You’re out of free articles.
Log in
To continue reading, log in to your account.
Create a Free Account
To unlock more free articles, please create a free account.
Sign In or Create an Account.
By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
Welcome to Heatmap
Thank you for registering with Heatmap. Climate change is one of the greatest challenges of our lives, a force reshaping our economy, our politics, and our culture. We hope to be your trusted, friendly, and insightful guide to that transformation. Please enjoy your free articles. You can check your profile here .
subscribe to get Unlimited access
Offer for a Heatmap News Unlimited Access subscription; please note that your subscription will renew automatically unless you cancel prior to renewal. Cancellation takes effect at the end of your current billing period. We will let you know in advance of any price changes. Taxes may apply. Offer terms are subject to change.
Subscribe to get unlimited Access
Hey, you are out of free articles but you are only a few clicks away from full access. Subscribe below and take advantage of our introductory offer.
subscribe to get Unlimited access
Offer for a Heatmap News Unlimited Access subscription; please note that your subscription will renew automatically unless you cancel prior to renewal. Cancellation takes effect at the end of your current billing period. We will let you know in advance of any price changes. Taxes may apply. Offer terms are subject to change.
Create Your Account
Please Enter Your Password
Forgot your password?
Please enter the email address you use for your account so we can send you a link to reset your password:
The CEO’s $1 billion share buy changes nothing — except in the eyes of his shareholders.

Elon Musk’s signature talent, the thing that made him the world’s richest man, has long been his ability to make Tesla’s stock price soar. It’s a superpower that manifests through a combination of financial lever-pulling and promises of world-changing innovations to come. For this reason, it leads to glaring disconnects such as Tesla having become the world’s most valuable automaker despite selling only a 10th as many vehicles as a true manufacturing superpower like Toyota.
By that yardstick, this week’s news might be his biggest achievement yet.
On Monday, headlines declared that Tesla has turned itself around. Its share price has rebounded after taking a nosedive early this year. In this case, the bullish stock market performance is divorced not only from the reality of the company’s electric car sales, but also from, well, everything else that’s happened lately.
Remember the protests? Remember the celebrities performatively selling their Teslas? The “I bought this before Elon went crazy” bumper stickers? With Musk having abandoned his dalliance with the Trump administration, other crises have taken over the spotlight. Even so, the echo of discontent is visible. Protests dogged the opening of the new Tesla Diner charging station here in Los Angeles, and plenty of Teslas in my neighborhood still have the apology stuck to their bumpers.
Most crucially for Tesla, the anger did real damage to its bottom line. The brand’s sales around the world fell dramatically as public disgust with Musk rose and EV shoppers ran toward a growing number of competitors, especially those from China. But even in the U.S., where cheap Chinese EVs are not an option, Tesla’s dominance has shrunk. In August 2025, the company’s share of the U.S. EV market fell to 38%. That was Tesla’s lowest figure since 2017, before the Model 3 or Model Y rolled off assembly lines. It was enough to inspire another round of speculation over whether the company might be better off freeing itself from the PR albatross that is Elon Musk.
Yet once again, the performance of Tesla’s stock would suggest that none of this had ever happened, or at least that it didn’t matter. Tesla offered Musk a trillion-dollar pay package — so absurd that even the pope felt compelled to condemn it. Musk then turned around and bought a billion dollars of Tesla stock to signal his self-confidence, which in turn propelled Tesla’s share price back up again and wiped out the losses from earlier this year.
The “why” of this financial madness is the same refrain that’s been playing for the past two years, ever since Musk rolled out the disastrous Cybertruck rather than building Tesla’s volume EV business. The man cares about robotics, AI, and autonomy — and decidedly not about building cars — and has convinced shareholders that his pivot in this direction will reap untold rewards. Once again, it’s possible that he’s right.
