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On uranium challenges, Cadillac’s EV dreams, and a firefighter’s firestorm

Current conditions: Atlantic hurricane season enters its peak window and a zone west of Africa is under close monitoring for high risk tropical storm development this week • A polar air mass came down from Canada and dropped temperatures 15 degrees below historical averages in the Great Plains and the Northeastern U.S. • Croatia braces for floods as up to 11 inches of rain falls on the Balkans.
Add the Department of Transportation to the list of federal agencies waging what Heatmap’s Jael Holzman called “Trump’s total war on wind.” The Transportation Department said Friday it was eliminating or withdrawing $679 million in federal funding for 12 projects across the country designed to buttress development of offshore turbines. The funding included $427 million awarded last year for upgrading a marine terminal in Humboldt County, California, meant to be used for building and launching floating wind turbines. The list also included a $48 million offshore wind port on Staten Island, $39 million for a port near Norfolk, Virginia, and $20 million for a staging terminal in Paulsboro, New Jersey. “Wasteful, wind projects are using resources that could otherwise go towards revitalizing America’s maritime industry,” Secretary of Transportation Sean Duffy said in a statement. “Joe Biden and Pete Buttigieg bent over backwards to use transportation dollars for their Green New Scam agenda while ignoring the dire needs of our shipbuilding industry.”
It’s just the Trump administration’s latest attack on wind. The Department of the Interior has led the charge, launching a witch hunt against any policies perceived to favor wind power, de-designating millions of acres of federal waters for offshore wind development, and kicking off an investigation into bird deaths near turbines. Last month, the Department of Commerce joined the effort, teeing up future tariffs with its own probe into whether imported turbines pose a national security threat to the U.S. In response, the Democratic governors of New York, Massachusetts, Connecticut, Rhode Island, and New Jersey on Monday issued a statement calling on the administration “to uphold all offshore wind permits already granted and allow these projects to be constructed.”

In what the New York Times called a “sharp escalation” of its legal strategy to fend off liability for pollution, Exxon Mobil has countersued California, accusing the state’s landmark litigation over plastic waste of defaming the oil giant. At a court hearing last month, Exxon attorney Michael P. Cash described the lawsuit California Attorney General Rob Bonta and a cadre of environmental groups first filed last year as “an attack” aimed at the oil company’s home state of Texas and said the issue should be litigated there. As Times reporter Karen Zraick noted, Cash illustrated his point by displaying “a graphic showing a missile aimed at Texas from California” and by comparing Bonta and his nonprofit allies to “The Sopranos.”
Backed by a parallel lawsuit filed by the Sierra Club, Baykeeper, Heal the Bay, and the Surfrider Foundation, Bonta sued Exxon in state court on the grounds that the company had deceived Californians by “promising that recycling could and would solve the ever-growing plastic waste crisis,” alleging that the pollution had created a public nuisance and sought damages worth “multiple billions of dollars.” The lawsuit mirrors past litigation over planet-heating emissions, but targets the petrochemical division that has been one of the fastest-growing for Exxon and other oil giants. The courtroom drama came right as international negotiations in Geneva over a global treaty to curb plastic pollution failed after the United States joined Russia and other petrostates to block measures supported by more than 100 other nations that would have curbed production.
In North America, nuclear fuel may soon become harder to come by. Canadian uranium giant Cameco has warned that delays in ramping up production at its McArthur River mine in Saskatchewan could shrink its forecast output for the year. The move came just a week after one of the world’s other major suppliers of uranium, Kazakhstan’s state-owned miner Kazatomprom, announced plans to slash its production by 10% next year.
