase that is a non-commodity that you can’t just buy off the shelf, we are best placed to help our customers competitively source those deals.”
The Iran war has been a gift to the country’s vehicle, solar, and battery business.
This is Heatmap Daily, a weekday evening digest written by our executive editor.
Happy Monday and welcome back. For months now, we’ve been talking about how the U.S. and Israel’s war in Iran has been a boon for electric vehicles, clean energy, and (unfortunately) coal.
But today we got data that confirms: This clean energy export boom is not just a side story. It is one of the brighter spots in the overall Chinese economy, which remains the world’s second largest.
According to economic data released on Monday, China grew 4.5% during the summer quarter as compared to the quarter from a year earlier. That means the country will likely hit its growth target this year, albeit on the low end.
The country’s economic expansion wasn’t driven by domestic consumption, however. Consumer confidence remains low, and residential investment has yet to return after the property crash earlier this decade.
Instead, booming exports are now driving China’s economy. Exports were more than 36% higher in September than a year earlier, driven by chips, ships, electric vehicles, and solar panels and batteries. The country will likely record its biggest trade surplus ever this year.
Some of those categories are clearly flourishing thanks to the global AI boom — think chips and even batteries. But the preponderance of vehicle exports suggests surging oil prices aren’t hurting. Sales of ‘new energy vehicles,’ a category that includes 100% electric vehicles and plug-in hybrids, were up more than 13% on a year-over-year basis in September, according to the Chinese car manufacturer’s trade group. But exports of these vehicles are booming. Battery electric vehicles were up 130% last month compared to the same period in 2025, and plug-in hybrid exports were up more than 200%.
It’s interesting to consider how much the Chinese and U.S. economy are mirroring each other at this moment. Americans are dealing with a remarkable investment boom, which is buoying the labor market and stubbornly maintaining high inflationary pressure. China is struggling with deflation, and exports are its quickest path to growth. (Consumer sentiment in both countries, interestingly, seems to be in the doldrums, even though American consumers appear to be in much better shape.)
When thinking about what artificial intelligence could do for the United States over the next decade, some subject-matter prognosticators (and even some Anthropic employees) imagine a world of 4%, 5%, or even 7% GDP growth. Such a growth rate is difficult even to envision in the modern era, of course, and it seems like it could propel the U.S. economy to staggering prosperity.
I know better than to make a prediction about where we’re headed. But amateur economic commentators should keep China in mind, too: a country that dominates along many technological axes, but where the standard economic math of supply, demand, and consumer sentiment still holds. Except if the United States economy were to stumble, no exterior source of demand will come to our rescue.
Endurance Energy hoped its generator would run for a full year, but the team isn’t afraid of the “error” in “trial and error.”
About 300 miles off the Oregon coast, a mile beneath the ocean’s surface, a startup just drilled the world’s first subsea geothermal well. And for a grand total of exactly 8.7 seconds, its prototype power plant generated about 2 kilowatts of net power. It wasn’t quite the result the Seattle-based Endurance Energy was hoping for — the company’s goal was to run its 100-kilowatt generator for a full year. But it’s not nothing.
“We really proved with this mission that a geothermal well could be drilled and completed on the seafloor, and doing that within 21 months of the company existing I think is really a testament to our pace of progress,” Endurance CEO Andrew Redd told me.
A former SpaceX engineer — as so many climate tech founders seem to be — Redd appears quite comfortable with the rapid trial-and-error cycles that hard tech startups often demand. Or as he stated in the company’s press release, which provides a refreshingly frank account of what this first test did and didn’t accomplish, “We follow the adage ‘make it exist, then make it good.’”
Investors seem to be buying it. In June, the startup raised a $54 million Series A, led by Peter Thiel’s Founders Fund — Endurance’s second funding round in less than two years of existence. Still, the team certainly has their work cut out for them. The ocean is a notoriously difficult operating environment: Saltwater is corrosive and offshore infrastructure is difficult and expensive to build, maintain, and repair.
