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He’s right about one thing: There is indeed a thing called weather.

Long before Donald Trump ever became a politician, he was a climate change denier. “I’m in Los Angeles and it’s freezing,” he tweeted back in 2013. “Global warming is a total, and very expensive, hoax!”
On the 2024 campaign trail, Trump has continued to claim that cold weather is proof that the planet isn’t warming — and that if it is, the consequences won’t be that bad. If only he were correct.
Here’s our fact-check of everything Trump has said about climate and weather since he left office in 2021.
“I want absolutely immaculate clean water and I want absolutely clean air — and we had it. We had H2O, we had the best numbers ever. And we were using all forms of energy, all forms of everything. And yet, during my four years, I had the best environmental numbers ever. My top environmental people gave me that statistic just before I walked on the stage.” [June 27, 2024]
Fact check: Trump likes to claim that he is “the number one” environmentalist president, but it’s hard to conceive of any metric where that could be true.
Historically, Trump has cited as evidence a book written by a longtime Trump Organization staffer that called him “An Environmental Hero,” as well as the fact that “I did the best environmental impact statements.” But Trump’s Project 2025 roadmap for a second term details targeting the waiver that allows California to set more stringent emissions standards for new cars, reducing fuel economy requirements, and making it more difficult to keep big polluters in check.
Trump’s presidential record also speaks for itself: During his four years in office, he rolled back at least 100 environmental rules, including removing pollution controls on streams and wetlands and gutting Obama-era emissions standards. According to one estimate in the British medical journal The Lancet, Trump’s environmental policies resulted in 22,000 deaths in 2019 alone. He’s been described as the worst president for the environment in U.S. history.
During the presidential debate, Trump also referred to a “statistic” from his “top environmental people” that supposedly proved he had the “best environmental numbers ever.” He appeared to be referring to a message from his former Environmental Protection Agency administrator Andrew Wheeler that he posted to Truth Social before the debate, which claims that “CO2 emissions went down” during the Trump administration. This, in turn, appears to be an old talking point of Wheeler’s from 2019 about the Affordable Clean Energy rule, which he claimed would lead to a 34% reduction in CO2 emissions from 2005 in 2030. While that number is nearly correct, most of those reductions would have occurred anyway, without ACE. More accurate calculations for ACE can be found here.
“It’s not certainly great for your clime. Your clime. They call it ‘climate.’” [Jan. 20, 2024]
Fact check: Trump’s mumbling about “clime” at a New Hampshire rally resulted in speculation about his mental well-being — as well as a late-night bit by Stephen Colbert. While it’s unclear exactly what Trump was going on about, we can get a few things straight:
And just for good measure, “weather” differs from “climate” or “clime” in that it refers to short-term meteorological events in a specific place. So while the weather on a given day, week, or month can be unseasonably cold, the overall climate can still be warming.
“You know they don’t call it global warming so much now, they call it climate change because it wasn’t working … Global warming wasn’t working when it was cooling. So now they call it climate change, that takes care of everything.” [Dec. 5, 2023]
Fact check: The term “climate change” was initially popularized by Republicans. In a 2002 memo, Republican pollster Frank Luntz urged President George W. Bush to drop the phrase “global warming” in favor of “climate change” since the former sounds more “frightening” and “has catastrophic communications attached to it,” while “climate change sounds a more controllable and less emotional challenge.”
That said, scientists generally prefer the term “climate change” for pretty much exactly the reason Trump highlighted here — because it encompasses phenomena caused by the increase in CO2 in our atmosphere that don’t manifest as warming, like ocean acidification. For the record: Global warming doesn’t mean that the weather will never get cold, just that it will get less cold on average, over time. In fact, research shows that the cold parts of the globe are warming much, much faster than the rest.
“You can’t miss with climate change. Anything can happen because of climate change. ‘It’s raining like hell!’ Climate change!” [July 13, 2022]
“Most of the country has plenty of water. Rain from heaven. It comes right from heaven. Beautiful rain, you don't know what to do.” [Aug. 17, 2023]
Fact check: That’s … true, actually. “When the atmosphere warms, that means it can hold more water,” Matthew Rodell, the deputy director of Earth sciences for hydrosphere, biosphere, and geophysics at NASA, who has made an extensive study of extreme drought and deluges, told me. That means there will be both more droughts and more rainfall, even though the two phenomena might appear at a glance to contradict each other.