The pullback is happening right as the U.S. nuclear industry’s dealmaking boom is taking off. Now that Trump’s tax law assured that support for atomic energy would continue, Adam Stein from the Breakthrough Institute told Heatmap’s Katie Brigham that more reactor plans are coming. “We might have seen more deals earlier this year if there wasn’t uncertainty about what was going to happen with tax credits. But now that that’s resolved, I expect to hear more later this year,” he told Katie. That includes Europe. Despite similarly lethargic construction of reactors over the last three decades, France and Germany have finally united around the need for more atomic energy to power the continent’s energy transition. A pact signed at last week’s Franco-German summit “appears to herald rapprochement on reactors,” the trade publication NucNet surmised.
Once a stodgy gas-guzzling automaker, Cadillac refashioned itself as a luxury electric vehicle maker in recent years, rising alongside Chevrolet to put General Motors in the No. 2 slot behind Tesla. Roughly 70% of buyers who purchased the electric versions of the Cadillac Optiq or Lyriq switched from other luxury brands, including 10% who previously owned Tesla. That number could rise with Tesla’s brand loyalty nosediving, as this newsletter previously reported. “We’re in a position of great momentum,” John Roth, the global vice president of Cadillac, told The New York Times. “We offer more electric S.U.V.s than any luxury manufacturer, all with more than 300 miles of driving range.” But as Times reporter Lawrence Ulrich wrote, “that moment will soon be tested” as the electric car industry reels from the repeal of tax credits in President Trump’s One Big Beautiful Bill.
The challenges ahead are best illustrated through the Escalade, Cadillac’s iconic luxury SUV. The company sold just 3,800 electric Escalade IQs in the first six months of the year. While that’s a strong showing for a three-row SUV starting around $130,000, the V-8 engine gas-powered Escalade starts at about $87,000, and sold about 24,000 vehicles – roughly six times as many as the electric version.
Lawyers in Oregon are demanding the release of a firefighter arrested last week by Border Patrol while fighting a wildfire in Washington state. The man, whose name hasn’t been released, was among two firefighters cuffed in the Olympic National Forest as they fought to contain the Bear Gulch Fire that had burned about 14 square miles as of Friday and forced evacuations. The arrests sparked a political firestorm over what critics saw as a jarring example of the warped priorities of the Trump administration’s immigration crackdown. That’s particularly so in the case of this firefighter, who attorneys said had received his U-Visa certification from the U.S. Attorney’s Office in Oregon in 2017 and had submitted his U.S. Citizenship and Immigration Services application the following year.
When the AP asked the Bureau of Land Management why its contracts with two firefighting companies were terminated and 42 firefighters were escorted away from Washington’s largest wildfire, the agency declined to comment. The decisions came as the American West is essentially a tinderbox. As Heatmap’s Jeva Lange reported, Washington and Oregon are both at high risk of a megafire igniting this fall.
Turns out mammoths weren’t just in the icy tundra. Scientists in Mexico discovered mammoth bones, shedding light on a once-obscure population of extinct tropical elephantids that ranged as far south as Costa Rica. In a paper published this week in Science, National Autonomous University of Mexico paleogenomicist Federico Sánchez Quinto documented the previously unknown lineage of the Santa Lucía mammoths, which he said split from northern Columbian mammoths hundreds of thousands of years ago. “If you had told me 5 years ago that I would be collecting these samples, I would have said, ‘You’re crazy,’” he said. “This paper really is an exciting beginning of something.”
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Current conditions: The Pacific has officially entered El Niño, and the warmer-than-average weather pattern is expected to be stronger than usual • Heavy rains are deluging China’s Hunan and Guangxi provinces • While Puerto Ricans living in New York just threw the diaspora’s annual parade, thousands of Boricuas living on the island are enduring days of water shortages so severe the U.S. territory’s governor activated the National Guard.
In a pair of Sunday evening posts on Truth Social, President Donald Trump said a “great deal” with Iran to end the conflict and reopen the Strait of Hormuz without any tolls was “now complete.” As part of the truce, Trump said he would “authorize the immediate removal of the United States Naval blockade” at the mouth of the Persian Gulf. The waterway through which up to a quarter of the global seaborne oil trade travels will remain closed until the deal is signed on Friday, Trump said, “for purposes of mine removal,” meaning Iran will collect the explosives its military planted around the strait to prevent vessels from passing. “Ships of the World, start your engines,” Trump wrote. “Let the oil flow!”