I am, admittedly, a cynic about Tesla and self-driving, for reasons personal and general. My Model 3 encounters the occasional worrisome blip with its relatively simpler Autopilot system, for instance on the part of Interstate 5 near Disneyland where it suddenly decides it’s on the 45 mile-per-hour access road rather than the freeway and hits the brakes.
This error alone is enough that I wouldn’t entrust my family’s safety to Tesla Full Self-Driving, to say nothing of Musk’s lifelong habit of overstating the abilities of his tech. But I know plenty of people who are already allowing versions of FSD to chauffeur them. Conversations with industry sources often settle on the inevitability of autonomy, if for no other reason than they worry about younger folks who can’t be bothered with learning to drive. Maybe Tesla will win the race to sell them self-driving electric cars. (Or, as a Bloomberg op-ed says, maybe the big buy is just window dressing, though a more apt metaphor might have been lipstick on a pig.)
Either way, it’s not great news for the here and now, the EV market of the present that Musk loves to neglect. South Korean competitors Hyundai and Kia — which are both building cool EVs for today that humans drive and trying to do much of their manufacturing in the United States — are nonetheless getting hammered by Trump tariffs and ICE raids. The federal tax credit set to expire at the end of this month is a particularly hard hit for forthcoming vehicles such as the new Chevy Bolt and Nissan Leaf, which could have reached compellingly cheap prices had the government not killed the incentive and slapped tariffs in its place.
Will Tesla, which has long teased an affordable EV, at least redouble its efforts to sell more cars? If anything can motivate Musk to refocus on Tesla rather than trolling on X, it’s money. To date, the company has sold a little more than 7 million vehicles; 20 million Tesla cars sold is one of the many strings attached to Musk actually earning the entire “trillion-dollar” deal.
Another condition is that he aid the company in its search for his successor, a sign that those who’ve always wanted to see a Tesla without Musk might get their wish sooner rather than later.
Log in
To continue reading, log in to your account.
Create a Free Account
To unlock more free articles, please create a free account.
Chicago-based Clean Core is set to announce a pilot deal to manufacture thorium-based fuel.
Thorium bulls are rare. Of all the competing visions for what kind of technology should dominate a global nuclear renaissance, thorium-fueled reactors have remained avant garde even as other once-experimental concepts such as high-temperature gas-cooled reactors and molten salt reactors found their champions.
But unlike its proponents, thorium itself is not rare. In fact, it’s as much as four times more abundant than uranium, the fuel used in every one of the 415 commercial reactors in operation worldwide today.
Back in the 1960s, when the rapid growth of the world’s fleet of atomic power stations spurred fears that uranium would run out, scientists in the U.S., Germany, and India began experimenting with thorium reactors. Then the post-war electricity demand surge spurred by next-generation electric appliances and booming factories eventually plateaued, curbing the need for more reactors — just as the meltdowns at Three Mile Island and Chernobyl reduced public support for the industry. Following a brief resurgence in the early 2000s, thorium fever mostly subsided. That is, until this past fall, when China made a major breakthrough in developing a thorium-fueled molten salt reactor.
India, meanwhile, stayed set on transitioning to a thorium-fueled fleet, which, given its large deposits of the metal and virtually nonexistent reserves of uranium, would give the subcontinent greater energy independence.
Now an American startup — which last year became one of the first U.S. companies granted permission to export nuclear materials to India — is taking a major step toward helping India realize its 72-year-old thorium dream. On Thursday, Chicago-based Clean Core Thorium Energy plans to announce a pilot manufacturing deal with the Canadian National Laboratories, Heatmap has learned.
“This is the biggest advance toward commercializing thorium in recent history,” Milan Shah, Clean Core’s chief operating officer, told me.
Thorium is “fertile” but not “fissile,” meaning it cannot sustain a chain reaction on its own, which creates an obvious challenge. But when exposed to neutron radiation, the material converts into fissile uranium-233. Rather than build a new type of reactor designed to run on thorium, as the Chinese government is now doing, Clean Core blends thorium fuel with a small amount of high-assay, low-enriched uranium, or HALEU, the type of fuel many next-generation reactor companies aim to use, which kicks off the reaction.
