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Big Idea:

Rwanda is set to obtain a portion of carbon credits instead of a portion of profits derived from Article 6 of the Paris Agreement. These credits will be applied to offset the country's National Determined Contributions (NDC) climate commitments. This initiative will contribute to advancing the industry, enabling Rwanda to diminish its climate footprint by facilitating access to cleaner technology through reduced emissions.

Why It Matters:

Rwanda’s decision to prioritize carbon credits over short-term gains sets an example for other nations. Emphasizing the importance of transparency and quality in its carbon market framework, Rwanda ensures that purchased credits meet international standards. The country  aims to offer high-quality carbon credits that provide climate benefits, empower communities, and protect biodiversity, underlining integrity in the voluntary market.

Key Details:

• This strategy could stabilize Rwanda's GDP, heavily reliant on climate-sensitive sectors, and bolster its ambition of carbon-neutral by 2050.
• Carbon pricing mechanisms cover a quarter of GHG emissions, generating $95 billion revenue from carbon taxes and Emissions Trading Systems (ETS) according to the World Bank.
• Rwanda plans to reduce GHGs by 38% by 2030.

Dive Deeper:

Rwanda's ambitious Green Growth and Climate Resilience Strategy requires an estimated $11 billion investment, a significant challenge considering the current inflows of aid and investment.

Big Idea:

Chinese EV makers and battery manufacturers are targeting overseas production, particularly in Southeast Asia, to tap into growing markets and meet local demands.

Key Details:

• NV Gotion, a JV between China's Volkswagen-backed Gotion and Thailand's state-owned PTT, has produced the first Thai manufactured battery pack for EVs. NV Gotion has received a supply nomination letter from Hozon’s Neta Auto and is expected to start in the first quarter of 2024.
• Hozon, a Chinese EV startup, plans to produce their Neta line of vehicles in Indonesia starting from 2024. The company partnered with PT Handal Indonesia Motor and aims to assemble complete cars from the second quarter of 2024. 
• China's largest carmaker SAIC is building a new energy industrial park in Thailand, focusing on localized production of key auto parts for its new EVs. The park is expected to be completed in 2025. 
• BYD, another major Chinese NEV maker, plans to produce vehicles in Thailand from 2024, using its wholly-owned plant with an annual capacity of 150,000 vehicles. 
• EVE Energy, a Chinese lithium battery manufacturer, has also initiated the construction of a manufacturing facility in Malaysia with a $422 million investment, focusing on cylindrical lithium-ion batteries for power tools and electric two-wheelers in Southeast Asia. 

Why It Matters:

There is increasing demand for EVs in Southeast Asia driven by government policies such as Malaysia's National Automotive Policy 2020 and commitment to achieving net-zero GHGs by 2050; and the Thai government’s target for 50% of vehicle output to be battery-powered by 2030. 

It also helps that Neta is incredibly popular in Thailand, with the brand being the best-selling EV in the country this year. 

What’s Next:

The anticipated mass delivery of SE Asia-produced EVs and batteries in 2024 will likely catalyze further Chinese investments. Analysts have noted that establishing local production capabilities allows companies to expedite product launches and develop offerings more attuned to local market needs.

By the Numbers:

• EV Registrations (2020): Europe - 1.4 million; China - 1.2 million; USA - 295,000.
• Available Electric Car Models Worldwide (2020): Approximately 370, with the largest variety in China and Europe.

Big Idea:

AstraZeneca inks a $247 million deal with AI biotech firm Absci to develop innovative cancer-fighting antibodies, aiming to transform oncology treatment and patient outcomes.

Why It Matters:

The role of AI in drug discovery, particularly in oncology, is reshaping timelines and methodologies, promising more rapid and precise development of cancer treatments. The AstraZeneca and Absci collaboration could greatly improve cancer treatment success, particularly in lung cancer where early detection increases 5-year survival rates from 10% up to 92%.

Key Details:

• Absci's zero-shot generative AI model diverges from traditional antibody library modifications, enabling in silico design of protein drug candidates.
• This is not AstraZeneca's first move into AI-driven oncology, following partnerships with firms like Qure.ai, and Verge Genomics.

“AI is enabling us to not only increase the success and speed of our biologics discovery process, but also enhance the diversity of the biologics we discover,” said AstraZeneca Senior Vice President Puja Sapra.

What's Next:

The partnership's future hinges on the successful integration of Absci's AI in AstraZeneca's oncology pipeline.

By the Numbers:

• Over 30%: Increase in Absci's stock price post-deal announcement.
• 92% vs. 10%: 5-year survival rate in early vs. late-stage lung cancer, highlighting the importance of early detection and effective treatment.
• $5.2 billion: Investment in AI-enabled drug discovery by 2021, signifying the sector's rapid growth.

