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Last decade’s clean-tech gold rush ended in disaster, wiping out billions in investments and scaring venture capitalists away for years.

But a new investment boom is building again, this time around a broader set of climate-related technologies. Funding has soared more than 3,750% since 2013, according to a PwC report this fall, as numerous climate-focused venture firms emerge and established players return to the field (including some that got scorched the last time). Investments are poised to rise further as market, policy, and technological forces align to make venture capitalists and entrepreneurs more confident.

One of these factors is President-elect Joe Biden’s pledge to push through climate-friendly legislation, regulations, and executive orders. There are also rising hopes that Congress will pass stimulus bills that would funnel massive amounts of money into clean tech, much as the Obama administration did during the global financial crisis.

Regardless of what happens on the US federal level, growing numbers of states, nations, and corporations are committing to achieve net zero emissions in the coming decades. Those targets alone promise to create significant demand for clean energy and other climate-related technologies.

“Climate has many, many problems, with many different solutions—and that will create many opportunities to build big, valuable companies,” Andrew Beebe, managing director of Obvious Ventures, which invests in clean-energy and transportation startups, said in an email. “From batteries to mobility to energy efficiency to carbon capture and beyond.”

The ultimate size and fate of the next boom, however, could depend on how quickly and fully the economy recovers from the devastating covid-driven downturn—and how well investors learned their lessons from the last bust.

What went wrong

The original clean-tech boom was a bloodbath. Investors plowed some $25 billion into startups from 2006 to 2011—but they lost more than half their money in the end, according to an MIT Energy Initiative analysis in 2016. In fact, more than 90% of the companies funded after 2007 didn’t even return the capital invested.

A variety of factors were to blame.

The global recession dried up the market for new or follow-on investments. The collapse of silicon prices as China scaled up solar panel production hammered thin-film startups and others pursuing alternative approaches. And the advanced biofuel sector struggled to compete as the recession undercut oil prices and the rise of fracking tapped into new domestic natural-gas reserves.

But the MIT analysis concluded that “external economic trends” weren’t the primary problem. The bigger issue was that startups still deep in the research-and-development stage were a poor fit with the venture capital industry, which was counting on the sorts of high three- to five-year returns that it enjoyed in

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By: James Temple
Title: How VCs can avoid another bloodbath as the clean-tech boom 2.0 begins
Sourced From: www.technologyreview.com/2020/11/30/1012660/venture-capital-clean-tech-boom-biden/
Published Date: Mon, 30 Nov 2020 09:00:00 +0000

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Trump wants to unravel Biden’s landmark climate law. Here is what’s most at risk.

GettyImages 1853587512 crop scaled

President Joe Biden’s crowning legislative achievement was enacting the Inflation Reduction Act, easily the nation’s largest investment into addressing the rising dangers of climate change.

Yet Donald Trump’s advisors and associates have clearly indicated that dismantling the landmark law would sit at the top of the Republican front-runner’s to-do list should he win the presidential election. If he succeeds, it could stall the nation’s shift to cleaner industries and stunt efforts to cut the greenhouse-gas pollution warming the planet.

The IRA unleashes at least hundreds of billions of dollars in federal subsidies for renewable energy sources, electric vehicles, batteries, heat pumps, and more. It is the “backbone” of the Biden administration’s plan to meet the nation’s commitments under the Paris climate agreement, putting the US on track to cut emissions by as much as 42% from 2005 levels by the end of this decade, according to the Rhodium Group, a research firm. 

But the sprawling federal policy package marks the “biggest defeat” conservatives have suffered during Biden’s tenure, according to Myron Ebell, who led the Environmental Protection Agency transition team during Trump’s administration. And repealing the law has become an obsession among many conservatives, including the authors of the Heritage Foundation’s Project 2025, widely seen as a far-right road map for the early days of a second Trump administration.

The IRA’s tax credits for EVs and clean power projects appear especially vulnerable, climate policy experts say. Losing those provisions alone could reshape the nation’s emissions trajectory, potentially adding back hundreds of millions of metric tons of climate pollution this decade.

Moreover, Trump’s wide-ranging pledges to weaken international institutions, inflame global trade wars, and throw open the nation’s resources to fossil-fuel extraction could have compounding effects on any changes to the IRA, potentially undermining economic growth, the broader investment climate, and prospects for emerging green industries.

Farewell to EV tax credits

The IRA leverages government funds to accelerate the energy transition through a combination of direct grants and tax credits, which allow companies or individuals to cut their federal obligations in exchange for buying, installing, investing in, or producing cleaner power and products. It is enacted law, not a federal agency regulation or executive order, which means that any substantial changes would need to be achieved through Congress.

