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Nepal’s rhino conservation efforts have been, if anything, too successful.

Ganesh Paudel packs a wad of chewing tobacco as he talks about the rhinoceros attack. “When the rhino charged, we were in a boat,” he tells me. “The rhino was sitting in the water, then it hit me and broke my knee, broke the hand of another guide and gored a tourist” — he points — “through an eye.”
As we chat, another rhino wades in a stream just a short way away. Paudel works as a nature guide, but we’re not in nature today — we’re standing under a bridge that connects to a busy highway in Chitwan, a district of about a million people situated on the outskirts of Nepal’s Chitwan National Park. A school bus passes and a few locals stop their scooters to whip out phones and film. But most keep moving without looking twice.
Rhinos once roamed from Pakistan to Bangladesh, but their numbers plummeted in the 20th century. Many cultures throughout Asia believe rhino horns have medicinal properties, making the creatures they’re attached to vulnerable to poaching. Rajas and royals prized rhinos as trophy kills. Farmers, also, retaliated with violence against rhinos that pillaged their crops. By 1970 there were just 95 rhinos in the national park, a wilderness bigger than New York City.
Eventually, however, the government realized that wildlife protection attracts dollars. For decades now, the United States Agency for International Development and non-governmental organizations like the World Wildlife Fund have supported Nepal’s efforts to boost conservation and lessen human wildlife conflict. Between 2011 and 2020 alone, $57 million of USAID funding went to programs aimed at protecting biodiversity here. Soldiers now patrol the park to stifle poaching.
But while the rhino population has rebounded to nearly 700 in Chitwan, the animals themselves are hardly thriving. As temperatures rise, there's been less rain during monsoon season. Warming temperatures have fueled invasive species like American creeper vines that have taken over rhino habitat and grow three inches daily. Climate change has also dried up staple rhino foods like elephant grass and aquatic plants. Now, there are too many rhinos and not enough forest, which forces the animals out of the park and into the city. (The same goes for tigers.)
The particular rhino wading near us is named Meghauli. Each morning, like clockwork, he comes out of the forest and into town. Meghauli is a bona fide social media star. When he thuds down the road traffic stops and a parade of hypnotized Nepalis and foreigners snap selfies and touch his leathery hide.
Meghauli was hand-raised by park staff after he was found alone, wounded from a tiger attack. Fed on 18 liters of buffalo milk a day, he grew big and strong — and also lost his fear of humans. Four years later he was released, but he kept returning because it’s easier to find food in town than in the increasingly dry and crowded jungle.
Rhinos are everywhere in the populated regions around the park — wading in streams, but also painted in murals, memorialized in hotel names, and depicted in statues. The uncomfortable truth is that the rhinos’ plight has also created a lucrative tourist opportunity. Rajendra Dhami, who runs a tea shop in front of Meghauli’s main crossing point, a shallow river with basking crocodiles and waiting tourists, tells me the rhinos have become a big attraction. “People come to see rhinos since we have them,” he says. “That means more money for us.”
A pair of young Brits and an Indian family of nine are currently gathered, waiting for Meghauli, but Dhami insists that for the most part, it doesn’t matter which rhino shows up. “We have lots of problems in Nepal,” he tells me, “but we share with wildlife.”
It’s true visitors often choose hotels and shops near wildlife. But a recent 20-year study found that nature-based tourism rarely impacts locals, in part because hotel bookings are often made online with fancy tour operators who act as middlemen and skim off revenue much the same way food delivery sites take from restaurants. Meanwhile, just six of the 93 hotels here are owned or managed by indigenous people, according to the Regional Hotel Association Chitwan. For most Nepalis, especially in poor indigenous communities who rely on farming here, rhinos running around is bad for bottom lines — and bellies.
“Cabbage, cauliflower, potatoes, rhinos like it all very much” says Narayan Rijal, who has worked as a park guide for 15 years. ”That’s the problem.”
But people, also, are hungry. Many here are in such need of food that they’re invading rhino habitat to find fruits, honey, and meat. Impoverished communities illegally enter the park to gather firewood, a cycle that increases deforestation, shrinks habitat, and risks deadly rhino, elephant, and tiger attacks.
Tulsi Magar, a guide at the local Sanctuary hotel, says many attacks are because farmers are so desperate to protect their own food that they stand their ground and light fires to try and scare off hungry rhinos. When Magar was 12, he also fought this way, sleeping in a shed and narrowly avoiding losing his life to protect the family’s radish harvest.
“It didn’t work,’ he remembers. “The rhinos won.”
Soldiers try their best to manage the rhinos, trailing them as they leave the park to forage in farmers’ fields. Once they reach town, soldiers often have to hit them with sticks or their rifle butts to get them to return to the forest.