Big Idea:

South Korea’s leading battery materials producer, EcoPro BM, has signed a $44 trillion won ($34 billion) contract with Samsung SDI to supply lithium nickel-cobalt-aluminum oxide (NCA) cathodes for electric vehicle (EV) batteries over a five-year period from 2024 to 2028. EcoPro BM's stock rose by 2.2% following the announcement.

Why It Matters:

With EV battery demand expected to surge by 30% by 2030,  the long-term nature of this cathode supply contract reflects both companies' confidence in the sustained growth of the EV market.

Zoom In:

Samsung SDI, although controlling the smallest market share among South Korea's top three battery providers (including LG Energy Solution Ltd. and SK On Co.), supplies EV batteries to major carmakers such as BMW, General Motors, and Hyundai Motor Co. 

Zoom Out:

EcoPro BM and Samsung SDI have a history of collaboration, with EcoPro BM supplying cathodes to Samsung SDI since 2011. In 2020, they established a joint venture, EcoPro EM Co., to supply NCA cathodes to Samsung SDI's offshore battery plants. This long-standing partnership is viewed as a foundation for EcoPro group's future growth.

Key Details:

• The first batch will be produced at EcoPro BM’s plant in Pohang, South Korea, with production expanding to a new facility in Hungary from 2025.
• The facility's expected annual output is 108,000 tons, enough for about 1.35 million EVs.
• NCA cathodes are known for their high energy density and efficiency but require careful cycling to minimize efficiency loss due to microcracking.

“EcoPro and Samsung SDI’s trust-based partnership is playing a crucial role in strengthening Korea’s battery industry,” said EcoPro BM CEO Joo Jae-hwan in a statement. “This long-term supply deal provides another opportunity to consolidate our relations.”

Big Idea:

Toyota and its affiliated suppliers plan to reduce their shareholdings in electric parts maker Denso Corp., with Toyota intending to lower its stake from 24% to 20%. This move is aimed at generating approximately USD$1.9 billion to fund the companies' shift to electric vehicles. Denso will conduct a share buyback of up to $1.3 billion worth of its own shares.

Why It Matters:

Toyota is freeing up funds to support their transition to electric vehicles, as the company aims to roll out 10 new battery-powered EVs and sell 1.5 million units annually by 2026. This move is part of Toyota's broader strategy to compete in the ever-increasing EV market.

Key Details:

• Introduction of next-generation batteries and sonic technology, aiming for a 1,000 km range, and adopting modular car body structures.
• Collaborations with companies like FAW Group, GAC, and BYD indicate Toyota's global approach to the EV market.

What's Next:

Toyota’s revised strategy and technological advancements makes them a formidable contender against EV competitors like Tesla, Volkswagen, and General Motors. This aligns with their $13.9 billion EV Battery factory investment in North Carolina.

By the Numbers:

• Expected production of 1.7 million EV batteries from Toyota’s BEV Factory by 2030.
• Target of a 37% cost reduction in next-generation hydrogen fuel cell systems.

Zoom Out:

Japanese companies, including Toyota, have been facing pressure to reduce or eliminate cross shareholdings. Toyota previously announced the sale of some of its stake in telecommunications company KDDI Corp. for $2.3 billion.

Big Idea:

Extropic, a hardware startup founded by former Alphabet quantum research team members, has secured $14.1 million in seed funding. Extropic is reportedly developing a chip optimized for running LLMs. The technology is described as a "novel full-stack paradigm of physics-based computing" that incorporates concepts from non-equilibrium thermodynamics, hinting at a unique approach to chip design.

Why It Matters:

Traditional computing models are constrained by physical and complexity limitations. Extropic's breakthrough aims to build a system where computing errors or noise, which has been a significant challenge in quantum computing, are considered an asset rather than a liability. The company has not disclosed detailed technical information but indicated a goal to reduce the electricity required for running AI models and automate certain coding tasks, potentially allowing the computer to self-program for learning representations of the world.

Key Details:

• Founded in 2022 by CEO Guillaume Verdon and CTO Trevor McCourt, both of whom had previously led a quantum computing team at Alphabet's X research unit. They were involved in developing a TensorFlow library for running AI models on quantum computing chips.
• Funding round led by Kindred Ventures, with participation from HOF Capital, Julian Capital, Marque VC, OSS Capital, Valor Equity Partners, Weekend Fund, and executives from Adobe Inc., Shopify Inc., and other AI startups.

What's Next:

Extropic is advancing the development of their physics-based computing model, which could automate coding tasks and enhance processing of LLMs, potentially leading to major improvements in AI applications.

Dive Deeper:

Contrary to its founders' background in quantum computing, Extropic's product is not a quantum computing chip. The decision is attributed to the scalability challenges of quantum physics-based computers and the company's pursuit of a different path to practical physics-based computing.

Zoom Out:

This development challenges Nvidia's dominance in AI hardware, especially with its H200 data center processor. Extropic's approach, utilizing physics-based computing, offers a compelling alternative in the competitive AI chip industry.