“On the drought side of things, when the air is warmer, more water can evaporate — can be pulled out of the land and out of the plants, into the air, and then transported away,” Rodell explained. “So you have, basically, more water being net removed from an area.” But water in the air has to return to Earth, eventually, in the form of more — and often extreme — rainfall.
Shouldn’t those two extremes effectively balance each other out? As Rodell put it to me, “Floods and droughts are both catastrophes.” During a drought, crops die and wells go dry. And while extreme rainfall might refill an aquifer, “if it’s at the point of being extreme and there’s a flood, that’s not good, either.” Think about Libya, where extended heavy rains in the summer of 2023 broke through dams and inundated towns, killing 4,300 people, displacing an estimated 44,800 more, and causing over $60 million in damage.
One last thing to mention here: While our ability to determine the precise contribution of climate change to individual extreme weather events is improving rapidly, that is, in some ways, beside the point. Rodell explained that “in terms of the frequency, and looking at all these events together and how they’ve changed over time, we’re seeing that they’re increasing in number and severity in correlation with global warming. That doesn’t mean you can say any particular event is 100% by global warming, but, I mean — statistically, it’s extremely unlikely that this is just a coincidence.”
“In my opinion, you have a thing called weather ...” [March 21, 2022]
Fact check: True!
“... It goes up, and it goes down.” [March 21, 2022]
Fact check: While it’s true that the climate has always changed, it hasn’t always changed like this. The rapid rise in both atmospheric carbon dioxide and observed average surface temperature since the Industrial Revolution can only be credited to humans, and specifically to the burning of fossil fuels, which release CO2, a heat-trapping gas. There is now near-universal scientific consensus that the warming we’re witnessing has been caused by human activity.
“The most popular climate myths are the ones that are simple and easy to say,” as John Cook, a senior research fellow at Melbourne University’s School of Psychological Sciences who’s made a specialty of combatting climate disinformation, told me. “It’s the single-cause fallacy, thinking that only one thing can cause natural causes. But you can have other things like human activity that also drive climate change,” Cook added.
Start digging into this kind of logic and it quickly falls apart. For example, Trump’s argument is that the climate has changed naturally in the past; therefore, it must be changing naturally now, as well. But, Cook told me, the same logic could also be used to argue, People have died of cancer in the past; therefore, cigarettes don’t cause cancer now.
“The oceans are gonna rise 1/100th of an inch within the next 300 years. It’s gonna kill everybody. It’s going to create more oceanfront property, that’s what it’s going to do.” [March 12, 2022]
“They said the other day, I heard somebody, that the oceans are going to rise 1/8th of an inch over the next 300 years. We have bigger problems than that. We’ll have a little more beachfront property; that’s not the worst thing in the world.” [July 9, 2022]
Fact check: For starters, Trump’s numbers are orders of magnitude off the mark. The oceans are on track to rise 3.5 feet to 7 feet along America’s coastlines by 2100 — well ahead of Trump’s schedule — according to an independent assessment conducted by federal scientific agencies. Even if global carbon emissions had peaked in 2020 (which we know they did not) and declined relatively rapidly thereafter, the oceans would still probably rise more than 3 feet worldwide by 2300 compared to their 2000 levels, researchers have found, because so much heat is already trapped in the climate system.
According to the latest scientific report from the United Nations Intergovernmental Panel on Climate Change, “sea level rise greater than 15 meters,” or 49 feet, by the year 2300 “cannot be ruled out” in a high-emissions scenario.
While unlikely, 49 feet of sea-level rise would be catastrophic. Large swaths of lower Manhattan, Brooklyn, and Queens would be completely submerged, with waves lapping at the walls of Yankee Stadium and Citi Field. The southern half of Florida would vanish (bye-bye, Mar-a-Lago!). Countries like the Netherlands and Bangladesh would, literally, disappear from the map.
As for that supposedly new oceanfront property Trump is so excited about, scientists expect some 650,000 beachfront properties to flood due to sea level rise in the United States by 2050 — not to mention that globally, some 230 million people live within 3 feet of current high-tide lines.
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With policy chaos and disappearing subsidies in the U.S., suddenly the continent is looking like a great place to build.
Europe has long outpaced the U.S. in setting ambitious climate targets. Since the late 2000s, EU member states have enacted both a continent-wide carbon pricing scheme as well as legally binding renewable energy goals — measures that have grown increasingly ambitious over time and now extend across most sectors of the economy.