“They‘re not small animals,” an assistant warden says as a rooster crows outside his office. “We try to push rhinos back into the core area. With Meghauli no need for stick, we just push. We do our best.”
Meghauli has a lookalike named Madi, another rescue. Unlike Meghauli, Madi is angry, park staff say, asking me to avoid using their names for fear of speaking openly. “Madi even charged a few taxis by the airport,” they admit. “He’s very aggressive.”
Rhinos have killed 55 people since 1998, including a 2019 attack on safari-going tourists. Last year alone, rhinos killed five. “They’re more dangerous than tigers,” notes Isswari Chapagain who has climbed trees to avoid charges.
Rhinos aren’t just a threat to locals, he says. They’re also a threat to each other. Wild rhinos go nuts and attack orphans like Meghauli and Madi if they smell people on them — another reason they keep coming back to town.
As the park has become famous and rhinos have rebounded, human activities like road expansion have been linked to a string of strange deaths: 165 rhinos killed from falling into roadside ditches and septic tanks, shocks from electric fences, disease (likely from proximity to livestock), and at least six killed by poachers. In 2022 alone, 36 rhinos died from territorial fights, which are also connected to warming temperatures and habitat loss. Construction on Chitwan’s three main rivers changes their flow, shrinks space, increases food competition and pushes rhinos into fields.
Rhinos are protected even if they attack or leave the park boundaries, but people aren’t. If they’re attacked in the park, Nepalis can claim government compensation (although guides cannot). If they’re at home protecting their farms and a rhino mauls them, they get nothing, another reason researchers accuse the government of continuing to prioritize wildlife over people.
Back under the bridge, I watch Meghauli blow bubbles under the water, just like a kid.
When he rises, I see his massive body in full for the first time. He seems gentle but it wouldn’t take much — a jerk of his head or a kick from a leg — for him to kill someone. He exits the water and trudges up the riverbank, then pauses to scan the highway. He faces me and sniffs the air, then turns toward a potato field. It’s lunchtime.
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SoftBank’s error and Nvidia’s scandal suggest data centers may have already peaked as an economic and energy trend.
This is Heatmap Daily, a weekday digest written by our executive editor. Subscribe here.
Covering energy and climate change sometimes means seeing certain stories in a different light than others. And a particularly vivid hue illuminated The Wall Street Journal’s report today that the Japanese conglomerate SoftBank Group is taking a $3.7 billion loss on several gigawatts’ worth of natural gas turbines.
For the Journal, the big news is that SoftBank and its billionaire founder, Masayoshi Son, are failing to capitalize on the artificial intelligence boom. But at Heatmap, we’re thinking about the turbines.
The data center boom and the return of electricity load growth has depleted the world’s supply of natural gas turbines. SoftBank had purchased reservations for about 13 gigawatts of turbines, according to the Journal. That’s a staggering amount of electricity — it could meet New York City’s maximum power draw on the hottest part of a summer’s day. The conglomerate now seems set to dump reservations for about four gigawatts’ worth. Keeping a reservation, it turns out, really is harder than making it.
Most of those rotors were reportedly from GE Vernova, one of the world’s largest producers of gas turbines. GE Vernova’s order list for gas turbines has been filled for nearly two years and the waiting list now stretches into 2031. That has led data center developers, hungry to get power as soon as possible, to reach for ever dirtier forms of electricity generation, including diesel generators and even old jet engines.
On that front, SoftBank’s failure to sell the turbines to a higher bidder suggests (albeit weakly) that demand for energy-producing assets might not be as strong as the AI boom’s backers once thought. SoftBank was already set to send about 9 gigawatts of turbines to the enormous Trump-backed OpenAI data center in Pike County, Ohio. The roughly remaining four gigawatts will be released back their manufacturers. (One thing this news can’t quite tell us, alas, is what type of turbine set-up will be used in the Pike County facility, which will be the world’s largest gas-fired power plant if it is build to completion. Recent public filings have suggested the facility isn’t planning on using any turbines in the more efficient combined-cycle configuration, which would mean the plant’s carbon intensity will be worse than most other new natural gas plants. But we’d love to hear any tips on this front.)
To zoom out for a second, I’m struck by how the AI bubble has been replaced by an AI muddle. As I wrote this, news emerged that Nvidia is preparing to fire its CEO, Jensen Huang, for his affair with a Chinese woman who is alleged to be a spy. (He had at least one more affair with another Nvidia executive, according to The New York Times.) Under Huang’s leadership, Nvidia has invested in a sprawling and sometimes circular network of energy-related companies, including Emerald AI, a startup that helps data centers flex their electricity consumption, and Redwood Materials, a battery recycler and producer led by the former Tesla executive J.B. Straubel. Huang has used Nvidia’s enormous balance sheet to buy down the risk of other AI and AI-related companies, propelling the overall AI trade to become the biggest story in American markets.