Big Idea:

Pika, a startup specializing in AI-powered video editing and generation, has secured $55 million in a funding round led by Lightspeed Venture Partners. This funding comes six months after Pika emerged from stealth mode and coincides with the launch of "Pika 1.0," a suite of videography tools introducing a generative AI model capable of editing videos in various styles.

Why It Matters:

Pika's rapid growth reflects the strong demand for generative AI. IDC projects a significant increase in generative AI investments from $16 billion in 2023 to $143 billion in 2027. The company claims to have onboarded over 500,000 users in half a year, generating millions of videos each week. Their goal is to make video creation accessible and empowering for the masses.

Yes, But: 

Challenges persist for enterprise customers, including concerns about unexpected outcomes, security, safety, fairness, bias, privacy, and the difficulty of finding suitable business use cases. Ongoing hurdles may impede the broader deployment of generative AI in corporate settings.

Key Details:

• Pika 1.0 features  a new generative model capable of creating professional-grade videos in various categories such as 3D animation, anime, and cinematic styles. Users can describe a video concept in text, and Pika's AI handles scene rendering, character posing, prop selection, color correction, and editing transitions.
• There is also a music video generation feature, enabling users to animate themselves dancing to popular song hits. 
• Pika was co-founded by former PhD students from Stanford's Artificial Intelligence Lab, Demi Guo, and Chenlin Meng. Guo previously worked as an engineer at Meta's AI research division, while Meng co-authored AI research papers, including those related to generative AI.

“We know firsthand that making high-quality content is difficult and expensive, and we built Pika to give everyone, from home users to film professionals, the tools to bring high-quality video to life,” said Demi Guo, Pika co-founder and CEO. “Our vision is to enable anyone to be the director of their stories and to bring out the creator in all of us.”

Zoom out:

Pika faces competition from other generative AI video tools like Runway and Stability AI. Pika aims to differentiate itself through innovative features, and despite competition from tech giants like Google and Meta, Lightspeed Venture Partners expresses confidence in Pika's potential impact on democratizing professional-quality video creation.

Big Idea:

Societe Generale, the third-largest bank in France, has issued the first digital green bond utilizing a security token registered directly by SG-FORGE on the Ethereum blockchain. This involves a €10 million senior preferred unsecured bond with a 3-year maturity. This is a major step in employing blockchain technology to increase transparency and traceability of ESG data for investors and issuers.

Why It Matters:

Green bonds are key for financing a low-carbon economy. The net proceeds from this bond will be used for funding eligible green activities approved by Societe Generale. The green bond market reached the cumulative $1 trillion mark in 2020 since the making of the first green bond in 2007.  

Key Details:

• The bond features real-time carbon footprint tracking available 24/7 and accessible within the smart contract.
• This initiative could encourage the adoption of blockchain technology in the green  bond market.

What’s Next:

The green bond market, with blockchain integration, is expected to grow, attracting more investments towards sustainable projects. The technological innovation demonstrated by Societe Generale could inspire other financial institutions to follow suit.

Dive Deeper:

Societe Generale's transaction serves as a fresh example of how institutions can venture into the realm of digital instruments. It exemplifies their capabilities in debt capital markets, aligning with the growing demand from corporate and institutional clients for digital assets in the sustainable bond market.

Big Idea:

Estonian nanotechnology firm, UP Catalyst, raised €4 million to scale their unique technology that converts CO2 into graphite, a crucial component in batteries due to its energy density. The pilot reactor is expected to process 100 tons of CO2 annually, making UP Catalyst the largest provider of green graphite globally.

Why It Matters:

Graphite, a key component for battery production and a resource largely dominated by China with over 60% of global reserves valued at $19 billion, faces hurdles from new European import restrictions. UP Catalyst can provide a sustainable alternative, advancing Europe's battery industry while also tackling environmental concerns of CO2 emissions.

Key Details:

• UP's Molten Salt Carbon Capture and Electrochemical Transformation technology efficiently converts CO2 emissions into high-quality graphite.
• Traditional graphite production emits roughly 9 tons of CO2 per ton of graphite, while UP Catalyst's approach only emits 3.7 tons of CO2 per ton of graphite, making it a carbon-negative process.
• This could reduce Europe's dependence on imported graphite, bolster the continent's battery industry, and make strides in carbon capture and utilization.

“We are thrilled to have secured this funding, bringing us one step closer to empowering 4 million car batteries with graphite sourced from CO2 emissions by 2030. This carbon supply can cover approximately 20% of the EV battery market’s yearly carbon need in Europe,” said Gary Urb, CEO of UP Catalyst.

Dive Deeper:

UP Catalyst's technology roadmap highlights the integration of carbon capture with material production, a novel approach compared to traditional carbon capture methods. This not only addresses environmental concerns but also creates economic value from CO2, a significant leap in the carbon capture and utilization field.

