clean energy

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Laser-initiated fusion leads the way to safe, affordable clean energy

The quest to make fusion power a reality recently took a massive step forward. The National Ignition Facility (NIF) at Lawrence Livermore National Laboratory announced the results of an experiment with an unprecedented high fusion yield. A single laser shot initiated reactions that released 1.3 megajoules of fusion yield energy with signatures of propagating nuclear burn.

Reaching this milestone indicates just how close fusion actually is to achieving power production. The latest results demonstrate the rapid pace of progress — especially as lasers are evolving at breathtaking speed.

Indeed, the laser is one of the most impactful technological inventions since the end of World War II. Finding widespread use in an incredibly diverse range of applications — including machining, precision surgery and consumer electronics — lasers are an essential part of everyday life. Few know, however, that lasers are also heralding an exciting and entirely new chapter in physics: enabling controlled nuclear fusion with positive energy gain.

After six decades of innovation, lasers are now assisting us in the urgent process of developing clean, dense and efficient fuels, which, in turn, are needed to help solve the world’s energy crisis through large-scale decarbonized energy production. The peak power attainable in a laser pulse has increased every decade by a factor of 1,000.

Physicists recently conducted a fusion experiment that produced 1,500 terawatts of power. For a short period of time, this generated four to five times more energy than what the whole world consumes at a given moment. In other words, we are already able to produce vast amounts of power. Now we also need to produce vast amounts of energy so as to offset the energy expended to drive the igniting lasers.

Beyond lasers, there are also considerable advances on the target side. The recent use of nanostructure targets allows for more efficient absorption of laser energies and ignition of the fuel. This has only been possible for a few years, but here, too, technological innovation is on a steep incline with tremendous advancement from year to year.

In the face of such progress, you may wonder what is still holding us back from making commercial fusion a reality.

There remain two significant challenges: First, we need to bring the pieces together and create an integrated process that satisfies all the physical and technoeconomic requirements. Second, we require sustainable levels of investment from private and public sources to do so. Generally speaking, the field of fusion is woefully underfunded. This is shocking given the potential of fusion, especially in comparison to other energy technologies.

Investments in clean energy amounted to more than $500 billion in 2020. The funds that go into fusion research and development are only a fraction of that. There are countless brilliant scientists working in the sector already, as well as eager students wishing to enter the field. And, of course, we have excellent government research labs. Collectively, researchers and students believe in the power and potential of controlled nuclear fusion. We should ensure financial support for their work to make this vision a reality.

What we need now is an expansion of public and private investment that does justice to the opportunity at hand. Such investments may have a longer time horizon, but their eventual impact is without parallel. I believe that net-energy gain is within reach in the next decade; commercialization, based on early prototypes, will follow in very short order.

But such timelines are heavily dependent on funding and the availability of resources. Considerable investment is being allocated to alternative energy sources — wind, solar, etc. — but fusion must have a place in the global energy equation. This is especially true as we approach the critical breakthrough moment.

If laser-driven nuclear fusion is perfected and commercialized, it has the potential to become the energy source of choice, displacing the many existing, less ideal energy sources. This is because fusion, if done correctly, offers energy that is in equal parts clean, safe and affordable. I am convinced that fusion power plants will eventually replace most conventional power plants and related large-scale energy infrastructure that are still so dominant today. There will be no need for coal or gas.

The ongoing optimization of the fusion process, which results in higher yields and lower costs, promises energy production at much below the current price point. At the limit, this corresponds to a source of unlimited energy. If you have unlimited energy, then you also have unlimited possibilities. What can you do with it? I foresee reversing climate change by taking out the carbon dioxide we have put into the atmosphere over the last 150 years.

With a future empowered by fusion technology, you would also be able to use energy to desalinate water, creating unlimited water resources that would have an enormous impact in arid and desert regions. All in all, fusion enables better societies, keeping them sustainable and clean rather than dependent on destructive, dirty energy sources and related infrastructures.

Through years of dedicated research at the SLAC National Accelerator Laboratory, the Lawrence Livermore National Laboratory and the National Ignition Facility, I was privileged to witness and lead the first inertial confinement fusion experiments. I saw the seed of something remarkable being planted and taking root. I have never been more excited than I am now to see the fruits of laser technology harvested for the empowerment and advancement of humankind.

My fellow scientists and students are committed to moving fusion from the realm of tangibility into that of reality, but this will require a level of trust and help. A small investment today will have a big impact toward providing a much needed, more welcome energy alternative in the global arena.

I am betting on the side of optimism and science, and I hope that others will have the courage to do so, too.

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Amazon’s ‘climate pledge’ commits to net zero carbon emissions by 2040 and 100% renewables by 2030

In Washington today, Amazon announced a series of initiatives and issued a call for companies to reduce their carbon emissions 10 years ahead of the goals set forth in the Paris Agreement as part of a sweeping effort to reduce its own environmental footprint.