So of course domestic climate tech companies facing funding and regulatory struggles are now looking to the EU to deploy some of their first projects. “This is about money,” Po Bronson, a managing director at the deep tech venture firm SOSV told me. “This is about lifelines. It’s about where you can build.” Last year, Bronson launched a new Ireland-based fund to support advanced biomanufacturing and decarbonization startups open to co-locating in the country as they scale into the European market. Thus far, the fund has invested in companies working to make emissions-free fertilizers, sustainable aviation fuel, and biofuel for heavy industry.
It’s still rare to launch a fund abroad, and yet a growing number of U.S. companies and investors are turning to Europe to pilot new technology and validate their concepts before scaling up in more capital-constrained domestic markets
Europe’s emissions trading scheme — and the comparably stable policy environment that makes investors confident it will last — gives emergent climate tech a greater chance at being cost competitive with fossil fuels. For Bronson, this made building a climate tech portfolio somewhere in Europe somewhat of a no-brainer. “In Europe, the regulations were essentially 10 years ahead of where we wanted the Americas and the Asias to be,” Bronson told me. “There were stricter regulations with faster deadlines. And they meant it.”
Of the choice to locate in Ireland, SOSV is in many ways following a model piloted by tech giants Google, Microsoft, Apple, and Meta, all of which established an early presence in the country as a gateway to the broader European market. Given Ireland’s English-speaking population, low corporate tax rate, business-friendly regulations, and easy direct flights to the continent, it’s a sensible choice — though as Bronson acknowledged, not a move that a company successfully fundraising in the U.S. would make.
It can certainly be tricky to manage projects and teams across oceans, and U.S. founders often struggle to find overseas talent with the level of technical expertise and startup experience they’re accustomed to at home. But for the many startups struggling with the fundraising grind, pivoting to Europe can offer a pathway for survival.
It doesn’t hurt that natural gas — the chief rival for many clean energy technologies — is quite a bit more expensive in Europe, especially since Russia’s invasion of Ukraine in 2022. “A lot of our commercial focus today is in Europe because the policy framework is there in Europe, and the underlying economics of energy are very different there,” Raffi Garabedian, CEO of Electric Hydrogen, told me. The company builds electrolyzers that produce green hydrogen, a clean fuel that can replace natural gas in applications ranging from heavy industry to long-haul transport.
But because gas is so cheap in the U.S., the economics of the once-hyped “hydrogen economy” have gotten challenging as policy incentives have disappeared. With natural gas in Texas hovering around $3 per thousand cubic feet, clean hydrogen just can’t compete. But “you go to Spain, where renewable power prices are comparable to what they are in Texas, and yet natural gas is eight bucks — because it’s LNG and imported by pipeline — it’s a very different context,” Garabedian explained.
Two years ago, the EU adopted REDIII — the third revision of its Renewable Energy Directive — which raises the bloc’s binding renewable share target to 42.5% by 2030 and broadens its scope to cover more sectors, including emissions from industrial processes and buildings. It also sets new rules for hydrogen, stipulating that by 2030, at least 42% of the hydrogen used for industrial processes such as steel or chemical production must be green — that is, produced using renewable electricity — increasing to 60% by 2035.
Member countries are now working to transpose these continent-wide regulations into national law, a process Garabedian expects to be finalized by the end of this year or early next. Then, he told me, companies will aim to scale up their projects to ensure that they’re operational by the 2030 deadline. Considering construction timelines, that “brings you to next year or the year after for when we’re going to see offtakes signed at much larger volumes,” Garabedian explained. Most European green hydrogen projects are aiming to help decarbonize petroleum, petrochemical, and biofuel refining, of all things, by replacing hydrogen produced via natural gas.
But that timeline is certainly not a given. Despite its many incentives, Europe has not been immune to the rash of global hydrogen project cancellations driven by high costs and lower than expected demand. As of now, while there are plenty of clean hydrogen projects in the works, only a very small percent have secured binding offtake agreements, and many experts disagree with Garabedian’s view that such agreements are either practical or imminent. Either way, the next few years will be highly determinative.
The thermal battery company Rondo Energy is also looking to the continent for early deployment opportunities, the startup’s Chief Innovation Officer John O’Donnell told me, though it started off close to home. Just a few weeks ago, Rondo turned on its first major system at an oil field in Central California, where it replaced a natural gas-powered boiler with a battery that charges from an off-grid solar array and discharges heat directly to the facility.
Much of the company’s current project pipeline, however, is in Europe, where it’s planning to install its batteries at a chemical plant in Germany, an industrial park in Denmark, and a brewery in Portugal. One reason these countries are attractive is that their utilities and regulators have made it easier for Rondo’s system to secure electricity at wholesale prices, thus allowing the company to take advantage of off-peak renewable energy rates to charge when energy is cheapest. U.S. regulations don’t readily allow for that.
