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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.

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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.

Big Idea:

Forge Nano Inc, a leading materials science company, launched a new $165 million lithium-ion battery manufacturing business in Raleigh, NC called Forge Battery. The Gigafactory will produce Atomic Armor surface technology coated lithium-ion cells suitable for defense, aerospace and specialty EVs.

Why It Matters:

The new Gigafactory bolsters the U.S. battery supply chain and job market, reducing global reliance on foreign suppliers.

Key Details:

• Forge Battery aims to create hundreds of high-paying jobs in Wake County and be operational by 2026.
• The facility will manufacture lithium-ion cells, including both 21700 and 18650 variants, employing materials coated with Forge Nano's Atomic Armor surface technology.
• Atomic Armor contributes to improving production efficiency and lowering cell costs by eliminating electrolyte additives and reducing electrolyte consumption. 
• The first-generation high-energy cells boast an anticipated energy density of 300 Wh/kg. These cells provide enhanced safety and prolonged lifespan, surpassing or matching the performance of established lithium-ion technologies.
• Forge Battery’s cell technology will surpass the capabilities of existing and future cell chemistries.

“We are extremely excited to launch Forge Battery in the Battery Belt, where we intend to produce batteries for the world’s most demanding applications, while showcasing the power of Forge Nano’s Atomic Armor coating equipment in a large-scale manufacturing environment,” says Paul Lichty, CEO of Forge Nano.

What's Next:

Forge Battery is set to hold a groundbreaking event in early 2024, positioning Raleigh as a key hub in the emerging Battery Belt.

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Big Idea:

The European Commission launches its first-ever European Hydrogen Bank auction with €800 million to ramp up the European production of renewable hydrogen. This move aims to close the cost gap between production and consumer prices, making renewable hydrogen more competitive in the market.

Why It Matters:

The growth of the market for renewable hydrogen plays a critical role in Europe’s future energy mix. It is a major stride in Europe’s pursuit of carbon reduction and targeting key sectors such as heavy industry and transport by replacing fossil fuels. It introduces “Auctions-as-a-service”, allowing Member States to finance projects that were not selected for Innovation Fund support, reducing administrative burdens and costs.

Key Details:

• The target is a production of 10 million tonnes of renewable hydrogen by 2030.
• Producers can submit bids based on a proposed price premium per kilogram of renewable hydrogen produced, with a ceiling of 4.5€/kg. Selected projects will receive the awarded subsidy in addition to market revenues for up to 10 years, with a requirement to start production within five years.
• The deadline for bidders is February 8, 2024.

“We are investing massively in this transition by using the revenues of emissions trading. This is a sustainable model that brings down emissions and boosts the competitiveness of European industry,” said the EU’s new Green Deal chief, Maroš Šefčovič.

What's Next:

The focus now shifts to the successful implementation of the auction system and monitoring its impact on hydrogen production costs. A second round of auctions in 2024 indicates the EU's commitment to ongoing support for this burgeoning sector.

The Intrigue:

The pilot auction contrasts with the approaches of other nations and we will see whether Europe can establish a lead in this crucial sector.

Big Idea:

Vivodyne, a biotech research startup, has announced $38 million in funding led by Khosla Ventures. Vivodyne leverages AI-scale testing on lab-grown human organs for preclinical testing for every stage of drug development.

Why It Matters:

Vivodyne enables their biopharma partners to see human data even before clinical trials and reduces the need for animal testing. Their platform can mimic drug interactions with human cells offering more precise results, enhance drug success rates and accelerate the discovery of more effective treatments.

Key Details:

• Vivodyne's technology generates early human data, aiding in the identification of promising drugs while potentially cutting costs and lowering drug prices.
• The company has developed 22 types of bioengineered human organ tissues, integrated with AI, to mimic human responses to drugs.
• The AI platform can handle over 10,000 tissue samples simultaneously, using robotic automation for large-scale, human-like data generation.
• The technology is not limited to drug discovery; it also extends to troubleshooting issues in human trials.

“We’re thrilled to have Khosla Ventures lead this funding round, which accelerates the development of our AI platform that enables the generation of predictive human data before therapeutics enter clinical trials,” said Andrei Georgescu, CEO and Co-Founder of Vivodyne.

What's Next:

Vivodyne plans to expand its platform and potentially collaborate with top biopharma companies. This expansion aims to advance AI-driven drug discovery using its extensive human data sets.