The proprietary fuel assemblies Clean Core manufactures are made to be used in the reactors that make up the bulk of the Indian and Canadian nuclear fleets without any upgrades or changes needed to go from enriched uranium to this new material. While the company waits for the units — they’re expected to be ready to go sometime around the second quarter of next year — it has begun talks with utilities in Canada, Romania, South Korea, and India about taking one of the assemblies for a test run.
Combined, Canada and India operate more than three quarters of the world’s pressurized heavy water reactors. Heavy water absorbs far fewer neutrons than the light water used in most reactors, resulting in a better “neutron economy” that allows the chain reaction to continue using lower concentrations of fissile uranium. That’s a big part of the reason why Canada chose the technology for its pioneering CANDU reactor, one of the world’s first widely built PHWRs, as the reactors are known. Using heavy water as a coolant makes it possible to burn up raw, natural uranium instead of the enriched fuel most reactors use, allowing Canada to divorce its CANDU fleet from the mid-century industrial complex pumping out atomic weapons.
The International Atomic Energy Agency’s data shows 46 PHWRs operating in the world today: 19 in India, 17 in Canada, three each in Argentina and South Korea, and two each in China and Romania.
“We’re looking at Canada, Romania, South Korea, and India — in that order,” Mehul Shah, Clean Core’s founder and chief executive (and Milan’s father), told me. That ranking, he said, is according to the perceived priorities of the U.S. government. Canada is a natural place to test Clean Core’s material because it’s right over the border; the Canadian Nuclear Safety Commission works closely with the Nuclear Regulatory Commission; and much of the world’s PHWR fleet is based on Canuck technology.
At a moment when HALEU is rare, the Canadian government is providing the material to Clean Core for its debut fuel bundles. But the U.S. has made Romania a high priority for nuclear exports, facilitating several high-profile deals with American vendors such as Westinghouse and GE Vernova Hitachi Nuclear Energy and offering federal financial support.
While Canada has some of the world’s richest reserves of uranium, India’s push for thorium means that it is likely the biggest near-term market for Clean Core. The elder Shah’s connections have helped win strong support. Anil Kakodkar, the former chairman of India’s Atomic Energy Commission, was his mentor. The country’s regulators have already embraced Clean Core’s technology.
Demonstrating that the fuel bundles work effectively and safely in a full-scale reactor is “the last step to commercialization,” Mehul Shah said.
If successful, Clean Core’s effort could have geopolitical ramifications for an industry that — by dint of its unique global regulations, and the fact that it’s dominated by the adversarial superpowers such as Russia, China, and the U.S. — is always subject to the travails of foreign affairs.
For one thing, the company’s technology represents one of, if not the most serious gamble in the democratic world on the future of thorium after China’s experimental reactor successfully converted thorium into fuel in a reaction. The Swiss startup Transmutex has promised to build a thorium reactor, but hasn’t announced anything significant in the past year. A rival developer, Copenhagen Atomics, has pledged to build its own thorium reactor, but has — aside from a modest European Union award — has announced little progress in the past year and is based in a country that still bans nuclear energy and only started officially reconsidering atomic power this year. Thor Energy, an early-stage Norwegian venture, has said it plans to follow Clean Core’s path in devising a thorium-based fuel for existing reactors. But the company’s website shows it hasn’t issued a press release since 2018, and a government commission in Norway just advised against pursuing atomic energy in the hydropower-rich Nordic nation.
For another, Clean Core could chart a path for other American companies into India. For years, India was effectively closed off to foreign nuclear companies due to a law that was written to avoid a scenario like the 1984 Bhopal disaster, where an accident at the Union Carbide plant killed thousands while the American corporation largely avoided liability. With that much liability on the vendors, however, the only overseas nuclear vendor willing to roll the dice was Russia’s state-owned Rosatom. But in December, as I wrote over in the Heatmap AM newsletter at the time, India passed legislation to reform the liability law and open the market for American, European, and Asian reactor developers.
