Latest news with #BreakthroughEnergy
Time of India
6 days ago
- Business
- Time of India
Could have been 'far worse': Why Bill Gates is 'just fine' with Donald Trump's Tax Law despite huge cuts in Climate tech
AI Image Microsoft founder Bill Gates has been a strong advocate of Clean Climate Technologies. Bill Gates has been actively involved in climate technology through his company Breakthrough Energy, which invests in and supports climate solutions. Gates believes that technological advancements and innovation are crucial for achieving significant reductions in greenhouse gas emissions, rather than solely relying on lifestyle changes. In an interview with Cipher News, Bill Gates spoke about Donald Trump administration's recent legislation, dubbed the 'One Big Beautiful Bill Act,' which significantly scaled back major climate incentives in the U.S. Gates expressed cautious optimism, stating, 'It wasn't quite the evisceration that a complete lack of believing in climate change might have led to.' The law, which Gates noted aligns with President Donald Trump and his Cabinet's dismissal of climate change as a pressing issue, eliminated most federal incentives for established technologies like wind, solar, and electric vehicles. Tax law could have been far more damaging However, Gates emphasized that U.S. demand is only a fraction of the global market, suggesting these technologies will continue to develop globally despite the cuts. 'They're still going to happen,' he said. Gates highlighted that the bill preserved tax credits for emerging technologies like geothermal, nuclear fission, and fusion, a move he sees as a mitigating factor. 'The fact that it retained tax credits for newer technologies, in particular geothermal and nuclear fission and fusion,' was evidence, he said, that the legislation could have been more damaging. Why Breakthrough Energy has cut lobbying efforts by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo On Breakthrough Energy's scaled-back policy efforts, Gates revealed he has reduced funding for clean energy advocacy due to his increased focus on global health and the emergence of other climate action leaders. 'I view global health as, in a certain sense, having a lot of urgency because of the dramatic reductions that have been made there,' he said. However, he affirmed Breakthrough's overall success, including its fellows program and venture investments, and indicated he would step in to support advocacy efforts, such as preserving cleantech tax credits, when necessary. 'If I see that that story is not being told well, I'll jump in,' he added. Discussing TerraPower, the advanced nuclear power company he founded, Gates noted that AI-fueled data centers are driving significant demand. 'The AI data center industry may help us fill up our order book for the first, you know, 10 to 20 units,' he said, explaining that this scale could enable more efficient manufacturing. He added that nearly all U.S. demand for TerraPower is tied to data centers, a point underscored by a recent investment round led by Nvidia's venture arm. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
01-07-2025
- Business
- Yahoo
'Spotlight On Canada': Deep Sky's $40M DAC Hub Backed By Bill Gates Draws Global Carbon Tech Surge After Trump Fuels U.S. Climate Uncertainty
Canadian climate startup Deep Sky is rapidly emerging as a leader in carbon removal after completing construction on what it calls the world's first test hub dedicated entirely to direct air capture technologies. Located in Alberta, the Alpha facility has secured contracts with eight companies from the U.S., Canada, the U.K., Germany, and the Netherlands, Reuters reports. This surge in international demand, particularly from U.S.-based startups, follows renewed political uncertainty in the U.S. regarding federal support for climate initiatives, Reuters says. According to Deep Sky CEO Alex Petre, the shift in leadership in Washington has caused an unexpected wave of inquiries from American carbon tech developers now seeking more stable infrastructure abroad. "The changes south of the border have actually meant that there is currently a spotlight on Canada," Petre told Reuters. Don't Miss: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — Deep Sky received a $40 million grant from Breakthrough Energy, the climate-focused investment firm founded by Bill Gates. According to Reuters, the funds were used to construct the Alpha facility, a pilot-scale site where up to 10 direct air capture companies can test, iterate, and optimize their technologies in real-world conditions. Direct air capture differs from traditional carbon capture systems, which remove emissions directly from industrial smokestacks, Reuters says. DAC instead pulls carbon dioxide from ambient air, making it a key technology for addressing legacy emissions that are already in the atmosphere. However, Reuters says that high costs and limited scalability have slowed widespread adoption. The largest existing DAC plant, located in Iceland, removes only 36,000 tonnes of carbon dioxide per year. The United Nations Intergovernmental Panel on Climate Change has projected that billions of tons may need to be removed annually by 2050 to meet climate goals. Trending: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. In the U.S., DAC development previously received strong support under the Biden administration, which committed over $1 billion in funding for new hubs in Texas and Louisiana. With President Donald Trump's return, those federal grants are now facing possible cancellation, prompting developers to explore alternatives in Canada, Reuters reports. Deep Sky's test facility will begin capturing 3,000 tons of carbon dioxide annually starting this summer, laying the groundwork for the company's broader plan to develop a commercial-scale carbon removal operation in Canada, according to Reuters. The energy sector's relationship with Ottawa appears to be entering a new phase. Reuters says that under former Prime Minister Justin Trudeau, oil and gas leaders often criticized federal policies for placing climate goals ahead of economic development, creating friction with provinces like to Reuters, new Prime Minister Mark Carney has signaled a more balanced approach, with his administration pledging to diversify Canada's energy export markets, particularly as trade tensions with the U.S., its largest customer, remain unresolved. At a Calgary Chamber of Commerce event on May 23, new Natural Resources Minister Tim Hodgson delivered a message aimed squarely at Canada's western provinces. "In the new economy we are building, Canada will no longer be defined by delay, we will be defined by delivery," Hodgson said during his first public appearance in Alberta's corporate oil capital since joining Carney's cabinet, Reuters reports. Petre said she believes Canada has the potential to lead in both conventional and clean energy production. 'There's lots of really interesting developments (in Canada) that seem to be on the table that I think will really help us,' Petre told Reuters. Read Next: Here's what Americans think you need to be considered wealthy. Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report This article 'Spotlight On Canada': Deep Sky's $40M DAC Hub Backed By Bill Gates Draws Global Carbon Tech Surge After Trump Fuels U.S. Climate Uncertainty originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Wall Street Journal
30-06-2025
- Business
- Wall Street Journal
Google Signs Deal to Buy Fusion Energy From Bill Gates-Backed Nuclear Startup
Google signed one of the world's first commercial deals for fusion energy, in an agreement with nuclear startup Commonwealth Fusion Systems. It is a bet on future technology. Nuclear fusion—the process that fuels the stars—has never been used for commercial energy production. CFS, which is backed by Bill Gates's technology fund Breakthrough Energy Ventures, is aiming to start producing commercial fusion energy in the 2030s.