“We’re done being in the middle of the herd on this issue—we’ve decided to use our size and scale to make a difference,” said Jeff Bezos, Amazon founder and chief executive, in a statement. “If a company with as much physical infrastructure as Amazon—which delivers more than 10 billion items a year—can meet the Paris Agreement 10 years early, then any company can.”

Bezos’ statement comes as employees at his own company and others across the tech industry plan for a walkout on Friday to protest inaction on climate change from their employers.

Amazon’s initiatives include an order for 100,000 delivery vehicles from Rivian, a company in which Amazon has previously invested $440 million.

Electric vans will appear on roads by 2021 and Amazon expects to have 10,000 of the new electric vehicles on the road by 2022 and 100,000 by 2030. The fleet is expected to reduce carbon emissions by 4 million metric tons per year by 2030, the company said.

In addition, Amazon said it would commit another $100 million to reforestation projects through the Right Now Climate Fund in partnership with The Nature Conservancy. That fund will invest in the protection of forests, wetlands and peatlands that now serve as carbon sinks, which remove millions of metric tons of carbon from the atmosphere.

Finally, the company said it will speed up its adoption of renewable energy with the goal of converting 80% of the company’s energy sources to renewable energy by 2024, with the goal of reaching 100% renewable energy use by 2030.

Amazon has already initiated 15 utility-scale wind and solar renewable energy projects that will generate 1.3 gigawatts of renewable capacity and deliver some 3.8 million megawatt hours of clean energy, according to the company.

All of these efforts will be backstopped by a new sustainability reporting initiative, which will be housed on a new website monitoring and tracking the company’s progress toward its sustainability goals, the company said.

These steps are part of a push from Amazon to get other companies to sign on to a global non-binding agreement to accelerate the adoption of renewable energy and the reduction of carbon emissions.

Companies that sign on to the Amazon-inspired “Climate Pledge” agree to measure and report greenhouse gas emissions regularly; implement decarbonization strategies on a timeline that matches the Paris Agreement; and neutralize remaining emissions with quantifiable and permanent offsets to achieve net zero annual carbon emissions by 2040.

“I’ve been talking with other CEOs of global companies, and I’m finding a lot of interest in joining the pledge. Large companies signing The Climate Pledge will send an important signal to the market that it’s time to invest in the products and services the signatories will need to meet their commitments,” Bezos said in a statement.

The initiative is backed by international political luminaries like Christiana Figueres, the former climate change chief and founding partner of Amazon’s collaborator on The Climate Pledge, Global Optimism.

“Bold steps by big companies will make a huge difference in the development of new technologies and industries to support a low carbon economy,” said Figueres, in a statement. “With this step, Amazon also helps many other companies to accelerate their own decarbonization. If Amazon can set ambitious goals like this and make significant changes at their scale, we think many more companies should be able to do the same and will accept the challenge. We are excited to have others join.”

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How Carl Pope helped drive a $500 million pledge to push the U.S. “Beyond Carbon” (Part 2)

Billionaire businessman and philanthropist Michael Bloomberg recently pledged to rapidly spend $500 million in a bid to push the U.S. “Beyond Carbon,” aiming to end this country’s use of coal and natural gas power in a generation or less.

In another recent piece, I featured an in-depth interview with Carl Pope, the veteran environmental leader who has essentially been the inspirational force behind Bloomberg’s evolution. The former New York City Mayor had never given a major gift to environmental causes as of a decade or so ago, until Pope “convinced” him to get involved.

Carl Mike Option 1

My previous piece was an attempt to understand the ethical vision influencing Bloomberg’s work, by looking at Pope’s personal story and the history of the environmental movement he has helped to shape. Below, Pope joins me again to look at the details of Bloomberg’s “Beyond Carbon” plan, including how he was able to persuade Bloomberg to take it on, and some areas of controversy that could arise as the $500 million is distributed.

Greg Epstein: You and Michael Bloomberg met around a decade ago or so, right?

Carl Pope: About 12 years ago, actually. 2007.

Epstein: Bloomberg had never given a major gift to an environmental group before he met you, and, as he writes in the book, you “convinced him” to get massively involved, to the tune now of many hundreds of millions of dollars. What do you think it is about you, the way that you approach things, or the work you do that made the two of you, in this relatively unlikely partnership, work so well?

Pope: We both like big ideas, and we both like to pursue them very pragmatically. We set very high expectations for what we want to get, and we’re willing to take necessarily small steps to get there. That’s one thing.

The second thing is, my original environmental frame was air pollution, [which] I worked on the first seven or eight years I was an environmentalist. Mike is a big public health advocate. So the fact that I was talking about saving people’s lives made a lot of sense to him.