Now that balance sheet is in peril: Nvidia’s stock is already down 11% over the past five days, and it has fallen another 8% in after-hours trading since news broke of Huang’s ouster. If the chip designer’s financial network began to fray — or even if the next CEO had a lower risk appetite than Huang — then its demise could impact a much larger set of firms.
Even before the Huang scandal broke, companies at the center of the AI trade were showing signs of weakness. Alphabet, Meta, and Microsoft are all down on the month. Nvidia was already lagging by about 10% on the month before its hebdomas horribilis began, too. The memory and chip makers Micron and Applied Materials are both down more than 25% in about the same period, and GE Vernova and Oklo have fallen nearly 20%. Although the data center company Coreweave rebounded on an earnings beat today, it’s still down 24% on the month and nearly 50% since May.
The market rout isn’t total — Anthropic seems likely to enjoy one of the largest IPOs ever in the next week (although perhaps not with quite as large a valuation as its investors once imagined). And the underlying technology of AI seems to be getting worryingly better all the time. But even though the politics of data centers and AI seem set to dominate the new Washington, I’m wondering if data centers as a mainstream economic trend might have already peaked. Americans voted for a more subdued AI boom in the midterms. Now it seems like they might get it ahead of schedule.
Lunar Energy’s latest AI-powered system aims to integrate EVs into the automated demand response mix.
In theory, it’s straightforward to assemble the smart energy home: Solar panels, home backup batteries, and electric vehicles, plus smart thermostats, heat pumps, and water heaters — all the individual pieces can be had for the homeowner who can afford the up-front cost. The challenge is getting all those pieces to talk to one another.
Bay Area-based Lunar Energy is one of the tech firms that’s been trying to crack this problem. Today, it announced an upgraded version of its artificial intelligence-powered home energy control system, which not only integrates all those separate systems but also responds tactically to energy markets. CEO Kunal Girotra told me Lunar AI saves its users money by monitoring their home 24/7 and making decisions to charge, not to charge, or discharge so that they save the most money.
“Utilities are all moving to almost-real-time changes of rates,” he said. “You need software to handle that for you. I think that the race is on for who has the best AI machine learning algorithms to save the most amount of money. And so far, we seem to have a head start.”
Lunar’s first-generation system focused on generation, storage, and control. In other words, it connected elements like a home’s rooftop solar panels with the backup battery the residents might keep in the garage, using the AI to decide when to meet the home’s real-time energy needs with solar versus grid energy versus stored power. What it didn’t have was the ability to work with electric vehicles to manage charging and use the car’s battery as a bonus source of energy.
To fix this, Lunar has built its own bidirectional EV charger — one that can charge up the battery or discharge the car’s battery for a secondary use, like backing up the home’s power supply. Girotra, formerly the head of Tesla Energy, told me the problem with that functionality to this point has been the connection point between the car and the home electrical system. Carmakers and other companies in the space didn’t have the deep experience with electrical certifications to make the process seamless, he tells me. That led to setups like the original Ford Charge Station Pro, which required several different wall-mounted electrical boxes to connect the F-150 Lightning EV to the home.
Lunar’s charger is built to connect to its customers’ existing home Lunar energy system, which includes a microgrid interconnect device they call Lunar Bridge that islands the home in case of a power outage on the grid. In that way, the power stored in the EV battery is ready to back up the home in case of a blackout without any additional work — or to be optimized as part of a fully smart home that’s making money as part of a virtual power plant.
The company’s setup allows for another fun feature: “slow” charging that’s not slow at all, but actually two or three times as fast as the Level 2 charging most EV owners use to recharge their batteries overnight. Electric cars in the U.S. can typically take on only about 11 kilowatts of AC power from one’s home because of the limitations of their on-board hardware. Because Lunar’s system is fully DC, however, Girotra said the company decided to build a DC home charger, one that — like a Tesla Supercharger or other DC fast chargers out in the world — isn’t limited by that power cap. Lunar said it could use a combination of power from the grid, home solar, or home batteries to charge an EV at up to 25 kilowatts. That’s enough to recharge an EV in three to four hours rather than six to eight.
“If the standards get high, and if everybody sees cars can get charged in three hours, then all of a sudden people are like, ‘Wow, this is how I want it,’” he said. “Especially for 25% of the users who are like me, who always are running low on charge and they don’t mind a boost every now and then.”