“Every single project there, we’re delivering energy at a lower cost,” O’Donnell told me. He too cited the high price of natural gas in Europe as a key competitive advantage, pointing to the crippling effect energy prices have had on the German chemical industry in particular. “There’s a slow motion apocalypse because of energy supply that’s underway,” he said.
Europe has certainly proven to be a more welcoming and productive policy environment than the U.S., particularly since May, when the Trump administration cut billions of dollars in grants for industrial decarbonization projects — including two that were supposed to incorporate Rondo’s tech. One $75 million grant was for the beverage company Diageo, which planned to install heat batteries to decarbonize its operations in Illinois and Kentucky. Another $375 million grant was for the chemicals company Eastman, which wanted to use Rondo’s batteries at a plastics recycling plant in Texas.
While nobody knew exactly what programs the Trump administration would target, John Tough, co-founder at the software-focused venture firm Energize Capital, told me he’s long understood what a second Trump presidency would mean for the sector. Even before election night, Tough noticed U.S. climate investors clamming up, and was already working to raise a $430 million fund largely backed by European limited partners. So while 90% of the capital in the firm’s first fund came from the U.S., just 40% of the capital in this latest fund does.
“The European groups — the pension funds, sovereign wealth funds, the governments — the conviction they have is so high in climate solutions that our branding message just landed better there,” Tough told me. He estimates that about a quarter to a third of the firm’s portfolio companies are based in Europe, with many generating a significant portion of their revenue from the European market.
But that doesn’t mean it was easy for Energize to convince European LPs to throw their weight behind this latest fund. Since the American market often sets the tone for the global investment atmosphere, there was understandable concern among potential participants about the performance of all climate-focused companies, Tough explained.
Ultimately however, he convinced them that “the data we’re seeing on the ground is not consistent with the rhetoric that can come from the White House.” The strong performance of Energize’s investments, he said, reveals that utility and industrial customers are very much still looking to build a more decentralized, digitized, and clean grid. “The traction of our portfolio is actually the best it’s ever been, at the exact same time that the [U.S.-based] LPs stopped focusing on the space,” Tough told me.
But Europe can’t be a panacea for all of U.S. climate tech’s woes. As many of the experts I talked to noted, while Europe provides a strong environment for trialing new tech, it often lags when it comes to scale. To be globally competitive, the companies that are turning to Europe during this period of turmoil will eventually need to bring down their costs enough to thrive in markets that lack generous incentives and mandates.
But if Europe — with its infinitely more consistent and definitively more supportive policy landscape — can serve as a test bed for demonstrating both the viability of novel climate solutions and the potential to drive down their costs, then it’s certainly time to go all in. Because for many sectors — from green hydrogen to thermal batteries and sustainable transportation fuels — the U.S. has simply given up.
Current conditions: The Philippines is facing yet another deadly cyclone as Super Typhoon Fung-wong makes landfall just days after Typhoon Kalmaegi • Northern Great Lakes states are preparing for as much as six inches of snow • Heavy rainfall is triggering flash floods in Uganda.
The United Nations’ annual climate conference officially started in Belém, Brazil, just a few hours ago. The 30th Conference of the Parties to the UN Framework Convention on Climate Change comes days after the close of the Leaders Summit, which I reported on last week, and takes place against the backdrop of the United States’ withdrawal from the Paris Agreement and a general pullback of worldwide ambitions for decarbonization. It will be the first COP in years to take place without a significant American presence, although more than 100 U.S. officials — including the governor of Wisconsin and the mayor of Phoenix — are traveling to Brazil for the event. But the Trump administration opted against sending a high-level official delegation.
“Somehow the reduction in enthusiasm of the Global North is showing that the Global South is moving,” Corrêa do Lago told reporters in Belém, according to The Guardian. “It is not just this year, it has been moving for years, but it did not have the exposure that it has now.”

New York regulators approved an underwater gas pipeline, reversing past decisions and teeing up what could be the first big policy fight between Governor Kathy Hochul and New York City Mayor-elect Zohran Mamdani. The state Department of Environmental Conservation issued what New York Focus described as crucial water permits for the Northeast Supply Enhancement project, a line connecting New York’s outer borough gas network to the fracking fields of Pennsylvania. The agency had previously rejected the project three times. The regulators also announced that the even larger Constitution pipeline between New York and New England would not go ahead. “We need to govern in reality,” Hochul said in a statement. “We are facing war against clean energy from Washington Republicans, including our New York delegation, which is why we have adopted an all-of-the-above approach that includes a continued commitment to renewables and nuclear power to ensure grid reliability and affordability.”