My colleague Emily Pontecorvo had a big scoop on Friday: The Trump administration is no longer defending the president’s moratorium on permitting wind projects. The Department of Justice filed a motion last week to dismiss its appeal of a federal court’s December decision vacating the order to halt wind energy approvals. Ending the White House’s all-of-government assault on wind and solar projects has been a key demand from Democrats seeking compromise for a permitting reform package. Experts say the procedural move in this case is a bullish sign for the various bills before Congress now. “The door to federal permitting is now unlocked again and each developer will be able to make the case for permitting their individual project based on the facts and the law,” Kit Kennedy, the managing director for power, climate, and energy at the Natural Resources Defense Council, told Emily.
The thaw in the permitting freeze comes as the SunZia Wind Project, the largest wind farm in the United States, is preparing to begin commercial operations in the coming days. The development in New Mexico, which has a total net summer generating capacity of 3,650 megawatts, is made up of 916 turbines.

Trump wants to temporarily suspend the federal tax on gasoline to ease surging fuel prices caused by the war with Iran. His proposal would waive the tax of $0.184 per gallon, but doing so requires an act of Congress. According to a new analysis from the Budget Lab at Yale University shared exclusively with Heatmap, lifting the levy would pay Americans back about $37 of the roughly $250 in higher gasoline costs paid over the course of three months. While richer households would spend a smaller share of total income on fuel, they would accrue more per-dollar benefits than lower-income Americans. Likewise, the gas tax holiday would afford more rewards to heavy drivers.
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It started out as a British nonprofit devoted to documenting, standardizing, and tracking how much carbon dioxide various partner organizations produce. Dubbed the Carbon Disclosure Project, the group, founded in 2000, had emerged as one of the central authorities on an issue increasingly baked into financial reporting rules. Now known only by its acronym, CDP said last week it would split its organization in two, segmenting a charitable, science-focused nonprofit called the CDP Foundation from a new commercial entity designed to deliver environmental data and disclosure services for a fee. The London private equity giant Permira will back the for-profit CDP’s launch. “For 25 years, CDP has been at the forefront of environmental disclosure, transforming it from the sidelines to the centre of decision-making,” the organization said in a statement. “To meet the scale and speed of today’s environmental challenges and market expectations, CDP is sharpening its focus, enabling stronger science-led disclosure and greater investment in technology to simplify the disclosure experience and deliver more decision-useful insights.”
Tennessee Senator Marsha Blackburn, a key GOP tech policy reform voice in the Senate running for governor in her home state, just came out against a data center next to Nashville Zoo. “Tennessee should be thoughtful and considerate when deciding where data centers are located. The proposed site near the Nashville Zoo is neither,” she wrote in a post on X. “Let’s revisit this placement.” It’s yet another sign that the backlash against data centers is, as Heatmap’s Jael Holzman wrote, splintering the right.
The geothermal industry is gearing up for a next-generation boom. Until Fervo Energy’s big stock market debut last month, the big publicly-traded player in the business was Ormat Technologies, a conventional geothermal giant that both builds power stations and manufactures the parts needed for plants. Now, at the industry’s big trade show in Calgary this week, Ormat is unveiling a 100-megawatt power generation system designed for unconventional wells like those Fervo or Ormat’s partner Sage Geosystems are drilling. It’s a sign, Think GeoEnergy reported, that Ormat is seeking “to accelerate the commercial deployment of next-generation geothermal projects.”
Welcoming the world’s first clean energy trillionaire.
SpaceX is now a public company. The rocket and satellite maker’s shares began trading this morning, surging 19% from their initial price of $135 to more than $160 at the market close. With the sale, Elon Musk became the world’s first trillionaire; his wealth has roughly tripled since President Donald Trump won re-election in 2024.