Big Idea:

Hut 8 Mining Corp. has completed its merger with US Bitcoin Corp (USBTC), birthing Hut 8 Corp – a new entity poised to be a leader in the crypto mining landscape by employing AI infrastructure. Hut 8 is diversifying their revenue streams in the volatile crypto mining world with operations in mining, hosting and high-performance computing.

Why It Matters:

This is one of the biggest mergers in the crypto industry and it could not have come at a better time during the current Bitcoin rally. The merger combines Hut 8's robust infrastructure with USBTC's advanced technology, consolidating their strengths in AI and machine learning services.

Key Details:

• In 2022, Hut 8 acquired five Canadian data centers through the purchase of TerraGo, with plans to utilize the unused cloud space for gaming rendering, NFT storage, node infrastructure management, and storage for exchanges.
• Hut 8 has an energy capacity of 825 megawatts (MW) distributed over six sites. It has a self-mining capacity of 7.5 EH/s, manages 220 MW of hosting infrastructure, and oversees 680 MW of energy resources.

"New Hut is laser-focused on driving efficiency and improvement across our spectrum of operations to ensure that we are well positioned and uniquely nimble as we approach the halving and beyond," stated Asher Genoot, co-founder and president of USBTC.

What's Next:

The newly formed Hut 8 Corp is expected to capitalize on its expanded capabilities, potentially expanding into various sectors and redefining the boundaries of traditional crypto mining.

Yes, But:

Despite being one of the top 10 in Bitcoin production, Hut 8 trails competitors in hash rates. The company is focused on operational synergies, optimizing returns, and exploring opportunities for both organic and inorganic growth, especially in light of the upcoming Bitcoin halving event scheduled for April 2024.

Big Idea:

Vitalia is a new venture in longevity biotech that hopes to reduce drug development time from over 10 years to just 4 months. It is hosting a unique pop-up city experience on the Caribbean island of Roatán, Honduras.

Why It Matters:

Vitalia combines biotech, crypto and AI to enhance their research. Their pop-up city experience, similar to Vitalik Buterin’s Zuzalu, leverages Roatán’s progressive legal framework and conducive environment for innovation. The event serves as the foundation for a permanent longevity district on Roatán.

Key Details:

• The two-month pop-up city experience is from January 6th to March 1st and anticipates over 200 global visitors.
• The participants include experts and citizen scientists.
• The event includes four themes: Longevity & Human Improvement, Crypto Cities & Network States, AI & Technological Progress, and Pathways to Healthy Life Extension.

What's Next:

Vitalia’s long-term vision involves creating 3-5 lasting hubs with tens of thousands of residents, both local and international, coordinated through a cloud community. This concept is inspired by Balaji Srinivasan's idea of "The Network State," with Vitalia seen as a moonshot project to accelerate progress in extending human lifespan.

The Goal:

The goal of the project is to stimulate discussions and collaborations on cutting-edge ideas and solutions. Vitalia emphasizes community engagement and collaboration, encouraging residents (referred to as "builders") to set ambitious goals and develop new ventures. Regular pitch competitions, crowdfunding, and legal advice are provided to support builders in creating innovations in areas such as drug development, insurance models, and healthcare practices

Big Idea:

AssemblyAI, a speech AI startup, received $50M in a Series C funding round, bringing its total outside funding to $115M for the enhancement of its cloud-based speech AI models. The funding is for corporate growth amidst their expanding customer base. 

Why It Matters:

AssemblyAI intends to acquire additional AI computing infrastructure to broaden the company's array of neural networks. They are also developing a new AI model, named Universal, anticipated to surpass the capabilities of its recent Conformer-2 system across various aspects. Universal is undergoing training on a dataset approximately 10 times larger than the one employed for Conformer-2. The training operations are conducted on Google Cloud instances utilizing internally-developed TPU chips, specifically designed to optimize performance for AI workloads.

Key Details:

• Investors included Accel, Insight Partners, Salesforce Inc. co-Chief Executive Keith Block, former GitHub CEO Nat Friedman and more.
• AssemblyAI's customer base grew 200%, now serving 4,000 brands.
• It is projected that the global AI investments could reach $154 billion by year-end.

“We’re now regularly serving over 25 million inference calls, and processing over 10 terabytes of voice data, every day through our API for our customers,” said AssemblyAI founder and CEO Dylan Fox.

What's Next:

The company aims to make the Universal model available to customers in the very near future.

Big Idea:

Norway is on track to be the world's first to launch commercial seabed mining, with its minority government and two opposition parties approving Arctic seabed exploration.

Why It matters:

Support for seabed mining represents a strategic shift in resource procurement, addressing Europe's supply of critical minerals for green technologies and reshaping the mining industry's environmental and legislative landscape.

Key Details:

• Norway proposes to open about 280,000 km2 for seabed exploration, an area larger than the UK.
• Seabeds hold vital mineral deposits for green tech including batteries, wind turbines, copper, cobalt, and rare earth metals such as neodymium and dysprosium.
• Commercially-scaled seabed mining in the Arctic could pioneer extraction techniques specific for deep sea minerals.