If Clean Core can make India’s thorium ambitions a reality, American reactor exporters may have a new reason to start taking the fuel seriously again.
The administration reinstated previously awarded grants worth up to $1.2 billion total.
The Department of Energy is allowing the Direct Air Capture hub program created by the Biden administration to move forward, according to a list the department submitted to Congress on Wednesday.
The program awarded up to $1.2 billion to two projects — Occidental Petroleum’s South Texas DAC Hub, and Climeworks and Heirloom’s joint Project Cypress in Louisiana — both of which appeared on a list of nearly 2,000 grants that have passed the agency’s previously announced review of Biden-era awards.
This fate was far from certain. The DAC Hubs program originally awarded 21 projects, most of them smaller in scale or earlier in development than the Louisiana and Texas hubs. The DOE terminated 10 of those awards last October. A few days after the news of the cancellations broke, the Louisiana and Texas hubs both appeared on a leaked list of additional projects slated for termination. The companies never received termination letters, however, and now the DOE has notified the developers that the projects will be allowed to proceed.
A spokesperson for Battelle, the lead project developer for Project Cypress, told me the company has been “advised that the DOE project team with oversight of Project Cypress will be contacting us soon to begin the process of moving the project forward.”
Wright has signaled that many of the projects that made it through the review process had to be modified, but it is unclear which ones or how the DAC hubs will be affected. Neither Battelle nor the other companies responded to questions about whether their plans have changed.
The award amount is also up in the air. Originally, each project was awarded about $50 million for early development, with the opportunity to receive up to $600 million each. The spreadsheet of retained projects lists each of the DAC hubs at $50 million, but that may just be the amount that has been obligated so far. The DOE’s budget request for 2027 suggests it could be planning to pay out the full amount: The agency wants to rescind $2.3 billion from the $3.5 billion DAC Hubs program, which, if approved, would still leave $1.2 billion, the amount earmarked for the Project Cypress and South Texas hubs.
In an email, Climeworks spokesperson Tristan Lebleu told me the company “looks forward to engaging with the Department of Energy and our partners on next steps to advance our project in Louisiana."
Vikram Aiyer, the head of policy for Heirloom, said the project has strong support from local leaders, including Louisiana's Congressional Delegation and Governor Jeff Landry. He said the startup looks forward to working with the DOE on “unlocking the appropriated and obligated monies to create high-quality jobs, strengthen domestic supply chains, and pair industrial growth with advanced carbon management and utilization.”
A spokesperson from Occidental declined to comment, advising me to contact the DOE. The DOE has not responded to a request for comment.
While the companies are painting this as positive news, they must now contend with a new challenge: raising private investment for these projects in a very different environment than when the projects were first proposed. Carbon removal purchases are down and investors are not as keen on the industry as they once were.
“This is a step in the right direction but what’s important now is that these projects get built,” Giana Amador, the executive director of the Carbon Removal Alliance, wrote on LinkedIn. “That means steel in the ground, agreements honored, and clarity so our companies can do what they do best: build.”
The Senate approved a House resolution using the Congressional Review Act to allow a mining operation near Minnesota’s Boundary Waters wilderness area.
In a 50-49 vote on Thursday, the Senate approved opening a national forest just outside the Boundary Waters Canoe Wilderness Area in Minnesota to a copper-nickel mining operation, a move that environmentalists and conservationists say will pollute the downstream watershed and set a precedent for future rollbacks on protected public lands.
The upper chamber’s decision follows a near-party-line House vote in January and months of subsequent protests, op-eds, and pleas to senators to preserve the wilderness expanse and recreation area. The level of mobilization has been reminiscent of the early days of the second Trump administration, when public outrage erupted against the efficiency department’s gutting of the beloved National Park Service. This time, the focus was on House Joint Resolution 140, which had made its way onto a Senate calendar already crowded with debates over funding for the Department of Homeland Security and the limits of war powers.
