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With cars about to get more expensive, it might be time to start tinkering.

More than a decade ago, when I was a young editor at Popular Mechanics, we got a Nissan Leaf. It was a big deal. The magazine had always kept long-term test cars to give readers a full report of how they drove over weeks and months. A true test of the first true production electric vehicle from a major car company felt like a watershed moment: The future was finally beginning. They even installed a destination charger in the basement of the Hearst Corporation’s Manhattan skyscraper.
That Leaf was a bit of a lump, aesthetically and mechanically. It looked like a potato, got about 100 miles of range, and delivered only 110 horsepower or so via its electric motors. This made the O.G. Leaf a scapegoat for Top Gear-style car enthusiasts eager to slander EVs as low-testosterone automobiles of the meek, forced upon an unwilling population of drivers. Once the rise of Tesla in the 2010s had smashed that paradigm and led lots of people to see electric vehicles as sexy and powerful, the original Leaf faded from the public imagination, a relic of the earliest days of the new EV revolution.
Yet lots of those cars are still around. I see a few prowling my workplace parking garage or roaming the streets of Los Angeles. With the faded performance of their old batteries, these long-running EVs aren’t good for much but short-distance city driving. Ignore the outdated battery pack for a second, though, and what surrounds that unit is a perfectly serviceable EV.
That’s exactly what a new brand of EV restorers see. Last week, car site The Autopian covered DIYers who are scooping up cheap old Leafs, some costing as little as $3,000, and swapping in affordable Chinese-made 62 kilowatt-hour battery units in place of the original 24 kilowatt-hour units to instantly boost the car’s range to about 250 miles. One restorer bought a new battery on the Chinese site Alibaba for $6,000 ($4,500, plus $1,500 to ship that beast across the sea).
The possibility of the (relatively) simple battery swap is a longtime EV owner’s daydream. In the earlier days of the electrification race, many manufacturers and drivers saw simple and quick battery exchange as the solution for EV road-tripping. Instead of waiting half an hour for a battery to recharge, you’d swap your depleted unit for a fully charged one and be on your way. Even Tesla tested this approach last decade before settling for good on the Supercharger network of fast-charging stations.
There are still companies experimenting with battery swaps, but this technology lost. Other EV startups and legacy car companies that followed Nissan and Tesla into making production EVs embraced the rechargeable lithium-ion battery that is meant to be refilled at a fast-charging station and is not designed to be easily removed from the vehicle. Buy an electric vehicle and you’re buying a big battery with a long warranty but no clear plan for replacement. The companies imagine their EVs as something like a smartphone: It’s far from impossible to replace the battery and give the car a new life, but most people won’t bother and will simply move on to a new car when they can’t take the limitations of their old one anymore.
I think about this impasse a lot. My 2019 Tesla Model 3 began its life with a nominal 240 miles of range. Now that the vehicle has nearly six years and 70,000 miles on it, its maximum range is down to just 200, while its functional range at highway speed is much less than that. I don’t want to sink money into another vehicle, which means living with an EV’s range that diminishes as the years go by.
But what if, one day, I replaced its battery? Even if it costs thousands of dollars to achieve, a big range boost via a new battery would make an older EV feel new again, and at a cost that’s still far less than financing a whole new car. The thought is even more compelling in the age of Trump-imposed tariffs that will raise already-expensive new vehicles to a place that’s simply out of reach for many people (though new battery units will be heavily tariffed, too).
This is no simple weekend task. Car enthusiasts have been swapping parts and modifying gas-burning vehicles since the dawn of the automotive age, but modern EVs aren’t exactly made with the garage mechanic in mind. Because so few EVs are on the road, there is a dearth of qualified mechanics and not a huge population of people with the savvy to conduct major surgery on an electric car without electrocuting themselves. A battery-replacing owner would need to acquire not only the correct pack but also potentially adapters and other equipment necessary to make the new battery play nice with the older car. Some Nissan Leaf modifiers are finding their replacement packs aren’t exactly the same size, shape or weight, The Autopian says, meaning they need things like spacers to make the battery sit in just the right place.
A new battery isn’t a fix-all either. The motors and other electrical components wear down and will need to be replaced eventually, too. A man in Norway who drove his Tesla more than a million miles has replaced at least four battery packs and 14 motors, turning his EV into a sort of car of Theseus.
Crucially, though, EVs are much simpler, mechanically, than combustion-powered cars, what with the latter’s belts and spark plugs and thousands of moving parts. The car that surrounds a depleted battery pack might be in perfectly good shape to keep on running for thousands of miles to come if the owner were to install a new unit, one that could potentially give the EV more driving range than it had when it was new.