Mamdani stayed mostly mum on climate and energy policy during the campaign, as Heatmap’s Robinson Meyer wrote, though he did propose putting solar panels on school roofs and came out against the pipeline. While Mamdani seems unlikely to back the pipeline Hochul and President Donald Trump have championed, during a mayoral debate he expressed support for the governor’s plan to build a new nuclear plant upstate.
Late last week, Pine Gate Renewables became the largest clean energy developer yet to declare bankruptcy since Trump and Congress overhauled federal policy to quickly phase out tax credits for wind and solar projects. In its Chapter 11 filings, the North Carolina-based company blamed provisions in Trump’s One Big Beautiful Bill Act that put strict limits on the use of equipment from “foreign entities of concern,” such as China. “During the [Inflation Reduction Act] days, pretty much anyone was willing to lend capital against anyone building projects,” Pol Lezcano, director of energy and renewables at the real estate services and investment firm CBRE, told the Financial Times. “That results in developer pipelines that may or may not be realistic.”
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The Southwest Power Pool’s board of directors approved an $8.6 billion slate of 50 transmission projects across the grid system’s 14 states. The improvements are set to help the grid meet what it expects to be doubled demand in the next 10 years. The investments are meant to harden the “backbone” of the grid, which the operator said “is at capacity and forecasted load growth will only exacerbate the existing strain,” Utility Dive reported. The grid operator also warned that “simply adding new generation will not resolve the challenges.”
Oil giant Shell and the industrial behemoth Mitsubishi agreed to provide up to $17 million to a startup that plans to build a pilot plant capable of pulling both carbon dioxide and water from the atmosphere. The funding would cover the direct air capture startup Avnos’ Project Cedar. The project could remove 3,000 metric tons of carbon from the atmosphere every year, along with 6,000 tons of clean freshwater. “What you’re seeing in Shell and Mitsubishi investing here is the opportunity to grow with us, to sort of come on this commercialization journey with us, to ultimately get to a place where we’re offering highly cost competitive CO2 removal credits in the market,” Will Kain, CEO of Avnos, told E&E News.
The private capital helps make up for some of the federal funding the Trump administration is expected to cut as part of broad slashes to climate-tech investments. But as Heatmap’s Emily Pontecorvo reported last month from north of the border, Canada is developing into a hot zone of DAC development.
The future of remote sensing will belong to China. At least, that’s what the research suggests. This broad category involves the use of technologies such as lasers, imagery, and hyperspectral imagery, and is key to everything from autonomous driving to climate monitoring. At least 47% of studies in peer-reviewed publications on remote sensing now originate in China, while just 9% come from the United States, according to the New York University paper. That research clout is turning into an economic advantage. China now accounts for the majority of remote sensing patents filed worldwide. “This represents one of the most significant shifts in global technological leadership in recent history,” Debra Laefer, a professor in the NYU Tandon Civil and Urban Engineering program and the lead author, said in a statement.
The company is betting its unique vanadium-free electrolyte will make it cost-competitive with lithium-ion.
In a year marked by the rise and fall of battery companies in the U.S., one Bay Area startup thinks it can break through with a twist on a well-established technology: flow batteries. Unlike lithium-ion cells, flow batteries store liquid electrolytes in external tanks. While the system is bulkier and traditionally costlier than lithium-ion, it also offers significantly longer cycle life, the ability for long-duration energy storage, and a virtually impeccable safety profile.
Now this startup, Quino Energy, says it’s developed an electrolyte chemistry that will allow it to compete with lithium-ion on cost while retaining all the typical benefits of flow batteries. While flow batteries have already achieved relatively widespread adoption in the Chinese market, Quino is looking to India for its initial deployments. Today, the company announced that it’s raised $10 million from the Hyderabad-based sustainable energy company Atri Energy Transitions to demonstrate and scale its tech in the country.
“Obviously some Trump administration policies have weakened the business case for renewables and therefore also storage,” Eugene Beh, Quino’s founder and CEO, told me when I asked what it was like to fundraise in this environment. “But it’s actually outside the U.S., where the appetite still remains very strong.”