The Boundary Waters is America’s most heavily visited wilderness area, supporting an estimated $16 billion recreation-based economy in the region. Minnesota’s Democratic Senator Tina Smith, who held the floor on Wednesday night in protest of revoking the protections, said that a poll by her office found that 70% of residents in the state believe preventing pollution from the mine should be a top priority for their elected officials.
Democratic presidents had managed to stave off the copper-nickel mining operation on the Boundary Waters’ doorstep for almost 20 years by way of a mineral withdrawal. Then, this winter, the House utilized the Congressional Review Act to reopen consideration of the withdrawal. With Thursday’s vote, Senate Republicans handed a victory to the Chilean mining company Antofagasta and its subsidiary, Twin Metals Minnesota, which has a plethora of connections to Trump administration officials. President Trump is expected to sign the bill. (Twin Metals did not respond to a request for comment.)
Because of the use of the CRA, though, it wasn’t just the fate of the Boundary Waters watershed that was decided swiftly — and perhaps permanently — on Thursday, just days before the 60-day clock would have expired. The vote is “the tip of the spear in terms of setting a precedent,” Ingrid Lyons, the executive director of Save the Boundary Waters, had told me prior to the Senate’s vote.
Justin Meuse, the government relations director at The Wilderness Society, was even more direct when I spoke to him last month. “I can’t stress enough how much it’s freaking us out,” he said.
The Congressional Review Act was originally a bipartisan bill passed in 1996 as a mechanism for the legislative branch to oversee agency rulemaking. The law requires that federal agencies submit final rules to Congress and, in doing so, triggers a 60-day window for the House and Senate to pass a joint resolution of disapproval of those rules via a simple majority. If the president signs the resolution, then the agency’s rule is void, and the agency is further barred from issuing a “substantially similar” rule in the future.
“It wasn’t used for a long time, and people thought it was dead,” Susan Dudley, the former director of the George Washington University Regulatory Studies Center, told me of the CRA. “Then people, including me, said, ‘Okay, the only time we’ll be seeing it used is during transitions, so an incoming president of a different party or with different policy preferences can undo last-minute regulations of the prior president” — so-called midnight regulations such as a Clinton-era Occupational Safety and Health Administration rule that would have established ergonomic protections for workers, and that Congress and President George W. Bush blocked in early 2001.
Opponents had taken to calling the CRA “secretive,” “archaic,” and “obscure.” Then, during the first Trump administration, Republicans passed 15 joint resolutions of disapproval to void late-term Obama rules that would have established fair pay, mandated recordkeeping on workplace injuries, and environmental protections, among other lefty goals. The Biden White House also used the mechanism against three Trump-issued rules — including one that loosened methane emission limits —and paced its own rulemaking with the ticking CRA clock in mind.
Under Trump 2.0, Republicans have stretched the CRA’s deregulatory powers. In defiance of the Senate Parliamentarian last year, conservative members of Congress used the CRA to overturn a waiver that allowed California to preempt the Clean Air Act by setting its own stricter-than-federal emissions standards for cars and trucks. Opponents were outraged. A “waiver” is a state- and site-specific authorization, they argued, distinct from agency “rules” as defined by the CRA.
Most alarming to conservationists, though, is the fact that Republicans are now using the CRA to attack public land protections in myriad ways. Congress has already used the act to target resource management plans, which are the Bureau of Land Management’s guidelines for allowable land use ranging from oil and gas leases to renewable energy rights-of-way. Last summer, the Government Accountability Office determined that an RMP banning coal leases across millions of acres of eastern Montana counted as a “rule,” a determination that Dudley told me was in keeping with the original intent of the CRA, which defined “rule” expansively. But it also created a loophole that allows Republicans to submit any RMPs enacted since the CRA became law in 1996 for consideration by the GAO. Each time they do so, it resets the 60-day clock to submit a resolution of disapproval, even if the resource management plan was established decades ago.