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Big Idea:

Northvolt, a Swedish company founded by former Tesla executives Peter Carlsson and Paolo Cerruti, unveiled its latest sodium-ion battery with energy density over 160 watt-hours per kilogram. This technology minimizes the use of rare minerals and reliance on overseas supply chains, providing a sustainable, cost-effective, and heat-resistant alternative to conventional lithium batteries.

Why It Matters:

While traditional batteries rely on lithium, nickel, cobalt, and graphite, Northvolt uses abundant resources like iron and sodium. This new battery addresses sustainability, cost, and safety concerns, an ideal alternative to lithium-ion batteries.

Key Details:

• Northvolt's sodium-ion battery achieves over 160 Wh/kg, outperforming current lithium-ion batteries in the 75-150 Wh/kg range.
• Developed in partnership with Altris, the tech leverages their expertise in producing Fennac (otherwise known as Prussian White).
• Offers cost-effective energy storage suitable for high-temperature environments such as India, the Middle East, and Africa.
• Northvolt has received $55 billion in orders from major automotive and technology firms.

Peter Carlsson, CEO and Co-Founder of Northvolt, comments: “The world has put high hopes on sodium-ion, and I’m very pleased to say that we’ve developed a technology that will enable its widespread deployment to accelerate the energy transition. It’s an important milestone for Northvolt’s market proposition, but battery technology like this is also crucial to reach global sustainability goals, by making electrification more cost-efficient, sustainable and accessible worldwide.”

What's Next:

Northvolt's focus on ramping up production and commercialization of their battery opens opportunities for energy storage solutions, with potential future applications in electric mobility.

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Big Idea:

Redwood Materials will supply Toyota with recycled cathode material and anode copper foil for battery cells. They will be produced in Toyota’s future $13.9 billion EV Battery factory in North Carolina scheduled for production in 2025.

Why It Matters:

This strategic partnership is important because now Toyota will have a US source for critical components for their EV batteries. This is also an extension of Redwood Materials agreement with the automaker in June 2022. Redwood, founded by former Tesla CTO JB Straubel, committed to the refurbishment or recycling of batteries from Toyota's hybrid and electric vehicles. In cases where batteries cannot undergo refurbishment, Redwood extracts essential materials like copper, lithium, cobalt, and nickel. These materials are then reprocessed into components, which are subsequently supplied back to Toyota for cell manufacturing.

Key Details:

• Toyota was long perceived as slow in fully embracing battery EVs in their lineup. Despite recent acceleration in their EV program, they stand by their strategy to manufacture and market a combination of hybrid, plug-in hybrid, and battery EVs.
• The North Carolina Battery Plant has six production lines and will wean Toyota off their dependence on overseas supply chains.
• Redwood’s recycling technology turns battery waste into reusable components.
• Redwood is set to supply Toyota with at least 20% recycled nickel and lithium, 50% recycled cobalt, and 100% recycled copper for battery cell production.

“Accelerating our recycling efforts and domestic component procurement gets us closer to our ultimate goal of creating a closed-loop battery ecosystem that will become increasingly important as we add more vehicles with batteries to roads across North America,” said Christopher Yang, Group Vice President, Business Development, Toyota Motor North America.

What's Next:

Toyota’s ramped-up investment and Redwood partnership could inspire more battery recycling startups to partner with EV makers, encouraging a sustainable and cyclical life for used batteries. 

Dive Deeper:

Redwood's expansion in Nevada and South Carolina signifies an increased capacity for upcycling battery material production, aiming to meet the demands of a million EVs annually by 2025.

By the Numbers

• Nearly five million Toyota electrified vehicles in operation that can be potentially recycled.
• 100 GWh annual production target by Redwood, sufficient for 1 million EVs.
• 5,000+ jobs to be created at the North Carolina plant.

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Big Idea:

The demand for uranium is surging, with prices soaring to triple digits for the first time since 2007, as countries transition from fossil fuels to alternative energy such as nuclear power. The imbalance is creating a supply deficit for uranium.

Why It Matters:

The market is driven by green energy policies from governments and also a need for more secure and secure energy sources than wind and solar energy. Geopolitical factors such as the war in Ukraine are further spurring this shift.

Key Details:

• The uranium spot price is expected to rise from $79/lb to over $100/lb within a year.
• Rising uranium prices are boosting uranium stocks and spurring the reopening and expansion of mines worldwide, especially in Canada and Australia.