Reuters
26-06-2025
- Business
- Reuters
Canadian carbon tech startup draws US interest post-Trump
CALGARY, June 26 (Reuters) - A Canadian startup that has built the world's first hub for the testing of multiple direct-air carbon-sucking technologies says it has seen an influx of inquiries from U.S. companies in the wake of President Donald Trump's election. Startup Deep Sky recently completed construction at its "Alpha" Direct Air Capture, or DAC, test ground in Alberta, where it will have room for 10 companies to deploy and fine-tune technologies on their way to developing commercial-scale plants. CEO Alex Petre said that with the Trump administration's reduced focus on climate as well as uncertainty about the future of U.S. funding support for DAC technology, Deep Sky is fielding more inquiries than expected from U.S.-based carbon tech developers. "The changes south of the border have actually meant that there is currently a spotlight on Canada," she said. Deep Sky, which received a $40 million grant last year from Bill Gates' Breakthrough Energy, has signed contracts with eight companies — from the U.S., Canada, the U.K., the Netherlands and Germany — to operate at the site. Carbon removal at the testing ground, which is expected to capture 3,000 tonnes of CO2 emissions annually, will begin this summer. DAC is different from the more established carbon capture and storage technology. Where traditional carbon capture and storage is deployed at industrial smoke stacks, filtering out the CO2 and storing it before it reaches the atmosphere, DAC removes carbon directly from the air — meaning it can clean up emissions that have already occurred. However, the technology has been expensive and slow to scale. The largest operating DAC plant in the world, in Iceland, has capacity to capture just 36,000 tonnes of CO2 annually. The UN Intergovernmental Panel on Climate Change has said stabilizing the planet's climate could require DAC removal at the scale of millions or even billions of tonnes annually by 2050. In the U.S., DAC proponents are facing a broader political backlash against public funding for climate technology. Under former President Joe Biden, the U.S. Department of Energy pledged more than $1 billion in funding support for two proposed DAC hubs in Texas and Louisiana. But sources told Reuters in March the grant funding could be eliminated by the Trump administration. Petre said that once Deep Sky's Alberta test hub is fully up and running, the company plans to develop a large-scale commercial DAC project in Canada. She said she is encouraged by new Prime Minister Mark Carney's commitment to identify and fast-track infrastructure projects of national interest in an effort to help Canada become a conventional and clean energy superpower. "There's lots of really interesting developments (in Canada) that seem to be on the table that I think will really help us," Petre said.
TechCrunch
11-06-2025
- Business
- TechCrunch
Fervo Energy lands $206M in financing to build massive geothermal power plant
Geothermal frontrunner Fervo Energy said Wednesday that it had secured $206 million in financing to continue work on a new power plant in Utah. The startup is developing what promises to be the largest enhanced geothermal power plant in the world. The initial phase of Cape Station is expected to come online next year and produce 100 megawatts of electricity, and a subsequent expansion set to open in 2028 will add another 400 megawatts. Enhanced geothermal, which runs deeper and hotter than traditional geothermal, has become a favored technology in the quest to find new power sources for AI data centers. By tapping the Earth's heat, geothermal promises to provide 24/7 power without emissions. It doesn't hurt that it relies on skills pioneered by the oil and gas industry, something that likely helps its standing within the Trump administration. The news comes the day after Fervo announced that it had completed its hottest and deepest well to date. The company said it drilled down 15,765 feet in 16 days, and the temperature at the bottom of the well is expected to stabilize at around 520 degrees F. Drilling time represents a large share of geothermal power plant costs, which is why startups have been racing to see who can drill deeper and faster. Fervo's results have unlocked a new spigot of cash. The financing announced today includes $100 million in project-level preferred equity from Breakthrough Energy Catalyst, the project finance arm of Bill Gates's Breakthrough Energy group. Mercuria, which had previously provided a $120 million loan, provided another $60 million to that facility. And an X-Caliber Rural Capital affiliate contributed $45.6 million in bridge debt financing. The startup has been on a fundraising tear lately. Fervo raised $244 million in February 2024 and another $255 million in December that was split between equity and debt. Energy secretary Chris Wright was at the helm of Liberty Energy when the company invested in Fervo in 2022. Techcrunch event Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW The increasing amounts of debt are a sign that investors feel that enhanced geothermal has passed through the commercial valley of death and is ready for widespread commercial adoption.
