The Global Reach of the IRA
Energy Terminal Weekly Newsletter
November 1st 2022 | Issue #30 | Subscribe here
Happy Tuesday + Happy November!
Welcome to the ET weekly, a platform dedicated to building the next generation of energy leaders. In this week's issue we cover:
⚡ A sick new cleantech internship
💵 Reduced energy costs?
🪴 Pollutant reducing plants
💌 Encouraging inclusivity in the workplace
💥 24/7Carbon free energy
🌟Startup Spotlight: Neoplants
Neoplants is a Paris, France-based producer of genetically modified houseplants to absorb air pollutants. Their first product—the Neo P1—is a houseplant designed to fight air pollution by capturing and recycling volatile organic compounds (VOCs) such as formaldehyde, benzene, toluene, and xylene from indoor air. They recently raised $20m in Seed funding from True Ventures, Collaborative Fund, Heartcore, and Entrepreneur First.
📣 Episode 17 Out Now !
In Episode 17, Liz Dennett, VP of Data Engineering and Data Architecture at Wood Mackenzie joins Michael and Hope to talk about carbon accounting, climate disclosures, imposter syndrome, and much more. The conversation starts with a focus on carbon accounting and the need to record, analyze, and store huge amounts of high-quality data to quantify decarbonization and provide accurate climate disclosures. With this need comes a need for top talent, and Liz highlights the skills that hiring managers are looking for and how young professionals have the opportunity to quickly become leaders in their organizations by building skills in sustainability. We then move on to a discussion on imposter syndrome and how to approach conversations with leaders and executives.
💡 Did you know?
10 Google searches can power a 60 Watt lightbulb. Learn more about Google's energy usage here.
👉 Internship Spotlight
Interested in bioenergy and sustainability? Apply to Novozymes Summer Internship!
Want to learn more about student experiences at energy internships? Check out our student spotlights!
⏰ Missed Episode 16?
Episodes released bimonthly, subscribe to stay updated!
📚 Reading List (10/24 - 10/31)
EVs for long commutes? Decreased energy costs? Energy storage growth? Check out this week’s handpicked reading list to learn more about these groundbreaking energy topics 🔥
🎙️Podcasts:
The Carbon Copy, From empty concrete to offshore windhub?
Summary 📖 :
In Sunset Park, Brooklyn there is an empty concrete park that will soon be used by Equinor, a Norwegian energy giant, to store and assemble offshore wind turbines
Offshore wind business is booming, and now, due to some of the effects of the IRA, the U.S. is the future for offshore wind development
Sunset Park, is a prime example of the economic benefits the U.S. will soon have due to offshore wind development
The hope for the Sunset Park community is that this offshore wind hub will provide people with high-paying union jobs, while also help clean up existing pollution
Decarbonization Race, Untangling 100% Renewable Energy vs. 24/7 Carbon Free Energy Goals
Summary 📖 :
As companies look to minimize their Scope 2 emissions, many turn to renewable Power Purchase Agreements (PPAs) and renewable energy credits (RECs), but the effectiveness of these methods varies
24/7 carbon free energy matches demand to renewable generation hourly and in the same location, whereas 100% renewable energy simply matches overall demand
Notable companies such as Google and Microsoft are looking to 24/7 carbon free energy to decarbonize
Energy Policy Now, What Impact Will the IRA Have On Consumer Energy Costs?
Summary 📖 :
Electricity prices are expected to decrease by 6-7% on a national average basis over the decade which should promote electrification of buildings and transportation
It has been forecasted that the IRA will lead to $123 in savings for the lowest income quintile per household per year, and an increase of $1000 annually for the top quintile
It has been estimated that 40% of the negative public health outcomes associated with pollution from the power sector will be reduced due to the IRA, and there is a monetary benefit of this which has led to the prediction that the net benefits per average household is $1000
📰️ Articles:
Bloomberg, US Carmakers Passing Up Lithium From Australia’s First Refinery
Summary 📖 :
Tianqi Lithium Energy Australia’s plant is one of the few lithium plants in the world producing lithium that is expected to be compliant with IRA regulations
The IRA is trying to break China’s chokehold on the global battery supply chain by offering up to $7,500 in tax credits on electric vehicles (EV), given that the majority of material used in EV manufacturing are sourced from the US or countries with which the US has a fair trade agreement
However, the plant has only seen interest from European and Asian car makers
The plant is supposed to reach a capacity of 24,000 tons of lithium per year towards the end of next year - enough to make 500,000 EVs
Canary Media, This Startup Offers Affordable EV Leases to People with Long Commutes
Summary 📖 :
Startup Zevvy recently raised seed funding to scale its business model of providing EV leases to high-mileage commuters
Compared to conventional leases, there is no mileage cap, and consumers are charged a fixed fee plus a small charge per mile
Reuters, U.S. Storage Tax Credit Opens Up New Markets for Developers
Summary 📖 :
The IRA identifies stand-alone energy storage as eligible for Investment Tax Credits for the first time, which is making solar developers re-evaluate their storage strategies as it makes more storage projects economically viable
Faster storage growth could lead to greater potential for solar energy
Texas and California are currently the largest storage markets in the US but these tax incentives should accelerate deployment in markets such as the Northwest and northeastern NYISO region
And head here to check out previous reading lists !
☄️ Thanks for reading this edition of ET weekly!
New episodes will be out soon, get excited. And, if you missed Episode 15 listen here!
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