Sign In or Create an Account.

By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy

Electric Vehicles

Will the DOE’s New $7 Billion Battery Loan Survive Trump?

On Stellantis and Samsung’s factories, a new Jaguar EV, and innovative climate finance

Will the DOE’s New $7 Billion Battery Loan Survive Trump?
Heatmap Illustration/Getty Images

Current conditions: Japan’s warmest autumn ever recorded has delayed the country’s vibrant foliage season • The east coast of Australia is bracing for a “rain bomb” • A Canadian storm system is bringing a blast of Arctic air to the Midwest and Northeast today through Thursday.

THE TOP FIVE

1. DOE to loan Stellantis and Samsung $7 billion for EV battery factories

The Biden administration yesterday approved a $7 billion conditional loan for the joint venture between Stellantis and Samsung SDI – called StarPlus Energy – to help the companies build two EV battery plants in Kokomo, Indiana. The Department of Energy estimates the projects will create 3,200 construction jobs and 2,800 operations jobs, and the finished plants will produce 67 GWh of batteries, “enough to supply approximately 670,000 vehicles annually.” The loan isn’t finalized yet, and its fate hangs in the balance as President-elect Trump’s administration may not see it through. Though as The New York Times noted, “both projects are in congressional districts represented by Republicans,” and “some of them may be unwilling to get in the way of projects that bring thousands of jobs and billions of dollars to their districts.” Just two days ago, Stellantis CEO Carlos Tavares resigned, and the company has been posting sluggish U.S. sales figures. Last week the DOE announced another conditional loan for EVs: $6.6 billion for Rivian to build its Georgia manufacturing plant.

2. Jaguar shows off electric Type 00

Jaguar has unveiled the first concept car of the company’s new all-electric era. The much-anticipated electric Type 00 (which apparently is pronounced “zero zero”) is a two-door coupe that comes in two colors: Miami pink and London blue. It will get up to 430 miles of range and charge 200 miles in 15 minutes. It will go on sale sometime in 2026 and cost at least $127,000. In its announcement, Jaguar called the car “an unmistakable, unexpected, and dramatic physical manifestation of Jaguar, as the brand continues its transformation.” The company has committed to going fully electric by 2025, and recently launched a rebrand complete with a new logo and a flashy but kind of weird ad campaign that hasn’t been entirely well received.

Jaguar

3. Barbados completes first ‘debt for climate resilience’ swap

Barbados completed a “debt for climate resilience” swap that will free up about $125 million and enable the Caribbean island to invest in water and sewage infrastructure. So-called debt for nature swaps involve a country reducing or cancelling its debts by agreeing to preserve biodiversity or nature preservation. This is apparently the first case of a country using such a transaction to build climate resilience, and others are likely to follow Barbados’ lead. “In the face of the climate crisis, this groundbreaking transaction serves as a model for vulnerable states, delivering rapid adaptation benefits for Barbados,” said Prime Minister Mia Mottley. The government will have to meet sustainability performance targets as part of the deal.

4. Report finds airlines are falling short on SAF

The aviation industry is relying on “sustainable” aviation fuel – or SAF – to help it lower its carbon footprint. But a new report finds airlines aren’t using enough of the stuff to make any meaningful difference. The report, from Brussels-based advocacy group Transport and Environment, ranks 77 major global airlines and airline groups on their use of and commitment to SAF using a points scale of 0 to 100 and found that none of them scored above 61 points, “highlighting how much progress airlines still need to make.” Most airlines failed to get above 24 points. SAF makes up about 1% of global aviation fuel use, Reuters reported. It is more expensive than fossil fuel-based kerosene and there isn’t much of it to go around. The report points to a lack of investment in SAF from oil producers. Below is a graph showing oil giants’ estimated 2023 fuel production. You can just about see the SAF if you squint.