"We need to have a fact- based evaluation of deep sea minerals as a provider of critical minerals for the green energy transition," said Walter Sognnes, CEO of seabed mining startup Loke Marine Minerals.

What's Next:

Parliament’s final decision on full-scale mining awaits, potentially setting a global precedent for seabed mining initiatives and environmental policies.

Yes, but:

Environmental concerns loom large, with debates on marine ecosystem impacts and long-term sustainability.

The Intrigue:

This initiative intersects critical global issues: the need for sustainable sources of minerals for green technologies, the challenge of environmental protection and long-term sustainability, and geopolitical tensions over Arctic resources.

Big Idea:

The Tokyo Stock Exchange (TSE) has introduced a market maker mechanism trial to invigorate their carbon credit trading market. The mechanism is designed to ensure liquidity by making companies quote a certain volume of buy and sell orders within a price range.

Why It Matters:

As the world's fifth-largest carbon emitter, Japan is using the carbon credit market strategy to combat climate change. In April, Japan initiated a gradual implementation of a carbon pricing scheme aimed at motivating companies and cities to reduce their emissions in hopes for the country to become carbon neutral by 2050.

Key Details:

• The TSE’s carbon credit market is Japan's first, marking their entry into global carbon trading.
• The scheme will run until February 29, 2024. It allows trading of two types of carbon credits: J-Credits from energy saving projects and renewable electricity projects.
• Introduction of market makers like Sumitomo Corp and Marubeni Corp to enhance liquidity in carbon credit trading.
• The initiative aims to bolster Japan's climate change strategy by providing a tangible, market-driven approach to reducing emissions.

State of Play:

Leading global bank, Mizuho Financial Group, has invested in Climate Impact X (CIX), a Singapore-based carbon credit marketplace, to expand the carbon credit market in Asia. The partnership focuses on expanding carbon credit accessibility and reliability, leveraging CIX's advanced technology like satellite monitoring, machine learning, and blockchain to ensure transparency and integrity in carbon trading.

What's Next:

The trial will be a litmus test for the market's viability and could set a precedent for similar initiatives globally.

Dive Deeper:

Japan's cautious approach, contrasting with aggressive carbon pricing in other Asian markets, reflects its unique economic and environmental challenges.

Yes, but:

Critics argue that without a compliance market, Japan's carbon credit market may struggle to gain significant traction.

Big Idea:

Sanofi has entered into a partnership with Aqemia, a Paris-based startup specializing in quantum physics algorithms and generative AI for drug discovery. Sanofi plans to use Aqemia’s, spun out of École normale supérieure in 2019, tech to discover small molecules in various therapeutic areas.

Why It Matters:

The $140 million collaboration taps into the booming AI drug discovery market expected to reach $15.44 billion by 2032, ushering a new era of faster, more effective drug development.

Key Details:

• Aqemia's software predicts drug effectiveness in minutes, bypassing traditional experimental data requirements.
• The collaboration is part of a long-term strategy for Sanofi, extending their commitment to AI in pharmaceuticals with previous investments in similar ventures.

“This whole new step is about scaling our respective expertise to multiple projects and supporting Sanofi in discovering novel chemical matter at scale with our unique technology – including on difficult projects with limited chemical data upfront and hard issues like selectivity,” said Maximilien Levesque, Aqemia CEO and Co-founder.

The Bottom Line:

Sanofi continues to push the boundaries of drug discovery with more AI acquisitions.

By the Numbers:

• Over $5.2 billion is invested annually in AI-enabled drug discovery.
• Approximately USD 15.44 billion is projected for the AI drug discovery market by 2032.
• Aqemia's technology operates at a speed and accuracy 10,000 times greater than traditional methods.

Big Idea:

Wormhole, a leading blockchain communication network, has raised $225 million in funding at a $2.5 billion valuation. It has launched Wormhole Labs which will focus on developing advanced cross-chain technology. 

Why It Matters:

The development of Wormhole Labs emphasizes the increasing importance of advancing cross-chain interactions, making transactions more convenient and efficient. This is crucial for Web3 growth and a wide range of blockchain applications.

Key Details:

• Since their inception in 2021, Wormhole has facilitated over $35 billion in transfer volume and processed over 2 million cross-chain messages across 30+ chains daily.
• Wormhole's technology enables secure and efficient communication between disparate blockchain networks.
• This could broaden blockchain's applicability in various sectors, from finance to supply chain management.
• Key investors include Brevan Howard, Coinbase Ventures, Multicoin Capital.

"We're laser-focused on bringing solutions to market that solve real problems for our customers and end-users, and are on a mission to enable real-world impact from the Web3 space," - Robinson Burkey, Wormhole Foundation’s Chief Commercial Officer.

What's Next:

Wormhole's trajectory suggests an aggressive expansion into new blockchain technologies and potential partnerships with major industry players.