I’ll let other observers judge the IPO’s success, the firm’s long-term prospects, and the meaning of a world where we now have trillionaires. So I will make a few other points:
I remain agog at Musk’s ability to raise enormous amounts of cash from public equity markets to do hardware and manufacturing development. To some degree, the idea of a venture-backed firm doing hardware engineering — or what some now call “deep tech” — is Musk’s most impressive creation. The SpaceX IPO raised $75 billion today. That money will now go in part to scaling and commercializing rockets, factory equipment, and allegedly, at some point in the future, orbiting data centers.
Let’s not forget how crucial the U.S. government is to Musk’s story. In the world of climate, energy and manufacturing, we wail about financing’s “missing middle,” the elusive type of investment that can help scale and deploy early-stage technologies by bridging the gap between expensive venture capital and cheap bank lending. But this is at least partially a solved problem. SpaceX and Tesla survived the valley of death with government help: The Energy Department’s Loan Programs Office (which the Trump administration has dubbed the Office of Energy Dominance Financing) extended a $465 million loan to Tesla to build its Fremont, California, factory in 2010; NASA’s 2008 commercial resupply contract gave SpaceX guaranteed offtake for its Falcon rocket. Neither firm would likely have survived without those key injections of financial certainty.
To some degree, Musk has already made his mark on the American economy by creating a new culture of manufacturing engineering. I cannot recommend enough my colleagues Matthew Zeitlin and Emily Pontecorvo’s report on the new cadre of climate tech founders who came up at SpaceX and Tesla. As it happens, I spent Wednesday touring a clean energy factory founded by a Tesla alumnus, and I was struck by how many signs of Musk’s bottlenecks-focused management approach were visible, even at a company seemingly run more humanely than Musk’s famously “hardcore” firms.
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To that point, Emily and Matt asked a number of clean tech executives who worked for SpaceX or Tesla what they learned from the experience. Their responses are fascinating; you can read them in full here. These comments from Justin Lopas, the COO of Base Power, stuck out — he was asked the “one thing” he learned from working for Musk:
You can get way more done in a day and can move way faster than you think. This does not mean necessarily more hours (although solving any hard problem requires that too), but instead being thoughtful about sequencing work, not accepting delays from suppliers or external counterparties without solid rationale, parallel pathing, accelerating critical learnings to early in the project, etc
To step back, one irony of Elon Musk’s situation — at least to me — is that relatively few American politicians are eager to talk about what has actually driven his wealth. I’m not just talking about his firms’ reliance on public financing, although that counts too. I mean Tesla itself. Although Musk now describes that business as a “robotics company,” it is and remains an electric vehicle and battery manufacturer. (It recently began high-volume production of the Tesla Semi, a potentially game-changing long-haul electric truck.) After today, Musk’s Tesla stake makes up less than half of his wealth, but, still, he would not be a trillionaire without EVs, solar panels, and batteries.
But that is not a particularly convenient fact. That Musk is a clean energy trillionaire remains unpalatable to Republicans, who would prefer to cast EVs as an inferior substitute made to satisfy government mandates. And Musk’s antisemitism, far-right politics, and gleeful destruction of the U.S. Agency for International Development — not to mention Tesla’s violation of labor law — have obviously destroyed his reputation among Democrats.
Yet his elevation to a 13-digit net worth nonetheless marks a new era in American capitalism. The richest Americans in history have almost always been oilmen: John D. Rockefeller became the country’s first billionaire by creating the Standard Oil trust; when he died in 1937, his net worth of $1.4 billion represented 1% to 2% of the country’s gross domestic product. In the 1960s, J. Paul Getty became the country’s richest person by negotiating Saudi and Kuwaiti oil concessions. Yet Musk became a billionaire not by harnessing commodities, but through his mastery of software, hardware, and clean energy.