Epstein: He talked about how you ‘showed him the numbers,’ back in 2011, on just how deadly coal actually is.

Pope: Yeah, that was the deal sealer.

Epstein: Interpersonally, what the interactions between you and him like?

Pope: We’re both public figures who are actually somewhat introspective, and so it works.

Epstein: I’ve read the “Beyond Carbon” plans as they’re presented by the Bloomberg organization. They do seem quite promising as far as broad, sweeping PR statements go.

But whether or not they will work is all in the details, right? You’re a detail-oriented person, as you just mentioned, so, what are some of the practical steps the plan calls for that you think deserve the most attention, beyond the headlines?

Pope: In A Climate of Hope, Mike and I articulated an approach to climate in which we gave our reasons for thinking that most climate leadership is going to come not from national governments but from businesses, cities, provinces, civic organizations, from the bottom up.

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‘Weirdo’ Fintech VC Anthemis marches to its own drummer

Entering into the world of Anthemis is a bit like stepping into the frame of a Wes Anderson film. Eclectic, offbeat people situated in colorful interiors? Check. A muse in the form of a renowned British-Venezuelan economist? Check. A design-forward media platform to provoke deep thought? Check. An annual summer retreat ensconced in the French Alps? Bien sûr.

Sitting atop this most unusual fintech(ish) VC is its ponytailed founder and chairman Sean Park, whose difficult-to-place accent and Philosophy professor aura belie his extensive fixed income capital markets experience. He’s joined by founder and CEO Amy Nauiokas, who in addition to being one of Fintech’s most prominent female investors also owns a high-minded film and television production company.

When Arman Tabatabai and I recently sat down with Park and Nauiokas in their New York office, the firm’s leaders were in an upbeat mood, having blown past the temporary perception-setback associated with the abrupt resignation last year of Anthemis’ former CEO Nadeem Shaikh (for more on this, read TechCrunch writer Steve O’Hear’s coverage of the situation).

And as the conversation below demonstrates, Park and Nauiokas are well poised to bring the quirk into everything they touch, which these days runs the gamut from backing companies involved in sustainable finance, advancing their home-grown media platform and preparing a soon-to-be-announced initiative elevating female entrepreneurs.

Gregg Schoenberg: With the two of you now at the helm, how does Anthemis present itself today?

Sean Park: I’ll step back and say that when Amy and I were working at big financial institutions in the noughties, we saw that the industry was going to change and that existing business models were running into their natural diminishing returns.

We tried to bring some new ideas to the organizations we were working in, but we each had epiphany moments when we realized that big organizations weren’t built to do disruptive transformation — for bad reasons, but also good reasons, too.

GS: Let’s fast forward to today, where you have several strong Fintech VCs out there. But unlike others, Anthemis puts weirdness at the heart of its model.

Yes, you’ve backed some big names like Betterment and eToro, but you’ve done other things that are farther afield. What’s the underlying thesis that supports that?

Amy Nauiokas: Whatever we do at Anthemis has to be a non-zero-sum game. It has to be for good, not for evil. So that means that we aren’t looking in any place where you see predatory opportunities to make money.

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Fintech and cleantech… an odd couple or a perfect marriage?

The Valley’s rocky history with cleantech investing has been well-documented.

Startups focused on non-emitting-generation resources were once lauded as the next big cash cow, but the sector’s hype quickly got away from reality.

Complex underlying science, severe capital intensity, slow-moving customers and high-cost business models outside the comfort zones of typical venture capital ultimately caused a swath of venture-backed companies and investors in the cleantech boom to fall flat.

Yet, decarbonization and sustainability are issues that only seem to grow more dire and more galvanizing for founders and investors by the day, and more company builders are searching for new ways to promote environmental resilience.

While funding for cleantech startups can be hard to find nowadays, over time we’ve seen cleantech startups shift down the stack away from hardware-focused generation plays toward vertical-focused downstream software.

A far cry from past waves of venture-backed energy startups, the downstream cleantech companies offered more familiar technology with more familiar business models, geared toward more recognizable verticals and end users. Now, investors from less traditional cleantech backgrounds are coming out of the woodwork to take a swing at the energy space.

An emerging group of non-traditional investors getting involved in the clean energy space are those traditionally focused on fintech, such as New York and Europe-based venture firm Anthemis — a financial services-focused team that recently sat down with our fintech contributor Gregg Schoenberg and I (check out the full meat of the conversation on Extra Crunch).

The tie between cleantech startups and fintech investors may seem tenuous at first thought. However, financial services have long played a significant role in the energy sector and is now becoming a more common end customer for energy startups focused on operations, management and analytics platforms, thus creating real opportunity for fintech investors to offer differentiated value.