But the tax cuts for individuals pushed through during Trump’s time in office are set to expire next year. If he wins a second term, legislators seeking to extend those cuts could crack up the tax code and excise key components of the IRA, particularly if Republicans retain control of the House and pick up seats in the Senate. Eliminating any of those tax credits could help offset the added cost of restoring those Trump-era benefits.

Numerous policy observers believe that the pair of EV tax credits in the IRA, which together lop $7,500 off the cost of electric cars and trucks, would be one of the top targets. Subsidizing the cost of EVs polls terribly among Republicans, and throughout the primaries, most of the party’s candidates for president have fiercely attacked government support for the vehicles—none more than Trump himself. 

Close up of former President Trump pointing directly at camera while speaking at a campaign event in Iowa
Former President Donald Trump speaks at a campaign event in Iowa.SCOTT OLSON/GETTY IMAGES

On the campaign trail, he has repeatedly, erroneously referred to the policy as a mandate rather than a subsidy, while geographically tailoring the critique to his audience.

At a December rally in Iowa, the nation’s biggest corn producer, he pledged to cancel “Crooked Joe Biden’s insane, ethanol-killing electric-vehicle mandate on day one.”

And in the battleground state of Michigan in September, he pandered to the fears of autoworkers.

“Crooked Joe is siding

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By: James Temple
Title: Trump wants to unravel Biden’s landmark climate law. Here is what’s most at risk.
Sourced From: www.technologyreview.com/2024/02/26/1088921/trump-wants-to-unravel-bidens-landmark-climate-law-here-is-whats-most-at-risk/
Published Date: Mon, 26 Feb 2024 10:00:00 +0000

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The Download: Trump’s potential climate impact, and the end of cheap helium

This is today’s edition of The Download our weekday newsletter that provides a daily dose of what’s going on in the world of technology.

Trump wants to unravel Biden’s landmark climate law. Here is what’s most at risk.

President Joe Biden’s crowning legislative achievement was enacting the Inflation Reduction Act, easily the nation’s largest investment into addressing the rising dangers of climate change.

Yet Donald Trump’s advisors and associates have clearly indicated that dismantling the landmark law would sit at the top of the Republican front-runner’s to-do list should he win the presidential election.

If he succeeds, it could stall the nation’s shift to cleaner industries and stunt efforts to cut the greenhouse-gas pollution warming the planet. The IRA’s tax credits for EVs and clean power projects appear especially vulnerable. But lots of other provisions could also come under attack. Read the full story.

—James Temple

The era of cheap helium is over—and that’s already causing problems

Helium is excellent at conducting heat. And at temperatures close to absolute zero, at which most other materials would freeze solid, helium remains a liquid. That makes it a perfect refrigerant for anything that must be kept very cold.

Liquid helium is therefore essential to any technology that uses superconducting magnets, including MRI scanners and some fusion reactors. Helium also cools particle accelerators, quantum computers, and the infrared detectors on the James Webb Space Telescope.

“It’s a critical element for the future,” says Richard Clarke, a UK-based helium resources consultant. However, it’s also played a critical role throughout the history of technology development, while remaining in tight supply.

As part of MIT Technology Review’s 125th anniversary series, we looked back at our coverage of how helium became such an important resource, and considered how demand might change in the future. Read the full story.

—Amy Nordrum

How Antarctica’s history of isolation is ending—thanks to Starlink

“This is one of the least visited places on planet Earth and I got to open the door,” Matty Jordan, a construction specialist at New Zealand’s Scott Base in Antarctica, wrote in the caption to the video he posted to Instagram and TikTok in October 2023.

In the video, he guides viewers through the hut, pointing out where the men of Ernest Shackleton’s 1907 expedition lived and worked.

The video has racked up millions of views from all over the world. It’s also kind of a miracle: until very recently, those who lived and worked on Antarctic bases had no hope of communicating so readily with the outside world.

That’s starting to change, thanks to Starlink, the satellite constellation developed by Elon Musk’s company SpaceX to service the world with high-speed broadband internet. Read the full story.

—Allegra Rosenberg

Wikimedia’s CTO: In the age of AI, human contributors still matter

Selena Deckelmann is the chief product and technology officer at the Wikimedia Foundation, the nonprofit that hosts and manages Wikipedia.

There she not only guides one of the most turned-to sources of information in the world but serves a vast community of “Wikipedians,” the hundreds of thousands of real-life individuals who spend their free time writing, editing, and discussing entries—in more than 300 languages—to make Wikipedia what it is today.

It is undeniable that technological advances and cultural shifts have transformed our online universe over the years—especially with the recent surge in AI-generated content—but Deckelmann still isn’t afraid of people on the internet. She believes they are its future. Read the full story.

—Rebecca Ackermann

The two stories above are from the next issue of MIT Technology Review, all about hidden worlds. It’s set to go live on Wednesday—subscribe now to get your copy!