The battery swap is still the domain of serious top-tier DIYers, and not for the mildly interested or faint of heart. But it is a sign of things to come. A market for very affordable used Teslas is booming as owners ditch their cars at any cost to distance themselves from Elon Musk. Old Leafs, Chevy Bolts and other EVs from the 2010s can be had for cheap. The generation of early vehicles that came with an unacceptably low 100 to 150 miles of range would look a lot more enticing if you imagine today’s battery packs swapped into them. The possibility of a like-new old EV will look more and more promising, especially as millions of Americans realize they can no longer afford a new car.
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One of the buzziest climate tech companies in our Insiders Survey is pushing past the “missing middle.”
One of the buzziest climate tech companies of the past year is proving that a mature, hitherto moribund technology — conventional geothermal — still has untapped potential. After a breakthrough year of major discoveries, Zanskar has raised a $115 million Series C round to propel what’s set to be an investment-heavy 2026, as the startup plans to break ground on multiple geothermal power plants in the Western U.S.
“With this funding, we have a six power plant execution plan ahead of us in the next three, four years,” Diego D’Sola, Zanskar’s head of finance, told me. This, he estimates, will generate over $100 million of revenue by the end of the decade, and “unlock a multi-gigawatt pipeline behind that.”
The size of the round puts a number to climate world’s enthusiasm for Zanskar. In Heatmap’s Insider’s Survey, experts identified Zanskar as one of the most promising climate tech startups in operation today.
Zanskar relies on its suite of artificial intelligence tools to locate previously overlooked conventional geothermal resources — that is, naturally occurring reservoirs of hot water and steam. Trained on a combination of exclusive subsurface datasets, modern satellite and remote sensing imagery, and fresh inputs from Zanksar’s own field team, the company’s AI models can pinpoint the most promising sites for exploration and even guide exactly what angle and direction to drill a well from.
Early last year, Zanskar announced that it had successfully revitalized an underperforming geothermal power plant in New Mexico by drilling a new pumped well nearby, which has since become the most productive well of this type in the U.S. That was followed by the identification of a large geothermal resource in northern Nevada, where exploratory wells had been drilled for decades but no development had ever occurred. Just last month, the company revealed a major discovery in western Nevada — a so-called “blind” geothermal system with no visible surface activity such as geysers or hot springs, and no history of exploratory drilling.
“This is a site nobody had ever had on the radar, no prior exploration,” Carl Hoiland, Zanskar’s CEO, told me of this latest discovery, dubbed “Big Blind.” He described it as a tipping point for the industry, which had investors saying, “Okay, this is starting to look more like a trend than just an anomaly.”
Spring Lane Capital led Zanskar’s latest round, which also included Obvious Ventures, Union Square Ventures, and Lowercarbon Capital, among others. Spring Lane aims to fill the oft-bemoaned “missing middle” of climate finance — the stage at which a startup has matured beyond early-stage venture backing but is still considered too risky for more traditional infrastructure investors.
Zanskar now finds itself squarely in that position, needing to finance not just the drills, turbines, and generators for its geothermal plants, but also the requisite permitting and grid interconnection costs. D’Sola told me that he expects the company to close its first project financing this quarter, explaining that its ambitious plans require “north of $600 million in total capital expenditures, the vast majority of which will come from non-dilutive sources or project level financing.”
Unsurprisingly, the company anticipates that data centers will be some of its first customers, with hyperscalers likely working through utilities to secure the clean energy attributes of Zanskar’s grid-connected power. And while the West Coast isn’t the primary locus of today’s data center buildout, Hoiland thinks Zanskar’s clean, firm, low-cost power will help draw the industry toward geothermally rich states such as Utah and Nevada, where it’s focused.
“We see a scenario where the western U.S. is going to have some of the cheapest carbon-free energy, maybe anywhere in the world, but certainly in the United States.” Hoiland told me.
Just how cheap are we talking? Using the levelized cost of energy — which averages the lifetime cost of building and operating a power plant per unit of electricity generated — Zanskar plans to deliver electricity under $45 per megawatt-hour by the end of this decade. For context, the Biden administration set that same cost target for next-generation geothermal systems such as those being pursued by startups like Fervo Energy and Eavor — but projected it wouldn’t be reached 2035.
At this price point, conventional geothermal would be cheaper than natural gas, too. The LCOE for a new combined-cycle natural gas plant in the U.S. typically ranges from $48 to $107 per megawatt-hour.