Transport and Environment

5. Judge rejects Musk’s pay package – again

Tesla reportedly told Cybertruck workers at its factory in Austin, Texas, not to come to work today, tomorrow, or Thursday. “Given that it is a critical time for Tesla deliveries, particularly of its flagship model, the timing is suspect,” said Jameson Dow at Electrek, suggesting a sales slowdown. The company also lowered its Cybertruck leasing pricing, which might also indicate a demand slump for the electric pickup. Meanwhile, a Delaware judge yesterday rejected CEO Elon Musk’s $56 billion pay package for a second time, even after shareholders voted to reinstate it. Judge Kathaleen McCormick said the attempts to get the package approved were “creative” but “go against multiple strains of settled law.” If Tesla appeals, the case could go to the Delaware Supreme Court.

THE KICKER

About 12,000 public EV charging ports came online in the U.S. over the last three months, bringing the total in the national charging network to more than 200,000. That’s double the number recorded in 2020.

Yellow

You’re out of free articles.

Subscribe today to experience Heatmap’s expert analysis 
of climate change, clean energy, and sustainability.
To continue reading
Create a free account or sign in to unlock more free articles.
or
Please enter an email address
By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
Politics

Trump’s Tiny Car Dream Has Big Problems

Adorable as they are, Japanese kei cars don’t really fit into American driving culture.

Donald Trump holding a tiny car.
Heatmap Illustration/Getty Images

It’s easy to feel jaded about America’s car culture when you travel abroad. Visit other countries and you’re likely to see a variety of cool, quirky, and affordable vehicles that aren’t sold in the United States, where bloated and expensive trucks and SUVs dominate.

Even President Trump is not immune from this feeling. He recently visited Japan and, like a study abroad student having a globalist epiphany, seems to have become obsessed with the country’s “kei” cars, the itty-bitty city autos that fill up the congested streets of Tokyo and other urban centers. Upon returning to America, Trump blasted out a social media message that led with, “I have just approved TINY CARS to be built in America,” and continued, “START BUILDING THEM NOW!!!”

Keep reading...Show less
AM Briefing

Nuclear Strategy

On MAHA vs. EPA, Congo’s cobalt curbs, and Chinese-French nuclear

Nuclear power.
Heatmap Illustration/Getty Images

Current conditions: In the Pacific Northwest, parts of the Olympics and Cascades are set for two feet of rain over the next two weeks • Australian firefighters are battling blazes in Victoria, New South Wales, and Tasmania • Temperatures plunged below freezing in New York City.


THE TOP FIVE

1. New defense spending bill makes nuclear power a ‘strategic technology’

The U.S. military is taking on a new role in the Trump administration’s investment strategy, with the Pentagon setting off a wave of quasi-nationalization deals that have seen the Department of Defense taking equity stakes in critical mineral projects. Now the military’s in-house lender, the Office of Strategic Capital, is making nuclear power a “strategic technology.” That’s according to the latest draft, published Sunday, of the National Defense Authorization Act making its way through Congress. The bill also gives the lender new authorities to charge and collect fees, hire specialized help, and insulate its loan agreements from legal challenges. The newly beefed up office could give the Trump administration a new tool for adding to its growing list of investments, as I previously wrote here.

Keep reading...Show less
Green
Bruce Westerman, the Capitol, a data center, and power lines.
Heatmap Illustration/Getty Images

After many months of will-they-won’t-they, it seems that the dream (or nightmare, to some) of getting a permitting reform bill through Congress is squarely back on the table.

“Permitting reform” has become a catch-all term for various ways of taking a machete to the thicket of bureaucracy bogging down infrastructure projects. Comprehensive permitting reform has been tried before but never quite succeeded. Now, a bipartisan group of lawmakers in the House are taking another stab at it with the SPEED Act, which passed the House Natural Resources Committee the week before Thanksgiving. The bill attempts to untangle just one portion of the permitting process — the National Environmental Policy Act, or NEPA.

Keep reading...Show less
Blue