Finance powering the world?

Though the conversation around energy resources and decarbonization often focuses on politics, a significant portion of decisions made in the energy generation business is driven by pure economics — is it cheaper to run X resource relative to resources Y and Z at a given point in time? Based on bid prices for request for proposals (RFPs) in a specific market and the cost-competitiveness of certain resources, will a developer be able to hit their targeted rate of return if they build, buy or operate a certain type of generation asset?

Alternative generation sources like wind, solid oxide fuel cells or large-scale or even rooftop solar have reached more competitive cost levels — in many parts of the U.S., wind and solar are in fact often the cheapest form of generation for power providers to run.

Thus as renewable resources have grown more cost competitive, more infrastructure developers and other new entrants have been emptying their wallets to buy up or build renewable assets like large-scale solar or wind farms, with the American Council on Renewable Energy even forecasting cumulative private investment in renewable energy possibly reaching up to $1 trillion in the U.S. by 2030.

A major and swelling set of renewable energy sources are now led by financial types looking for tools and platforms to better understand the operating and financial performance of their assets, in order to better maximize their return profile in an increasingly competitive marketplace.

Therefore, fintech-focused venture firms with financial service pedigrees, like Anthemis, now find themselves in pole position when it comes to understanding cleantech startup customers, how they make purchase decisions, and what they’re looking for in a product.

In certain cases, fintech firms can even offer significant insight into shaping the efficacy of a product offering. For example, Anthemis portfolio company kWh Analytics provides a risk management and analytics platform for solar investors and operators that helps break down production, financial analysis and portfolio performance.

For platforms like kWh analytics, fintech-focused firms can better understand the value proposition offered and help platforms understand how their technology can mechanically influence rates of return or otherwise.

The financial service customers for clean energy-related platforms extends past just private equity firms. Platforms have been and are being built around energy trading, renewable energy financing (think financing for rooftop solar) or the surrounding insurance market for assets.

When speaking with several of Anthemis’ cleantech portfolio companies, founders emphasized the value of having a fintech investor on board that not only knows the customer in these cases, but that also has a deep understanding of the broader financial ecosystem that surrounds energy assets.

Founders and firms seem to be realizing that various arms of financial services are playing growing roles when it comes to the development and access to clean energy resources.

By offering platforms and surrounding infrastructure that can improve the ease of operations for the growing number of finance-driven operators or can improve the actual financial performance of energy resources, companies can influence the fight for environmental sustainability by accelerating the development and adoption of cleaner resources.

Ultimately, a massive number of energy decisions are made by financial services firms and fintech firms may often know the customers and products of downstream cleantech startups more than most.  And while the financial services sector has often been labeled as dirty by some, the vital role it can play in the future of sustainable energy offers the industry a real chance to clean up its image.

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Google launches clean energy project in Taiwan, its first in Asia

Google has launched its first clean energy project in Asia. The company announced today that it struck a long-term agreement to buy the output of a 10-megawatt solar array in Tainan City, Taiwan, about 100 km south of its data center in the country. Google already has solar and wind projects across North and South America, as well as Europe.

The agreement is a collaboration between Google, several Taiwanese energy companies and the country’s government, which recently revised Taiwan’s Electricity Act to enable non-utility companies to purchase renewable energy directly. The revisions are part of Taiwan’s new energy policy, aimed at phasing out nuclear energy by 2025 and increasing the share of electricity generated from renewable sources to 20 percent.

Google is the first corporate power buyer to take advantage of the revised law. Its development partners are Diode Ventures, Taiyen Green Energy, J&V Energy and New Green Power.

The solar array will be connected to the same regional power grid at Google’s Chuanghua County data center, one of two in Asia (the other is in Singapore). The poles supporting the solar panels will be mounted into commercial fishing ponds, an arrangement that Marsden Hanna, Google’s senior lead of energy and infrastructure, said in a blog post will maximize land-use efficiency and respect the local ecology because “fish and solar panels can coexist peacefully.” Fishing pond owners will also be compensated for hosting the panels.

The agreement means Google will get a long-term, fixed electricity price for its operations in Taiwan.

“As the Taiwanese government pursues further measures to remove market barriers and reduce renewable energy costs, we’re hopeful that more companies will purchase renewable energy, driving even larger projects across Taiwan,” said Hanna.

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Energy is the new new internet

Photo: Chris Sattlberger/Blend Images/Getty Images If you’re not paying attention to what’s going on in energy, you should. We’ve seen this movie before. Spoiler alert: There’s massive economic opportunity ahead. How massive? Imagine standing in 1992, knowing that Google, Akamai, Netflix, Facebook, Amazon, eBay, BuzzFeed and Uber lay ahead. This time it’s the “Enernet,” not the internet, that will… Read More

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