Between the Lines:

Wormhole’s growth suggests a growing acceptance and integration of blockchain technology in mainstream markets, defying skepticism about its practical applications and long-term viability.

Big Idea:

Ivanhoe Electric has launched a major 50/50 joint venture with Ma’aden, a Saudi state-owned mining company, to mine the underexplored Saudi Arabian Shield for copper, gold, and other electric metals. 

Why It Matters:

The JV grants the Canadian copper miner access to 48,500 km2 of land and will be mined using Ivanhoe’s proprietary Typhoon technology to unearth vast deposits of critical minerals. 

Key Details:

• Ma’aden has invested $127.1 million into Ivanhoe’s common stock for a 9.9% equity interest.
• Typhoon offers advanced and accurate geophysical survey capabilities, identifying sulfide minerals potentially containing copper, nickel, gold, and silver (as well as water and oil) at depths of over 1.5 kilometers, offering more eco-friendly and efficient exploration methods.
• The successful discovery of mineral deposits could significantly boost Saudi Arabia's mining sector, crucial for renewable technologies.

“We are deploying Ivanhoe Electric’s proprietary Typhoon surveying technology, supported by the combined expertise of our joint exploration and geophysical teams on the ground, to find new sources of critical minerals and support Vision 2030, which aims to position mining as a third pillar of the Saudi Arabian economy,” said Ivanhoe Electric’s Executive Chairman Robert Friedland.

What's Next:

Completion of the first Typhoon survey by the end of 2023, with subsequent exploration phases targeting the Wadi Bidah and Bir Umq Belts in 2024 and 2025.

Dive Deeper:

The exploration focuses initially on the Al Amar Belt, an area with historical evidence of mineralization, indicating a high prospectivity for major discoveries.

The Intrigue:

The Saudi’s investment in electric metals reveals a potential shift in focus away from fossil fuels and an interest in more sustainable forms of energy.

Looking Ahead:

Ivanhoe has 100% acquired Kaizen Discovery, a Canadian mineral exploration company with projects in Peru. The Pinaya Project in Peru contains mineral resources of copper and gold.

Big Idea:

Oxford Quantum Circuits (OQC) raised $100 million in a Series B funding round, led by Tokyo-based venture capital firm SBI, and debuted their latest quantum processor, OQC Toshiko. OQC has the only quantum computer commercially available in the UK and prides themselves as Europe’s leading Quantum Computing As A Service firm.

Why It Matters:

• This is one of the largest Series B investments raised by a quantum computing startup.
• The significance of OQC Toshiko is it features 32 qubits—4x more than its previous processor. The increase in qubit count is essential for tackling more complex computational problems and demonstrates progress in scaling quantum processors. This approach distinguishes OQC from other quantum computing architectures. ‍
• The OQC Toshiko is designed to be compatible with conventional computing equipment and can be accessed via the public cloud, allowing for more versatile and practical applications.

Key Details:

• Additional investors in the round are Oxford University and the University of Tokyo’s Edge Capital fund.
• OCQ Toshiko integrates with major tech companies like NVIDIA, AWS, and McKinsey, unlocking a potential $1.3 trillion industry innovation market.
• OQC Toshiko is currently in private preview, with plans to expand availability across public cloud and data center fabric.
• Prior to the Series B round, OQC raised £41 million, with a team of over 100 people and operations expanding in the UK, Japan, and Spain.

What's Next:

OQC will further expand their quantum computing capabilities, targeting the development of processors with hundreds of qubits for even more complex computations and enterprise uses. This could open doors to solving complex problems in fields like cryptography, optimization, and materials science that were previously intractable.

Dive Deeper:

OQC Toshiko diverges from traditional quantum computing, adopting Digital Fabric Interconnect for secure, hybrid customer computing, combining quantum and high-performance computing (HPC).

Big Idea:

The EU's battery passport initiative is a part of the broader EU battery regulations adopted earlier this year which set the minimum content of recycled materials for newly manufactured batteries. Battery passports are how these recycled content minimums will be tracked and traced. In addition to recycled content, there is a significant data tracking aspect related to new methodologies in tracking carbon credits.  

Why It Matters:

Battery passport regulations open the door for more tech forward ways to connect batteries and the richness of data they contain to consumers and businesses. This covers battery safety and monitoring, whether or not a battery is likely to catch fire, and what is considered the holy grail in the EV world: an independent battery health score to understand the health of the battery (where up to 50% of the value of the EV is in the battery). 

Key Details:

• Every battery over 2kWh requires a passport by 2027 (the average size of an EV battery is 40kWh).
• Carbon credits and debits of EV batteries will no longer use kilograms of manufactured battery material to calculate kilograms of carbon, but rather a complex algorithm related to discharging and recharging the battery over time and carbon intensity of the electricity used to charge over the lifetime. How battery passports can participate in this credit creation redemption process remains to be seen.
• Various consortiums have been established to help manufacturers and OEMs comply with the regulations. Notable consortium partners include BMW, Audi, Mercedes Benz, Tesla, Glencore, LG and others.
• Battery manufacturers, consumers, insurers, recyclers and environmental agencies are all stakeholders in this new regime.