Musk’s fortune now exceeds 3% of U.S. GDP. He is the richest American in history, judged as a share of national production. And it was electricity, lithium, and modern factory production — and, if you wish, the kerosene and methane that fuel SpaceX’s rockets — that got him there. As the science fiction writer William Gibson almost said, the future is already here; it’s just not evenly distributed in your retirement portfolio yet.
Many thanks for reading, and have a wonderful weekend.
Plus SAF, another SPAC, and more of the week’s biggest money moves.
With SpaceX’s historic IPO dominating headlines this week, Heatmap turned its attention to the impact Elon Musk’s protégés have had on the climate tech landscape. Right after we published the story, an underwater geothermal startup founded and staffed by SpaceX alumni announced a sizable Series A, with its founder telling TechCrunch that his “experience at a very hardcore company like SpaceX” helped shape his approach to this new endeavor.
In other news, one of the biggest players in the sustainable aviation space, Twelve, opened its first commercial fuels plant and is preparing to begin supplying low-carbon jet fuel to Alaska Airlines later this month. Meanwhile, the battery sector saw two SPAC announcements: In a bid for survival, Factorial Energy officially went public this week through a SPAC merger, while ZincFive announced plans to do the same later this year. And finally there was some positive news for Germany’s heat pump market, as the startup Galvany raised fresh funding to simplify the end-to-end process of buying, installing, and operating a heat pump.
Drawing from an increasingly familiar playbook for Musk alumni, Endurance Energy founder and former SpaceX engineer Andrew Redd applied the lessons he learned from the rocket company’s notoriously “hardcore” culture and rapid pace of development to something completely different. Now that he’s pivoted away from rocket tech, Redd wants to harness geothermal energy from underwater volcanic activity, and his startup just raised a $54 million Series A to make it happen While a growing crop of geothermal startups including Fervo and Zanskar are focused on tapping into the heat beneath our feet, no other company in the sector has sought to develop the resource beneath the ocean floor.
There are good reasons for that, of course. Offshore infrastructure is notoriously difficult and expensive to build, maintain, and repair, and saltwater is corrosive. But if Endurance can crack the code, Redd told TechCrunch he thinks the company could unlock about 6 terawatts of geothermal energy in the coming decade.
Investors seem to be convinced: Peter Thiel’s Founders Fund led the startup’s latest funding roundSeries A, its second capital raise since launching less than two years ago. Other backers include First Round Capital, Felicis Ventures, and Voyager Ventures. EnduranceThe startup is initially targeting remote islands, where electricity costs are often far higher than on the mainland. It’s already launched an initial pilot off the coast of Tonga, which still gets about 80% of its electricity from imported diesel.
Twelve, one of the best capitalized sustainable aviation fuel startups, opened its first e-fuel facility in Washington State this week. The demo plant has officially started production, and the company’s strategic partner and investor, Alaska Airlines, expects to begin using it on commercial flights as soon as this month. The plant’s launch comes roughly two years later than originally planned, a delay that’s hardly unusual for first-of-a-kind industrial projects like this. Last September, Twelve raised $645 million to complete buildout of the facility, as well as to jumpstart development of future plants, which it says will be orders of magnitude larger.
The company’s process begins with renewable-powered electrolysis. Using a proprietary catalyst, Twelve’s electrolyzer splits apart CO2 captured from a nearby ethanol plant at a lower temperature than conventional approaches, making it better suited to running on renewable energy. The company combines the resulting carbon monoxide with hydrogen to create a syngas, which gets refined into sustainable jet fuel. Airlines can blend the resulting product with conventional jet fuel (the Federal Aviation Administration allows a maximum 50% blend) to create a drop-in replacement that requires no engine modifications.