Indeed, Endurance spent the first 11 days of its three-week stint at sea debugging its drill, which the team had never operated underwater before. But with a vessel chartered and a locked-in deployment date, the company couldn’t afford to wait for everything to work out perfectly. “We were still working on that generator hours before it got on the seafloor,” Redd told me. He’s used to that sort of thing, though, comparing it to making final tweaks to rockets already sitting on the launchpad. “That’s kind of the name of the game,” he said.
The trial took place at Axial Seamount, an active underwater volcano and the only place in the world with a cluster of hydrothermal vents connected to shore by fiber optic cable, which allows the Endurance team to monitor and control its system in real time from Seattle. While this was the company’s fifth deep-sea mission, it was the team’s first attempt to actually drill their own well.
After lowering their drill about a mile below the surface, the team bored two holes and turned the second into a well about 2 inches wide, lining it with pipe and sealing it with cement. But after losing so much time to debugging, the team only managed to drill about 52 feet deep — far short of its original 200-foot target.
Water then flowed up the well at about 260 degrees Celsius (around 500 degrees Fahrenheit), but the narrow borehole proved too restrictive to deliver enough heat for the generator to operate. So the team pivoted, connecting the generator directly to a naturally flowing, hotter hydrothermal vent instead. The generator then ran for a total of 29 seconds, producing about 2 kilowatts of net power for 8.7 seconds. That represents the total electricity the turbine generated, minus the 7 to 8 kilowatts needed to run its supporting components, such as the refrigerant pump and other onboard equipment.
Then a software glitch triggered the onboard battery safety system, which shut down the plant. When the team tried to restart the system, the power cable feeding the refrigerant pump failed, leaving the pump unable to restart. That was the end of the road. The mission wrapped up after three weeks at sea, a far shorter run than the team had hoped.
“The success criteria would be if we had left with the generator still on the seafloor; that would have been an example of sustained net power, and we didn’t get there,” Redd told me. Instead, the team brought the system back to Endurance’s Seattle headquarters, where it’s fixing the software as well as refurbishing and upgrading the hardware — which includes changing how it builds and tests subsea cables — to prepare for another mission sometime this winter. This time, the goal will be to generate sustained power from a much deeper well.
The team will need to demonstrate progress soon to keep its next major milestone on track: a planned 2-megawatt deployment off the coast of Tonga by the end of 2027. The project aims to supply electricity directly to the Tongan grid, which today is heavily dependent on expensive, imported diesel. Redd expects subsea geothermal to be cost-competitive with that fuel in this first pilot.
Getting there, however, is a formidable engineering challenge. While it’s long been a subject of academic curiosity, no one prior to Endurance had ever drilled an offshore geothermal well before, meaning the team can’t simply transplant existing land-based technology to the seafloor. “Every component that you would use terrestrially now needs to be either modified or built completely from scratch,” Redd explained. “And so you multiply that across every component required to make these kinds of infrastructure projects happen, and it’s a lot of work.”
No kidding. But if Endurance can pull it off, Redd sees this resource as “the perfect energy source for the future.” A conference paper presented by the geoscience company Viridien last year estimates that offshore geothermal resources worldwide could yield about 6 terawatts of recoverable electric power — nearly twice the world’s current continuous electricity output.
“We can access terawatts of power. There’s no fuel. We can site next to extremely large cities around the Pacific. We have no surface presence,” Redd said, ticking off the advantages. Plus, the three necessary ingredients for a high-quality geothermal well — permeable rock, high heat, and water — are widely accessible offshore, he added. Eventually, he expects subsea geothermal to undercut natural gas in Endurance’s target markets: electricity grids, industrial facilities, and data centers across the Pacific Islands, the U.S. West Coast, and Northeast Asia, all of which sit along the undersea volcanic zone known as the “Ring of Fire.”
The way Redd sees it, advances in subsea technology pioneered by the offshore wind, oil, and gas industries have cleared much of the technological path to making underwater geothermal a viable clean energy resource. In his view, what’s been missing is simply the ambition to chase the opportunity in the private market. SpaceX, he said, really proved what’s possible for a scrappy startup to achieve.
“It is quite new at industrial scale for a small company with a bunch of fairly young people to go after something like this,” he told me. “Before SpaceX went to launch a rocket as a private company, no one thought you could get to orbit as a private company. And so that has really seeded this ambition.”