That opens up a world of possibilities, Hoiland said, with the startup’s’s most optimistic estimates showing that conventional geothermal could potentially supply all future increases in electricity demand. “But really what we’re trying to meet is that firm, carbon-free baseload requirement, which by some estimates needs to be 10% to 30% of the total mix,” Hoiland said. “We have high confidence the resource can meet all of that.”
On New Jersey’s rate freeze, ‘global water bankruptcy,’ and Japan’s nuclear restarts
Current conditions: A major winter storm stretching across a dozen states, from Texas to Delaware, and could hit by midweek • The edge of the Sahara Desert in North Africa is experiencing sandstorms kicked up by colder air heading southward • The Philippines is bracing for a tropical cyclone heading toward northern Luzon.
Mikie Sherrill wasted no time in fulfilling the key pledge that animated her campaign for governor of New Jersey. At her inauguration Tuesday, the Democrat signed a series of executive orders aimed at constraining electricity bills and expanding energy production in the state. One order authorized state utility regulators to freeze rate hikes. Another directed the New Jersey Board of Public Utilities “to open solicitations for new solar and storage power generation, to modernize gas and nuclear generation so we can lower utility costs over the long term.” Now, as Heatmap’s Matthew Zeitlin put it, “all that’s left is the follow-through,” which could prove “trickier than it sounds” due to “strict deadlines to claim tax credits for renewable energy development looming.”
Last month, the environmental news site Public Domain broke a big story: Karen Budd-Falen, the No. 3 official at the Department of the Interior, has extensive financial ties to the controversial Thacker Pass lithium mine in northern Nevada that the Trump administration is pushing to fast track. Now The New York Times is reporting that House Democrats are urging the Interior Department’s inspector general to open an investigation into the multimillion-dollar relationship Budd-Falen’s husband has with the mine’s developer. Frank Falen, her husband, sold water from a family ranch in northern Nevada to the subsidiary of Lithium Americas for $3.5 million in 2019, but the bulk of the money from the sale depended on permit approval for the project. Budd-Falen did not reveal the financial arrangement on any of her four financial disclosures submitted to the federal government when she worked for the Interior Department during President Donald Trump’s first term from 2018 to 2021.
House Republicans, meanwhile, are planning to vote this week to undo Biden-era restrictions on mining near more than a million acres of Minnesota wilderness. “Mining is huge in Minnesota. And all mining helps the school trust fund in Minnesota as well. So it benefits all schools in the state,” Representative Pete Stauber, a Minnesota Republican and the chair of the Natural Resources Subcommittee on Energy and Mineral Resources, said of the rule-killing bill he sponsored. While the vote is expected to draw blowback from environmentalists, E&E News noted that it could also agitate proceduralists who oppose the GOP’s continued “use of the rule-busting Congressional Review Act for actions that have not been traditionally seen as rules.” Still, the move is likely to fuel the dealmaking boom for critical minerals. As Heatmap’s Katie Brigham wrote in September, “everybody wants to invest” in startups promising to mine and refine the metals over which China has a near monopoly.
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A new United Nations report declares that the world has entered an era of “global water bankruptcy,” putting billions of people at risk. In an interview with The Guardian, Kaveh Madani, the report’s lead author, said that while not every basin and country is directly at risk, trade and migration are set to face calamity from water shortages. Upward of 75% of people live in countries classified as water insecure or critically water insecure, and 2 billion people live on land that is sinking as groundwater aquifers collapse. “This report tells an uncomfortable truth: Many critical water systems are already bankrupt,” Madani said. “It’s extremely urgent [because] no one knows exactly when the whole system would collapse.”

The Democratic Republic of the Congo has given the U.S. government a vetted list of mining and processing projects open to American investment. The shortlist, which Mining.com said was delivered to U.S. officials last week, includes manganese, gold, and cassiterite licenses; a copper-cobalt project and a germanium-processing venture; four gold permits; a lithium license; and mines producing cobalt, gold, and tungsten. The potential deals are an outgrowth of the peace agreement Trump brokered between the DRC and Rwanda-backed rebels, and could offer Washington a foothold in a mineral-rich country whose resources China has long dominated. But establishing an American presence in an unstable African country is a risky investment. As I reported for Heatmap back in October, the Denver-based Energy Fuels’ $2 billion mining project in Madagascar was suddenly thrown into chaos when the island nation’s protests resulted in a coup, though the company has said recently it’s still moving forward.