What's Next:

A massive funding wave has emerged for battery recycling startups in the wake of the new EU battery regulations. These battery recyclers are constrained by geography and massive projects are popping up around the world. Expect an equal wave of funding in the coming years related to information connected to the Battery Passport.

Dive Deeper:

The battery passport system transcends compliance; it acts as a catalyst for change. It influences manufacturers to embrace greener practices upstream among Chinese manufacturers which might otherwise not be held accountable. It also supports the circular economy by promoting recycling and upcycling, reducing waste.

The Intrigue:

This system's integration presents challenges and opportunities across the supply chain, from mining to recycling, highlighting the interconnectedness of the industry and the global economy.

Between the Lines:

The EU is pushing for a shift in industry practices, demanding greater transparency and responsibility from manufacturers and influencing global market trends. The system faces skepticism from the largest market in the world, the United States, which has not signaled adoption of any kind of Battery Passport to date.

‍

Big Idea:

E-One Moli Energy, a subsidiary of a Taiwan-based cement firm, unveils Canada's largest lithium-ion battery cell manufacturing facility, a C$1 billion project designed by Stantec in British Columbia. This state-of-the-art plant, slated for completion in 2028, will produce 135 million high-performance cells annually for various use in medical devices, power tools, consumer electronics, vehicles, and aerospace.

Why It Matters:

The investment represents a strategic shift in North America's energy and manufacturing landscape, reducing reliance on international markets for battery production. It aligns with the global movement towards cleaner energy and advanced manufacturing, positioning Canada at the forefront of sustainable industrial innovation. British Columbia is not a center of highly technical manufacturing in Canada so this is an important addition to their economy.  

Key Details:

• The plant's 2.8 gigawatt-hour capacity can produce 135 million cells annually, generating 350 new jobs and securing 100 existing positions.
• Canada's largest battery cell plant at 474,000 sq. ft will produce high-performance batteries for medical devices, power tools, and aerospace applications.
• The Canadian government will contribute $209 million through federal and provincial funding.
• The facility aims to be a leader in sustainable industrial design, targeting LEED Gold and Net-Zero Carbon certifications.

“With a substantial investment in efficient energy generation, this transformative manufacturing space will bring opportunity and growth to the people of British Columbia and the Canadian economy. We are thrilled to be playing an important part in bringing this project to life," said Navid Fereidooni, Architect and Principal for Stantec.

What’s Next:

The project's completion in 2028 will likely catalyze further investments in clean technology and renewable energy sources, elevating Canada's role in the global clean-tech market.

Dive Deeper:

This development aligns with global trends towards sustainable energy solutions, mirroring initiatives like ExxonMobil's lithium production in Arkansas, aimed at supporting over a million EVs annually by 2030.

Big Idea:

The XPrize Foundation, known for funding scientific research, has launched a $101 million competition focused on anti-aging research. Backed by Saudi Crown Prince Mohammed bin Salman and Chip Wilson, founder of Lululemon, this record-breaking prize aims to develop therapeutics that can rejuvenate a decade's worth of muscle, immune, and cognitive functioning in older adults, all within one year or less.

Why It Matters:

The $101 million prize marks the largest in XPrize history, emphasizing the growing global interest in longevity science. The backing from high-profile individuals and entities, including the Saudi Crown Prince Mohammed bin Salman and Lululemon founder Chip Wilson, reflects a seismic shift in the perception and approach towards anti-aging as a legitimate, vital field.

Key Details:

• Life expectancy globally has risen to 73.4 years, yet the healthspan lags behind at 63.7 years, revealing a significant gap in quality of life in later years.
• The $101 million prize marks the largest-ever in XPrize history, surpassing a $100 million carbon removal project funded by Elon Musk.
• A special $10 million bonus is offered for reversing muscle degradation in Facioscapulohumeral Muscular Dystrophy patients.
• The funding includes $40 million from the Hevolution Foundation. Additionally, $36 million, including the FSHD bonus, comes from Lululemon's Chip Wilson, alongside contributions from other XPrize backers.
• Additional donors include, Carl B. Barney (Ayn Rand supporter) and Christian Angermayer (longevity research investor, co-founder of Rejuveron Life Sciences AG).

What's Next:

The competition, running until 2030, could intensify research in biotech and gerontology, possibly leading to breakthroughs in age-related therapeutics, with wide-ranging implications for healthspan extension.

Flashback:

Lululemon Founder Chip Wilson, diagnosed with FSHD (Muscular Dystrophy) in 1987, committed $100M to his venture philanthropy fund named Solve FSHD back in October 2023

The Bottom Line:

Beyond extending lifespan, the ultimate goal of the XPrize initiative is to enhance life quality, addressing the decade often lost to health decline in the elderly. This approach could redefine aging, shifting the focus from lifespan to healthspan.