To cover the cost premium of SAF, Twelve and Alaska partnered with Microsoft. The tech giant is buying SAF certificates — essentially carbon credits — from the project to help offset Scope 3 emissions associated with employee travel. “We are seeing strong demand from the corporate offtake side, not only for employee travel, but also for freight and logistics,” Twelve’s CEO, Nicholas Flanders, told me. “Everything from pharmaceuticals to data centers use a lot of air travel.” There are also some policy tailwinds — the European Union now has a sustainable fuels mandate that requires the use of synthetic e-fuels like Twelve’s beginning in 2030.
The plant also comes online at a moment of heightened volatility in the jet fuel market. As my colleague Alexander C. Kaufman noted in Wednesday’s morning newsletter, the closure of the Strait of Hormuz has led to soaring fuel prices, prompting domestic refiners to ramp production to record highs. By contrast, Flanders argues that SAF offers customers greater price certainty via long-term offtake agreements. “You can fix the cost of our key inputs like electricity and CO2 and so that actually makes it a more attractive project from a project financing perspective,” he explained.
SPACs are back. But this week, it’s not just another pre-revenue nuclear company that’s looking to get to market as quickly as possible. Solid-state battery startup Factorial Energy, which has yet to develop a commercial product, has merged with the blank check company Cartesian Growth Corporation III, netting it $100 billion at a $1.3 billion valuation.
The company was upfront about needing the SPAC to stay afloat after racking up losses since its founding in 2013. Factorial’s SEC filing states that prior to this new capital, “its liquidity wasn’t sufficient to fund twelve months of operations.” Yet it does have real traction in the industry — Mercedes-Benz, Stellantis, Hyundai, and Kia have all made strategic investments, looking to use Factorial’s tech in their electric vehicles to achieve higher energy density, longer range, and faster charging.
Solid state batteries typically use a solid electrolyte in place of the flammable liquid electrolytes found in conventional lithium-ion cells, but Factorial is starting with more of a hybrid approach. Its initial design relies on a “quasi-solid” gel-like electrolyte, which allows it to use an energy dense lithium metal anode while preventing the needle-like dendrite growth that predisposes solid-state batteries to short circuit. Factorial is manufacturing these cells at a pilot plant in Massachusetts, while working on a prototype with a fully solid electrolyte that could offer even greater performance gains.
Factorial isn’t the only battery company with SPAC news this week. ZincFive, a nickel-zinc battery producer, also announced plans to go public via SPAC in a deal expected to close in the second half of this year. Unlike Factorial, however, ZincFive is already making money, selling its batteries to hyperscalers and other data center operators as a backup power solution to bridge the gap in between when the power goes out and when the backup generator turns on. As the company’s CEO Tod Higinbotham told Bloomberg, “We have the backlog. We have the capacity. We have the demand. We really need capital.”
Navigating the maze of consumer clean energy incentives and coordinating home energy upgrades is hardly a U.S.-specific challenge. Just a few years ago, heat pump sales in Germany were falling precipitously despite generous subsidies and proven tech. One startup, Galvany, theorized the problem wasn’t the heat pumps themselves, but rather the unnecessary complexity of the surrounding ecosystem. Now it’s raised roughly $11.5 million to help streamline the process of getting heat pumps into consumers’ homes and apartments.
“In Germany, heat pumps do not fail because of the technology, but because of the gap between subsidy bureaucracy, installation capacity, and economic viability for the end customer,” the company’s CEO, Raik Belka, said in a press release. This is exactly the gap we are closing.” The approach is already paying off — Galvany has installed more than 2,500 heat pumps to date and became profitable last year after increasing its revenue sevenfold.
The startup produces its heat pump in partnership with Panasonic, but its real innovation lies in the way it streamlines sales, procurement, installation, and ongoing heat pump operations into a single platform. Potential customers enter their building data online and, after a feasibility check, get a quick quote that factors in subsidies. They can then purchase a standardized kit that’s simple for installers to assemble. Once operational, the heat pump’s energy management system, which launches this summer, will automatically adjust heating loads based on the cost of electricity, saving customers money without them having to actively manage the system.