The must-reads

I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.

1 The Supreme Court will decide whether states can control social media
It’ll start hearing arguments today about whether laws aimed at controlling online platforms in Texas and Florida are constitutional. (WP $)
Here’s what you need to know. (NYT $)
Texas’s law is dangerous. Striking it down could be even worse. (The Atlantic $)

2 Celebrities are being ‘deepfaked’ for adverts
AI-generated videos have them endorsing and promoting things they’ve never even heard of. (BBC)
These companies show why the next AI wave won’t revolve around chatbots. (Fast Company)

3 Inside TikTok’s live money-making machine
Live streaming can be hugely lucrative—for both the creator and TikTok

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By: Charlotte Jee
Title: The Download: Trump’s potential climate impact, and the end of cheap helium
Sourced From: www.technologyreview.com/2024/02/26/1088958/climate-impact-trump-cheap-helium/
Published Date: Mon, 26 Feb 2024 13:12:00 +0000

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Meet the divers trying to figure out how deep humans can go

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Two hundred thirty meters into one of the deepest underwater caves on Earth, Richard “Harry” Harris knew that not far ahead of him was a 15-meter drop leading to a place no human being had seen before. 

Getting there had taken two helicopters, three weeks of test dives, two tons of equipment, and hard work to overcome an unexpected number of technical problems. But in the moment, Harris was hypnotized by what was before him: the vast, black, gaping unknown.

Staring into it, he felt the familiar pull—maybe he could go just a little farther. Instead, he looked to his diving partner, Craig Challen, floating a few feet to his right. They had both been diving increasingly dangerous and unplumbed caves for years, making them two of only a handful of people with the skills to assist in the rescue of the Thai soccer team that got trapped in one in 2018. They knew extreme risk, and each other, well. Even through the goggles and the mouthpiece of the breathing apparatus, its four thick hoses curling around his face like mammoth tusks, Harris could see that Challen felt the same way. They both wanted very badly to push forward into the dark expanse.

Instead, on Harris’s cue, they turned back. They weren’t there to exceed 245 meters—a depth they’d reached three years earlier. Nor were they there to set a depth record—that would mean going past 308 meters. They were there to test what they saw as a possible key to unlocking depths beyond even 310 meters: breathing hydrogen.

The problem has existed for more than a century: How can a human body withstand underwater pressure significantly past its natural threshold? Naval units and offshore oil companies around the world have long been invested in figuring it out for power and profit, and in the 1970s and ’80s their research began filtering into the civilian world, where people were testing the limits of their own curiosity.

Dr. Richard
In 2023, Richard Harris made an experimental dive to determine
whether hydrogen could enable exploration at greater depths.COURTESY OF RICHARD HARRIS

This included people like Sheck Exley, a high school math teacher in Live Oak, Florida. Exley became an international icon in the diving community for his record-breaking dives—exceeding, in some cases, the limits of the military and commercial professionals. He had been diving the underwater caves of North Florida since he was a teen—by 1972, at age 23, he was the first person in the world to log 1,000 cave dives—and exploring them is what pushed him to go deeper. He’d been hooked since his first cave dive in Crystal River, Florida, in 1966. “I kind of wandered off into the cavern there, my eyes adjusted, and I swam a little bit further, peering off into the darkness,” he told AquaCorps, a magazine for divers, in 1992. “I guess I’ve been peering off into that darkness ever since.”

At around 40 meters, breathing the gas mixture we call air—78% nitrogen, 21% oxygen, and 1% trace gases—causes inert gas narcosis, or the “martini effect,” named for the incapacitating state it induces. A little deeper and oxygen becomes toxic. For years, the US and British navies had been using helium to dilute the oxygen and nitrogen in a diver’s tank as a means of counteracting both these problems, but few outsiders knew about it. In 1981, after the German cave diver Jochen Hasenmayer reached 143 meters using a helium mixture, Exley started using it as well—despite the knowledge that only a few years earlier, two divers in Florida had experimented with the mixture and died.

Divers who go past 40 meters typically don’t use a constant gas ratio—they cycle through mixes of nitrogen, oxygen, and helium as they descend and ascend, modifying them according to location, water temperature, neurological tolerance to narcosis, and many other variables. Decompression tables, which lay out different gas mixtures and the amount of time to be spent breathing them, provide a precise road map for this process—very necessary, as ascending too quickly releases the accumulated gases in a diver’s blood and tissue the way unscrewing the cap

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By: Samantha Schuyler
Title: Meet the divers trying to figure out how deep humans can go
Sourced From: www.technologyreview.com/2024/02/21/1088013/divers-hydrogen-deep-water-diving-underwater-pressure/
Published Date: Wed, 21 Feb 2024 10:00:00 +0000

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