Big Idea:

Canada's latest Green Bond Program update integrates nuclear energy expenditures as green investments, aligning with the 2030 Emissions Reduction Plan and global standards. 

The framework update follows a successful inaugural $5 billion Green Bond launched in March 2022, which attracted over $11 billion in orders.

Why It Matters:

The program reflects a perspective shift in sustainable investment strategies, recognizing nuclear energy as a legitimate green alternative. 

Key Details:

• The integration of nuclear energy expenditures in Canada's Green Bond Framework is similar to the EU's Taxonomy for Sustainable Activities.
• Incentivizing investments in nuclear energy could reshape Canada's energy landscape and influence global energy policies.
• Key players include Bruce Power, Ontario Power Generation and Sustainalytics, providing crucial support and validation for this initiative.

What's Next:

The Canadian government plans another green bond issue under the updated framework. This will further test the market receptivity for nuclear-inclusive green bonds.

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Big Idea:

JPM Coin, a blockchain-based stablecoin by JPMorgan is now doing approximately $1 billion in daily transactions. Exclusive to institutional clients, it has processed over $300 billion since launch, emphasizing blockchain's role in global payment systems.

Why It Matters:

The success of JPM Coin highlights the growing acceptance of blockchain in traditional finance and digitization in conventional banking systems.

Key Details:

• JPM Coin has the potential to handle $10 billion in daily transactions in the next year.
• The widespread usage of JPM Coin challenges traditional payments like SWIFT.
• Blockchain can streamline global payments, reduce transaction costs and enhance efficiency in the financial industry.

What's Next:

JPM launched a pilot with Onyx (JP Morgan’s blockchain arm) titled Avalanche, a smart contracts platform to tokenize portfolios. The storied bank shows no sign of slowing down in the blockchain space.

Dive Deeper:

The rapid growth of JPM to support Euro transactions and integration with Siemens AG illustrates the versatile application of blockchain in corporate finance.

Yes, but:

While JPM Coin's success is notable, it operates in a controlled environment unlike decentralized cryptocurrencies, raising questions about its broader impact on the crypto market.

Big Idea:

Businesses in Canada may be able to create high value revenue-generating compliance carbon credits when they replace ICE vehicle fleets with EVs. Canada launched a new carbon credit system with the introduction of the Clean Fuel Regulations (CFR) and amendments to British Columbia's Low Carbon Fuel Standard (LCFS) program. This new system, which integrates federal and provincial regulations, is designed to incentivize businesses to to transition to low-carbon fuels and adopt EV fleets.

Why It Matters:

The government is tapping into a market-driven solution to establish a dynamic credit market where existing fossil fuel suppliers become the buyers of compliance credits created by new EV fleet purchasers.

Key Details:

• The Clean Fuel Regulations (CFR) and British Columbia's Low Carbon Fuel Standard (LCFS) are expected to significantly reduce transportation's carbon intensity.
• For every 1.4 MWh of electricity replacing traditional fuels, businesses can earn over 1 credit. Depending on the price of compliance credits, this incentive could be significant and make EV fleets highly compelling. 
• This strategy could significantly accelerate the shift to low-carbon transportation, reducing overall greenhouse gas emissions.

What's Next:

The future likely holds more stringent carbon intensity targets, increased adoption of EVs by businesses, and further expansion of the carbon credit market, potentially influencing global environmental policies.

Yes, but:

While the shift towards EVs and low-carbon fuels is beneficial, it raises questions about the readiness of existing infrastructure to support a rapid transition and the impact on traditional fuel industries.

Big Idea:

SkyNRG, a global leader in Sustainable Aviation Fuels (SAF), has secured a €175 million investment from Macquarie Asset Management. 

Why It Matters:

The Amsterdam-based company has led the development of SAF in the aviation industry, notably powering the first commercial flight with SAF. This funding is critical to accelerate efforts in reducing carbon emissions in aviation, which accounts for 2.5% of global CO2 emissions. SkyNRG is one of the firms dedicated to attaining the shared objective of airlines achieving carbon neutrality by 2050.

Key Details:

• Goal to develop and expand SAF production facilities in Europe and the U.S. by 2030.
• Aim to reduce emissions by minimum 75% in jets using SkyNRG's SAF compared to traditional jet fuel.
• Key partners include KLM Royal Dutch Airlines and Boeing with €4 billion commitments in SAF purchases.

Philippe Lacamp, CEO of SkyNRG, commented, “We are very proud that Macquarie has made this strategic investment in our business and are confident that they, with the ongoing support of our existing shareholders, will provide us with the resources and expertise we need to accelerate our growth journey towards becoming a major player in the SAF industry.”

Dive Deeper:

The investment aligns with global initiatives like the European ReFuelEU mandate and the U.S. Inflation Reduction Act, highlighting the increasing political and regulatory support for SAF.