The Tokyo Electric Power Company is delaying the restart of the Kashiwazaki Kariwa nuclear power station in western Japan after an alarm malfunction. The alarm system for the control rods that keep the fission reaction in check failed to sound during a test operation on Tuesday, Tepco said. The world’s largest nuclear plant had been scheduled to restart one of its seven reactors on Tuesday. Fuel loading for the reactor, known as Unit 6, was completed in June. It’s unclear when the restart will now take place.
The delay marks a setback for Prime Minister Sanae Takaichi, who has made restarting the reactors idled after the 2011 Fukushima disaster and expanding the nuclear industry a top priority, as I told you in October. But as I wrote last month in an exclusive about Japan’s would-be national small modular reactor champion, the country has a number of potential avenues to regain its nuclear prowess beyond just reviving its existing fleet.
As a fourth-generation New Yorker, I’m qualified to say something controversial: I love, and often even prefer, Montreal-style bagels. They’re smaller, more efficient, and don’t deliver the same carbohydrate bomb to my gut. Now the best-known Montreal-style bagel place in the five boroughs has found a way to use the energy needed to make their hand-rolled, wood-fired bagels more efficiently, too. Black Seed Bagels’ catering kitchen in northern Brooklyn is now part of a battery pilot program run by David Energy, a New York-based retail energy provider. The startup supplied suitcase-sized batteries for free last August, allowing Black Seed to disconnect from ConEdison’s grid during hours when electricity rates are particularly high. “We’re in the game of nickels and dimes,” Noah Bernamoff, Black Seed’s co-owner, told Canary Media. “So we’re always happy to save the money.” Wise words.
Rob talks through Rhodium Groups’s latest emissions report with climate and energy director Ben King.
America’s estimated greenhouse gas emissions rose by 2.4% last year — which is a big deal since they had been steady or falling in 2023 and 2024. More ominously, U.S. emissions grew faster than our gross domestic product last year, suggesting that the economy got less efficient from a climate pollution perspective.
Is this Trump’s fault? The AI boom’s? Or was it a weird fluke? In this week’s Shift Key episode, Rob talks to Ben King, a climate and energy director at the Rhodium Group, about why U.S. emissions grew and what it says about the underlying structure of the American economy. They talk about the power grid, the natural gas system, and whether industry is going to overtake other emissions drivers as once thought.
Shift Key is hosted by Robinson Meyer, the founding executive editor of Heatmap, and Jesse Jenkins, a professor of energy systems engineering at Princeton University. Jesse is off this week.
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Here is an excerpt from our conversation:
Robinson Meyer: At the same time there’s been rising total electrification of the vehicle fleet, there’s also been rising hybrid and plug-in hybrid sales. Do we have a sense of how that breakdown is happening, in terms of reduced carbon intensity of the transportation sector and the light duty fleet?
Ben King: It’s a good question. We haven’t disaggregated the … When I say electric vehicles, I’m talking broadly about both full battery electric, and then plug-in hybrids. And then, I think we say this in paper, but I think there was pretty robust growth for gasoline hybrids as which, you know, relative to just a pure gas car, is better from an emissions perspective.
Meyer: Well, it’s funny because if you care about decarbonization and getting to net zero as soon as possible, you could have to poo poo hybrids. But if you’re actually involved in the game to just keep as much emissions out of the sky as possible, and you’re looking to net those 2% declines every year, hybrids are pretty important because they are basically a drop-in replacement to gasoline car use that burns less gasoline.
King: The other interesting thing that gasoline hybrids does for the sector is it finds interesting unanticipated uses for all this battery manufacturing capacity that we’ve built in the U.S., or that we stand to build. Our forecast for pure EVs — so battery electrics, plug-in hybrids — looks a little worse in the out years because of the tax credits going away, because of the EPA tailpipe regulations going away at the same time that the anticipated demand pull from those policies, plus the advanced manufacturing tax credit — the 45X tax credit — has really been wildly successful in standing up a battery manufacturing industry here in the U.S.
If you want that capacity to be around, one thing that you could do with those batteries is put them into hybrids, right? You might have to retool the line a little bit to accommodate different sizes and stuff, build the expertise, build the workforce, etc., such that when the floodgates open again for electric vehicle adoption, for instance, we’ve got substantial battery manufacturing capacity here domestically.
Mentioned:
Rhodium Group: Preliminary US Greenhouse Gas Emissions Estimates for 2025
Rob on Rhodium’s 2023 emissions report
And here’s Rhodium’s 2024 emissions report
This episode of Shift Key is sponsored by …
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Music for Shift Key is by Adam Kromelow.