“We literally have hundreds of land use plans that have been finalized over the last 30 years,” John Ruple, a research professor of law at the University of Utah’s Wallace Stegner Center for Land Resources and the Environment, told me. “The fact that none of those were submitted to Congress — even though Congress had these GAO opinions in front of them that said, ‘Yeah, technically, these are probably rules,’ they never objected. I think that should tell us something: RMPs were meant to be treated differently.”
In the case of the Boundary Waters, the CRA voids a 20-year-old withdrawal of watershed lands from mineral leasing, which the BLM finalized in 2023 but only submitted to Congress earlier this year.
Though many of the conservationists I spoke to argued that a mineral withdrawal doesn’t qualify under the CRA to begin with because it’s not federal rulemaking, Todd F. Gaziano — who served as the chief counsel of the subcommittee on regulatory affairs during its passage in 1996, and was the primary staffer who drafted the final version of the legislation — disagreed. He told me that CRA was always intended to have a broad mandate in order to prevent circumvention by agencies — say, by issuing “guidance” rather than a formal “rule.” As Gaziano put it to me, “If people outside government care about it, and it’s an agency statement that’s going to have a future effect, that sounds like a rule covered by the Congressional Review Act.”
Ruple stressed to me that focusing on what is or is not a rule misses the greater point. Whether it’s legal or not, using the CRA to undo land management plans is a “really bad idea,” he said. “It’s really dangerous, it’s really destabilizing, and it injects tremendous uncertainty into the land management process.”
A major concern is that, because of the CRA’s provision barring a federal agency from issuing a “substantially similar” rule in the future, a resolution of disapproval effectively salts the earth behind it. “It’s a sledgehammer rather than a tool to tweak a regulation that Congress might think should be better,” is how Dudley, the former Regulatory Studies Center director, put it to me. That’s also Ruple’s point — there are many other avenues Congress can pursue if it disagrees with an agency, from sending letters to calling in staff to testify, before the nuclear option of the CRA.
Nevertheless, there are fears about what Republicans in Congress will target next — the party appears poised to test the CRA against a national monument. Republican Representative Celeste Malloy and Republican Senator Mike Lee, both of Utah, introduced a joint resolution to undo the Grand Staircase-Escalante National Monument Management Plan under the CRA after getting the GAO’s go-ahead this winter. “It’s a really big escalation to go from knocking off land‑management plans versus tackling a national monument,” Steve Bloch, the legal director of the Southern Utah Wilderness Alliance, told me earlier this year. “There are lots of monument management plans in the country that would be at risk if this one falls.”
There will likely be a regrouping in the aftermath of Thursday’s defeat on Boundary Waters to reconsider how to protect public lands. Jim Pattiz, a co-founder of the website and public lands newsletter More Than Just Parks, told me ahead of the vote that he expected a lawsuit to follow in short order if the vote didn’t go conservationists’ way. “Hopefully they can get an injunction, they can get a class action, and at least put a hold on this, and it can play out in courts,” he said.
But Ruple seemed to believe the crisis is even more existential — not just a case of micromanaging, but a sign of how far the legislative branch has drifted from its intended purpose in the name of party politics. “Congress can’t even pass a budget. Do we really expect them to delve into the minutiae of hundreds of land management plans?” he said.
Gaziano had a different take: “Congress may not want responsibility,” he argued, “but it’s got it.”
As the Boundary Waters vote makes clear, though, even tremendous outcry isn’t enough to sway this Congress from its attack on public lands. “I don’t want to speculate, but I’m not sure what type of action they’re going to go after next because it keeps getting more and more granular,” Meuse, of The Wilderness Society, said. “It really does seem like, as long as there is a willing majority in both chambers, there isn’t an end in sight.”