Greenify #96: Electrification Race
February 2, 2024
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📌 Fact of the week
According to BNEF, investments in clean energy in 2023 reached $1.8 trillion, less than half of what is needed annually to reach net-zero by 2050.
Hottest news of the week…
Regulation 🗃 – Pledging to save the Amazon
What happened: Data on 2023 funding for the Amazon is out. According to Reuters, Brazil’s Amazon Fund for sustainable rainforest development received $640 million in new pledged donations from developed countries last year. The majority of the amount ($500 million) has been pledged by Biden’s administration. The Fund’s head stated that liquidity available now to invest in conservation and sustainability projects is about $610 million. 💸
Zoom out: The Amazon rainforest has featured many times on Greenify. Unfortunately, over the pas decade, the rate of deforestation it suffered was massive, as trees were cut down to allow space for food cultivation. Trees were also cut down to favour illegal practices such as gold mining, which cause incremental negative environmental effects. As trees get cut down, the Amazon loses its power as a natural carbon sink, unable to trap/store CO2. However, Brazil’s current prime minister Lula has said several times he intends to revert this trend; judging from the data, it looks like his plan is working: according to Reuters, deforestation in Brazil’s Amazon has fallen to the lowest rate since 2018. 📉
Business 💰 – A big coalition to push on electric trucks
What happened: The biggest 3 truck manufacturers in the US, Daimler, Navistar, and Volvo, accounting for ~70% of the trucks on US roads, have just formed a coalition to support the development of truck charging infrastructure in the country. The coalition, called Powering America’s Commercial Transportation (PACT), aims at fostering the build-out of medium and heavy duty trucks chargers, which should reach 700,000 by 2030 to sustain the goals of these companies. 🎖️
Zoom out: This is a very positive piece of news, considering that such a powerful coalition will surely achieve better results than would the three companies alone. However, what is more important is the growing focus of truck companies in building electric vehicles. Until recently, it seemed like e-fuels were the winning technology to decarbonize heavy-duty vehicles, while now more and more manufacturers think that batteries are fit for purpose! 🔋
Innovation 💡 - Breakthrough in battery charging time!
What happened: Scientists at Cornell University might have discovered a new breakthrough that allows batteries to charge in just a few minutes. The research has found that modifying lithium batteries by adding Indium, a material mainly used in displays and solar panels, drastically reduces the time required to charge the battery, without altering the range and stability. However, scientists noted that the technology has various limitations, and that Indium might not actually be the best material to use due to its weight. Trials with other materials similar to Indium are progressing!🤞
Zoom out: Battery range is the biggest concern of consumers and therefore the biggest obstacle to a mass adoption of EVs. However, battery producers and car manufacturers have recently shifted their attention to speed of charge rather than range, arguing that range is a problem only if charging takes a long time. This realization stimulated various scientists to research the best combination of material for a fast-charging batteries, fostering a wide variety of projects on modified lithium batteries! 💪
Deep dives of the week…
Chart of the week - Airplanes, where to?
In our “Deal of the week” below, we discuss a Swedish start up making electric planes and argue this might represent the ultimate future for the industry. However, at present, airlines are betting on Sustainable Aviation Fuels (SAF) as a transition technology. We illustrate a useful graph from BP which explains where they come from and how they are used.✈️
Source: BP
Deal of the week - Heart Aerospace, flying electric
This week, Heart Aerospace, a Swedish start-up making hybrid-electric planes for short flights, collected $107 million in Series B funding from Breakthrough Energy Ventures, the European Innovation Council, United Airlines, and Air Canada. 💸
The money will help get approval for the ES-SO, a 30-passenger hybrid-electric plane for regional travel. ES-SO is the only hybrid-electric plane its size seeking approval from the European Union Aviation Safety Agency. Despite it is still waiting for approval, the aircraft has already 250 orders! 🔢
Flying is considered one of the most difficult modes of transportation to electrify. In fact, companies producing Sustainable Aviation Fuels (SAFs) are receiving way more funds than e-planes manufacturers. However, we hope Heart Aerospace can make us rethink that! 🧠
👋 See you next Friday, for the best sum up of this coming week!
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