Some of the other improvements in the second-gen system are more incremental. An inverter that’s 40% more powerful helps Lunar get its system up to enterprise scale. That’s crucial, as the world moves toward a place where more homes and businesses employ battery backup systems. Lunar’s new batteries come in modular 5 kilowatt-hour blocks ranging from 10 kilowatt-hours to 30 kilowatt-hours in a single unit and scale up to 300 kilowatt-hours for home or small commercial use; there’s also new pad-mounted configurations with capacity up to 1 megawatt-hour.
Batteries, though, are the simple part. Everyone from EV makers like Rivian to utilities like Octopus Energy is racing to make a person’s or a business’s batteries and solar panels and electric cars work for them, using the power of AI to account for moment-to-moment changes in energy prices and supply. Lunar’s new tech makes the case that the most important element is a single brain to integrate every last smart, electrified thing in your house.
The fundraise comes on the heels of a $50 million grant from the Department of Energy.
Almost all lithium-ion batteries on the market rely on graphite for their anodes, more than 90% of which is processed in China. That concentration has created a chokepoint in the Pentagon’s supply chain as the military increasingly turns to batteries to help its transportation network operate more quietly and reduce reliance on complex refueling logistics.
So when Congress passed the latest National Defense Authorization Act at the end of 2025, barring Chinese-linked battery materials from military use starting in 2028, Coreshell saw an opening. While the California-based silicon-anode battery startup had previously focused on automakers as its beachhead customers, it’s now shipping its first battery cells to the military for use on Navy ships and Army ground vehicles. On Wednesday, Coreshell announced a $30 million Series B to scale up manufacturing operations to meet the needs of this growing customer base.
“We’re entering a new stage where we’re no longer, I would say, demand limited,” Coreshell’s CEO Jonathan Tan told me. “This year we’ve had to put on second and third shifts, work nights and weekends, just to get the product out the door.”
Coreshell sets itself apart by going a step further than the NDAA requires. The law doesn’t make suppliers trace battery materials all the way back to the mine, which would be exceedingly difficult given China’s dominance across the battery supply chain. But Coreshell has nevertheless eliminated Chinese sourcing from its anodes by replacing graphite with silicon mined and refined in the U.S. by Ferroglobe, one of its Series A investors.
Ferroglobe and global investment firm Access Industries led the latest round, with defense contractor ADS also joining as a new strategic investor. The financing comes on the heels of a $50 million Department of Energy grant that Coreshell secured in August as part of a program to strengthen the domestic battery supply chain. That funding will support the company’s first commercial-scale facility, a 2-gigawatt-hour factory.
That’s about 20 times the size of the 100-ish-megawatt-hour plant the startup had originally envisioned, as the DOE grant has allowed Coreshell to “expand much further than we were originally expecting,” according to Tan. The company is now evaluating several potential U.S. sites and expects to announce its selection early next year. For now, it relies on unnamed contract manufactures, along with its small pilot line in San Leandro, to produce its cells. But once the gigafactory gets up and running, the startup plans to bring electrode production in house by 2028, followed by full cell assembly in 2029.
Building this plant will ultimately require significant additional capital. But Tan believes this latest vote of confidence from the federal government will help Coreshell to diversify its capital stack as it continues to fundraise. “That’s one of the great things about having such a notable DOE award is that it also allows us to attract multiple forms of capital,” he told me.
Silicon has long been recognized as a promising alternative material for battery anodes, as it can store far more energy than graphite. The catch is that it tends to swell during charging, causing it to break down quickly and ultimately leading to a much shorter cycle life. Coreshell says it’s extended its anode’s lifespan by giving it a proprietary coating, which Tan told me back in April essentially means “painting the inside of your battery” with an ultra-thin protective layer.
Other companies, such as Sila Nanotechnologies and Group14 Technologies, are also working to commercialize silicon anodes. But Coreshell says many of its competitors rely on more highly engineered, expensive forms of silicon, such as silane gas. By contrast, Coreshell uses metallurgical silicon, a cheap, raw commodity already widely used in aluminum alloys. That, Tan argues, gives the company a cost advantage not only over its competitors, but potentially Chinese graphite too.
Coreshell hasn’t yet demonstrated that its cells can meet the performance demands of the automotive industry, however. When the company raised its Series A in early 2025, it said it expected its automotive cells to exceed 1,000 charge cycles while retaining 80% of their original capacity. But Tan told me many defense applications don’t require such demanding performance targets, as Navy ships and ground vehicles are “not intending to have as many miles or missions or use cases on that same battery” as a consumer EV would.
That doesn’t mean the company is abandoning its automotive ambitions. As Tan pointed out, electric vehicles remain by far the largest source of global and domestic battery demand. “It’s natural for us to obviously utilize the security supply chain first,” he told me. “That allowed us to really get to commercialization, revenue, and production faster, because automotive qualification is this longer journey. But ultimately, we want to do both of those and more.”