“Our goal is to have as large a vehicle as possible, as liquid as possible so that more and more investors can participate in the sector,” said John Ciampaglia, CEO of Sprott Asset Management. “Most of the world is pivoting back to nuclear energy after largely ignoring it for 10 years.”

What's Next:

The future looks set for a sustained bull market in uranium. With rising demand and constrained supply, the sector is poised for growth and in uranium miners and developers as well as investments in new and existing nuclear power plants.

Dive Deeper:

Canada's Athabasca Basin, spanning roughly 100,000 square kilometers in Northern Saskatchewan and Alberta, hosts the world's richest uranium deposits, with grades 20 times higher than the global average. This region propelled Canada to become the world’s largest uranium producer, until Kazakhstan surpassed it in 2009. Currently, Kazakhstan produces 43% of the world's uranium.

By the Numbers:

• 50% increase in uranium prices this year.
• 145 million lb. projected global yellowcake supply.
• 180 million lb. current annual demand, set to nearly double by 2040.
• 60+ nuclear plants currently under construction worldwide.

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Big Idea:

The Canadian government has launched a C$1.5 billion Critical Minerals Infrastructure Fund (CMIF) dedicated to enhancing clean energy, electrification, transportation, and infrastructure projects. Its primary focus is to boost the supply chain of critical minerals vital for achieving a sustainable, net-zero emissions goal.

Why It Matters:

This initiative is part of Canada's C$3.8 billion critical minerals strategy, aimed at developing minerals such as copper, cobalt, and nickel, which are essential for batteries, wind turbines, and solar panels. Given the anticipated surge in global demand for these minerals in the shift towards low-carbon solutions, this sector is gaining increasing significance.

Key Details:

• The fund allocates C$1.5 billion over seven years, with up to C$300 million available in the first proposal phase.
• The fund targets infrastructure projects that are crucial for the sustainable extraction and transportation of critical minerals.
• The focus is on sustainable development of minerals crucial for clean energy technologies, including lithium, nickel, cobalt, and graphite.

Canada Energy and Natural Resources Minister Jonathan Wilkinson said, "Through the C$1.5bn CMIF, Canada will make strategic investments in projects to help enable and grow the sustainable development of these minerals, reinforcing Canada’s position as a global supplier of choice for clean technology, clean energy, and the resources the world needs to build a prosperous net-zero economy.

What's Next:

The program's initial phase focuses on pre-construction and infrastructure deployment. Future implications include bolstering Canada's clean energy and electrification initiatives, potentially transforming the country into a global clean technology hub.

The Intrigue:

The CMIF strategically positions Canada in a global race for clean technology leadership, challenging existing geopolitical dependencies on critical minerals, especially from countries like China.

By the Numbers:

• C$1.5 billion total fund value
• Up to C$300 million funding in the first round of proposals
• Up to C$50 million fund per project for non-governmental applicants
• Up to C$100 million fund per project for governmental entities

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Big Idea:

Gulfstream completed their world-first trans-Atlantic flight powered by 100% Sustainable Aviation Fuel (SAF). SAF consists entirely of Hydroprocessed Esters and Fatty Acids (pure HEFA), derived from refinement of renewable inputs like oils and fats. SAF boasts a minimum of 70% lower lifecycle CO2 emissions compared to fossil-based jet fuel.

Why It Matters:

Achieving environmental sustainability for the aviation industry is now tangible. SAF could become commercially viable and propel more climate friendly advancements in the future.

By the Numbers:

• The Gulfstream G600 flew for 7 hours from Savannah, Georgia to Farnborough, UK on 100% SAF.
• Gulstream has more than 3,000 aircrafts in service around the world.
• Over 225,000 commercial flights have used SAF since 2011.

“Gulfstream is innovating for a sustainable future,” said Mark Burns, President of Gulfstream. “One of the keys to reaching business aviation’s long-term decarbonization goals is the broad use of SAF in place of fossil-based jet fuel. The completion of this world-class flight helps to advance business aviation’s overarching sustainability mission and create positive environmental impacts for future generations.”

What's Next:

The success of Gulfstream's flight is expected to boost more exploration into SAF's capabilities and compatibility, influencing both regulatory frameworks and market dynamics towards more sustainable aviation practices.

The Intrigue:

SAF has limited current market supply and prices are considerably higher than conventional fossil-based fuels. Presently, SAF constitutes less than 0.1% of jet fuel volumes, and existing fuel standards permit only a 50% SAF blend in commercial jet engines.

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