The deployment of battery energy storage in India lags far behind the pace of renewables adoption, presenting both a challenge and an opportunity for the sector. “India does have an opportunity to leapfrog into a more flexible, resilient, and sustainable power system,” Shreyes Shende, a senior research associate at Johns Hopkins’ Net Zero Industrial Policy Lab, told me. The government appears eager to make it happen, setting ambitious targets and offering ample incentives for tech-neutral battery storage deployments, as it looks to lean into novel technologies.
“Indian policymakers have been trying to double down on the R&D and innovation landscape because they’re trying to figure out, how do you reduce dependence on these lithium ion batteries?” Shende said. China dominates the global lithium-ion market, and also has a fractious geopolitical relationship with India, So much like the U.S., India is eager to reduce its dependence on Chinese imports. “Anything that helps you move away from that would only be welcome as long as there’s cost compatibility,” he added
Beh told me that India also presents a natural market for Quino’s expansion, in large part because the key raw material for its proprietary electrolyte chemistry — a clothing dye derived from coal tar — is primarily produced in China and India. But with tariffs and other trade barriers, China poses a much more challenging environment to work in or sell from these days, making the Indian market a simpler choice.
Quino’s dye-based electrolyte is designed to be significantly cheaper than the industry standard, which relies on the element vanadium dissolved in an acidic solution. In vanadium flow batteries, the electrolyte alone can account for roughly 70% of the product’s total cost, Beh said. “We’re using exactly the same hardware as what the vanadium flow battery manufacturers are doing,” he told me minus the most expensive part. “Instead, we use our organic electrolyte in place of vanadium, which will be about one quarter of the cost.”
Like many other companies these days, Beh views data centers as a key market for Quino’s tech — not just because that’s where the money’s at, but also due to one of flow batteries’ core advantages: their extremely long cycle lives. While lithium-ion energy storage systems can only complete from 3,000 to 5,000 cycles before losing 20% or more of their capacity, with flow batteries, the number of cycles doesn’t correlate with longevity at all. That’s because their liquid-based chemistry allows them to charge and discharge without physically stressing the electrodes.
That’s a key advantage for AI data centers, which tend to have spiky usage patterns determined by the time of day and events that trigger surges in web traffic. Many baseload power sources can’t ramp quickly enough to meet spikes in demand, and gas peaker plants are expensive. That makes batteries a great option — especially those that can respond to fluctuations by cycling multiple times per day without degrading their performance.
The company hasn’t announced any partnerships with data center operators to date — though hyperscalers are certainly investing in the Indian market. First up will be getting the company’s demonstration plants online in both California and India. Quino already operates a 100-kilowatt-hour pilot facility near Buffalo, New York, and was awarded a $10 million grant from the California Energy Commission and a $5 million grant from the Department of Energy this year to deploy a larger, 5-megawatt-hour battery at a regional health care center in Southern California. Beh expects that to be operational by the end of 2027.
But its plans in India are both more ambitious and nearer-term. In partnership with Atri, the company plans to build a 150- to 200-megawatt-hour electrolyte production facility, which Beh says should come online next year. With less government funding in the mix, there’s simply less bureaucracy to navigate, he explained. Further streamlining the process is the fact that Atri owns the site where the plant will be built. “Obviously if you have a motivated site owner who’s also an investor in you, then things will go a lot faster,” Beh told me.
The goal for this facility is to enable production of a battery that’s cost-competitive with vanadium flow batteries. “That ought to enable us to enter into a virtuous cycle, where we make something cheaper than vanadium, people doing vanadium will switch to us, that drives more demand, and the cost goes down further,” Beh told me. Then, once the company scales to roughly a gigawatt-hour of annual production, he expects it will be able to offer batteries with a capital cost roughly 30% lower than lithium-ion energy storage systems.
If it achieves that target, in theory at least, the Indian market will be ready. A recent analysis estimates that the country will need 61 gigawatts of energy storage capacity by 2030 to support its goal of 500 gigawatts of clean power, rising to 97 gigawatts by 2032. “If battery prices don’t fall, I think the focus will be towards pumped hydro,” Shende told me. That’s where the vast majority of India’s energy storage comes from today. “But in case they do fall, I think battery storage will lead the way.”
The hope is that by the time Quino is producing at scale overseas, demand and investor interest will be strong enough to support a large domestic manufacturing plant as well. “In the U.S., it feels like a lot of investment attention just turned to AI,” Beh told me, explaining that investors are taking a “wait and see” approach to energy infrastructure such as Quino. But he doesn’t see that lasting. “I think this mega-trend of how we generate and use electricity is just not going away.”