Good Morning
What we’re reading this week:
California overhauls home insurance market after wildfire coverage losses (SFC)
We Thought We Were Saving the Planet, but We Were Planting a Time Bomb (NYT)
Oh No, I Kinda Want to Work for Elon (NM)
The Greendicator
Top Deals of the Week
French battery startup Verkor raised $2.2B- $905M in capital, $639M in loans from the European Central Bank, and $639M in subsidies- to build a gigafactory in Dunkirk (RT)
Indigo Ag, a sustainable agriculture startup, raised $250M in funding led by Flagship Pioneering, State of Michigan Retirement System, and Lingotto Investment Management (FN)
Heliene, a Minnesota-based solar PV module manufacturer, raised $170M: $150M in debt from Orion Infrastructure Capital and 2Shores Capital and $20M in equity from OIC and 2Shores Capital (FN)
Harbinger Motors, a Southern California-based automotive manufacturer that builds parts for electric RVs, raised a $60M Series A led by Ridgeline and THOR Industries (PRN)
European carbon accounting startup Plan A raised a $27M Series A extension led by Lightspeed Venture Partners (TC)
EV tech startup Evolectric raised $15M in funding led by Seismic Capital (FN)
HPNow, a clean water and sanitation startup, raised a $15M round led by The Export and Investment Fund of Denmark (FN)
Goodles, a Santa Cruz-based vegan protein-packed noodle brand, raised a $13M Series A led by L Catterton. Angel investors include Klay Thompson and DK Metcalf (FN)
Mojave, a startup providing liquid desiccant systems (i.e., more sustainable AC), raised a $12.5M round led by At One Ventures and Fifth Wall (FN)
Rain, a startup building aerial wildfire containment tech, raised a $9.7M seed round led by DBL Partners (BW)
Yotta Energy, a provider of solar+storage solutions for commercial buildings, raised an $8M round led by Evergy Ventures (PRN)
Aspinity, a startup developing near-zero power AI solutions, raised a $5M Series B led by Anzu Partners, Birchmere Ventures, Mountain State Capital, and Riverfront Ventures (BW)
Regenerative nature-based services provider ReSeed raised a $4.6M seed round led by One Small Planet (FN)
Green Theory
Paperwork vs. Plugs
Want to reduce greenhouse gas emissions, fast?
In a word: electrify.
Amidst climate dread, carbon offset scams, and rampant greenwashing, the possibility of hitting climate goals in this critical decade can seem beyond reach.
But don’t despair! We already have the electrical technology to power clean buildings and roads, and it can get us a long way to reversing global warming. That’s because household and business appliances (including cars) account for nearly 60% of US emissions, as electrification leader Saul Griffith explains.
When we just look at decisions related to one’s home and personal driving, it’s over 40% of all US emissions. We’ll need to cut emissions at least that much by 2030, for the US’s minimal part in protecting a 1.5℃ future. We could do it today, with a complete, national upgrade to electric cars, stoves, and heat pumps, served by a supply of clean energy.
Standing in the way: about 500 million machines still burn fossil fuels in and around US households, averaging 4 per household. All of these gas machines will break down in the next 10-20 years. Their electric alternatives boast enhanced safety, simplicity, speed, and affordability over their lifetimes. What’s stopping the big switch?
“We’re going to be apologizing to our grandchildren that we knew what to do, but we couldn’t fill out the paperwork.”
Local approval processes create a devastating bottleneck in US electrification. Griffith quotes his stepmother-in-law (above), joking about the copious forms and filings for electrification projects. Many, if not most, accumulate on government desks and in inboxes, only to be rejected, revised, and resubmitted.
In some cases, digital technology can unblock these new, clunky processes. SolarAPP+ unites industry minds in a public-private partnership, standardizing permit formats, and accelerating rooftop solar project velocity.
Easier than building a software app: engage your local officials, if you live somewhere with long permitting queues. Local politics decide most rules for these electrification processes, so bringing a friend or two to a town hall meeting, or placing a few calls to city leaders can make a serious difference.
Will US electrification die by a thousand papercuts, or can process upgrade and reform deliver on our only pathway to meet climate goals in the next 10 years?
Fintech Frustrations
It’s more than permitting paperwork that’s slowing electrification. To empower low-credit households and renters to access future-proofed upgrades, Griffith urges a societal need for “rearranging our relationship with debt … with money and capital.”
The whole community, and beyond, benefits from electrification projects, so there’s a social incentive to bring everyone along in the journey, not only the wealthy. To accomplish electrification for all in the US, we’ll need new modes of thinking about financing, ownership, and energy.
But these barriers are insignificant compared to those of any other climate-saving pathway. Further, there’s more than just climate benefits to get excited about in electrification.
What’s next for our most actionable climate solution, and how can you help? Tune in next week to dive deeper into electrifying your world.
The Closer
Off the coast of Monterey Bay, at least 20,000 female octopuses gather to tend their eggs in frigid water nearly two miles deep… - SF Chronicle